The World Bank determines the size of its financial portfolio in Iraq and unveils a global initiative to recover smuggled funds

395 Policy 01/2021/31 22:38

Baghdad Today – Baghdad

Today, Sunday, the World Bank confirmed that changing the exchange rate gives the state the ability to increase its revenues and confront import from abroad, and while noting that its financial portfolio in Iraq currently amounts to two billion dollars, it revealed a global initiative that the World Bank is working on to recover money smuggled from countries.

The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview with the Iraqi News Agency (INA), which followed it (Baghdad Today), that “the partnership relationship between the World Bank and Iraq is very close and is based on years of joint work, pointing out that” Iraq has a position Very important at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages that were subjected to attacks or change in economic conditions, which led to difficult repercussions on the Iraqi government and people, and actual work began with Iraq, I think in the two years 2006 And 2007 through a group of projects. ”

He added that “the World Bank’s portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago,” noting that “the main pillar in it is a loan to rebuild the liberated areas and the result of the request came after the beginning of the first phase of liberation, that is, the liberation of Salah Governorate.” The debt was then supplemented with an additional amount after liberating the rest of the governorates.

And that “this current portfolio in Iraq includes projects under implementation and projects or loans due and that the World Bank is working to implement projects associated with them.”

He indicated that “the World Bank has teams working on the issue of cultural heritage and has a simple project in Mosul that may start soon,” noting that “the World Bank was at some stage looking forward to rebuilding Mosul, and I personally when the issue was raised I was continuing to develop a comprehensive plan for the reconstruction of the city.” My view was crystallized in that a city like Mosul is a global heritage, so why should Iraq not present an ideal reconstruction project as an international competition to which the most important companies and universities will be nominated to lay down a guideline for its reconstruction, even if it is in the long term.

Loan size

Numan explained that “the World Bank loans are aimed at a large reconstruction project, accompanied by a project in the liberated areas that targets the social sector,” noting that “the World Bank has allocated 400 million dollars for reconstruction projects, divided between two projects, the first with 150 million countries and the other project at 250 million dollars.” The World Bank also has a project with the Baghdad Municipality for Water and Sanitation, amounting to nearly $ 200 million, and a project in the electricity sector in Basra Governorate, with $ 200 million.

He continued, “The World Bank has a social and economic project that works on all of Iraq, and it is heading to local communities called” the Social Fund for Development) with a value of $ 300 million. There are other projects, including planning, financial management and financial management organization, and the World Bank goes towards reconstruction projects, human development projects and capital capacity development. Al-Bashir also goes to economic reform projects. ”

He explained that “the World Bank seeks to put the project that is being proposed in a long strategic framework with a specific vision that opens up opportunities for future employment and investment spaces, pointing out that” the World Bank aspires to convert any project into a larger block and that taking advantage of this opportunity is the responsibility of the government. ”

exchange rate

He pointed out that “changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of oil in hard currency and converting it into the reality of the Iraqi dinar gives it a financial mass that allows it to actually increase revenues and reduce the deficit,” noting that “changing the exchange rate may allow import from Abroad because the domestic product becomes cheaper than what is imported from neighboring countries. ”

He explained that “the strategic objective of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product.”

He stressed “the need to address the increase in prices and the seriousness of inflation, and focus on projects that actually allow facing the social distress of the poor.”

He continued that “the idea of raising the price of the dollar is an international policy shared by the Ministry of Finance, the Ministry of Planning and the Iraqi government, especially the International Monetary Fund,” explaining that “Iraq is now in the plight of the financial deficit and it has nothing but borrowing, either internally or externally,” indicating that “Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investment with productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities and financial and monetary stability. This financial engineering must be looked at in an integrated manner.” From which one can consider lowering the currency rate. ”

The World Bank determines the size of its financial portfolio in Iraq and unveils a global initiative to recover smuggled funds


The Speaker of Parliament reveals important details about the budget and the date for voting on it {extended}

Time: 01/31/2021 19:23:05 Read: 7,943 times

{Baghdad: Al Furat News} The head of the Parliamentary Finance Committee, Haitham Al-Jubouri, revealed important details in the draft federal budget law for 2021.

“The committee has held 35 meetings and more than 150 hosting so far regarding the 2021 budget,” Al-Jubouri said in a televised statement.

“We support raising the clause withholding salaries and replacing it with income tax. The current government has accumulations caused by previous governments, and what increased their expenditures and increased expenditures in the budget caused the deficit that reached 75 trillion dinars,” he added.

And that “the employee was subjected to two strikes, and it is not possible for the third to reduce salaries, and after reviewing the budget tables, we reached a reduction from 164 to 127 trillion dinars,” stressing that “the Finance Committee reached a reduction in the budget deficit to 19%.”

