Abadi adviser calls for the establishment of a new bank to finance trade and private sector

Sunday November 27, 2016 15:02

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Baghdad
called on the prime minister for economic affairs adviser to the appearance of Mohammed Saleh, Sunday, to set up a new bank for trade finance to the private sector, while stressing the need for separation between monetary policy and the financing of foreign trade.

Saleh said in an interview with Alsumaria’s News , “It is time to separate monetary policy and trade financing to the private sector through the proposal to establish a new bank is composed of government and private sector trade finance to the private sector along the lines of the Iraqi trade Bank , which finances government trade , “noting that” the central bank will sell dollars to the bank last to turn to trade finance for the private sector “
Saleh added that ” the appropriations Whatever include breaches are the safest of transfers that are vague with weak Customs”, adding that ” the credits based on the shipment of goods that are clear and exaggeration in prices documents , it is censored.”

Saleh continued that ” the source of hard currency Mtota of oil dispose of them and must rationally and central location , and therefore, the trade must be regulated by the government, but without restriction , “pointing out that” the trader not to trade bills and claims are incorrect result of obtaining the dinar illegally and some of them obscure. ”

He emphasized the benefit of the” Chapter between monetary policy and the central bank intervened to preserve the stability of the exchange rate and the trade finance needs to consider the strength and power in light of a difficult situation at the moment. ”

escalated accusations over the currency that has cast a shadow on the sale of the dollar in the domestic market prices of smuggling operations, while lawmakers have demanded the necessity that the government take the initiative to stop the sale of currency operations in the central bank auctions, others stressed that Iraq loses big money due to smuggled daily out of bounds, on the pretext of foreign trade.

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OPEC experts finish their meeting without agreement amid a dispute over the Iranian and Iraqi production

 

History of edits:: 28.11.2016 23:3338 visits readable
[Oan- follow] the
source of the Organization of Petroleum Exporting Countries said OPEC] The WHO experts wrapped up their meeting on Monday without an agreement on the specific details of the planned cut in oil production for each state.
It is scheduled to put forward a proposal to cut production during the WTO ministerial meeting in Vienna on Wednesday.
As another source of OPEC said on Monday that the meeting of experts did not solve the disputes relating to the Iraqi and Iranian production levels.

Macgork: al-Baghdadi were killed and Daesh matter of time does not make up its dead in Iraq

 

History of edits:: 28.11.2016 23:1352 visits readable
[Oan- up]
announced that the US State Department said Monday that the international coalition backers have managed to recover 56 percent of Iraq ‘s territory and 27 percent of Syrian territory from Daesh.

This information came in the final statement of the talks , the 68 members of the international coalition to combat the ambassadors of the countries [Daesh] led by the United States, which was held in Washington.
He said the international alliance of US special presidential envoy Brett Macgork told reporters after the talks that the number of militants [Daesh] decreases, the lowest now since more than two and a half years.
He Macgork that [Daesh currently can not compensate or fill the shortage of commanders and armed men who aremissing during military operations.
He stressed that most of the leaders and deputy leader of the [Daesh] Abu Bakr al – Baghdadi had been killed ,adding : “it ‘s a matter of time until he meets al – Baghdadi , the same fate . ”
he explained that the military and intelligence operations carried out by the international coalition has been animportant factor in reducing the income for Daesh.

 http://www.alliraqnews.com/modules/news/article.php?storyid=53662

 

Abadi looking for the second time with the parliamentary approval before the financial budget

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14 minutes ago

BAGHDAD – The Journal News
Search Prime Minister Haider al-Abadi, on Monday, with the parliamentary finance committee to finalize the budget bill passed in parliament ahead.

Committee Chairman MP Mohammed Halbusi in a statement, said that the meeting discussed the important and accurate details related to the budget law and the means of its own legislation on the legal side and in line with the country’s economic conditions.

Halbusi He added that the committee expressed its views regarding the development and modification of some of the details of budget items received to the admissibility of the Council for the purpose of passing through the legislative term in accordance with the rules and regulations applicable

For his part, the prime minister expressed his understanding of the Committee’s observations and praised adhering to bring out the law in a realistic and unconstitutional and achieve the necessary efficiency in the federal budget and flexibility.

