IMF loan depends on subjecting the salaries of”senior staff” for income tax and cut budget expenditures

 

Iraqi delegation negotiating with the International Monetary Fund for a loan worth $ 5.5 billion

 

Author: AB, ZJ
Editor: AB, AT
19/05/2016 20:34
Number of Views: 1082

 

Long-Presse / Baghdad

Financial advisor to the Prime Minister, revealed the appearance of Mohammed Saleh, said on Thursday that the approval of the International Monetary Fund for lending to Iraq required a reduction of the general budget of about 13 trillion dinars expenses and the placement of “senior staff” allocations to settle the dues of oil companies income tax, and pointed out that the conditions also included an exception the armed forces and junior staff of the income tax provisions, as he emphasized that the loan will open the door for loans from industrialized nations worth more than $ 15 billion.

A financial advisor to the Prime Minister, the appearance of Mohammed Saleh, in an interview with (long-Presse), said that “the agreement with the IMF on Iraq for a direct loan from the Fund valued at $ 5.5 billion, went toward cost-cutting in the public budget for the current year by about 13 trillion dinars, without prejudice to the ration cards and a network of social welfare and affairs of the displaced. “

Saleh added that “the Fund to impose conditions on the Iraqi side in exchange for the loan, including the control of the Integrity Commission and the Office of Financial Supervision and devices anti-money laundering in financial transactions, in addition to the settlement of dues of oil companies and avoid the accumulation of dues,” he said, adding that “the International Monetary conditions are also included subjecting the entire income and allowances of senior staff to the income tax, and the exclusion of the armed forces and junior staff of the income tax provisions. “

Saleh revealed that “the benefit of this loan does not exceed 1.5% per annum and for a period to allow more than two years, exempting from the payment, to be repaid over five years from the date collected and according to the semi-complex mechanism,” she returned to “the loan will open the door for industrial nations (G7) to lend Iraq amounts of up to $ 15 billion, and favorable terms. “

The Finance Minister Hoshyar Zebari announced on Thursday, to reach an agreement with the World Bank Fund for a loan worth $ 5.4 billion, and as pointed out that the loan will allow securing additional financial assistance to reach about $ 15 billion over the next three years, confirmed the Governor of the Central Bank of Iraq , on the Keywords that the annual interest rate of the loan is up to 1.5%.

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IMF Mission Reaches Staff-Level Agreement on Financial Assistance under Three-Year Stand-By Arrangement with Iraq

 

Press Release No. 16/231
May 19, 2016

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

The Iraqi authorities and the staff of the International Monetary Fund (IMF) have reached a staff-level agreement on a request for a 36-month Stand-By Arrangement (SBA). Under the arrangement, and subject to the approval of the IMF executive board, Iraq could have access to IMF credit amounting to SDR 3.894 billion (about US$5.4 billion) subject to the finalization of the macroeconomic framework and financing assurances. Iraq’s previous US$3.7 billion (200 percent of quota) SBA approved in February 2010 expired on February 23, 2013. Iraq received a $1.2 billion disbursement under the Rapid Financing Instrument in July 2015.

Mr. Christian Josz, Mission Chief for Iraq, issued the following statement today in Amman:

“Iraq has been hit hard by the conflict with ISIS and the precipitous fall in oil prices. The ongoing armed conflict with ISIS continues to strain the country’s resources and is resulting in new waves of internally displaced people, now reaching over 4 million. The steep fall in oil prices is causing a large external shock to the balance of payments and budget revenue, which depend predominantly on oil export receipts.

“To address the urgent balance of payments need, the Iraqi authorities and IMF staff have agreed on a three-year program of economic and financial policies that will bring spending in line with the lower level of oil prices and ensure debt sustainability. The program also includes measures to protect the poor, strengthen public financial management, enhance financial sector stability, and curb corruption. The Iraqi authorities deserve the support of the international community in the implementation of these policies.

“The IMF Board could consider the three-year SBA once agreed prior actions have been implemented, in June or July.

“During the mission the team met with the Minister of Finance Hoshyar Zebari, Acting Governor of the Central Bank of Iraq (CBI), Ali Allaq, the Financial Adviser to the Prime Minister Mudher Saleh, and officials from the ministries of finance, oil, planning, electricity, the CBI, and representatives from the Kurdistan Regional Government, Board of Supreme Audit, and pension commission. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

 

IMF COMMUNICATIONS DEPARTMENT

Media Relations
E-mail: media@imf.org
Phone: 202-623-7100

http://www.imf.org/external/np/sec/pr/2016/pr16231.htm

Iranian diplomacy»: Moqtada al-Sadr in Qom does not intend to return to Iraq until further notice

 

