IFC, Central Bank of Iraq to Strengthen Corporate Governance in Banking Sector


IFC, Central Bank of Iraq to Strengthen Corporate Governance in Banking Sector

Baghdad, Iraq, February 20, 2018 — IFC, a member of the World Bank Group, and the Central Bank of Iraq are launching a series of specialized workshops, starting today, to raise corporate governance standards in Iraqi banks and strengthen the country’s banking sector.

IFC’s advisory services team will support the Central Bank in implementing its new mandatory corporate governance banking guidelines. IFC will initially train all key managers in the Central Bank and then roll out workshops to board members from all the country’s banks. Topics include understanding the unique nature of governance in the sector, the right composition of boards, and risk management best practice.

Aly Al Alaq, Governor of the Central bank said: “Helping banks implement sound corporate governance practices will increase the sector’s resilience and sustainability and make them more investment-friendly, enabling banks to not only boost efficiency, but also increase profit.”

The initiatives are part of IFC’s strategy to spur private sector growth in Iraq and scale up support for fragile and conflict-affected states, where private sector investment is key. For companies operating in conflict-affected environments, strong corporate governance can be vital for sustainability.

“Our aim is to foster a positive corporate governance culture within which banks in Iraq can operate, to strengthen the sector and drive growth,” said Ziad Badr IFC Principal Country Officer in Iraq. “Improved practices help attract direct investments and ultimately stimulate social welfare and economic growth.”

IFC has been working to improve corporate governance in Iraq since 2014. As well as working with local institutions, in May 2017, IFC launched the country’s first independent institute of directors—the Kurdistani Institute of Directors (KIoD)—alongside the Erbil Chamber of Commerce and Trade, which advises on best practice and strengthening the role of independent directors and boards.

IFC’s advisory work in Iraq focuses on building the capacity of financial institutions, supporting governments, helping private firms improve their environmental, social, and governance standards, and mobilizing private investments through public-private partnerships.


UNHCR: Delivering 5 million biometric cards

22/2/2018 12:00 am

One million and 700,000 people reported their data

Baghdad / Al-Sabah

The Independent High Electoral Commission distributed five million voter registration cards to over 49 percent in all governorates except Nineveh, while confirming that more than 1.7 million new voters had registered
their data.
A member of the board of the commissioner Nemah Al-Moussawi said in a statement to “Al-Sabah” that “the distribution of biometric voter cards is proceeding smoothly and reached an advanced stage. Five million cards were distributed, more than 49 percent of which were out of the total number of 11 million cards. ”
“The average daily distribution in all governorates amounted to about 100 thousand cards, pointing out that this percentage of distribution
Will be sufficient to hand over all voter cards, “adding that” the newborns (1997 – 1998 – 1999 – 2000) of the 3 million and 333 thousand voters printed their ballot cards to be included by voting during the parliamentary elections to be held on the twelfth of May next, And 700 thousand of them voters have made
their statements. “