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Iraqi Kurdistan displays oil deliveries to Baghdad

كردستان العراق يعرض تسليم النفط إلى بغداد

November 28, 2016

The President of Iraq’s Kurdistan Regional Government, Nechirvan Barzani, was ready source of oil delivered to the federal government in Baghdad, against the payment of salaries of employees of the province, to welcome the Iraqi Oil Ministry this step, which is a breakthrough in the list between Baghdad and Erbil oil crisis.

He said Assem Jihad, a spokesman for the Oil Ministry, said the ministry welcomes the announcement by the Government of the Kurdistan oil extracted delivery by region and province of Kirkuk, some adjacent fields, and exported in accordance with the established legal mechanisms by the Iraqi Oil Marketing Company “Sumo”.

 Jihad said in a statement today that “the Prime Minister Haider al-Abadi, said in more than one occasion the government is ready to pay the salaries of the staff of the region in the event of oil deliveries.”

He pointed out that the export of the KRG oil extracted from fields in the region and some of the Kirkuk oilfields, independently and without the knowledge of the Federal Government and the Ministry of Oil, and sell it for less than prices adopted by the company “Sumo” in foreign dealings, damaging the financial revenue for the country and for the region.

He continued that ” the non – delivery of the province fiscal revenue realized from the sale of crude oil the government to the Federal Treasury, led to unable dues financial territory disbursement by the government , according to the federal budget , while he was supposed to government territory to have sufficient revenue to pay the salaries.”

A spokesman for the Ministry of Oil that the federal government and the Oil Ministry hopes to reach with the Government of the Territory to the new mechanisms binding on the parties on oil exports.

The Kurdistan Regional Government announced last July, reported a net income from the sale of crude oil worth $ 2.34 billion in the first half of the year 2016.

These revenues do not meet the needs of the region to pay its employees and retirees’s 1.4 million people are paid salaries of $ 4.38 billion in the six months by $ 730 million a month, according to official data.

The region sold about 85 million barrels of crude oil from the fields, in addition to some of the Kirkuk oilfields , to buyers directly and independent of the central government in Baghdad over the past six months.

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Oil Ministry welcomes the statement Nechirvan Barzani concerning the extradition of the oil region to the center

 

By Ziad alHaidari 44 minutes ago
وزارة النفط ترحب بتصريح نيجيرفان البارزاني المتعلق بتسليم نفط الاقليم الى المركز
Oil Ministry welcomes the statement Nechirvan Barzani concerning the extradition of the oil region to the center

Roudao – Erbil

It expressed the Iraqi Oil Ministry welcomed the statementby the President of the Kurdistan Regional Government Nechirvan Barzani and the latter over the transfer of the oil extracted from the fields of the region and some of the province of Kirkuk fields to the federal government in exchange for payment of salaries of employees of the province.

According to a statement of Userah seen by Digital Media NRT Roudao Media Network, that “The ministry reiterates the importance of the receipt of oil extracted from the fields of the region and some of the Kirkuk oilfields and export, according to official and legal mechanisms used by the Iraqi Oil Marketing Company (SOMO) in terms of accuracy exported quantities of oil crude and revenue generated, which automatically goes to the federal treasury. “

The statement added that “the lack of commitment to Erbil agreement signed with the federal government and its failure to deliver the agreed quantities of crude oil extracted from the fields of the region cause a deficit in the federal budget for the years past.

The statement pointed out that “the Prime Minister Haider al-Abadi announced on more than one occasion the government’s willingness to pay salaries of employees of the province in the case of delivery of oil, but the Kurdistan Regional Government, this mechanism has not been applied, which confirms that the federal government does not assume responsibility for delaying the benefits exchange region and the salaries of the staff.” .

The statement continued that “the provincial government to export oil extracted from the fields of the region and some of the Kirkuk fields independently and without the knowledge of the Federal Government and the Ministry of oil and sell it for less than prices adopted by the oil marketing company in foreign dealings have damaged the financial revenue for the country and for the region.”

