IMF approves loan to Egypt for $ 12 billion

History of edits:: 11.11.2016 22:3625 visits readable
[Oan- up]
Executive Board of the International Monetary Fund agreed in a meeting on Friday to Egypt a loan worth $ 12 billion.
He said the IMF in a statement that the approval came “to support the economic reform program developed by theEgyptian authorities.”
The statement said that the Egyptian program aims to “put the budget and public debt , the deficit path descending and give a boost to growth while providing protection for low – income people .”
Under the approval of the Board Executive of the IMF loan, Egypt will get an immediate estimated amount of US $ 2.75 billion with the rest of the money exchange in three years , after five revisions of the Fund ‘s action.
Shortly after the approval of the IMF loan, lifted agency Standard & Poor’s sovereign rating to Egypt from negative stable.
the agency said in a statement that “it is checked outlook to Egypt after D IMF credit lines to meet the needs of foreign currency for the next year.”
and showed “that classified the sovereign to Egypt in the coming period will remain tied to monitor the large gap in the budget , the large internal debt deficit and rates of low – income ”
and commended the agency to liberate Egypt to exchange rate of its currency against foreign currencies , and said it was supposed to increase the competitiveness of Egyptian exports expected to exceed the national income in 2019 to Egypt by 4%.



Trade: Baghdad International Exhibition 43rd edition has achieved economic and investment targets


History of edits:: 11.11.2016 15:5069 visits readable
{Baghdad: Euphrates News} Ministry of Commerce announced the conclusion of the 43rd session of the activities of the Baghdad International Fair which involved 12 countries and more than 400 economic destination company.
He said Hashim Mohammed Hatem , Director General of the Iraqi opposition in astatement issued by the Ministry of Commerce received the agency {Euphrates News} a copy of it, that ” the cycle of the Baghdad International Fair has achieved great success on the level of trade and economic exchanges on the one hand andin the audience and mass rush on the other hand, which Ocherth delegations All Arab and foreign countries and companies that participated in the fair. ”
said Hatem said” Germany, Japan, Pakistan, Egypt, Tunisia, Palestine, Indonesia, Iran and Ukraine, India was one of the most prominent countries that participated in the exhibition and had an advanced and different industries, while the Iraqi opposition body first participated in the sessions Baghdad international Fair , more than 140 exhibitors representing Egyptian food and textile industries , and achieved a large turnout of visitors and shoppers. ”
He noted that” expectations for a visit more than one million citizens of the wings of the exhibition, especially since the last four days have seen a crowd turnout pointing has not stopped until the late hours of the night so we had to extend the stay in theexhibition to the extra hours to accommodate the momentum in the flow of thepreparation of the crowd that attended the momentum we have not seen in previous years. ”
He said that” this kind of challenge and insist on giving a realistic picture of the fact that the case with Iraq as the army and the crowd battling in hand and the other tobuild and reconstruct. ”
he said the ” current session experience gives us the opportunity in the coming sessions to be more involved. ”
he concluded by saying” we will work on a plan from now to attract dozens ofcountries and hundreds of companies to participate in future sessions , especially that security and stability will return to the homeland after the completion of Daesh the expulsion of all our cities , “.anthy



International Coalition will hold a press conference next Tuesday on field operations in Mosul


History of edits:: 11.11.2016 19:1043 visits readable
{Baghdad} Euphrates News plans to lead the joint coalition, held a press conference talking about the developments in the field operations in the liberation of the city of Mosul Bmcharh Iraqi security leaders.
A spokesman for the Joint Task Force Gen. John Dorian in a statement, the agency {Euphrates News} received a copy of it today, “it is scheduled to join the press by the Deputy Joint Special Operations Command and the leadership Qamun Aaninoy operations Lt. Gen. Abdul – Amir Rashid Aarallah, and Brigadier General Conference Yahya Messenger, and director of the world war and the fight against terrorism and other cell. ”

He added that” the meeting will be to modernize operations and field progress and to answer questions regarding the ongoing efforts to liberate Mosul and defeat Daesh terrorist gangs. ”

It is scheduled to hold a press conference at 12 noon at the Forward Operating Base -gharbah.anthy

Economic Council announces the achievement of a number of the demands of the private sector



Since 11/11/2016 16:12 pm (Baghdad time)

Baghdad balances News

The head of the Iraqi Economic Council, Ibrahim al-Baghdadi, on Friday, the parliamentary finance committee has to achieve a number of the demands of the private sector through a seminar held to discuss some of the paragraphs of the federal budget for the year 2017.

