IMF sets $5.3 billion program for Iraq

It will also focus on maintaining the peg of the Iraqi currency to the US dollar, while slowly removing exchange restrictions

AFP/PTI  |  Washington July 8, 2016 Last Updated at 02:48 IST

IMF sets $5.3 billion program for Iraq

 

The IMF has announced a $5.34 billion program for Iraq to help strengthen the country’s finances, hit by the crash in oil prices and the fight against the Islamic State group.

The International Monetary Fund said the three-year loan will see $634 million immediately allocated to Baghdad, which needs the money to stabilise its balance of payments and ensure it can keep up with its debt obligations.

It will also focus on maintaining the peg of the Iraqi currency to the US dollar, while slowly removing exchange restrictions.
The program will involve fiscal consolidation moves aimed at cutting inefficient capital expenditure and at the same time protecting social spending, the IMF said.

It said Iraq’s economy had contracted by 2.4% last year despite a 13% increase in oil production. The non-oil economy contracted 19%, it said, “as a result of the conflict with ISIS (Islamic State) and the ongoing fiscal consolidation.”

The IMF added that the money under the new program will also support measures to protect the poor, strengthen financial management, and fight corruption.

“The Iraqi economy has been hit hard by the double shock arising from the ISIS attacks and the sharp drop in global oil prices,” said Deputy Managing Director Min Zhu.

Other targets of program reforms will be implementation of measures against money laundering and terror financing, the IMF said.

http://www.business-standard.com/article/international/imf-sets-5-3-billion-program-for-iraq-116070800066_1.html

US Advises Baghdad Against Pulling Back from Mosul Offensive

 

In this June 22 photo, Iraqi forces advance in the city of Fallujah. (AP Photo/Hadi Mizban)

In this June 22 photo, Iraqi forces advance in the city of Fallujah. (AP Photo/Hadi Mizban)

The U.S. has advised the Baghdad government against reversing the “Mosul first” strategy by pulling back troops to guard the capital against the rash of ISIS terror attacks.

In addition, U.S. officials have also expressed their concerns to the Iraqis over increasing reports from the United Nations and humanitarian groups of atrocities by Shiite militias against Fallujah refugees.

In the worst terror bombing to hit Baghdad since 2003, more than 200 were killed Sunday when a truck bombing claimed by the Islamic State of Iraq and Syria, or ISIS, exploded in the Karrada shopping district. It was the highest death toll in a wave of attacks in Baghdad that have shaken the authority of Prime Minister Haider al-Abadi.

Army Col. Chris Garver, a spokesman for Combined Joint Task Force-Operation Inherent Resolve, said in a briefing to the Pentagon Wednesday that the U.S. was providing intelligence to the Baghdad government to root out ISIS cells and prevent future attacks.

“We are providing assistance and we’re also providing intelligence sharing and when it comes to the bombers who are trying to attack Baghdad. There is some technological support that I won’t get into the specifics of,” he said. “But we are providing them intelligence to bolster their — to bolster their efforts, to bolster their ability to control the capital.”

Garver acknowledged that the U.S. had concerns that the attacks on Baghdad would force Abadi to withdraw troops in northern Iraq involved in “shaping operations” for a planned offensive on Mosul.

“We’re concerned about that and certainly the prime minister is, you know, looking at the security situation in Baghdad very carefully,” he said. “But we still see the Iraqi security forces up in the Tigris River valley conducting that attack, and they’re still moving forward” toward Mosul.

“The coalition believes that Mosul is the prize, and continuing to break the caliphate and continuing to break the will of Daesh (an Arabic acronym for ISIS) inside is the right course of action,” he added said. “We think Daesh wants the Iraqis to turn around and stop the attack and go back to Baghdad. And so clearly, you don’t want to do what the enemy wants you to do.”

Garver also said the U.S. was well aware of the reports of atrocities against Sunni refugees from Fallujah and had raised the matter with the Baghdad government. However, he stressed that the problem was an internal Iraqi issue.

