Abadi assured the US Secretary of State the importance of focusing on providing services to citizens

Friday, August 4
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Abadi and Tilerson in a previous meeting

US Secretary of State Rex Tillerson on Thursday stressed his country’s keenness on Iraq’s unity and stability, while Abadi stressed the focus on providing services to citizens.

“Prime Minister Haider al-Abadi received a phone call from US Secretary of State Rex Tillerson,” Abadi’s office said in a statement received by Al-Sumerian News.

“Congratulations on the victories of the Iraqi forces in the battle of Mosul,” Tillerson said, praising “the wisdom of leadership and the high level of coordination in the battle.”


Tillerson said “the continued support for the efforts of Iraq in the post-urging,” stressing “the position of the United States and its concern for the unity of Iraq and respect for the Constitution.”

For his part, Abadi stressed during the Jubail, “Iraq’s determination to complete the liberation of all its territory and restore stability,” pointing out “the importance of focusing on providing services to citizens, and moving the wheel of the economy through the fight against corruption, and encourage investment, and lifting obstacles, and the importance of regional and international openness to Iraq “He said.

He stressed that “the need to avoid distracting efforts by side differences and focus on what serves the stability, unity and prosperity of Iraq.”



The delegation of the Supreme Council for the referendum will visit Baghdad next week


By Rudao two hours ago

اجتماع سابق للمجلس الأعلى للاستفتاء
A previous meeting of the Supreme Council for Referendum

Ruudau – Erbil

A delegation from the Supreme Council for Referendum is due to head to Baghdad next week to hold official talks with Iraqi government officials on the independence of the Kurdistan Region.

“We will tell Baghdad that you are responsible for the Kurds’ desire to secede, because you have not created an environment for the Kurds to feel secure and stable, both in the past and now,” said Fadhil Mirani, secretary-general of the Kurdistan Democratic Party’s political bureau. “We will conduct the referendum and we prefer you to understand that. After the referendum. “

“We have taken our decision and we will discuss this with Baghdad,” said the secretary-general of the Kurdistan Democratic Socialist Party, Mohammad Haji Mahmoud, to the Rwadaw media network. “Baghdad is not our guardian to impose what we want. Has been implemented “.

The delegation, which will visit Baghdad is a high-level and consists of 9 members and includes representatives of political parties, Turkmen and Christians, and will hold talks with the Kurdistan Region before and after the referendum.

Translated and edited by: Shunem Abdullah Khoshnaw

Mahdi al-Alaq confirms the government’s move to economic reform to compensate for the decline in oil revenues



The Secretary-General of the Council of Ministers Mahdi Al-Alak, on Thursday, the government’s move towards economic reform to achieve comprehensive development and the gradual transition to the private sector, pointing to strive to compensate for the decline in oil revenues.
“The participation of the Baghdad Economic Forum comes in support of the government to the private sector,” Al-Alak said during his participation in a workshop for the Baghdad Economic Forum, according to a statement by his media office. “The government was keen to involve the private sector in all economic committees.”
“The government is moving toward economic reform to achieve comprehensive development and a gradual transition to the private sector, and Iraq, having overcome the economic risks coinciding with the war on a daunting, He is going to proceed with the economic reforms he started. ”
He pointed out that “Iraq suffers from many economic problems, for the total dependence on oil revenues, which fell by about 70%.”
He stressed that “the government has been reforming through the issuance of a number of decisions to compensate for the decline in oil revenues and the disposal of some of the problems that affected the economy of the country, and focus on the development of the public and private sectors and improve the quality of national products.”



Iraqi presidencies discuss the phenomenon of armed gangs

Iraqi presidencies discuss the phenomenon of armed gangs
 Twilight News    
 one hour ago

The three presidencies held a meeting Thursday evening in the presence of President Fuad Masum, Prime Minister Haider al-Abadi and Speaker of Parliament Salim al-Jubouri.
During the meeting, discussions were held on economic, security, electoral and armed gangs as well as issues of emergency priorities. According to a statement to the presidency of the republic responded to twilight News.
It was also stressed the need to finish as soon as the selection of the new Council of the Independent High Electoral Commission on the basis of independence, competence and integrity.
It was agreed to strengthen coordination between the three presidencies in all areas and issues imposed by the nature of the stage and stressing the need to strengthen and deepen the dialogue between all parliamentary political blocs in order to serve the supreme national interests in this delicate historical situation. According to the statement


Abadi apologizes for Iranian invitation to attend spiritual inauguration ceremony



Editor Amjad Salah – Thursday 3 August
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Alsumaria News / Baghdad
Prime Minister Haider al-Abbadi on Thursday apologized for an Iranian invitation to attend the swearing-in ceremony and inauguration of Iranian President Hassan Rowhani, citing the reason that President Fuad Masum will attend the ceremony as the representative of Iraq.