He said al-Baghdadi, in a statement received / balances News / copy of it, “After the seminar held by the Iraqi Economic Council on Monday day on 7/11 and hosted two members of the Finance Committee who are Haitham al-Jubouri and MP Jabbar al-Abadi, as well as vice chairman of the economic and investment commission in Parliament MP Nora Albjara MP Gibran Mamouri MP Fares Fares and deputy olive Dulaimi MP Yahya Ithawi members of the economic and investment commission in Parliament, and a number of deputies and representatives of the Central Bank of Iraq and the head of the Baghdad Provincial Council, and was a title of the seminar to discuss the budget some paragraphs of the federal budget for the year 2017 and that have a direct private sector relationship, and perhaps the most important paragraph own benefits Contractors inclusion of government bonds. “

He said al-Baghdadi, said “the parliamentary finance committee the day Wednesday, 9.11 to achieving a number of the demands of the private sector through hosting the Minister of Planning and Okelah and Central Bank Governor and Chairman of the Financial Inspection Office and Deputy Minister of Finance and Director General of the Public Debt in the Ministry of Finance and general managers budget, accounting and general manager of the legal department in the General Secretariat of the Council of Ministers, as was the search and discuss the issue of arrears and the reason for the reluctance to issue bonds in earnest. “

He pointed out that “he told al – Jubouri , a member of the parliamentary finance committee to complete the first batch of the audited projects by BSA 534 project for the province of Basra and guestrooms, where he arrived on Wednesday, 9.11 to the Ministry of Planning to do its part by sending to the Central Bank to issue bonds have also been completed 90 % of the total college projects in all parts of Iraq, was sent by the Ministry of planning and the Office of financial supervision for the purpose of scrutiny as soon as possible. “

He continued , “It was also agreed between the executive and the relevant authorities and the Finance Committee in Parliament that the completed projects by 85 % and above will be the continuation of the exchange and theamounts allocated to them , respectively, according to the percentage of completion, in exchange for acommitment from the company to complete the project.”

He noted that “the parliamentary Finance Committee decided to include the Council of Ministers Resolution 347 private and ongoing projects in the budget for the year 2017 law, to be binding on work done by all the ministries and provinces” .anthy 29 / D 24




OPEC says 2017 will see the largest surplus oil market with high production


Friday 11-11-2016 | 5:30:09

RNA / d p

RNA / d p

Twilight News Organization of Petroleum Exporting Countries / (OPEC) on Friday that its oil production increased in October to a record level, led by the Member States, which hopes exempting itself from any efforts by the organization to curb supplies, including references to the world’s largest market in the next year’s surplus.

OPEC said in a monthly report that it pumped 33.64 million barrels a day last month, according to data compiled by the organization from secondary sources, up 240 thousand barrels per day from September.

OPEC data indicate a surplus in the market greater than that revealed by the International Energy Agency and highlights the challenges facing the Organization in its efforts to restrict production. Oil has fallen below $ 46 a barrel from near $ 54 level hit after the announcement of OPEC agreement directly in September.

OPEC did not address the sudden to win the Republican Donald Trump in the US presidential election, saying only that the currency markets witnessed volatility “big.” And it has kept its forecast for the growth of the US and global economic growth in 2017 unchanged

Iraq has regained control of Mosul – the country is becoming united again The increasing unity of Iraqi communities has defied predictions of the sectarian destruction of Iraq Salih Hussein Ali Altamimi

4 hours ago3 comments



Iraqi Security Forces are embarking on a final and decisive campaign against Isis to liberate Mosul, an ancient city that has endured more than two years of brutal terrorist occupation. This dark chapter will soon be another episode in the province’s 3,000 year history.

