International Monetary Policy: Iraq’s economic policies to deal with shocks are appropriate

 

International Monetary Policy: Iraq's economic policies to deal with shocks are appropriate
International Monetary Fund

BAGHDAD – The first deputy director general of the IMF said that the economic policies implemented by the Iraqi authorities to deal with the shocks facing Iraq – the armed conflict with Dahesh and the consequent humanitarian crisis and the collapse of oil prices – are appropriate.

David Lepton said in a statement Tuesday that the Iraqi authorities are implementing significant financial adjustments, mostly by reducing inefficient capital expenditures while protecting social spending.

He pointed out that the Iraqi government properly to link the Iraqi dinar to the US dollar, which provides a major anchor for the economy.

The Executive Board of the International Monetary Fund (IMF) concluded on Monday the second revision of Iraq’s three-year reserve arrangement, which aims to support Iraq’s economic reform program and restore the financial balance in the medium term.

The completion of the second audit allows the authorities to draw SDR 584.2 million (approximately US $ 824.8 million), bringing the total disbursement to SDR 1494.2 million to US $ 2109.7 million.

The arrangement of 3.831 billion (SDR) was approved at about 5.34 billion US dollars at the time of approval of the arrangement (in July 2016) and the first review was completed on 5 December 2016.

Lipton said performance under standby arrangements was weak in some key areas, but understandings were reached on adequate corrective actions to keep the program on track. The steady implementation of the authorities program, together with strong international financial support, was essential.

“More fiscal adjustment measures are needed in 2017-2018 to keep the program on track.”

“The composition of the fiscal adjustment should be improved over time by increasing non-oil revenues and reducing current expenditures. In addition, reforming the electricity sector and state-owned enterprises will provide room for greater and more efficient investment expenditures that support growth and job creation,” he said.

It was important to improve public financial management significantly, arrears should be assessed and paid after verification, enhanced expenditure commitment and cash management to prevent the accumulation of new arrears.

Measures to strengthen the stability of the financial sector include strengthening the legal framework of the CBI, restructuring state-owned banks, eliminating restrictions on exchange and exercising multiple currencies. Measures to prevent money-laundering, combating the financing of terrorism and strengthening anti-corruption legislation were also needed.

The implementation of a budget-sharing agreement with the KRG would put the federal government and KRG in a better position to address the shocks to the Iraqi economy, Lipton said.

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Masoum, Jabouri and Hakim visit Iran next Saturday

 

Release Date: 2017/8/1 23:59 • 26 times read
[Ayna – follow-up]
President Fuad Masum, Speaker of the House of Representatives Salim al-Jubouri, and the head of the National Alliance Ammar al-Hakim, the Iranian capital Tehran on Saturday.
According to the official Iranian news agency [IRNA] Iranian Iraj Ambassador mosques received today at the embassy in Baghdad , the parliament speaker Salim al – Jubouri and discussed during the meeting on cooperation between the two countries in various fields, including Iraq reconstruction phase. ”
Said the Iranian ambassador that” public and private sectors The Islamic Republic of Iran is ready to attend the reconstruction phase to stand with Iraq and stood by him in the war against terrorism, ”
adding that” the two sides discussed bilateral relations as well as the subject of participation Jubouri at the inauguration ceremony of President Hassan R. And I live on Saturday next ”
The Iranian agency that”

 

The IMF said that its executive board has approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement.

 

 

© REUTERS/ YURI GRIPAS

WASHINGTON (Sputnik) — The executive board of the International Monetary Fund (IMF) has approved the disbursement of $824.8 million to Iraq upon completing the second review of the country’s stand-by arrangement, the IMF said in a release on Tuesday.

“The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million,” the release stated.

The Fund highlighted the need for Iraq to implement measures to counter money-laundering, terrorism financing, and enhance anti-corruption laws.

In July 2016, the IMF approved $5.34 billion arrangement for Iraq, which aims to assist Iraq with economic reforms and restore fiscal balance.

https://sputniknews.com/business/201708021056093800-imf-approves-millions-iraq/

Iraq studies oil swap for reconstruction

 

BAGHDAD (Reuters) – Iraq’s
oil and energy committee unveiled a proposal to swap oil for the reconstruction of terrorism-hit areas with major powers, notably the United States,

“Iraq is considering resorting to barter in the reconstruction of liberated areas and will be according to the prices of Iraqi crude oil, and this is done by most of the countries of the world,” MP Tareq Siddiq told the Journal News.

“The financial crisis due to terrorism and low oil prices have prompted the Iraqi government to study this proposal for the reconstruction of areas affected by terrorism,” he said.

The Committee on Services and Reconstruction parliamentary considered the resort to Iraq to barter “stealing the money of Iraq” by the major powers, including America.

“Iraq today has experts and scientists in the field of oil, it is not possible for the United States to steal Iraq’s money,” said Tawfiq al-Kaabi, a member of the committee.

He added that it is hoped to hold a global conference in Iraq for the purpose of discussing mechanisms for the reconstruction of Iraq, stressing that “these ages come through the price and this price is oil, which has no other Iraq.”

“The United States is trying to acquire Iraq’s financial and oil capabilities by confronting the reconstruction campaigns of the liberated areas,” he said. “Hundreds of contracts have been discovered between the Iraqi government and the Washington administration, which hopefully will be implemented soon.”

