TNT:

Tishwash:  Prime Minister announces launch of five-year national development plan (2024-2028)

Prime Minister Mohammed Shia Al-Sudani announced today, Saturday, the launch of the five-year national development plan (2024-2028).

A statement by the Prime Minister's Media Office received by the Iraqi News Agency (INA) stated that "Prime Minister Mohammed Shia Al-Sudani announced the launch of the five-year national development plan (2024-2028)  link

Tishwash:  An economist likely to ease the sanctions imposed on Iraqi banks

 Today, Friday, economic affairs researcher Safwan Qusay suggested easing the sanctions imposed on Iraqi banks and making them financial only.

Qusay told Al Mada, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements.”

He added, "Everyone is keen on the process of stopping the use of Iraqi banks for the purpose of money laundering. The private Iraqi banks are not the owners of corrupt money, but rather there are those who acquire the Iraqi dinar illegally and are trying to use the banks for the purpose of money laundering and smuggling hard currency."

Qusay continued, “As for the restricted banks, they will be rehabilitated through merger, mitigation of these penalties, or making them financial penalties during the coming periods.”  link

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Tishwash:  Parliamentarian explains: What is the relationship between the operating budget and hosting the new governors?

 Member of Parliament, Mohammed Al-Baldawi, said on Thursday that delaying the release of operational budgets was likely the reason for postponing hosting the new governors.

Member of the Parliamentary Planning Committee, Muhammad Al-Baldawi, said: “Hosting the new governors will not take place in the near future, as the absence of an operating budget prevents us from judging their performance,” indicating that “the operating budget has not yet been launched, which makes it difficult to evaluate the performance of the governors based on the projects that have been completed.”

And works.

Al-Baldawi explained that “the work of the Kirkuk and Diyala governorates is being disrupted due to the failure to resolve the issue of the council president in them, and until now the government has not received an evaluation of the governors’ performance,” noting that “there are ongoing problems in the Baghdad governorate and other governorates whose governments have not yet stabilized.”  link

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Tishwash:  Reuters: Iraq still accounts for the largest part of OPEC's excess production

OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iran’s output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.  link

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