A proposal to build a new “humpback lighthouse” instead of the destroyer


22/2/2018 12:00 am

For its great symbolism among the sons of Nineveh

Baghdad / Al-Sabah

The Ministry of Culture, Tourism and Antiquities revealed the existence of a proposal to build a “new humpback” in the province of Nineveh, while warned the Department of the effects of Nineveh to speed up the construction of this archaeological edifice, which is different from other figures.
Deputy Minister for Antiquities Affairs Qais Hussein Rashid, in a statement singled out by the “morning”, “the bombing of the lighthouse of the Grand Mosque of al-Nuri al-Hadba, the only remaining part of the original building by gangs and the terrorist, the tragic losses of the archaeological symbols in the country, He pointed out that “the responsible authorities have considered what can be done to reconstruct this archaeological edifice and made several proposals, including maintaining what exists from the publishing base of the lighthouse and perpetuating the damage that has been done by the evil and terrorism scandals, as well as building an alternative lighthouse for those that blew up quickly for its symbolism in the region , As well as another proposal to build new humpback villages B of the old while retaining the remnants of the explosion. ”
“There is a committee formed between the Antiquities Authority in Nineveh and the Sunni Waqf, which is tasked with sorting out the rubble, stones and decorations to take advantage of them when the reconstruction process begins,” Rashid said. “Some calls for the construction of the humpback lighthouse, , to be restored in accordance with international standards to bring it back as it was , “stressing that government institutions are able to cooperate with international organizations, experts and friendly countries to re – humpback as it was according to the criteria and schemes.”
for his part, the effects of Nineveh director Musab Mohammed Jassim, said that ” the problem of Walt Qqat and AC Milan winning the lighthouse humpback extends for more than 20 years. ”
Jassem said in an interview with Al-Sabah that “this historic lighthouse was stable before it was detonated by a criminal organization after being examined with sophisticated equipment. Therefore, a meeting was held in a timely manner that ended with an agreement with a specialized international company to sell such similar effects based on the same Building materials and have problems with lighthouse in the surrounding ground and foundations, “hinting that” so far has not been the maintenance of foundations and al-Qaeda. ”
“The symbol of this lighthouse for the people of Nineveh and the beauty of Milan has suggested some building a similar edifice, and this is part of a museum show no more, but the original construction can not be left. The foundations and parts of the base should be preserved as long as the heavy part has been removed From the lighthouse, which is 52 meters long, to bring back a ring of the cylinder part itself. ”
“We do not like the process of hastening the construction of the lighthouse in order to bring it back to life, because it is suffering from erosion with its original light materials,” Jassim said. “If the building is modern, it must be taken into account that the lighthouse is not all the monuments, In addition to the fixed, mobile and surface ground water that sifted the soil, “hinting that” many of the maintenance work set up by the Italian company did not stop Milan lighthouse but increased its weight and pull it To earth after adding The armament and the concrete belt that surrounded the lighthouse. ”



Expectations to pass the budget next Tuesday


22/2/2018 12:00 am

Abolished salary cuts .. And lifted the restriction on the upgrading of staff
Baghdad / Omar Abdul Latif

The political understandings in the past few days led to reaching consensus that would resolve the vote on the current year’s budget law 2018, as confirmed by the parliamentary finance committee, which suggested the possibility of voting on the draft budget in Tuesday’s session next week, pointing out that a number of amendments to the Including canceling the deduction of a percentage of salaries of 3.8 percent and lifting the restriction on promotions, allowances, deletions and development.

The moves aimed at passing the budget came a few days after Speaker of the House of Representatives Saleem al-Jubouri stressed the need to speed up the passage of the budget, during which the Finance Committee was given one week to resolve the vote. He pointed out that there is an intention to hold a meeting with the prime minister with the participation of the Finance Committee to approve the law.
A member of the Finance Committee, Magda Abdul Latif Tamimi, said in an interview for “morning”: “Several amendments were made to the budget, included paragraphs to ensure the greater interest of citizens and employees in general, including the abolition of the paragraph deduction of a percentage of salaries,” 3.8 ” Before the members of the Committee, as well as find an alternative to the decline that will be due to this cancellation, in addition to lifting the restriction on promotions and allowances and delete and development after it came from the government as a natural right to the work of the employee.
It said al – Tamimi said , ” the budget included an increase 144 billion dinars for people with disabilities who are victims of terrorism or fought for terrorism” Daesh “and supervisors to take care of them, as well as the allocation of $ 200 million to set up small income-generating projects for youth employment rather than stay unemployed.
Predicted Tamimi, that “Parliament votes on the draft budget in the meeting next Tuesday.”


Assistant US Secretary of Defense confirms to Abbadi continued US support for Iraq

Editorial Date: 2018/2/21 22:40

BAGHDAD (Reuters) – US Assistant Secretary of Defense Robert Karem has assured Prime Minister Haider al-Abadi of continued US support for Iraq.

“Abadi met in his office Wednesday with Assistant Secretary of Defense Robert Karem and his delegation,” a statement issued by the prime minister said.

“During the meeting, they discussed bilateral cooperation between the two countries and the regional developments and support for Iraq in the post-victory phase of terrorist gangs,” he added.

“Karem offered condolences to the Riyadh district of Hawija, which was carried out by a terrorist gang of cells and sleeping pockets against a number of popular crowd fighters.”

“The continued support of the United States of America to Iraq, praising the great development of Iraqi forces,” the US Assistant Secretary of Defense said.