Kuwait aims to raise $ 20 billion in preparation for a donor conference for the reconstruction of liberated areas

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Kuwait aims to raise $ 20 billion in preparation for a donor conference for the reconstruction of liberated areas

 

01-08-2017 10:19 PMThe Euphrates –

The Kuwaiti government on Tuesday announced the start of extensive contacts in order to prepare for hosting the conference for the reconstruction of Iraqi areas liberated from the control of the organization ‘Da’ash’ terrorist, while sources in the Office of Prime Minister, Haider Abadi, that the hopes of the Conference to collect at least $ 20 billion of Donor countries that will participate in the conference likely to be held in the coming months, which will restore the minimum services to cities liberated such as water and electricity and rehabilitation of hospitals and part of the destroyed schools.

Kuwaiti Foreign Minister Khaled al-Jarallah told reporters today that he was preparing to host a donor conference for the reconstruction of liberated areas from the hands of a preacher in Iraq, No date has been set for the conference, but it is likely to be in the first quarter of next year.
For his part, said a senior Iraqi official in the office of Haider Abadi, the government seeks to urge the brothers in Kuwait to urgently convene the conference as soon as possible, because of the disruption of the return of about two million Iraqis to their cities, being destroyed and in need of services, and the government is unable to address something or reconstruction of something . Adding that it is hoped that the collection of about 20 billion dollars during the conference, which is sufficient for the minimum cities liberated such as reconstruction of water and electricity stations and bridges and the rehabilitation of hospitals and a part of schools, as the estimated value of losses of these cities about $ 100 billion to return to what it was.

The source pointed out that the participation of some 40 Arab and foreign countries in the conference will be participation in political dimensions including an international position against terrorism. He stressed that the most prominent countries that have so far been confirmed are America, Britain, France, Italy, Germany, Sweden, Austria, Holland, Canada, Australia, Japan, China and Venezuela. , As well as Qatar, Saudi Arabia and the UAE. Turkey will also participate, and Iran has not yet decided whether or not to participate.

Local reports estimate the total losses incurred by cities in the west and north of Iraq at more than $ 100 billion, including the infrastructure of these cities, such as road networks, bridges, dams, power stations, water and sanitation, communications, hospitals, schools, institutes, universities, agricultural and animal sectors, Destruction by terrorist operations and aerial bombardment of the International Coalition during the battles directed by the organization ‘Daash’ of the cities.

The cities of Fallujah, Mosul, Ramadi, Tikrit, Hawija, Hartbeh, Hit, Jorf al-Sakhr and Baiji are the largest cities in terms of damage, some of which reach about 80%.
However, the Iraqi prime minister estimated the losses at about $ 40 billion without counting the losses of the material citizens, where the estimated number of destroyed housing units (homes and apartments) by more than a quarter of a million units between full destruction and partial or burning.
The Iraqi government finds it very difficult to pay the salaries of its employees at the present time, which makes the possibility of reconstruction of these cities and return to the population of about 7 million people, at the expense of the government is impossible.

Oil Minister announces a preliminary agreement with Iran for joint investment to develop the fields of oil Khana and Sindbad border

 

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Oil Minister Jabbar Ali al-Luaibi announced the agreement with the Islamic Republic of Iran to initial agreement on the joint investment of oil fields Khanh in the province of Diyala and Sindbad in the province of Basra. This came after the round of talks between the two delegations in Tehran ended.
The oil minister said: It was agreed in principle on investment and joint development of these fields, expressing the hope to sign the final agreement in the first quarter of next year.
Al-Luaibi said that this agreement is a step towards investment in these fields and guarantee the right of each party according to international standards and agreements.
Al-Luaibi said it was agreed to form a joint committee to study the possibility of exporting quantities of crude oil from the Kirkuk fields to a refinery in Iran through a pipeline network to be established for this purpose.
For his part, said spokesman Assem Jihad that the two countries agreed to discuss and study the possibility of the Iranian side to invest gas associated with the oil operations of some small oil fields in southern Iraq to produce quantities of dry gas and liquids and condensates to cover the local need.
Jihad added that the talks included cooperation in the fields of joint investment between the oil companies of both countries in order to improve the performance of national companies, as well as continued cooperation in the fields of training and infrastructure and supply of gas to power plants.

http://en.economiciraq.com/2017/08/01/oil-minister-announces-a-preliminary-agreement-with-iran-for-joint-investment-to-develop-the-fields-of-oil-khana-and-sindbad-border/

Kurdistan’s Referendum Delegation to Visit Baghdad: Official

 

Kurdistan’s Referendum Delegation to Visit Baghdad: Official

 

ERBIL — A member of the Kurdistan Region’s High Committee of Referendum said that a delegation will visit Baghdad in the next 10 days for negotiations with the Iraqi officials over the upcoming independence referendum.

The Turkmen Development Party leader Muhammad Saadaddin Ilhanli told BasNews that the referendum committee decided in its latest meeting to send a delegation to Baghdad in the next 10 days.

Ilhani, who is a member of the referendum committee, said that the delegation will negotiate with the Iraqi authorities to resolve the disputes between Baghdad and Erbil and the miscomprehended issues around the forthcoming independence vote.

He noted that the first delegation for discussions over the independence referendum will head to Baghdad. After August 10, the delegations will be sent to the neighboring countries to assure them that a Kurdistan state will not constitute threats to any states in the Middle East, but it rather will become a political and economical strategic ally to them, he added.

Kurdistan Region has planned a referendum on secession from Iraq for September 25 this year.

http://www.basnews.com/index.php/en/news/kurdistan/367698

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