The coming victory will represent a crushing blow to the terrorists’ dream of statehood, and will deter those who seek to join a collapsing organisation. The criminal terrorist gang we call Isis gained strength in 2014 from a seemingly unstoppable expansion. This image of invincibility is now in ruins.

The battle will see a diverse coalition of Iraqi forces. From the eastern axis of advance, a joint force of the Iraqi Army’s 9th Armoured Division, Counter-Terrorism Services and Kurdish Peshmerga are moving from Khaza and Bashiqa, while the Iraqi Army’s 15th Division is moving from the south. Meanwhile, Iraqi Security Forces are protecting the vital Mosul Dam. In the desert to the west of the city, Isis can be easily spotted from the air, and cannot escape.

South of the city, Iraqi Security Forces supported by Sunni tribal fighters, Christian volunteers and the Popular Mobilisation Forces (PMF) are securing ground to ensure Isis cannot attack rear areas. The latter group are volunteers who have publicly pledged that the “bells of Mosul’s churches will ring again.” On 21 October in the Christian town of Bartella, this pledge came true. The PMF are now cutting off Isis at Tal Afar.

Iraqi forces enter Mosul

The increasing unity of Iraq’s communities has defied predictions of the sectarian destruction of Iraq. There are now thousands of Sunni fighters on the front lines, with Christians, Yazidis, Turkmen and others. Iraq is moving beyond its troubled history.

In this effort, the UK has been particularly respectful of Iraqi sovereignty. From the start, we have maintained that Iraq must win the battle on the ground alone. Our allies have been overwhelmingly supportive of this aim, helping to build regional cooperation in maintaining the fight against Isis. We hope that the kind of international cooperation happening in Iraq will provide the basis for the campaign to continue in Raqqa, to ensure that Isis will not cross the border into Iraq again.

During months of preparation for the Mosul battle, every nation and force on the ground was given an agreed and carefully designated role coordinated with Baghdad, and we hope this coordination continues.

A united effort is vital because the threat is a common one. Isis has reminded us of this in murderous attacks from Paris to Ankara, Orlando and beyond. In Iraq, violence targeting people of all ethnic and religious backgrounds has increased the sense of unity among Iraq’s communities. While we long for this suffering to end, we also understand that in the wider world, Isis represents an ideological disease which will require a unified international response.

Outside Mosul, a major effort is underway to provide for the many civilians who will be displaced by the fighting. The Iraqi government expect this figure to be between 700,000 and one million refugees. Since 2014, the Iraqi government has assisted the mounting number of people displaced by violence, a difficult situation following the more than 50 per cent decline in oil prices since 2014.

Despite these difficulties, the Iraqi government has begun restoring services to cities such as Ramadi, while in Tikrit markets are once again busy following liberation. Unfortunately, the scale of the offensive in Mosul means we will need sustained international support. This must take the form of a long-term plan for social and economic assistance in the aftermath of this war, to help stabilise the wider region.

To this end, the Iraqi government has a multi-phase plan to resettle internally displaced people (IDPs). For each phase of this plan, the Prime Minister’s Office will lead a high-level committee who will see operations through to a final reconciliation phase. The first committee will be responsible for demining Mosul and clearing unexploded bombs, working with the Ministry of Environment. Working in parallel, a second committee will oversee the restoration of basic services while a third committee will work on restoring the capability of local police forces, ensuring security for returnees. Lastly, larger reconstruction projects will be overseen by the High Committee for the Relief of Displaces Persons. The governor of Mosul will head a crisis cell, coordinating reconciliation efforts for longer-term peace.