“We’ve been talking about this for several weeks. It’s something that we’re concerned about,” he said, referring to reports that Shiite militias known as the Popular Mobilization Forces (PMF) have been separating men and boys from the women among those fleeing Fallujah and summarily executing some of them.

“The Iraqi government continues its investigations into the initial allegations as well,” he said. “I know that the Iraqi forces separated military-age males that potentially were Daesh members when they cleared Fallujah and some of that screening is still going on.”

On Tuesday, Ziad Ra’ad al-Hussein, the UN High Commissioner for Human Rights, said his office had received credible evidence that 50 men and boys from among more than 900 displaced Fallujah residents may have been executed.

In a statement, Zeid said that on June 1 about 8,000 civilians, including some 1,500 men and boys over the age of 14, left their village in Saqlawiyah, near Fallujah. Nearly all belonged to the Albo Akash clan of the al Mahamda Tribe, he said.

“In the distance, they saw what appeared to be a line of government forces, who hailed them with loudspeakers, saying the villagers had nothing to fear from them. However, once they reached the line, witnesses said that hidden behind the Iraqi flags they saw the flags of a militia called Kataaib Hezbollah,” he said.

The militia fighters immediately separated the men and teenage boys from the women and children, who were transferred to government-run camps for displaced people near Amiryat al Fallujah. On 5 June, the males were separated into two groups — one consisting of 605 men and boys, and the other of around 900, and the fate of the larger group is currently unknown, Zeid said.

“This appears to be the worst — but far from the first — such incident involving unofficial militias fighting alongside government forces” against ISIS, Zeid said. “These crimes are not only abhorrent,” he said, “they are also wholly counter-productive. They increase the likelihood of a renewed cycle of full-throttle sectarian violence.”

–Richard Sisk can be reached at Richard.Sisk@Military.com.

http://www.military.com/daily-news/2016/07/08/us-advises-baghdad-against-pulling-back-from-mosul-offensive.html

IMF recognizes credit program for Iraq worth $ 5.34 billion

 

 

Jul 09, 2016

Washington – London – news agencies: the International Monetary Fund said its executive board approved a new credit program under the request of Iraq, worth $ 5.34 billion and for three years, in order to support Baghdad’s efforts in the face of low oil prices, and to ensure continuity in the debt service.
The IMF said in a statement yesterday that the approval will allow for immediate disbursement of about $ 634 million under the program, while Baghdad must implement a series of economic reforms to get the rest of the premium assistance program, which runs over three years.
Iraq had happened in July 2015 to about $ 1.24 billion under the previous program for the rapid financing tool. The fund added that the Iraqi authorities have pledged to maintain its currency link to the dollar, and cut capital spending is effective, while protecting social spending.
He said that the public financial management reform, the government will put in a better position to fight the militants to organize the Islamic state, and to overcome the low oil prices.
Said Zhu Min, deputy director of the IMF, in a statement, «the Iraqi economy has been hit hard by the double shock of the organization of the Islamic state and the sharp drop in attacks in world oil prices … policies prepared by the authorities to deal with this dual shock that occasion.»
Zhu said that the huge backlog of Foreign Affairs of Iraq to international oil companies, and the arrears of domestic debt in 2015 «something unfortunate» and must be reduced.
The program also required Iraq to take important steps to strengthen the anti-corruption laws, and to prevent money laundering and countering the financing of terrorism.
On the other hand, it rose on Friday, Iraqi and international bonds, which expire in 2028, amounting to $ 2.7 billion, at a time when the average premium required fell for the possession of Iraqi debt instruments, compared to US Treasuries, to its lowest level in a week after the IMF approved loan demand $ 5.3 billion to Baghdad. The bond was trading up 0.4 cents at 77.4 cents, including away from the highest level in 11 months, recorded by Iraqi bonds before the announcement of the agreement with the IMF Tombstone according to Reuters data.

