OPEC +” agrees to reduce production by two million barrels per day

political| 04:12 – 05/10/2022

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Baghdad – Mawazine News
, media reported, citing informed sources, that the “OPEC +” group agreed in its meeting today, Wednesday, to reduce the group’s production by two million barrels per day.
Sources told Reuters today, Wednesday, that the “OPEC +” group decided to reduce oil production by two million barrels per day, starting from next November, in a move aimed at supporting prices that witnessed in the third quarter the first quarterly loss in two years.
The significant cuts approved by the “OPEC +” group came despite pressure from the United States and other consuming countries to pump more oil into a market already suffering from tight supplies.
Reports indicate that the “OPEC +” reduction will lead to a recovery in oil prices, which fell to about $90, after they were $120 three months ago, due to fears of a global economic recession, raising US interest rates and a rise in the dollar.

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The Kurdistan National Assembly makes a final decision for the presidential candidate

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KurdistanKurdistan Patriotic UnionbreakingKurdistan Democratic Partypresidential candidate

 2022-10-05 12:06A-AA+

Shafaq News/ The leadership council of the Patriotic Union of Kurdistan is scheduled to meet early next week to discuss several issues related to the party’s policy and program in the Kurdistan Region and Baghdad.

According to information provided by Shafaq News Agency, the leadership council of the Patriotic Union of Kurdistan will meet at 11 am next Saturday, to discuss the issue of the parliamentary elections in Kurdistan and the formation of the new Iraqi government and the presidential candidate.

The meeting will also discuss many, according to the information, issues related to the Patriotic Union of Kurdistan, as well as their talks and relations with the Kurdistan Democratic Party. 

The information indicates that the leadership council of the Patriotic Union of Kurdistan headed by Bafel Talabani will make the final decision regarding the candidate for the post of President of the Republic.

In the political tradition, during the past presidential sessions, a candidate from the National Union took over the presidency of the republic, but in terms of numbers, the Kurdistan Democratic Party’s obtaining 31 parliamentary seats in the recent legislative elections, compared to only 17 seats for the Union, may reflect the equation this time, as it was announced Democrat for his candidate for office.

The Kurdistan Democratic Party believes that the position of the President of the Republic is a Kurdish entitlement and not a partisan one, so the candidate must be by consensus of everyone, according to his representative, Majid Shankali, during his interview with Shafaq News Agency.

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The Central Bank of Iraq discusses the continuation of bilateral cooperation with a delegation from the World Bank

The Central Bank of Iraq discusses the continuation of bilateral cooperation with a delegation from the World Bank

During the meeting of the Governor of the Central Bank of Iraq with the delegation of the World Bank

 October 05, 2022 12:13 PM

Mubasher: The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, received today, Wednesday, a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Cary.

During the meeting, according to a statement by the Central Bank; Discussing the continuation of bilateral cooperation, enhancing financial inclusion and various projects to reform the banking sector, especially government banks .

In this meeting, the governor reviewed the efforts of the Central Bank of Iraq in combating money laundering and terrorist financing, and the development projects launched by the bank to move the wheel of the Iraqi economy . Via

Yesterday, Tuesday, the Minister of Planning, Khaled Battal Al-Najm, received the Regional Director of the World Bank, John Christophe Carré, and his accompanying delegation, which included the Special Representative of the World Bank in Iraq, Richard Abdel Nour, and Director of Operations Lamia Ayoub.

The meeting witnessed a discussion of projects of the Social Fund for Development linked to the Ministry of Planning, as well as a review of projects related to the Reconstruction and Recovery Fund.

The Minister called on the World Bank to expedite procedures and raise the pace of implementation of service projects within the two funds referred to, because of its importance in providing services to citizens.

During the meeting, the two parties discussed mechanisms to support human capital in Iraq by benefiting from the World Bank’s support for human development projects.

They also discussed the effects of climate change on food security in Iraq, and the measures taken by the Iraqi government to confront these repercussion

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Association of Banks: The banking sector witnessed growth in the first half of the year

Economie| 12:28 – 05/10/2022

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Baghdad – Mawazine News
The Association of Iraqi Private Banks announced, on Wednesday, the financial statements of the Iraqi banking sector during the first half of this year.

The Executive Director of the Association, Ali Tariq, said in a statement received by Mawazine News, that “the first half of this year witnessed a growth in the banking sector, due to the Central Bank’s strategy that enhanced the public’s confidence in the banking sector, in addition to the development initiatives launched to support the national economy.”

Tariq added, “The rise in financial data is one of the main factors for developing the economy, employing manpower, and increasing the percentage of financial inclusion.”

He stressed, “The credit granted to the public, during the first half, amounted to 3.7 trillion dinars, bringing the total credit to 57.3 trillion dinars, with a growth rate of 7% over last year, while deposits increased by 8.3 trillion dinars, bringing the total deposits in the banking sector to 106.4 trillion dinars, with a growth rate of 8 %”.

He pointed out that “assets grew during the first half of this year by 9% to reach 164.1 trillion dinars, an increase of 13.7 trillion dinars,” noting that “pledge credit amounted to 33 trillion dinars, an increase of 5.8 trillion dinars, which is the highest growth rate in indicators of 21%.” “. Ended 29/N33

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Politician warns: Plasschaert’s briefing may push Iraq towards international trusteeship

politicsbreakingExample of AlusiPlasshartInternational trusteeship

 2022-10-05 04:36A-AA+

Shafaq News/ The Iraqi politician, former MP Mithal Al-Alusi, said today, Wednesday, that the briefing of the UN Special Representative, Jenin Plasschaert, at the UN Security Council may push towards guardianship over Iraq.

The trusteeship system applies to countries that are defined in international law as “deficient in sovereignty,” and are subject, according to special conditions, to an agreement whose implementation is supervised by the Trusteeship Council of the United Nations.

The international trusteeship system came as an alternative to the mandate system that was applied during the era of the League of Nations, which was replaced by the United Nations with its establishment in 1945, in order to settle the situation of the colonial countries in accordance with international legal legitimacy that moved them gradually from a situation of complete colonialism to a transitional situation followed by complete independence.

Al-Alusi told Shafaq News Agency, “Plasschaert’s briefing revealed to the international community the tragic situation that Iraqis are experiencing due to the corruption of parties and blocs, and the dominance of militias loyal to Iran and involved in killing and robbing Iraqis.”

And he indicated that “the international community will not remain a spectator of what Iraq is going through, and for this there is a possibility for the international guardianship to intervene in Iraq during the next stage, in order to ensure its stability, which will be reflected in the stability of the entire region and the world.”

Yesterday, Tuesday evening, Blaskharat gave a briefing to the UN Security Council on the situation in Iraq, in which she confirmed that differences prevail over the language of dialogue, and that the southern provinces are witnessing armed skirmishes and the political class is unable to resolve the crisis.

“The disappointment of the people has reached sky-high. Many Iraqis have lost faith in the ability of Iraq’s political class to work for the benefit of the country and its people. Continuing failure to address this distrust will only exacerbate Iraq’s problems,” said Blackshart.

She pointed out that “the political system and the system of governance in Iraq ignore the needs of the Iraqi people. The rampant corruption represents a major root cause of dysfunction in Iraq. No leader can claim that he is protected from it. Keeping the system “as is” will rebound with negative results.”

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