Here, the UK has proved a reliable ally, donating £40m towards humanitarian aid for the Mosul offensive, a part of more than £150m overall assistance from the UK since June 2014, and $2.1bn pledged at the 24-nation donor conference for Iraq in Washington in July. Unfortunately, the challenge in Mosul is so great that the UN may be 50 per cent short of the funds required to construct enough refugee camps.

Even considering these many challenges, we are confident that civilians will be resettled, and that Iraq will move beyond this tragic era. Iraq is an ancient nation, from the first known writing of the Sumerians more than 5,000 years ago to the pioneering study of algebra and medicine in 9th century Baghdad.

Soon the attempts by Isis to erase this history will have failed completely. We are confident that our people’s strong endurance after this period will lead to a better future, for all of Iraq’s communities.

Salih Hussein Ali Altamimi is Ambassador of the Republic of Iraq to the UK

Urgent .. Iraqi forces stormed alive eastern Mosul and violent clashes with Daesh


Friday 11-11-2016 | 3:02:01

Iraqi forces specials JP-h d

Iraqi forces specials JP-h d

Twilight News / Iraqi forces stormed alive east of Mosul, was preceded by heavy bombardment process.

Said Mohammed Ibrahim, head of the security committee in the House of Nineveh to Twilight News, said the counter-terrorism apparatus began to storm the second Qadisiyah neighborhood east of Mosul and the violent clashes taking place in the neighborhood.

And it launched the military campaign to liberate Mosul, Nineveh province, the dawn of October 17 / October last, the largest since the invasion of “Daesh,” north and west of the country.

And given the military campaign aerial cover of the international coalition led by the United States.

Iraqi forces allied with them and recovered dozens of villages and towns in the vicinity of the city from the grip of the “Daesh.”

And displaced more than three million people are already in Iraq from their homes, the militant group since the invasion of north and west of the country, and control over one-third of the area of Iraq over two years ago.


Coordination in Mosul will improve Erbil-Baghdad economic relationship


By Rudaw 5 hours ago
Dr. Mazhar Mohammed Saleh
Dr. Mazhar Mohammed Saleh

By Mohammed Hadi and Hemin Asaf

There is good will on the sides of both Erbil and Baghdad to resolve problems, said Dr. Mazhar Mohammed Saleh, economic advisor to Iraq’s Prime Minister Haider al-Abadi and former deputy governor of the country’s central bank. He is among those who make key economic decisions in Iraq, including playing a role in drafting the Iraqi annual budget. In this interview with Rudaw, Dr. Mohammed Saleh expresses optimism about the relationship between Erbil and Baghdad. 

Rudaw: Relations between Erbil and Baghdad are about to improve. Do you think Baghdad will send Erbil its fair share of Iraq’s budget if it lets Baghdad control its oil revenues? 

Dr. Mohammed Saleh: I want to reassure you that Erbil’s budget will be enshrined in the Iraqi budget law. The federal government cannot deprive the Kurdistan Regional Government (KRG) of its budget, because the International Monetary Fund (IMF) will be participating in drafting the Iraqi budget legislation. The problem we have now is the lack of an appropriate mechanism through which Erbil sends all its income to Baghdad, so that the federal government enshrines Erbil’s budget in its budget law. In other words, Erbil’s income should all be clear and settled before the Iraqi budget is legislated.

For example, the city of Basra sends all its income to the federal government, and then its budget will be determined in Iraq’s budget. There is now good will between officials of Erbil and Baghdad to understand these problems and resolve them, which is why I am optimistic that they will be solved. I am very close to Haider al-Abadi, who is truly honest. He in no way resorts to chaos and trouble. He wants to resolve these problems through dialogue. The prosperity of Erbil is closely related to that of Baghdad’s, and vice versa. Baghdad is not going to sit idle if Erbil runs into crisis. I am well aware that the Kurdistan Region is under a lot of pressure from a large number of refugees and IDPs. I understand Erbil’s financial pressure, and I understand how much they need internal and external assistance.

Haider al-Abadi has stressed that he has the will to resolve the problems between Erbil and Baghdad. I am sure the KRG is working to further enhance transparency regarding its oil revenues, which matters to the federal government. The will to embrace democracy is strong in the Kurdistan Region.

