Four Major News Updates for Iraq 1/16/26

You can watch the video here. Iraq's 2026 Reset

The Iraqi government is working on plans to raise its sovereign credit rating, which is a key measure of how trustworthy a country is to international investors and lenders. Officials have set up a national team that includes economic and financial experts to review and strengthen policies, improve financial stability, and work with global credit rating agencies like Fitch, S&P and Moody’s. By focusing on better governance, reducing financial risks, and making the business environment more attractive, Iraq aims to boost investor confidence, support economic reforms and attract more foreign investment. Improving the credit rating could also help the country borrow money more easily and at lower cost. (iraq-businessnews.com)

Iraq and the United States held talks focused on improving how Iraq’s banking system handles financial crime. Officials from both sides, including the US Treasury and Iraq’s financial authorities, agreed to work on reviewing suspicious payment records and transactions linked to smuggling, money laundering, and fraudulent contracts. Part of the discussion also looked at stronger financial rules, better oversight in both state and private banks, and possible sanctions against people or groups accused of undermining Iraq’s financial system. The goal is to make Iraq’s financial sector more transparent and compliant with international standards. (iraq-businessnews.com)

Iraq’s current Prime Minister, Mohammed Shia al-Sudani, has stepped aside and withdrawn his bid to be re-appointed after the recent parliamentary elections. He agreed to give way to former Prime Minister Nouri al-Maliki as a candidate for the next government, even though al-Sudani’s political bloc won more seats than al-Maliki’s in the election. This decision came after talks among Shiite political groups and is meant to help unify support for choosing a leader. Al-Maliki previously served as prime minister from 2006 to 2014. (iraq-businessnews.com)

Iraq has introduced major changes to how goods are processed and taxed at Umm Qasr Port, the country’s biggest trade gateway. Instead of charging a standard fee for an entire container, customs now calculate charges for each item separately based on international product codes, with duties starting around 5 % or higher. Tax payments, which used to be paid in advance, are now collected at the port when shipments arrive. The system also uses automated software to make processing more transparent. These changes aim to align Iraq’s customs with global standards, but they may make import costs less predictable and slow down clearance as officials and businesses adjust. (iraq-businessnews.com)