World Bank to Provide Financial Assistance to KRG

 

 

It will initially send $2bn to KRG and will send more later, said KRG Finance Counsellor

 

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  |  Kurdistan
World Bank to Provide Financial Assistance to KRG

 

 

 

ERBIL — World Bank has agreed to send financial aid to the Kurdistan Region in collaboration with the United Nations.

 

An official from Kurdistan Regional Government (KRG) stated that they had previously presented a compelling report to the World Bank, explaining the current financial situation KRG is undergoing despite the huge number of IDPs and refugees, estimated to be over a 1.5 million now being settled in Kurdistan Region.

 

The UN Secretary General, Ban Ki-moon, accompanied by Jim Yong Kim, the President of the World Bank Group and Ahmed Mohamed Al-Madani, the President of the Islamic Development Bank, previously visited KRG on March 26, and discussed the latest developments in the war against the Islamic State (IS) as well as the current financial crisis faced by Erbil.

 

The UN and World Bank have been convinced that KRG is in need of financial aid since it has sheltered about 1.5 million refugees and IDPs despite being effectively at the forefront of battling terrorism, said the KRG finance counsellor.

 

Hakeem Mukhtar said that the World Bank has agreed to financially aid KRG and will initially send $2bn through Baghdad if possible or open an office in Erbil in order to accomplish the delivery.

 

The financial assistance from the World Bank to KRG is not yet known either if it is a loan or a grant.

 

The World Bank, which is part of the United Nations system, was established in 1944, headquartered in Washington, D.C.

 

It is a vital source of financial and technical assistance to developing countries around the world, working to reduce poverty and support development. The World Bank Group comprises five institutions managed by their member countries.

http://www.basnews.com/index.php/en/economy/kurdistan/271362

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IRAN’S PARLIAMENT APPROVES $97 BILLION BUDGET

 

By AMIR VAHDAT, Associated Press

Apr. 19, 2016 2:14 PM ET

(AP) — Iran’s parliament approved a $97 billion budget for the current year, the official IRNA news agency reported Tuesday.

The figure — compared to the budget the previous year, which was $72 billion — reflects Iran’s hopes for its economy following a landmark nuclear deal with the world powers. The report said the new budget assumes an average oil price $40 a barrel and exports of 2.25 million barrels per day.

Iran says it has increased its crude export to 2.1 million barrels per day, almost double the production levels before the nuclear deal went into effect in January. The deal resulted in the lifting of international sanctions and the resumption of Iranian oil exports.

The bill needs ratification by the Guardian Council, a constitutional watchdog, to become law. According to media reports, the bill has a five percent increase for the defense budget, though there were no details.

Based on the bill, the official exchange rate would be 29,970 rials to the dollar. The rial is currently 34,550 to the dollar on the open market.

The bill separately budgets some $197 billion for hundreds of government companies and banks.

As last year, the bill also requires government to cut cash handouts to Iranians who have made more than $10,000 in annual income. In 2015, that affected 3.3 million Iranians. The government says there are around 7 million people who would fall into this category, less than 10 percent of Iran’s 80 million-strong population.

Some 25 percent of the country’s budget comes from exporting oil. Iran is home to the world’s fourth-largest proven reserve of crude oil and ranks second in proven natural gas reserves behind Russia.

Jubouri: We will not accept the will of parliament by force, kidnapping, noise and shouting

History of edits:: 19.04.2016 20:32 • 60 visits readable

  
[Oan- Baghdad] 

Parliament Speaker Salim al – Jubouri, said Tuesday, ” We will not accept the will of parliament by force , kidnapping, noise and shouting.”

A statement by the Office of the President of the Parliament received by all of Iraq [where] a copy of it, that “al – Jubouri , visited the Kurdistan Alliance bloc ‘s headquarters in the House of Representatives, explained that today saw the preparation and orientation great to express respect for the will of the Council in going to him and decided, stressing at the same time do not let the abduction of the will of the House of Representatives by a group which wants to impose its will and power of noise and shouting and force away from natural contexts. ” 

The Jubouri that” the conflict in the parliament turned into a struggle to impose the will of a money will not accept it, “pointing out that” this matter cause to disrupt the work of the Council in order to find a consensus and understandings and national out of the crisis. ” 

the eighth president of the parliament , ” the positions of some parliamentary blocs in the institutional building of the House of Representatives to support and move within the legal and constitutional parameters “.

http://www.alliraqnews.com/modules/news/article.php?storyid=35957

Masum, a delegation of the House of Representatives of the protesters: No Nnjaz party duty and enforce the Constitution

History of edits:: 19.04.2016 21:05 • 73 visits readable

  
[Oan- Baghdad] 

Search President Fuad Masum , at his home in Baghdad on Tuesday evening with a delegation representing the members of the House of Representatives of the protesters parliamentary crisis and ways to solve them.