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Pictures .. Iraq received a new meal from helicopters [fisherman night] Russian

 

History of edits:: 08.07.2016 22:1373 visits readable
[Oan- Baghdad]
announced that the Iraqi Ministry of Defense, received a new meal from the helicopter of the Russian aircraft known as the “night hunter” MI28 model.
According to a ministry statement received by all of Iraq [where] a copy of it, that ” the leadership of the Army Aviation received a new meal of Russian helicopters MI28 hunter night type, one of the newest helicopters ,armored combat, as characterized by a high potential in terms of armament diverse thick and maneuver as well as provide attribution fiery ground forces. ”
he noted that” immediately after the arrival of the helicopters began technical staff installation process for their parts in order to be configured to work in the coming days , “adding that these aircraft , ” played adistinct role during the face of our ground forces to a guerrilla terrorist Daash and defeated and then defeat them breakers in various operations. ”
the Ministry of Defence has announced that on 28 June last received a new batch of helicopters mi28 model [hunter night] Russian.
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Urgent commander of Anbar’s operations [where]: the killing of 600 Daasha editing Albu Risha foldable and Albotaiban

 

History of edits:: 08.07.2016 22:2770 visits readable
[Oan- Baghdad]
announced Anbar operations commander Maj . Gen. Ismail Mahlawi, terrorist gangs killed 600 Daash editing areas areas Albu Risha foldable and Albotaiban north of the city of Ramadi.
The Mahlawi told all of Iraq [where] the “Edit areas Albu Risha foldable and Albu Tibane Island Khalidiya and killed more than 600 Daasha during these battles.”
He explained, ” The areas on the right side of the Euphrates River , all editor, did not Eptbak of definitive areas of Anbar operations only Khalidiya Island. ”
The security forces, on Friday, clearing the Albu Risha area north of Ramadi and nearby process with theparticipation of anti – terrorism forces and the attribution of Air force and army Aviation and Air Alliance international.

Abadi announce the acceptance of the resignation of Ghaban confirms to provide security for citizens expanded {}

 

History of edits:: 08.07.2016 20:53171 visits readable
{Baghdad: Euphrates News} Prime Minister Haider al-Abadi announced his acceptance of the resignation of Interior Minister Mohammad Al Ghabban, “stressing the need to” provide security to the citizens.
A statement by the prime minister received by the agency {Euphrates News} a copy of it that ” the Prime Minister met today with agents and officials of the security agencies the Ministry of Interior.”
Said Abadi during the meeting that “gang Daash terrorist face refracts clear after thegreat victory achieved by our heroine in Fallujah , where they could not even escape in the desert, so I started to resort to the style of the cowardly bombings and thetargeting of citizens, to show that they still have a presence and the impact of continuing financial support for them and attract other terrorists. ”
said the Prime Minister that” the victory that has been achieved on a gang of terrorist Daash drained all their energies and comprehensive defeat will inflict them soon and we will raise the Iraqi flag in Nineveh , as we offered in Fallujah and that Iraq would eliminate the Daash terrorist not only in Iraq, but that this victory will spend it in thewhole world. ”
he added that” the terrorist attack in the Karrada reaction to a big victory in Fallujah ,which stunned the world, pointing out that there are those who traded with the blood of Iraqis for a political interest in the time that should unite it in order to face theterrorism that targets everyone. ”
the Hdeddalebadi, during the meeting,” the need to intensify the efforts by the Ministry of the Interior in order for citizens to provide security revealed criminals and eliminate the terrorist cells and fight against criminal and economic crimes. ”
he noted that” the Interior Ministry ‘s top government interface comes into contact with the citizen and therefore should provide him with the best services through thedevelopment of these services and the simplification of procedures. ”
he said to make efforts in order that this year be the year to eliminate corruption in the Interior Ministry and the corrupt will not make him feel comfortable and safe and Senlahakh wherever he is , also stressed the need to emphasize the national safety measures in the markets and buildings.
he Abadi his speech by saying that “despite the fact that the Interior Ministry ‘smission is to Homeland security , but it bore the role additional represent fight terrorism militarily, and it should investigate qualitatively superior to him, and that theInterior Ministry is for all citizens and must be far away from partisanship and politicization, and that the interior minister has resigned and accepted in today Nevsh.anthy