Abadi stressed “the importance of ending the conflicts in the region and the direction of construction, noting that Iraq has begun the stage of construction and reconstruction after the great victories achieved by the gangs of terrorist advocates.” is over


Merry of Iraqi dinar


Zaid Al – Halli

Zaid Al – Halli

I did not find anyone addressing the phenomenon of the decline in the dollar exchange rate against the Iraqi dinar recently, or referred to the important role and the president of the Central Bank of Iraq in achieving this event. Which reflected positively on the Iraqi market through the return of life of the Iraqi dinar, and his recovery significantly, which helped to expand the positive situation in society, despite the difficult circumstances left by the effects of the battle of liberation against Daqash, and the search for reconstruction and the requirements of the campaign DONC taking place in the provinces .. The Central Bank of Iraq has done a mechanism during the recent period, which led to a decline in the exchange rate clearly and to low levels even in the black market, and this decline has a positive impact on inflation and enhance the value of the Iraqi dinar significantly, where the ratio is equivalent to 4% For the benefit of the Iraqi dinar, and with this effort by the Central Bank, we find that the societal sensing, an exercise open to all and study does not require special training or complex exercises, but you need simple skills can be acquired by a little self-national effort, and sense Strategic questions In a practice and any poverty at this level inevitably reflected on its bid, provided that the goal is to provide the security umbrella and safety of his community, and the individual Iraqi welcomed with good steps of the Iraqi Central Bank, which made the Iraqi dinar, restore the splendor in the currency market .. Financial stability and the strength of the Iraqi dinar aim to reduce the systemic risks that have emerged with the recurrence of financial crises. The IMF defines systemic risks as the risk of discontinuing the provision of financial services resulting from the disruption of one or all sectors of the financial system (financial markets or banking sector) which leads to financial infection among the financial sectors as a whole. The Central Bank has confirmed in its steps the ability of the financial system to Acting as a financial intermediary and source of the necessary financial liquidity in a reasonable balance, to drive economic growth smoothly The Central Bank has shown that the knowledge of daily and non-daily suffering of citizens and the pursuit of their difficulties is more characteristic of those who deal with responsibility, The fountain of every success and every happiness sap true, and every corner downright upgrade on the individual, social and humanitarian level .. congratulations to Danarena, and reproach to colleagues who write in the financial and economic affairs ..



US minister for «economy News»: the project to settle salaries is a successful step and Baghdad promised investors to facilitate their work


Minister Plenipotentiary of the Economic Section at the US Embassy Larry Mimoth «Economy News»

Economy News Baghdad:

The Minister of Economic Affairs at the US Embassy, ​​Larry Mimoth, that the reconstruction conference of Iraq has been successful after the pledges made by the States, amounting to 30 billion dollars, adding that the Iraqi government promised investors at the Kuwait Conference to facilitate their work, considering the project to settle the salaries of the public sector in banks step Successful.

“The Kuwait conference on reconstruction of Iraq has achieved great success, and the pledges made by Iraq of 30 billion dollars can contribute to the development of the economy and growth, and these funds are the beginning of the reconstruction of Iraq for ten Years, stressing that these countries can not retreat from their pledges.

He said that “more than 200 American companies participated in the conference, Iraq is currently working in Iraq and some of them do not have business, and expressed their desire to invest in Iraq and participate in reconstruction,” noting that “Iraq and America signed credit facilities worth 3 billion dollars to establish a power generation project Electricity through solar energy and gas investment associated with the production and development of the electrical sector of Iraq. “

He pointed out that “the World Bank estimated the reconstruction of Iraq by 46 billion dollars and that the financial pledges to rebuild Iraq amounted to 30 billion dollars, which is a preliminary payment for the development of the economy,” explaining that “a great desire for investors to work inside Iraq, but some of them are waiting for reforms by the government Especially as the government has shown its commitment to enter the New York Convention and facilitate the granting of visas to investors. “

He added that “the government promised at the Kuwait conference to implement the one window that will be a gateway to help investors and finish the procedures they need.” He stressed that “the Iraqi private sector is besieged by the government, but must be the solution to build the Iraqi economy and meet the challenges.”

He added that “foreign companies have no difficulty in transferring their funds to and from Iraq, but this problem is faced by Iraqi businessmen and entrepreneurs,” noting that “government banks do not give the opportunity to work for private banks while there are ongoing talks with the government to reform this situation and began Through the project to settle salaries for public sector employees. “

He pointed out that “the experience of the Central Bank in the settlement of salaries at private banks is a successful step and this will expand in the coming period to include a number of ministries and thus millions of Iraqis will open bank accounts,” stressing that “the IMF program with the Iraqi government includes the restructuring of the bank, .

He pointed out that “cooperation between Iraqi banks and global correspondent banks, needs time, and it is up to the Iraqi banks through the application of compliance standards and help them in the field of training and development of their capabilities, but remains the option for foreign banks in dealing with Iraqi banks.