According to a presidential statement received by all of Iraq [where] a copy of it, that the delegation of the House of Representatives of the protesters had “expressed appreciation for the role exerted by the President in order to overcome the current parliamentary crisis, stressing their keenness on activating the work of the parliament and confirm the legislative role and oversight in these circumstances that require the effectiveness of all constitutional institutions. ” 

as the protesters deputies explained according to the statement , ” they are not against the party and are not in the process of removal of any component. ” 

for his part , spoke infallible” for his vision and his role in the work to provide an atmosphere positive understanding among the various parties, and in the context of constitutional responsibility and duty as president of the Republic, “noting that” the protection of democracy and save the country ‘s stability and application of the Constitution in front of its responsibilities , which oversees the implementation in all honesty and sincerity. ” 

and the president of the republic , ” the deputies of the protesters that this duty requires him to stand at the same distance from all parties, and non – aligned to a party any disagreement, “noting that” the only bias is to the Constitution and democracy, unity and stability of Iraq. ” 

the infallible” keen to continue his efforts and his quest with all the capabilities in order to help reach the possible solutions and to provide an atmosphere positive understanding between different. ”

http://www.alliraqnews.com/modules/news/article.php?storyid=35960

Jubouri: we will not accept that hijacked the will of the House of Representatives by force, noise and shouting

History of edits:: 19.04.2016 19:47 • 34 visits readable

  
{Baghdad: Euphrates News} eighth Parliament Speaker Salim al-Jubouri, on Tuesday, the positions of some parliamentary blocs in the institutional building of the House of Representatives support, and starting within the legal parameters, and constitutional.

A statement of the Office Jubouri agency {Euphrates News} received a copy of it, that the President of the House of Representatives , said during his visit on Tuesday, the Kurdistan Alliance parliamentary bloc at its headquarters in the House of Representatives, said , “Today saw the preparation and orientation great to express respect for the will of the Council in going to him and decided . ” 

Jubouri stressed not to allow the abduction of the will of the House of Representatives by a group which wants to impose its will and power of noise and shouting, and force away from natural contexts. 

He said the ” conflict within the House of Representatives turned into a struggle to impose the will, which do not accept it , “pointing to “this matter has caused to disrupt the work of the Council; in order to find consensus and understandings and national; out of the crisis.” Ended h

http://alforatnews.com/modules/news/article.php?storyid=114607

Twilight News / announced that the Iraqi Ministry of Finance on Tuesday that the US has indicated its willingness to contribute to provide guarantees for loans from the World Bank Iraq.

According to a statement issued by the ministry today responded to Twilight News, Finance Minister Hoshyar Zebari met with his entourage with Jacob if the Secretary of the Treasury and a number of experts in the US Treasury Department in Washington, adding that he was at the meeting to emphasize the cooperation between the two countries especially in the field of finance and economy relations .

The statement said US Treasury Secretary affirmed the continued support provided by the United States to Iraq directly in the framework of the international financial institutions, particularly with regard to reaching an agreement between Iraq and the International Monetary Fund on the standby credit arrangements.

The statement continued that the Treasury Secretary also stressed his country’s readiness to contribute to the loan guarantees, and mobilize support for the demands of Iraq during the next meeting of finance ministers from the Group of Seven, as well as at the summit meeting of the group which will be held during the last week of next May.

The statement pointed out that the other side has been to emphasize the need for cooperation between the two sides in the fight against corruption and money laundering, particularly with respect to drain Daash terrorist entity and prevent the arrival of the money to him resources.

The statement continued that the US Treasury Secretary said the support of the Iraqi economy and the fight against terrorism Kirkizin foundations for the stability of the country.

The statement concluded that it was also reviewing the delegation talks with senior International Monetary Fund and World Bank officials. http://translate.google.com/translate?depth=3&langpair=auto%7Cen&rurl=translate.google.com&u=http://www.ara.shafaaq.com/category/news/business-news