Iraq Economic News and Points To Ponder Tuesday Afternoon 6-9-26
A Member Of Parliament Warns Of The "Erosion" Of Iraq's Cash Reserves Due To Operational Expenses.
Time: 2026/06/09 A member of parliament warns of the "erosion" of Iraq's cash reserves due to operational expenses.
{Economic: Al-Furat News} Kurdish MP Jamal Kojar warned on Tuesday of the "erosion" of Iraq's cash reserves due to the country's monthly operating expenses. Kujer told Al-Furat News Agency, “The talk about concerns about the erosion of the cash reserve is due to the existence of facts that confirm the country’s need for at least 8 trillion dinars per month to cover operating expenses.”
He added, "The financial resources are less than this amount, so we will definitely need to borrow, whether internally or externally, and these concerns are realistic under the current circumstances."
The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed in a press statement today that “about 40 million Iraqis depend directly or indirectly on government income,” stressing that any external borrowing should be “smart debt” for productive projects, not for consumption. He added, "Corruption and kickbacks raise the cost of projects in Iraq by up to 45%."
https://alforatnews.iq/news/برلماني-يحذر-من-تآكل-الإحتياطي-النقدي-العراقي-بسبب-النفقات-التشغيلية
Iraq Is Discussing With The World Bank The Provision Of Technical Support For Preparing The Upcoming Budget
Shafaq News – Baghdad Finance Minister Faleh Sari met on Sunday with a World Bank delegation headed by Regional Director Jean-Christophe Carré and the Special Representative of the mission in Iraq, Emmanuel Salinas, to discuss prospects for technical and institutional cooperation and support for the country’s financial and economic reform priorities.
A statement issued by the Iraqi Ministry of Finance indicated that the meeting discussed mechanisms for cooperation with the World Bank in providing technical and advisory support for the preparation of the next general budget, in order to enhance the efficiency of financial planning, take into account spending priorities, and support financial sustainability, in light of current economic changes.
The statement quoted the minister as saying that the Ministry of Finance is proceeding with the implementation of financial reforms based on developing financial management, enhancing non-oil revenues, and modernizing banking, tax and customs systems, in line with the priorities of the government program.
Sari pointed to the importance of benefiting from international expertise and technical support provided by the World Bank, particularly in the areas of institutional capacity building, financial policy development, support for development projects and investment promotion.
For its part, the World Bank delegation renewed its support for the Iraqi government in implementing financial and economic reform programs, and providing the necessary technical advice, in order to contribute to strengthening financial stability and supporting the Sustainable Development Goals.https://www.shafaq.com/ar/اقتصـاد/العراق-يبحث-مع-البنك-الدولي-تقديم-الدعم-الفني-ل-عداد-الموازنة-المقبلة
Saudi Public Investments Are Expected To Reach $910 Billion By 2025.
Money and Business The annual report on Saudi Vision 2030 showed that the assets managed by the Public Investment Fund reached $910 billion by the end of 2025, which is less than the target set at $1.09 trillion.
The report indicated that the Kingdom’s real non-oil GDP reached $892 billion, which is also less than the set target of $904 billion.
He also noted that foreign direct investment reached 2.8% of GDP, compared to the target of 3.4%.
Saudi Arabia, the world’s largest oil exporter, has passed the halfway point in implementing its “Vision 2030” plan, which calls for hundreds of billions of dollars in government investments to reduce the kingdom’s economic dependence on oil and gas revenues by investing in sectors such as tourism. https://www.economy-news.net/content.php?id=70055
British company GSK acquires US-based Novalent for $10.6 billion
Money and Business Economy News - Follow-up British pharmaceutical group GSK announced on Tuesday an agreement to acquire US cancer treatment company Nuvalent for $10.6 billion.
The company said in a statement that the deal includes three lung cancer treatments that are still in the testing phase.
GSK CEO Luke Mills said two treatments "could be among the best in their class and could be launched this year if they receive approval from US regulators."
The British company expects to complete the deal this year, which could allow the drugs "zidesamtinib" and "neladalkib" to be launched on the market before the end of 2026, provided the necessary approvals are obtained.
Novalnet CEO James Porter said, "GSK's strong track record, infrastructure, and expertise will help us successfully commercialize ZedSamtnb and Nella Dalkb, as well as accelerate the development of our broader research pipeline."
The pharmaceutical industry has faced challenges due to threats by US President Donald Trump to target it with tariffs, with the aim of boosting investment within the United States and reducing drug prices.
GSK, along with other major non-U.S. pharmaceutical companies, agreed in December to lower prescription drug prices for U.S. patients in exchange for three years of tariff exemptions.
Mills took over the leadership of GSK in January, succeeding Emma Woolley after nearly nine years in the position, having previously served as the group's commercial director. https://www.economy-news.net/content.php?id=70046
Gold stabilizes in Baghdad, rises in Erbil
2026-06-09 Shafaq News- Baghdad/ Erbil Gold prices held steady Tuesday in Baghdad and rose in Erbil, hovering around 936,000 IQD per mithqal, according to a Shafaq News market survey.
Wholesale prices on Al-Nahr Street in Baghdad recorded a sell price of 936,000 dinars per mithqal for 21-carat Gulf, Turkish, and European gold, with a buy price of 932,000 dinars, unchanged from Monday's session.
Iraqi 21-carat gold sold at 906,000 dinars per mithqal, with a buy price of 902,000 dinars.
At jewelry stores, Gulf 21-carat gold ranged between 940,000 and 950,000 dinars per mithqal, while Iraqi 21-carat gold ranged between 910,000 and 920,000 dinars.
In Erbil, prices edged higher, with 22-carat gold selling at 984,000 dinars per mithqal, 21-carat at 940,000 dinars, and 18-carat at 805,000 dinars. https://www.shafaq.com/en/Economy/Gold-stabilizes-in-Baghdad-rises-in-Erbil-8
London Meetings Advance Iraq Banking Agenda
2026-06-09 Shafaq News- Baghdad A high-level Iraqi banking delegation concluded a two-day trip to London on Tuesday aimed at strengthening economic and financial cooperation between Iraq and the United Kingdom, the head of the Iraqi Private Banks League told Shafaq News.
Wadih Al-Hanthal stated that the delegation comprised representatives from the Iraqi government, the Central Bank of Iraq, and the private banking sector.
The visit was coordinated between the Banks League and the UK Foreign Office and included intensive meetings organized in cooperation with the law firm Hogan Lovells to explore opportunities for financial partnerships and facilitate the integration of Iraqi private banks into the global banking system.
The program included a closed discussion at Chatham House (the Royal Institute of International Affairs), attended by representatives of British and European banks and leading economists. Participants discussed the Iraqi government's role in supporting ongoing banking reforms, plans to modernize the economy, and efforts to create a stable and attractive investment environment.
Read more: Iraqi Banking reform: Between necessary change and crippling conditions
https://www.shafaq.com/en/Economy/London-meetings-advance-Iraq-banking-agenda