I am even aware that the people of Kurdistan are eager to see these problems resolved. They want to know how much their revenue is and how it is spent. They want to understand the root cause of the current economic crisis in the region.

The Kurdistan Region is entitled to have knowledge of Baghdad’s entire revenue as well, which is why they both should be transparent with each other so there is common ground between the two. Coordination with the IMF guarantees transparency in revenues of both Iraq and the Kurdistan Region, which is intrinsically crucial to resolving these outstanding issues.

This high coordination between Iraqi forces in the offensive to recapture Mosul is clearly a positive indication of good will on both sides, and I think there will be more coordination between Erbil and Baghdad after the offensive.

Iraq is benefiting from the reserves of the Central Bank. Why is Kurdistan not given its share? 

The Iraqi Central Bank is an independent establishment with its own rules and authority. The bank faced many problems due to its being independent when I was its deputy governor. There were some deep crises at the time due to the pressure the federal government was putting on the bank.

The Kurdistan Region is entitled to get its 17 percent of the Iraqi overall budget. Depriving the region of this right has been due to a lack of understanding between the two. Mutual understanding should enhance in order for the Kurdistan Region to regain this entitlement. The KRG authorities should disclose the income of Ibrahim Khalil Customs to the federal government so that they, in return, facilitate things for them.

How much are the Iraqi Central Bank’s reserves at the moment? What are these reserves comprised of? 
We call it foreign reserves, which consist of gold and other currencies which are in total worth nearly 50 billion USD. The Central Bank doesn’t place too much focus on gold reserves, for you either profit a lot or lose a lot in its dealings due to its high price. In addition to this, the Central Bank ratified an agreement with the IMF regarding dollars. It placed more weight on the dollar due to the Middle East being a ‘dollar zone’ in the world. Gold reserves make up 6 percent of Central Bank’s reserves, as does the euro. All in all, the Central Bank is doing well now.

What do you think will be Iraq’s stance if the Kurdistan Region were to borrow directly from the IMF or the World Bank? 

The KRG should have Baghdad’s approval in order to do so, for borrowing from these international establishments is based on the sovereignty of a given state. This is the IMF’s main condition to lend money. The IMF stressed a state’s sovereignty as a condition to lend money when we met them to discuss financial matters. The KRG’s Minister of Planning, Ali Sindi, was aware of the discussions we had with the IMF where they told us that they would only deal with the federal government. There is an article in the IMF’s charter which entitles regions and cities to borrow money from them, but only upon approval from the central government.

If the KRG couldn’t pay off its debt, the Central Bank would be obligated to do so. And this is a problem between Erbil and Baghdad which still remains unresolved.

How much do you think the war on ISIS will cost Iraq?

The overall cost of the war, including all the destruction and damage to the country’s infrastructure, has so far been 35 billion USD. Iraq currently spends at least 27 percent of its overall budget on its military capacities, whereas its expenditure was only 17 percent before the war on ISIS. This is at a time when oil prices have been plummeting, putting pressure on the Iraqi government. According to the IMF, the deficit of Iraq’s overall budget for 2017 will be 21 percent of its overall expenditure. This gap should be filled with internal or external debts, or by reducing expenditure. This is while we are in a situation where we have to increase our defense expenditure.

Iraq and the Kurdistan Region are both fighting ISIS, but your support to the Peshmerga is little. Are there any plans to support the Peshmerga in the future? 

The Iraqi central government signed an agreement with the United States to deliver military services to our forces, including the Peshmerga who are now getting their share. It was signed when Hoshyar Zebari was Iraqi finance minister. The pact gives Iraq a 2.7 billion USD debt of which 400 million USD has been dedicated to cover the salaries of the Peshmerga. In addition to this, the Iraqi central government has already provided the Peshmerga with 10 billion Iraqi dinars. I am certain that they will help them more, due to the existing high coordination between Erbil and Baghdad.