Al-Jubouri added, “We worked to support the private sector through several steps, and the price of a barrel of oil was adopted at $ 45, raising revenues more than 5 trillion dinars,” according to the statement that “Kuwait’s debts on Iraq amounted to 2.5 trillion dinars.”

He noted that “85 thousand employees have been referred to retirement according to the new amendment, and there are no appointments in the 2021 budget. Contracts can be renewed, or the return of contractors, and the degrees of deletion and creation are only for service departments,” noting that “the budget did not include the degrees of the 315 positions because it is against the law.”

He revealed, “We found sums in the budget chapters for the owners of contracts and wages in accordance with Resolution 315”, noting “the inclusion of investment projects in the budget, such as the airports of Mosul and Nasiriyah, building 1000 schools, the Faw port projects, the suspended train in Baghdad, the Al-Bada Canal, and others.”

Al-Jubouri said, “The Ministry of Oil Fund is similar to the black box, and this time we searched through it through officials in the ministry and found terrifying details in the profits of licensing rounds for oil companies,” pointing out that “”

And between “Iraq occupies among the developed countries producing oil and we have requested to invest it as licensing rounds or other investment contracts.”

He explained, “We fear that the social welfare file will be exploited for electoral issues, and we transferred 2.6 trillion dinars to increase the covered and the sums of the beneficiaries,” stressing that the previous and current dues of farmers with a balance of 4 trillion dinars, as well as contractor dues, will be included, all of which will be launched with the approval of the budget.

And he went on to say, “We are working to ensure that the ration card reaches 12 months, and we are thinking of not including citizens who receive salaries of one million dinars and more in the terms of the ration.”

He announced that “the file of the salaries of employees of the Kurdistan region has not been resolved so far, and oil and non-oil revenues for the region have been included in the budget.”

He pointed to “supporting the liberated governorates business fund, but we are asking for justice and increasing its sums 100%, and 17 billion dinars have been allocated for the reward and the incentive grant for journalists, intellectuals and writers, although they asked for 34 billion dinars.”

Al-Jubouri expected “the vote on the budget in the House of Representatives at the end of this week.”

Ammar Al-Masoudi

Plasschaert Visits Iran, Meets Khamenei’s Adviser: “Comprehensive” Dialogue on Iraq

2021.01.31 – 19:06

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Baghdad – People  

On Sunday, the advisor to the Iranian revolution’s leader for international affairs, Ali Akbar Velayati, received the envoy of the United Nations Secretary-General to Iraq, Jenin Blashardt.   


The “people” channel on Telegram … our last updates, always  


Velayati stressed, in a statement, seen by “people” (January 31, 2021), “the necessity for foreigners and foreign countries not to interfere in the affairs of Iraq and said: It is the government and the great Iraqi people who decide their fate because this people has a deep and deep-rooted culture and our relations With Iraq broad, deep and very fraternal. ”  

He referred to “the important role and position of the reference in Iraq,” noting that “these elections are very fateful for Iraq and there will be a very bright future in front of the Iraqi government and people, and that the Islamic Republic of Iran is ready to provide any support and cooperation with the friendly and brotherly country Iraq, as we have always been to On the side of the government and the Iraqi people, Iran played a very important role in combating ISIS, and the two martyr leaders Soleimani and Abu Mahdi al-Muhandis sacrificed their lives as martyrs for the resistance in combating terrorism and ISIS, and the assassination of these two great martyrs was a wrong and terrorist act on the part of America.  

He added, “There is no doubt that the Iraqi elections will be good elections, and the Iraqi people, in light of their valuable energies and the important role of reference, can overcome problems. We are very optimistic about the future of Iraq, and relations between Iran and Iraq will witness further development.”  

For her part, the UN delegate emphasized “preserving the unity and sovereignty of Iraq and holding free elections in it.”  

Plasschaert referred to “the role of the Iraqi people and the religious authority in Iraq, stressing the creation of unity and the holding of free and good elections in Iraq.”

Headed by Qubad Talabani … a new visit of the Kurdish delegation to Baghdad

Political | 06:22 – 01/31/2021

BAGHDAD – Mawazine News

correspondent reported, on Sunday, that a high-ranking Kurdish delegation headed by Qubad Talabani is visiting Baghdad.

Our correspondent said, “The delegation of the Kurdistan Regional Government headed by Qubad Talabani, Vice President of the regional government, headed today, to the federal capital, Baghdad.”

Samir Hawarmi, spokesperson for Deputy Prime Minister Qubad Talabani, stated that the delegation’s visit comes to end discussions with officials in the federal government about financial dues and the region’s share in the federal budget for the year 2021.

