Iraq ‘s economy ranks fifth in the Arab world and the world’s 32 gold reserves

Iraq is ranked fifth in the Arab world and the world's 32 gold reserves
24 minutes ago

The Kingdom of Saudi Arabia ranks 16th in the world and the first in terms of reserves of gold by 322.9 tons, equivalent to only 3% of the country’s reserves.

Lebanon ranked second in the Arab world and eighth in the world with 286.8 tons, “22% of the foreign reserves”, and Algeria with 173.6 tons equivalent to 6% of the total reserves.

The report pointed out that Libya ranks 31st in the world with 116.6 tons, Iraq with 89.8 tons and Kuwait with 79 tons.

Gold prices were up 7.9% in the first half of this year.


A delegation from Kurdistan is discussing the “referendum” in Baghdad next week

Aug 05, 2017

Baghdad, «Al-Quds Al-Arabi»: A senior source in the Kurdistan Democratic Party – led by the President of the region Massoud Barzani – a visit to the «small delegation» to the capital Baghdad on August 10. 

The source told «Al-Quds Al-Arabi», that «the scheduled scheduled visit of the Kurdish political delegation to Baghdad is the tenth of this month, but that has not been officially announced». According to the source, the delegation will be «miniaturized», and includes Kurdish political figures described as «decision maker». 

Among the most important files to be discussed by the prospective delegation, the subject of “separation” of the Kurdistan region from the Iraqi state, and the implications of the understandings with the federal government in Baghdad. According to the source. 

In the last meeting of the supreme body to hold a referendum in the Kurdistan region, which was held in early August, it was agreed to send a delegation to Baghdad under the supervision of Massoud Barzani (President of the Territory) and Kuzrat Rasul (Vice Chairman of the Patriotic Union of Kurdistan and Vice President of the region), to discuss the issues of referendum and secession . 

“This delegation will come to Baghdad in a few days to negotiate the mechanisms for holding the referendum,” said Majid Shankali, a member of the Kurdistan Democratic Party (KDP). 

“The delegation will carry a message explaining that the referendum will not harm Baghdad, but will ensure its security and stability in the future.” 

The Kurds seek to achieve their goal – the Kurdish state through dialogue and research and communication with the rest of the partners, but “in the case of the other party’s refusal to reject, we will proceed with the referendum as it is a natural right of the people of Kurdistan and guaranteed by the principles of human rights and the United Nations and international law. According to Shankali.

Thousands protest in Tahrir square in central Baghdad in response to Sadr’s appeal


Since 2017-08-04 at 17:44 (Baghdad time)

Baghdad – Mawazine News

Thousands of members of the Sadrist movement demonstrated on Friday in Tahrir Square to meet the call of the leader of the movement, Moqtada al-Sadr, to demand the eradication of corruption.

A reporter / Mawazin News /, “Thousands of members of the Sadrist movement took out mass demonstrations in Tahrir Square downtown Baghdad, to demand the change of the Electoral Commission and the elimination of corruption.”

The correspondent added that “the security forces cordoned off the area of ​​demonstrations in anticipation of any emergency.”

This called on the leader of the Sadrist movement, Moqtada al-Sadr, on Thursday, to a mass demonstration on Friday, in Tahrir Square in central Baghdad and the rest of the provinces, while warned that the demonstration was below the required level.



Lebanese newspaper: Sadr demonstrations fall within the movement to block the return of al-Maliki to power

Policy     Access_time 2017/08/04 14:08Chat_bubble_outline Number of Views: 871

Baghdad today – follow-up

Al-Akhbar newspaper said that the leader of the Sadrist movement, Moqtada al-Sadr, seeks to move through demonstrations that reject clauses in the provincial elections law and his positions also to prevent the return of the rival leader of a coalition of state law Nuri al-Maliki to power.

The newspaper said in a report that “Sadr seeks to restrict the situation« Maliki », in reference to Maliki, as seen in the electoral law« 1.9 »to consecrate his control of the Iraqi parliament, and thus can Maliki to contribute to the manufacture of the next prime minister, The Iraqi must be called the largest parliamentary blocs prime minister. “

She added that Sadr “criticized the popular silence on passing the law, which gives the opportunity for the« big blocs to seize the votes of the voters at the expense of small blocs and independent candidates », stressing the need to« the participation of claimants in Tahrir Square, and in the provinces, each according to his ability and ability … Demonstration demonstrating the will of the people “.

The «Free bloc» parliamentary of the «Sadrist movement» has expressed surprise «vote on the electoral law», saying that «did not vote».

She said in her statement that «the law that was voted strengthens the monopoly of large blocs of power and prevents all options for the Iraqi people to pass any reform project», adding, «We assure the Iraqi people that we were, and we are still demanding to implement all options of the people demanding reforms, Especially the legislation of the election law guarantees the real representation of the people of Iraq and end the political tutelage by the large political blocs ».

Sadr’s call came after the approval of the Iraqi Council of Representatives on the legislative amendment to the electoral law, and adoption of the formula «St. Lego 1.9» (This law raises the proportion of the electoral score, the chances of controlling the parliament of the large blocs, which is based on the major constituencies), which sparked criticism of parties As a system that contributes to the continuation of large blocs in the “hegemony” of the Council, and the “exclusion” of the opposition voices.