The statement emphasized that “the federal government and the ministry keen on alleviating the suffering of the citizens of the region and to speed up the payment of their salaries, hoping the agreement with the provincial government on the new mechanisms and clear obliges the two sides to abide by the agreement and its implementation with high transparency and the benefit to the people of Iraq.”

The head of the Kurdistan Regional Government Nechirvan Barzani announced yesterday at a press conference on the sidelines of the launch of a campaign to combat violence against women that “if Baghdad was ready to send the region’s budget, we are also ready to resolve differences and outstanding issues with it.”

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Iraqi PM: Baghdad willing to pay Kurdish gov’t employees in return for Kirkuk oil

 

By Rudaw 5 hours ago
Iraqi Prime Minister, Haider al-Abadi. Official photo.
Iraqi Prime Minister, Haider al-Abadi. Official photo.
ERBIL, Kurdistan Region – Iraqi Prime Minister Haider al-Abadi has suggested that Baghdad is ready to provide the monthly salaries of all Kurdish civil servants if the Erbil government agrees to hand over to the central government Kirkuk’s oil which is currently under Kurdish control.

This statement was in a meeting with the parliamentary finance committee in Baghdad, said Kurdish MP Qadir Mohammed, who attended the meeting with the Iraqi prime minister.

According to Qadir, Abadi had said that the federal government was able to not only provide the monthly wages of all Kurdish civil servants, but pay Kurdistan Region’s budget in full.

Qadir claimed that he and other fellow Kurdish MPs had told the Iraqi premier that his statement was not satisfactory and that he should take actual steps towards solving his disputes with Erbil instead.

Abadi told the parliamentary committee and Kurdish MPs that the government in Erbil earned 20 percent of Iraq’s overall income through its own oil exports “and therefore should be able to pay its civil servants,” Qadir said.

Kurdish leaders have long dismissed such claims by Baghdad as political maneuvering and that in private meetings the Iraqi government, including its PM Abadi, have said that they cannot afford to provide Erbil’s budget as Iraq suffers from severe shortage of cash.

Qadir said that the Kurdish MPs had advised the Iraqi prime minister that the Peshmerga forces were part of Iraq’s defense system and that their budget should not be entangled in the Erbil-Baghdad disputes.

Abadi’s response was that Baghdad has been giving out Peshmerga salaries every month without delay to the amount of 38 billion Iraqi dinars, saiod Qadir.

Shirin Housni, a Kurdish MP and member of the finance committee thought that such remarks from Abadi were only excuses and procrastination on the part of the federal government to avoid giving Erbil its fair share of the budget.

http://rudaw.net/english/kurdistan/28112016

IMF … between the development of economy and finance of corruption in Iraq

 

 

