Iraq PM Aims for 8-10m Barrels/day within 6 Years

By John Lee.

Iraqi Prime Minister Ali al-Zaidi has announced plans to distribute one million residential land plots to citizens, with the last plot to be allocated within three years.

He made the comments on Friday during a session at the eighth Baghdad Dialogue Conference, organised by the Iraqi Institute for Dialogue.

According to the Prime Minister's Media Office, al-Zaidi outlined a series of government priorities, including:

• Salaries and government payments are secured, with a plan in place to cover coming years.
• The 2026 budget will focus on electricity production, distribution and transmission, and expanded use of solar energy.
• A development fund with capital of $100 billion is planned, drawing on contributions from the Central Bank of Iraq (CBI), public subscription, and international and regional financing institutions.
• Fuel consumption reforms are expected to generate savings of IQD 17.8 trillion (USD 13.6 billion) over a full year.
• Iraq is working to expand oil exports via the Turkish port of Ceyhan, as well as through Baniyas and Aqaba.
• Iraq aims to increase its OPEC export quota, targeting 8 to 10 million barrels per day within six years.
• The National Investment Commission (NIC) will announce investment opportunities in residential plots under a modern design framework.
• Plans are under way to provide agricultural land plots for agricultural engineers and veterinarians, with loans to be offered under a structured economic model.
• Tax revenues on imports will be collected in advance upon opening transfers, with amounts refundable if the import does not proceed.
• Customs duties on some goods have been reduced to encourage legitimate revenue flows.
• Pre-contract price auditing has replaced post-audit procedures to curb over-pricing in contracts and projects.

Al-Zaidi also stated that all political factions agree on confining weapons to state authority, that there is no intention or likelihood of military confrontation, and that weapons outside state control constitute an investment deterrent.

He added that he has committed not to seek a second term, and that current reform programmes will yield results for future governments.

(Source: Prime Minister's Media Office)

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