In a statement received by Alsumaria News, the news office said that the latter “received a phone call from the Speaker of the Iranian Shura Council Ali Larijani,” noting that Larijani “made during the call congratulations to Abadi on the occasion of the recent victories and the liberation of the city of Mosul.”

“The drying up of the sources of terrorism and its elimination is a source of great joy, and history will record this auspicious victory achieved in the era of Dr. Abbadi,” Larijani said, expressing “the support of the Islamic Republic of Iran for its war against terrorism and other fields” .

For his part, Abbadi thanked Larijani for “congratulations and praise,” noting that “these victories would not have been achieved without the unity of the Iraqi people, the army, police, popular mobilization and tribes against terrorism.”

Abadi praised the “position of the Islamic Republic of Iran in support of Iraq in its fight against terrorism,” stressing the need to “combine efforts to pursue the remaining terrorism, as well as continued cooperation in the economic and trade will inevitably reduce the impact of terrorism.”

The statement said that Larijani “invited the worshipers to attend the inauguration ceremony of the Iranian President Hassan Rowhani,” adding that Abadi “thanked Larijani for the invitation to attend the inauguration ceremony and wish success to Sheikh Rowhani in the completion of his presidential duties.”

The statement pointed out that Abadi “apologized for the presence that the President of the Republic, Dr. Fuad Masum, will attend the ceremony as a representative of Iraq.”

It is noteworthy that the Iranian Election Commission announced, on 20 May 2017, the progress of Hassan Rowhani on the candidate Ibrahim Rani and his victory under the presidency of Iran for a second term.


Huge Demand for Iraqi Govt Bonds


By John Lee.

Iraq opened the books yesterday on its first independent bond sale in a decade.

Investor demand was huge,” writese Marcus Ashworth at Bloomberg. “The deal was seven times oversubscribed.

The $1-billion, dollar-denominated bond, maturing in March 2023, was expected yield 7 percent, but demand enabled that to be cut to 6.75 percent.

In January, Iraq raised $1 billion of five-year bonds, guaranteed by the United States, at a coupon of 2.149 percent, but this latest bond is not guaranteed and depends on Iraq’s own creditworthiness. It is rated B- by both S&P and Fitch.

Iraq appointed CitiDeutsche Bank and JP Morgan as joint bookrunners for the issue.

Meanwhile, the yield on the Iraqi 10-year bond (2028) has fallen from 9.3 percent in November to 6.7 percent.

(Sources: Bloomberg, Financial Times)



Iraq Sells Bonds. Greed Beats Fear. By Marcus Ashworth



Aug 2, 2017 11:00 PM EDT

If Argentina can raise money for 100 years, and Greece can print bonds despite still being in a bailout — then why not Iraq?

The war-torn country has defied conventional logic by issuing a $1 billion five-year security on Wednesday, without the backing of the U.S. The state’s declaration of victory over Islamic State in Mosul, the country’s second-largest city, has clearly provided the impetus to brave issuing debt on its own.

Investor demand was huge — the deal was seven times oversubscribed. This enabled the lead managers to lower the indicated yield by 25 basis points to a final 6.75 percent. This is lower than what’s available from a similar Ukraine bond, though it is well above the recent five-year issue from Greece, which trades at 4.6 percent. The credit ratings are similar.

Joining The Club
Iraq’s yield is within what’s appropriate, given where peers are trading.
Source: Bloomberg
Note: Greece issues in euros. Iraq bond matures in March 2023, making it a “long” five-year security.

So what’s the appeal? Iraq does have the benefit of being able to export oil again. Holders of the 2028 bond comprise all the major emerging market investors, and it is likely they have queued up to take part in this new deal. An issue of this size will enter the emerging market bond indexes, and with an order book so strong it is likely to perform well. It becomes a self-fulfilling must-buy if investors are not to underperform their peers.

But that should not be an investment principle.

