Iraq Economic News and Points To Ponder Wednesday Evening 10-14-26
Al-Aboudi: A Government Plan To Reach The Dollar Price In The Parallel Market To 1550 Dinars
Money and business Economy News _ Baghdad The spokesman for the Iraqi government, Haider al-Aboudi, on Wednesday, a government plan to reach the price of the dollar in the parallel market to 1550 dinars, while pointing out that the previous transfers to adopt the current exchange rate was secured allocations in light of the previous price.
Al-Aboudi said in an interview with the Iraqi News Agency and his follow-up "Economy News", that "the government and the Central Bank are working according to a deliberate plan to reach the price of the dollar in the parallel market to 1550 dinars to the dollar in the near term."
He added that "this path is based on secure and sufficient balances with the Central Bank to allow the financing of foreign trade in a high flow and meet the needs of imports."
Regarding the previous transfers to adopt the current exchange rate, Al-Aboudi stressed that "sufficient financial allocations have been secured to complete them in light of the previous price and meet the obligations associated with them."
He added that "the Council of Ministers in its 23rd session decided to exempt imported food and medicines from customs duties as of October 7, 2026." ,https://www.economy-news.net/content.php?id=75017
Minister Of Finance: "Iraq Vision 2050" Aims To Reduce Dependence On Oil And Enable The Private Sector
Money and business Economy News _ Baghdad Finance Minister Faleh Sari said on Wednesday that the "Iraq Vision 2050" aims to reduce dependence on oil, empower the private sector, in addition to promoting inclusive and sustainable growth through strengthening institutions.
This came in a speech to the meetings of the International Monetary Fund and the World Bank Group, followed by "Economy News".
The Minister participates in the annual meetings of the International Monetary Fund and the World Bank Group, currently held in Bangkok, Thailand, in the framework of strengthening cooperation with international financial institutions and supporting the path of economic and financial reform in Iraq.
Sari had a series of meetings with officials of the International Monetary Fund, which began with a meeting with the Executive Director of the Fund for Iraq and the region, Mohammed Maait, and the next Executive Director Ali al-Hosani, in the presence of the Governor of the Central Bank of Iraq, Nizar Nasser Hussein, where they discussed the economic and financial situation in Iraq, and exchanged views on the priorities of reform and ways to enhance joint cooperation.
The Minister also met with the Regional Director of the Technical Support Department at the International Monetary Fund, Ali Abbas, to discuss areas of technical cooperation and prospects for benefiting from the Fund’s expertise in the development of financial and economic policies in Iraq.
During his meetings, Sari stressed the importance of partnership with the International Monetary Fund in supporting reform efforts and enhancing their chances of success, expressing confidence that financial reforms can be completed over the next two years.
Speaking about the current economic challenges, the minister pointed to the repercussions of the Strait of Hormuz crisis and its repercussions on the Iraqi economy, pointing out that the government is working to prepare real-time solutions and future solutions to contain its repercussions, stressing that there is a real trend to support the private sector and alleviate the pressures it faces, which enhances its role in the market economy and contributes to expanding investment opportunities. https://www.economy-news.net/content.php?id=75016
IMF Praises Iraqi Government’s Efforts To Adopt Economic And Financial Reforms
Money and business Economy News _ Baghdad Finance Minister Faleh Sari announced on Wednesday the commitment to financial reforms and strengthening the role of the private sector in Iraq, while the International Monetary Fund praised the efforts of the Iraqi government in adopting the path of economic and financial reforms.
The Minister of Finance, Faleh Sari, participated in the annual meetings of the International Monetary Fund and the World Bank Group, currently held in the Thai capital Bangkok, in the framework of strengthening cooperation with international financial institutions and supporting the path of economic and financial reform in Iraq.
He added that "the Minister of Finance held a series of meetings with officials of the International Monetary Fund, began with a meeting with the Executive Director of the Fund for Iraq and the region, Mohammed Maait, and the next Executive Director Ali al-Hosni, in the presence of the Governor of the Central Bank of Iraq, Nizar Nasser Hussein, where they discussed the economic and financial situation in Iraq, and exchanged views on the priorities of reform and ways to enhance joint cooperation."
He added that "the Minister of Finance, Faleh Sari, met with the Regional Director of the Technical Support Department at the International Monetary Fund, Ali Abbas, to discuss areas of technical cooperation and prospects for benefiting from the Fund's expertise in the development of financial and economic policies in Iraq."
During his meetings, the minister stressed the importance of partnership with the International Monetary Fund in supporting reform efforts and enhancing the chances of its success, expressing his confidence that financial reforms can be completed within the next two years.
Speaking about the current economic challenges, he pointed to "the repercussions of the crisis of the Strait of Hormuz and its repercussions on the Iraqi economy," explaining that "the government is working to prepare real-time treatments and future solutions to contain its repercussions."
The Minister of Finance revealed that "there is a real trend to support the private sector and alleviate the pressures facing it, which enhances its role in the market economy, and contributes to expanding investment opportunities."
For their part, IMF officials praised "the efforts of the Iraqi government in adopting the path of economic and financial reforms," stressing "the keenness of the Fund to continue to support Iraq and employ its expertise and potential to enhance these efforts and the success of its course." https://www.economy-news.net/content.php?id=75011
Iraq Oil Revenues Plunge 53% Through July
2026-10-14 09:14 Shafaq News- Baghdad Iraq’s oil revenues fell 53% year-on-year in the first seven months of 2026, contributing to a 45.7% decline in total federal revenue despite higher non-oil collections, Susan Abdullah Mohammed, head of Iraq’s General Authority for Monitoring Federal Revenue Allocations, told Shafaq News on Wednesday.
Citing Finance Ministry accounts, Mohammed said oil revenues dropped from 65 trillion dinars (about $42.76B) to 30.4 trillion dinars ($20B), while total revenue declined from 72 trillion dinars ($47.37B) to 39.1 trillion dinars ($25.72B). Separate Finance Ministry data showed government spending reached 65.424 trillion dinars ($43.04B) through July, leaving a budget deficit of 26.329 trillion dinars ($17.32B).
Non-oil revenues rose 23.5% to approximately 8.7 trillion dinars ($5.72B) from 7.1 trillion dinars ($4.67B), according to Mohammed. Oil’s share of total revenue fell from around 90% to 78%, although she said the increase in non-oil income remained insufficient to offset the losses from crude.
Read more: $45B deficit looms over Iraq’s draft 2027 budget
Mohammed called for stronger revenue collection systems, greater transparency, and tighter oversight of federal resources, describing the expansion of non-oil income as a strategic necessity for fiscal sustainability and reducing dependence on oil.
Iraq’s finances have faced mounting pressure from wartime disruptions to oil exports through the Strait of Hormuz, the main route for its crude shipments. Although Iraqi oil production recovered to 4.4 million barrels per day in September, its highest level this year, renewed shipping attacks in October have threatened that recovery, according to the Financial Times.
In its October 13 World Economic Outlook, the International Monetary Fund (IMF) projected that Iraq’s economy would contract by 16% in 2026 before growing by 19% in 2027. The Fund also forecast a current account deficit of 10.8% of gross domestic product this year.
1 US dollar = 1520 Iraqi dinars https://shafaq.com/en/Economy/Iraq-oil-revenues-plunge-53-through-July