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Corruption and economic disarray practiced by successive governments in Iraq since 2003, in all its forms and fields is more greedy and deadly and spread the country’s economy from the direct physical occupation.
And it highlights the seriousness of the corruption Iraq’s request to borrow from the International Monetary Fund; to address the deficit in the balance of payments on the one hand and dumping the Iraqi economy, debt and economic dependency does not end on the other hand; forcing Iraq to open the doors of its economy wide for interventions, and controlled by the IMF’s major companies IMF, who will bear the burden of debt for future generations.
In the same context, the Iraqi government signed the so-called agreement warm-measures with the Fund; because of acute shortages and balance of payments deficit of Iraq in light of the financial crisis, and corruption, stifling the economy and waste of public money to the state, and these measures represent a program overseen by the Fund with the help of the World Bank; to assist member countries two, and facing such crises.
Created the International Monetary Fund by the end of the Second World War, which claimed the lives of tens of millions, as it met in 1944, representatives of 44 countries at a conference in Bretton Woods, USA, where they put the plans in order to stabilize the global financial system and encourage the development of trade, remove obstacles in the long term on lending and international trade, and the reconstruction of Europe.
And discharged from the Bretton Woods Conference, which is essential to oversee the international monetary system and strengthen and to provide advice to its members on economic policies, and provide loans to the Member States, and control of recycled Convention.
The fund gets its funds from the member countries, and depending on the size of the quota is determined by the number of each country’s votes in the Fund’s members, and the limits of borrowing provided by his fund, the greater the size of the country’s economy in terms of output, increased its stake in the fund, the United States of America, which is the largest economy in the world, and contribute the lion’s share in the international Monetary Fund and a share of the 17.6% of the total quota,
Can not be separated World Bank action which works on the development of developing countries, the fight against poverty and the development of financial systems of the Member States for the work of the International Monetary Fund, they are working in parallel and cooperation, and are linked organically, and to any State that becomes a member of the World Bank requires her to be a member of the Fund international Monetary first.
And that’s where the International Monetary Fund works as an umbrella safety and the protection of international financiers, as they can be Akarzoa their money without caution or concern at will when the liquidity they have, the fund repayment to them and ensures that no matter what the conditions are, and the results, note that this is contrary to the principle of a free market, which states: “bear the lender and the borrower’s part of the responsibility taken by the lending decision “; which means that the financiers are making gains and profits under all circumstances, while the borrower pays high prices in the cases of right and wrong, (vow of globalization / Yahya Abdul Hai Zaloom).
In May / May 2016 and the IMF agreed to give Iraq a loan of $ 5.4 billion over three years, and was the first value of a batch of the loan of $ 600 million, and the unfortunate fact that are lending to the oil country program application, so how about if this is the state of the richest countries of the world, such as Iraq; and it raises doubts about the issue of borrowing.
The financial and administrative corruption and financial crises in Iraq sapped its economy Because of lower oil prices, Iraq has lost 85% of the strength of its economy; for adoption mainly on oil, causing paralysis of the economic movement in it, “because the rentier mentality that government works depends on the sale of crude oil, and the principle of maximizing financial returns far from achieving sustainable development, growth rates, and this is a deficiency and clear to the political system and a lack of experience on how economic life management and reforms and management of crises, and do not keep up with developments in the economic and political environment and the technological revolution at home and abroad; the creation of these crises, so it was necessary, the relevant macroeconomic management, a series of actions which is evaluating the reserves of the state of the foreign public debt, currencies, after the general financial evaluation and availability of financial resources for investment, as there must be an order of priority that would achieve economic reforms, and all these reasons and the absence of economic decision to address the crises reflected negatively on the economic situation and brought the government to borrow money from the international Monetary Fund.
Economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh, said that the loan was worth $ 5.4 billion.
And that the interest rate on this loan does not exceed 1.5% per annum.
It is assumed that this loan helps to strengthen the creditworthiness of Iraq, while the Parliamentary Finance Committee criticized Iraq borrow from the IMF and legacy of corruption eating away at government departments. (Compare with news)
The IMF has put several conditions on lending to Iraq, including oversight of the auditing Iraqi financial institutions, and the reduction of social benefits, and not compromising the salaries of young staff, with the exception of second-class staff and first who are the rank of director general or above, and the imposition of a tax expense of them.
Premium Fund loan granted to Iraq to 17, a boost that is watching after each batch bridge the economic gaps by Iraq mechanism, what is so obvious evidence that calls into question the credibility of the IMF policies pursued by successive Iraqi governments over the previous years after 2003.
As a result of this corruption revenues fell; what contributed to the high number of poor people in Iraq for more than 10 million people while the country is witnessing a big wave of displacement exceeded 4 million Iraqis are suffering a lack of services or any chance to live decent, and the widening financial gap between expenditures and revenues to $ 50 billion according to Iraqi government sources.