Welcome Territory
The yield on Iraq’s existing 10-year bond has dropped steadily, creating perfect conditions to issue new debt
Source: Bloomberg

This is another example of the insatiable demand for yield that so worries central banks and market commentators. This would seem to define the very idea of a credit bubble: A wholly insufficient reward for what must be seen as a considerable risk, as Iraq is still in the midst of a serious civil conflict in the most unstable region in the world.

Return of capital seems to have taken a back seat to a decent coupon.

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Marcus Ashworth in London at mashworth4@bloomberg.net

To contact the editor responsible for this story:
Jennifer Ryan at jryan13@bloomberg.net


Marcus Ashworth is a Bloomberg Gadfly columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.



Iraq announces the return of its assets held by the United Nations
24 minutes ago

The Ministry of Foreign Affairs of Iraq announced on Thursday the recovery of funds held under the oil program for food and medicine, estimated at more than 130 million dollars.

The ministry spokesman said in a statement today that “the Iraqi funds seized by the United Nations under the oil program for food and medicine amounting to 131 million dollars in addition to its benefits for six years after the Iraqi Ministry of Foreign Affairs was authorized by the Council of Ministers and with the support of the President And the contribution of the Secretariat General of the Council of Ministers to negotiate the latest commitments related to this program and two rounds of negotiations with the Secretariat of the United Nations on the completion of Iraq’s obligations relating to his release from Chapter VII.

He explained that “expected by the end of this year to end all the burdens of the decisions of Chapter VII borne by Iraq because of what the regime committed by the policies and follies that tied Iraq’s money and led to the detention of international organizations.”

Postponement of the appeal case against some articles of the budget and its experts are sworn in

Date of release: 2017/8/3 14:16 

The Federal Supreme Court charged five experts to write a report containing the technical aspects of the appeal against some articles of the General Budget Law for the current year, and decided to postpone the appeal against the Protocol No. 4 of 2016 to 28 of this month.

A statement issued by the Information Office of the Federal Supreme Court received the agency {Euphrates News} copy of it today that “the court held its session today and considered a number of cases.” 

The statement added that “the court commissioned experts to appeal against some articles of the budget and commissioned them to the legal right.” 

He pointed out that “the experts requested a deadline of 14 days for the purpose of preparing their report,” explaining that “the meeting was postponed to 21 of this month in the hope of submitting the report before that date.” 

He added that “the court decided to postpone the appeal against the protocol system [4] for the year 2016 to 28 of this month after the introduction of the Minister of Foreign Affairs in addition to his role as a third party in the case.” 

The statement added that “the court also decided to postpone the case of the former deputy, Mr. Mohamed al-Tai, who requested the decision to cancel the decision of the House of Representatives adopted at its {37} on 25/5/2017 and return to the membership of the House of Representatives, to 28 of this month, The period in which the plaintiff was absent from the hearings and whether they were on official leave or without a legitimate excuse. ”


  The Central Bank announces a plan to increase the number of foreign banks in Iraq

Economy News _ Baghdad

The governor of the Central Bank Ali Alalak, on Thursday, a plan to increase the number of Arab and foreign banks and financial companies operating in Iraq will continue until 2020.
Al-Alak said in an interview with Al-Hayat newspaper that the number of foreign banks, including Arab ones, increased during the past two years to reach 18 banks after they numbered only 11. Most of these banks are solid and have branches in most of the world. ”
He added that “branches of foreign banks can not be asked for new rules, since the bank has one capital for the branch or origin, which applies to our banks in Iraq and neighboring countries, and falls under the policy of reciprocity with the countries of the world, so we deal with the branches framework International law “.
He pointed out that there are some Arab and foreign banks have an “international classification”, pointing out that “our assessment of banks is a calendar in terms of compliance and combating money laundering for the purpose of buying the dollar, which is limited in the window selling the dollar.”
And on the new Islamic banks that were established with a capital of 100 billion dinars, he pointed out that “part of these banks completed 250 billion dinars in the increase of capital before the end of three years, and began to scrutinize the same as all private banks, to ensure that the capital in the central bank As collateral for deposits of customers with them, and even the subject of classification, we granted foreign advanced ratings unlike local. ”
Currently, there are 140 banking and financial institutions, including 6 government, 24 private and 16 Islamic, in addition to 63 financial companies, transfer companies and financial investment companies, 60% of which are Arab and foreign.


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