He added: The delegation’s visit this time comes to discuss with the Parliamentary Finance Committee, political parties and blocs. Political Parliament in the House of Representatives to stabilize the Kurdistan region’s share of the federal budget for the current year 2021. Ended 29 / A 43

A member of Parliamentary Finance confirms that discussion of about 40 articles of the draft budget law has ended

money and business

Economy News _ Baghdad

A member of the Parliamentary Finance Committee, Representative Shirwan Mirza, confirmed, on Sunday, that the committee has finished discussing about 40 articles of the draft budget law.

Mirza said in a press interview, that the committee will discuss during today’s meeting, amending the articles and paragraphs of the budget bill and preparing them for voting by the House of Representatives, indicating that the Finance Committee has finished discussing about 40 articles of the bill.

He noted that the draft budget law will be ready for a vote in the House of Representatives during the current week.

Advisor to the Prime Minister: Creating new electronic payment cards that will enhance the advancement of services provided to citizens


Economy News _ Baghdad

The financial advisor to the Prime Minister, Dr. The appearance of Muhammad Saleh, on Sunday, that the multiplicity of electronic payment companies and the introduction of new cards in the Iraqi market is achieving competition that leads to the advancement of the services provided to the citizen.
In an interview followed by Al-Eqtisad News, Saleh said that the creation of new electronic payment cards will contribute to creating competition that leads to the advancement of electronic services, especially when the electronic or digital payment card carries competitive advantages, such as the discount on goods and services from the national product when used in the settlement. Payments.
Saleh indicated that by this it will be a tool to spread competition within the national economy, and thus the electronic payment card and its use will be very practical in paying public service bills and raising the efficiency of revenue collection, as long as there are encouraging incentives when paying with the digital card, until the digital environment is fully integrated.
To that, the International Network of Cards for Electronic Payment Services Ltd. announced the (neo) application available in the (Apple Store) or (Google Play) store, through which it is possible to create an account with an electronic wallet, without the need to visit the company’s headquarters or wait for long hours, and issue a card A digital visa that you can use for all your online purchases, or visit an authorized dealer to buy a gift card or request a travel card. 
The managing director of the company, Zaid Fawzi, stressed that “our vision is that money must become digital and all citizens are dealt with electronic payment, especially in the circumstances of the Corona pandemic and after it, as we continue to provide the most secure, quality and easy visa cards for the Iraqi citizen, which meet all his needs with various The methods of use in terms of the various features of our products.
Fawzi indicated that the registration process in the application is according to the instructions of the Central Bank, and through the smart application, you can follow all your financial movements easily and safely.
He pointed out that “the application provides an electronic wallet with a financial ceiling of 50 thousand dollars annually, and the citizen can easily charge it by visiting agents spread throughout Iraq, and create your digital card directly from the application and use it by purchasing from websites that support visa payment, promotion on social media sites and with the recharge feature.” When needed, as soon as there is an amount of money in your electronic wallet.
The plastic gift card product is distinguished by its availability at agents and in various categories, once you buy it closed from the agent, you can activate it in seconds in the application and directly use it online, ATMs and POS points of sale in three ways ((Chip- Swipe-Contactless) locally and internationally, and it is not refillable.
As for the “plastic” travel card, any citizen can request it by visiting any authorized agent and receive it within an ideal period of time not exceeding two days as a maximum, with a financial ceiling of $ 10,000 and can be recharged immediately from the wallet. It is used with POS devices in three ways ((Chip- Swipe-Contactless and Automated Teller Machine (ATM) locally and internationally
It is noteworthy that the company, the International Network of Cards for Electronic Payment Services, started work in 2019 with a license to do electronic payment work No. (7) from the Central Bank of Iraq and based on Law No. (56) of (2004) and it works with a cadre An Iraqi youth is proud to provide the best services in the field of electronic payment to citizens.

The World Bank announces its support for reforming the Iraqi economy

World Bank logo

money and business

Economy News – Baghdad

The World Bank announced that it supports reforms to revive the Iraqi economy and solve its structural problems.

The representative of the World Bank mission in Iraq, Ramzi Noman, during a meeting with Chairman of the Committee of Finance Parliamentary, Haitham al – Jubouri, E n The World Bank supports the reform process to revive the Iraqi economy and solving structural problems, stressing at the same time , regained the bank to support investment and development in Iraq projects.

On the other hand, the head of the Parliamentary Finance Committee, Haitham Al-Jubouri, said that the Finance Committee had a big challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures, indicating that the committee included many reform measures and rearranging the budget formulation with an economic view that reduces Pressure on oil revenues by supporting non-oil resources such as border crossings, tax collection, and private sector support to stimulate the Iraqi economy .