In his interview with «News», Salah al-Obeidi, a spokesman for Sadr, said that «the current adheres to the electoral law St. Lego rate 1.4» (contributes to the accessibility of small blocs, because the proportion of the electoral score less, which is based on the smaller districts).

He refused to consider the demonstrations as a reflection of Sadr’s recent visit to Saudi Arabia. Al-Obeidi stressed that the demonstration is “a continuation of the previous demonstrations, and continued every Friday in Tahrir Square,” pointing out that “the movement of the Sadrists aimed at reform at various levels.”

Government clarification of the air transport agreement between Iraq and America



The General Secretariat of the Council of Ministers clarified the draft air transport agreement between the Government of the Republic of Iraq and the Government of the United States of America. A statement by the Secretariat said that “the Council of Ministers approved the authorization of the Minister of Transport Kazem Venjam Al-Hamami to negotiate and sign the draft air transport agreement between the Government of the Republic of Iraq and the Government of the United States of America as amended by the State Consultative Council, on the basis of Article 80 / the Constitution”. He explained that the authorization “stipulated the amendment of the place of signature to be in the form stipulated in paragraph III / A of Article 12 of the Law of the Treaty No. 35 of 2015, and the establishment of the Ministry of Foreign Affairs prepared the required authorization document on behalf of the Iraqi government to the Minister in accordance with approved contexts and submitted to the Secretariat of the Council of Ministers of In order to obtain the signature of the Prime Minister. ” “The agreement aims to strengthen the joint relations between the two countries in the field of civil aviation and the establishment and operation of airlines and ensure the safety and security of civil aviation”

A supplementary budget in Iraq to counter the decline in oil and war losses


The expenses of fighting against the jihadists weigh heavily on the public budget and push the government to withdraw from its cash reserves and internal and external borrowing.

Middle East Online

The government needs more funds for reconstruction

BAGHDAD – Oil prices and the war against the organization of the Islamic state have revealed the fragility of the Iraqi economy as a country dependent on crude sales revenues to cover the expenses that have increased in recent years, putting the government in a bind.

Officials and experts said that the decline of crude oil on world markets since mid-2014, coincided with the invasion of the organization “dodging” a third of Iraq’s territory, which put the country into a cycle of war continues so far; and weighed on the public budget and the government to withdraw from the cash reserve, and borrow internal and external .

The government is trying to reorganize the budget by modifying its budget with a supplementary budget to cover rising expenditures, due to the urgent need to rebuild major service projects in Mosul and surrounding areas, as well as relief for up to 1 million displaced people.

The government approved the supplementary budget on June 22 and then sent it to the parliament, which is still discussing its terms.

Heavy losses

Mahdi al-Alak, Secretary-General of the Council of Ministers said that the volume of losses suffered in liberated areas in the city of Mosul from the control, “Daash,” amounted to 50 billion dollars (62.5 trillion Iraqi dinars).

The Iraqi government is trying to assess the extent of damage to the liberated areas of the northern city of Mosul as the parliament discusses a supplementary budget for this year.

“The scale of the destruction in some of Mosul’s old areas is very large,” added Alak, who is also head of the High Commission for the Reconstruction of Areas Affected by Military Operations and Terrorism in the Iraqi Government.

Alaq pointed out that “some areas have little destruction and can be easily rebuilt and rehabilitated.”

He pointed out that what hinders the reconstruction of these areas, is the decline in oil prices in the global market, and the Iraqi government’s dependence on foreign currency reserves, to bridge the deficit in the budget of the country.

In December, the Iraqi parliament approved the country’s budget worth more than 100 trillion dinars (79 billion dollars) and a total deficit of 21 billion dollars (26.25 trillion dinars).

big danger

For his part, warned Mahmoud Dagher, director of financial operations at the Central Bank of Iraq, “the existence of a significant risk threatens foreign currency reserves.”

Dagher explained that “the danger is the continuation of the withdrawal of the government amounts of the reserve amount with the Central Bank, and the non-activation of projects that return financial imports such as border crossings.”

He did not say how much money the government withdrew from the financial reserve during the current period, but said that “the solution to this danger is to reform the reality of the border crossings, and control the window selling the dollar.”

The cash reserves of Iraq exceeded 80 billion dollars (100 trillion Iraqi dinars) before the drop in oil prices and the outbreak of war, but it fell to 45 billion dollars (56 trillion and 250 million dinars) early this year.

Balanced balance

“The House of Representatives discusses the supplementary budget for the budget this year, because the federal government changed the price of a barrel of oil from 43 dollars to 44.4 dollars,” said Mohamed Halboussi, head of the Finance Committee in the Iraqi Council of Representatives.

“There is an increase in the budget from 100 trillion dinars (80 billion dollars) to 107 trillion Iraqi dinars (87 billion dollars), in addition to an increase in revenues from 79 trillion to 83 trillion dinars.”

He pointed to “the need of the government for more funds for the reconstruction of basic projects in the liberated areas,” noting that “the budget amendment is one of the conditions of the International Monetary Fund, which supports the Iraqi economy.”

The International Monetary Fund (IMF), along with other countries and donors, will provide up to $ 18.1 billion (24 billion dinars) to Iraq to help counter the double shock of the Da’ash attacks and the sharp drop in world oil prices.


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