Mohammed Almzhadji

May 20, 2016

London «Quds Al-Arabi» announced the site «Iranian diplomacy» who is close to the Iranian Foreign Ministry, citing an informed source, that the leader of «the Sadrists» Iraq, Muqtada al-Sadr, located in the city of Qom, the religious center is important in Iran, and that it «does not intend to return to Iraq until further notice. »
Website of Iran said that the Iranian Foreign Ministry refuted the «official visit to Muqtada al-Sadr and his meeting with senior Iranian officials», not its presence in the city of Qom. He stressed «insider» that Muqtada al-Sadr wants to stay in Iran to «indefinitely», and he does not intend to return to Iraq at the present time.
On the other hand, one of the cleric’s aides said he ordered his armed followers to withdraw from the streets of Baghdad, some neighborhoods that have been deadly bombings announced the organization of the Islamic State claimed responsibility. Published Saraya peace, a subsidiary of the chest, hundreds of gunmen in Sadr City and five other Shiite areas in the capital, after he accused the government of failing to prevent attacks by the organization.
Killed at least 80 people and wounded more than 140 others in three bombings in Baghdad on Tuesday, the deadliest in a wave of attacks on the Iraqi capital so far this year. He said al-Sadr aide said the cleric is not to review the arms in front of citizens and avoid friction with the security forces and avoid being drawn into violence. Witnesses said the Peace Brigades withdrew from the streets of Sadr City on Tuesday night.
And increased pressure on the prime minister, Haider Abadi bombings, to resolve the political crisis caused by his quest to reshuffle aims to combat corruption. And it caused the crisis in the shell work of the parliament and hampered the government provided an opportunity for insurgents to launch more attacks on civilians.

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Wasit is preparing for the establishment of the International Exhibition of Energy, Economy and Investment

 

History of edits:: 05/19/2016 23:225 visits readable
{Wasit: Euphrates News} preparing Wasit province for the establishment of the international exhibition of energy, economy and investment, under the slogan {Wasit Iraq’s breadbasket} for the period between 23-26 of the current month on the land of Kut textile factory where is this exhibition first economic event in the province sponsored by the government {local legislative and executive}.
The governor of Wasit owner behind the valley in a statement the agency {Euphrates News} received a copy of it today , “The main purpose of this exhibition is to rotate the wheel of the economy and attract investment companies , in addition to exchange experiences , ” noting that it is the first event of its kind in the province of economic sense to raise the investment level,
and stressed the valley that ” the exhibition will give the opportunity to compete among the investment companies to provide better services and offers that will actually improve the investment in the province , which provides an opportunity to run her sons and the elimination of unemployment crisis rampant at the moment because of the austerity economic crisis passes in the present time.
it is said that the province of Wasit provinces are safe and of economic, trade and agricultural resources , making it a good investment opportunity and a shop for theinflux of investment companies .anthy

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NATO: We will send military experts to Iraq to train officers

 

History of edits:: 05/19/2016 22:199 visits readable
[Oan- follow] the
Secretary General of NATO announced [NATO] Jens Stoltenberg on Thursday that the alliance would send experts to Iraq at the earliest to study train Iraqi officers.
He Stoltenberg told a news conference after the Foreign Ministers of Member States meeting in the alliance that this comes at the request of Prime Minister Haider al – Abadi and within the NATO initiative to train Iraqi officers in Jordan.
He said that the meeting discussed ways to increase efforts to support the international coalition against al [Daash].
He stressed Stoltenberg that NATO will do projects for the defense electronic collaboration with Jordan as well as assist in the development of special forces capabilities and in establishing a national center for intelligence in Tunisia.
the NATO foreign ministers ‘ meeting saw earlier today the signing of the accession of the Republic ofMontenegro for membership protocol alliance to become the Lists 29.
the Secretary General of the North Atlantic Treaty Organization [NATO] Jens Stoltenberg has telephoned Prime Minister Haider al – Abadi on the fifth of may this and assured him that “NATO ‘s commitment to helping Iraq and increase the pace of armament him to build capacity.”

Baghdad is seeking to develop a plan to prevent the collapse of the banking institutions

 