Why is Kurdistan not given its share of the money the Iraqi central government has borrowed from international banks? 

Every loan Iraq is getting is part of its overall budget of which the Kurdistan Region is entitled to get 17 percent. The Kurdistan Region should be given its share, no matter the amount of the loan Iraq is getting from these international banks. There should be a problem, if they have not yet been given the share they are entitled to get. The IMF cannot obligate the central government to give 17 percent of the loan they get from them to the Kurdistan Region. No international banking institutions can impose this condition on the central government, for this would be meddling in Iraq’s internal affairs. They can advise and recommend things, but cannot impose these conditions on us. This era is the era of all Iraqis. The KRG officials should disclose the region’s income and expenditure to its citizens, rather than obfuscating it.

As an advisor to Haider al-Abadi, what do you think the KRG should do to overcome this economic crisis? 

The Iraqi PM has devised a reform program for the country. The state sector now runs 67 percent of the country’s services, which is a big mistake and should not be allowed to continue. The central government and the KRG should try to build free markets in partnership with the government, creating more job opportunities and diminishing peoples’ desire to get employment in state sectors.

This way, the desire to work in the private sector will increase. I suggest that the [KRG] establish a box for the region’s entire income to cover emergency expenses, using it to keep the balance of markets. This box can also entitle private corporations to borrow money, providing they are legal and have not evaded paying their taxes. This way there will always be some available cash for use with commission by people of the region.

Germany has a very successful track record in this area. It relied on this kind of income for a while, with its private sector making good use of it. They would reach out through TV stations encouraging people to borrow money from them in a bid to vitalize their markets, and would then get the money back according to proper mechanisms.

In Iraq, employees are supposed to work for 8 hours a day, yet their daily output takes only 17 minutes, wasting the rest of 7 hours and 43 minutes for which they also get paid. This is dissipation of human capacities and a waste of money too.

Economic center: private banks loans will absorb a large part of unemployment


History of edits:: 11.11.2016 14:068 visits readable
{Baghdad: Euphrates News} The head of the Economic Media Center Dergham Mohammed said that “private banks loans will contribute to providing financial liquidity in the country.”
Said Mohammed in a press release agency {Euphrates News} received a copy ofit, that “those loans will solve some of the economic problems afflicting citizens being absorbs a large part of unemployment, and will move the local Iraqi productive sectors, as well as support for the Iraqi market cash currency.”
The private banks are preparing to release loans to citizens of 50 million dinars next week, according to private banks , which indicated that the Association of the benefits of these loans do not exceed the 5 percent of the loan value.
The central bank governor Ali Mohsen Keywords may be conducted through of visits this week included a number of private banks to determine the main obstacles and challenges faced by banks in order to reach one goal , a financial and economic stability .anthy

Company “Sumo” raise Basra Light crude oil price



Since 11/11/2016 14:18 pm (Baghdad time)

BAGHDAD – balances News

Confirmed that the state oil marketing company “Sumo”, on Friday, that Iraq has raised the official selling price of Basra Light crude to Asia by $ in shipments from the previous month to an average of Khami prices of Oman and Dubai minus 0.45 dollars a barrel.

After this increase became Basra Light crude oil price of only five cents less than the average Saudi Arabian crude to shrink the gap between the already allocated to the lowest level since October 2012.

The SOMO said in a statement, seen by / balances News /, “It was heavy Basra crude to Asia sales pricing download December December next Khami at an average price of Oman and Dubai minus $ 5.45 a barrel.”

And it sets the official selling price of Basrah Light crude in December shipments to the Americas market price at the Argus index of high-sulfur crudes minus $ 0.50 a barrel, up from the previous month. The price of Kirkuk crude shipments to the United States remained unchanged at $ 0.35 a barrel above the Argus.

The December shipments to Europe have increased the price of Basra Light crude rose $ 0.40 to the price of Brent minus USD 4.50 per barrel, while the official selling price for Kirkuk crude price increased in December shipments to $ 4.80 without Brent Almarkh.anthy 29