🇮🇶 IRAQ NEWS UPDATE | NOVEMBER 7, 2026
📰 Latest Developments in Iraq, the Economy & International Relations
🇮🇶 1. BARRACK AFTER MEETING ZIDAN: RULE OF LAW AND STRONG INSTITUTIONS ARE THE FOUNDATION OF STABILITY AND PROSPERITY
US Presidential Envoy to Iraq Tom Barrack emphasized that the rule of law and strong institutions are essential for building trust, attracting investment, and achieving long-term stability and prosperity in Iraq.
Following his meeting with the head of Iraq's Supreme Judicial Council, Faiq Zaidan, in Baghdad, Barrack said discussions focused on strengthening judicial cooperation between the United States and Iraq.
He stressed that strong institutions build trust, which creates the foundation for investment, stability, and lasting prosperity.
🔗 News URL: https://www.sjc.iq/view.81068/
🇺🇸 2. BARRACK: IRAQ IS CHOOSING SOVEREIGNTY OVER DEPENDENCY
US Special Envoy Tom Barrack praised Iraq's direction following his meeting with Prime Minister Ali Faleh Al-Zaidi in Baghdad.
In a post on X, Barrack said that under Al-Zaidi's leadership, Iraq is choosing:
- Sovereignty over dependency.
- Investment over stagnation.
- Partnership over proxy.
Barrack described the Middle East as a Rubik's Cube, explaining that regional challenges cannot be solved by one country or an outside power alone.
He said the United States supports Iraq by expanding economic and commercial ties, encouraging American companies to invest, and creating opportunities for Iraqi talent.
The discussions also addressed regional tensions, crisis prevention, and the importance of diplomacy over escalation.
🔗 News URL: https://en.964media.com/54805/
💰 3. IRAQ POSTPONES FEDERAL BUDGET VOTE AMID DISAGREEMENTS OVER KURDISTAN REGION'S SHARE
The Iraqi Cabinet meeting scheduled to vote on the federal budget has been postponed until further notice due to disagreements over the Kurdistan Region's financial allocations.
According to an informed source, the dispute intensified after Sulaymaniyah demanded an independent financial allocation based on the law.
One of the main disagreements concerns the Kurdistan Region's share of the 2027 federal budget:
- Kurdistan Region's position: 14.14%, based on its share of Iraq's population according to census results.
- Budget draft proposal: 12.7%.
Other unresolved issues include oil deliveries to the federal government, tax and customs revenues, and mechanisms to ensure regular payment of salaries to Kurdistan Region employees.
🔗 News URL: https://baghdadtoday.news/307144-.html
📊 4. MP: REGIONAL AND PROVINCIAL DISPUTES DELAYING 2027 BUDGET — INVESTMENT REMAINS ON HOLD
Jamal Kojar, a member of Parliament's Finance Committee, said disagreements between the Kurdistan Region and the federal government, along with disputes over provincial financial allocations, are the two main reasons behind delays in finalizing the 2027 budget.
Kojar explained that the proposed budget will combine two approaches:
- Traditional line-item budgeting for most ministries and governorates.
- Program and performance-based budgeting for the Ministries of Finance and Electricity, as well as selected institutions and the governorates of Diwaniyah and Salah al-Din.
He warned that continued delays are affecting Iraq's economic and financial situation.
Without an approved budget, government spending remains subject to the 1/12 rule, which primarily covers operational expenses while investment projects remain largely stalled.
Regarding public-sector salaries, Kojar said salaries for 2027 would be secured.
He called for a clear deadline to resolve the outstanding disagreements, suggesting a two-week period and the formation of a working group.
🔗 News URL: https://www.iraqnews-in.com/165491/
🇺🇸 5. US TREASURY SANCTIONS EIGHT CANADIAN COMPANIES OVER ALLEGED FINANCIAL LINKS TO IRAN
The US Treasury Department has imposed sanctions on eight Canadian financial services and money-transfer companies, accusing them of facilitating financial transactions benefiting Iran's government and affiliated entities.
According to the Treasury Department, the companies allegedly helped convert Iranian rials and other currencies into digital assets, allowing international financial transactions connected to Iran.
US authorities also alleged that some companies conducted transactions with Iranian digital asset platforms already under US sanctions, as well as digital addresses linked to Iran's Islamic Revolutionary Guard Corps (IRGC).
Treasury Secretary Scott Bessent said Canada should not become a safe haven for financial entities helping Iran evade sanctions.
The measures are part of Washington's broader economic pressure campaign aimed at restricting Iran's financial channels and limiting the use of digital assets to circumvent sanctions.
🔗 News URL: https://home.treasury.gov/news/press-releases/sb0686
📌 KEY TAKEAWAYS
- 🇮🇶 US officials are emphasizing judicial cooperation, stronger institutions, and Iraq's sovereignty.
- 🤝 Washington is expressing support for deeper economic partnerships and regional diplomacy.
- 💰 Disagreements between Baghdad, Erbil, and provincial authorities continue to delay the 2027 federal budget.
- 🏗️ Investment spending remains constrained while Iraq operates under the 1/12 spending rule.
- 🇺🇸 US sanctions targeting alleged Iran-linked financial activity have expanded to eight Canadian companies.
📢 Stay informed. Follow the latest developments in Iraq's politics, economy, currency, and international relations.
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