19-05-2016 09:46 PM

Hits: 97

Orbit News –

Financial and banking expert Iraqi Samir Nasiri said that the reform of the banking sector operations require a plan to address the financial collapse experienced by some private sector banks, due to lack of current liquidity, particularly in areas where the penetration of terrorism, as well as the adoption of new financial monetary policy lead to a comprehensive reform The restructuring of the public and private sectors.
He said in an interview to «life» importance «development of information and banking technologies of modern forms all technology, and focus on disclosure and transparency of financial data to banks and customers, and the adoption of instructions and mechanisms that contribute to the development of human banking resources, especially the protection of banking leadership competencies as a national economic expertise, including contributing the stability of the banking business and its development. »
He stressed the importance that the «reforms include the creation of investment funds and the contribution of the banks to finance large and strategic projects, and focus on increasing credit and finance, soft loans and deposits in the activation of the employment aspects of investment, reconstruction and advancing the process of economic development». And called for activating the role of government in building a strategy for thedevelopment of small and medium enterprises and adopt clear mechanisms involving the private sector in the form of an actor, and continued shifting from the government sector to partner then head to the commander of the market.
Alnasiri called «activation proactive supervision and control and electronic controls on banks and issuing instructions and regulations guiding the new executive, and to develop mechanisms for coordination between fiscal and executive two policies». He stressed the importance of reviewing controls selection of members of boards of directors and managers Commissioners and define the duties of the Council planning and non -interference in the executive management of the banks and to focus on economic and banking specialization and expertise of the members and reduce the number of its members to only 5, and the adoption of advisers and experts , bankers specialists to supplement the board and executive management advice and expertise.
He pointed out « the need to amend the laws governing the banking business, also called on the sector to contribute to the economic development and diversification of other resources and development away from oil.» He said: «There is a need to propose principles and strategies effective to build introductions and features of the transition from the banking to the developmental role through addressing all the mistakes and lapses in economic construction over the next four years, with the routing of success and achievement of the goals according to what is included in the government program».
He added: «We have not touched a clear change in the banking field of work over the past year, prompting the central to the development of a plan to establish sound foundations to promote the applications of monetary policy and the development of the banking sector and support the form in which it achieves what is stated in the government program and economic reforms package».
Financial data showed that the total assets of the banking sector of 225 trillion dinars (203.3 billion dollars), about 204 trillion of them to the government banks, and 21 trillion in private banks, while total capital nine trillion dinars , 0.7 of them with private banks and 2 trillion at State – owned banks. The total deposits of 75 trillion dinars 0.86 percent than that of government banks and 14 percent for private banks.
The economic circles and the Academy confirmed that the banking reform requires a real and radical banking transactions coup starts from traditional roots, any of the service on a personal level or business locally or globally on the basis that the progress of the country ‘s economy and growth are measured the extent of the readiness of banking institutions to accept global changes rapidly and activate trade and formulating monetary and credit policies to suit global and policies, taking economic Privacy of Iraq in mind.
She pointed out that « the banking sector redouble efforts to make up for past failures, in light of initiatives and calls for the development of the private sector and encouraging initiatives and the reform of financing structures and lending, and the adoption of a new foundation to diversify sources of income and create job opportunities and improve the business structure and the investment climate.

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Council Najaf declare  the closure of the official working hours next Monday on the occasion of the visit Alcabanih

 

Council Najaf

 

Author: AY
Editor: AZ
19/05/2016 21:06
Number of Views: 45

 

Long-Presse / Najaf

Najaf provincial council announced on Thursday, the official working disabled on Monday with all government departments to maintain, excluding departments covered by security and service plan.

The media center of the council chief Mohamed al-Khuzai in an interview (range Press), “The council decided to consider next Monday, a local official holiday,” noting that “the provincial council approval of the holiday’s decision came to coincide with a visit of Sha’ban in order to make way for people of the province to perform the sacred rituals of the visit ”.

He Khuzai “vacation decision to include all government departments except security and services covered by the plan. ‘

The millions of visitors from inside and outside Iraq go every year on the night of half of the month of Shaaban AH to the holy city of Karbala to commemorate the birth of Imam Mahdi, the twelfth Imam of Shia Muslims.

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Defense L / balance News /: the arrival of a new Russian fighter planes within weeks

 

a wish

Since 19/05/2016 19:16 pm (Baghdad time)

Special-balances News

The Ministry of Defence, on Thursday, for the imminent arrival of fighter jets from Russia to the Air Force and other helicopter of the Army Aviation type, noting that Iraq recognizes the folds of contracted by enough for him to fight to the end of this year and possibly next year.

He said defense spokesman Naseer Nouri’s / balances News / “The Ministry of Defense has contracted with Russia and the Czech Republic on the aircraft and munitions and heavy weapons and armor.”

He added that the “materiel arrived from the Czech decades to the Ministry of Defence enough army to fight to the end of this year and probably next year,” noting that “there are two fighter jets arrived in the country from the previous decades.”

Nuri said that “the coming weeks will witness the arrival of fighter aircraft to the Air Force and other type of helicopter flight to the army to participate in the battle against al Daash terrorist.”

It is noteworthy that the head of the security and defense committee of quitting revealed, earlier, about the arrival of five Russian fighter aircraft Sukhoi, indicating that the latter of the deal signed by Iraq with Moscow .anthy 29/33 h meal

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