And the balance of payments registered a deficit may be financed sections of it by using foreign reserves, which shrank by 13% at the end of September 2015, according to the International Monetary Fund and approval of the Iraqi government to do so.
IMF experts noted the following observations on the economic policies in Iraq:
1-lack of discipline in the public finances of the Iraqi state, expressing disappointment that the process of allocating oil resources are based on political considerations, not economic science.
2-large banks in the name, size suffer according to the IMF experts severe shortage in the capital, Fmsrv Rasheed has half of the minimum capital requirements of 250 billion Iraqi dinars, or $ 214 million. The Rafidain Bank, it has a minimum of five, while Islamic banks and the number of 6 banks operate without its own Islamic banking law. Although the number of banks in Iraq of 56 banks, there is no exchange of information among themselves about what the terms of existing or potential borrowers.
It is strange that the Iraqi banks do not apply the most basic assets of banking, because after thirteen years of change that took place in Iraq, they do not have a record internationally tariff, (IBAN), which is an essential and important in the global banking deal, because the corrupt do not want to link the system Iraqi banking with the global banking system to facilitate money laundering operations and the financing of suspicious transactions; what does this impact negatively on the development of the banking sector, the decline in the flow of foreign investment.
3. In a large neglected in macroeconomic statistics, which suffer neglect and poor experience; therefore, most of the accounts that are prepared lacked quality, as a result of the comprehensive source of data on the activities shortage, the categories of spending in the gross domestic product, and according Fund forecasts will reach Iraq’s oil revenues to 5 trillion dinars in the current year, and 12 trillion dinars in 2017, while public debt, it will rise to 66% of gross domestic product this year actually retarded the Iraqi economy and lack of confidence of international institutions and government departments that came to Iraq after 2003, not to mention the ‘s future is encouraging for the economy for these reasons, the Iraqi imposed several conditions on the fund to give Iraq any loans, and agreed with the Iraqi government on a number of measures, and most important:
1-application of the “one treasury account”, to prepare a list of accounts of all banks that are under the control of the Ministry of Finance, identifying all sub-expenditures in the federal government.
2. disclose the size of dues to local contractors, and provide detailed accounts of social welfare, and the ration card.
3. stop any new appointments, with the exception of health, education and security sectors.
4. tighten controls on money laundering, calling the Integrity Commission to investigate the financial assets of senior officials; to improve anti-corruption efforts, and promotion.
5. World Bank assistance to the Ministry of Planning to carry out the reform of the “General Investment Management”; therefore face Fund experts to establish a central unit for the management of public investment to examine the projects based on the female students of the feasibility of the establishment of the so-called “integrated projects bank” management of the Ministry of Planning, in order to increase investment spending, growth and achieve outside the oil sector.
6. supervision of Iraq’s debt and censored in addition to audit employees’ salaries to prevent manipulation, frequent payment or payment for so-called “aliens”.
7. In a time when Iraq is suffering a severe shortage of services, especially electricity and water will increase the price of electricity for those who consume more than 600 kilowatts per month, and the Ministry of Finance has proposed taxing the salaries of employees of the second-class upwards, (Middle East Online).
So it was better for the Iraqi government, rather than borrowing a process that will inevitably have negative effects on Iraq’s economic future and the dependence of the Fund, to be treated wounds itself by relying on their own resources, to stop the bleeding of corruption and procrastination law enforcement on the one hand, and reduce expenditures on the other hand, because the a serious attempt to address the main causes of the problem, instead of seeking treatment results, states and governments when has a real resolve crises and problems will be available, heading straight towards the real reasons for it, without any wrapping, sometimes no matter what, and at other times trying to process the results without the introduction of the reasons, and in application for saying: “diagnosis of half medicine”, the government should be more transparent in the diagnosis of the situation, and more procedural in traffic on the right track in processors, bearing interest of Iraq’s sovereign, and the national mind.

Shatha Khalil

Unit Economic Studies

Links for Research and Strategic Studies Center

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Babel crashes office hours on Tuesday, the anniversary of the death of the Prophet (r)

 

 

The province of Babylon
Author: HH, IM
Editor: HH
11.28.2016 14:26
Number of Views: 42

Long-Presse / Baghdad

Council decided to Babil province, on Monday, disabling the official working hours on Tuesday, on the occasion of the anniversary of the death of the Prophet (r), while the decision excluded the service and security services.

The head of the province of Babylon Haider Jaber Wasp in an interview to the (long-Presse), “The Babil Provincial Council decided today, disable the working hours of all government institutions on Tuesday, (28 month zero) on the occasion of the anniversary of the death of the Prophet Muhammad (p.)” .

Wasp and added that “the decision excluded the security and service departments.”

And go every year millions of visitors from across Iraq, especially the Shiite cities of them, to the holy city of Najaf to visit the shrine of Imam Ali (AS) to perform the ceremony of the visit on the occasion.

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