The government plans to issue bonds to support private banks

[drj]

I've got a friend who is keeping a close eye on the bonds being traded internationally, as in right here. Word has it a major bond company has been waiting with its finger poised above the SELL button for weeks. I guess they're on hold and tired of waiting just like the rest of us.

 

Yup and "the major bond company" is Pimco.   Tlar commented on it a while back and it's the only thing that he has got right to date. 

[AJC]

The only Intel I have ever learned which has proven true is that the IMF said no bonds until RV

Excellent point !!!!

[yota691]

MAR 2, 2015

Iraq is heading for the issuance of treasury bonds worth $ 12 billion to reassure foreign oil companies



 

 

BAGHDAD / Ibrahim Saleh / Anatolia:

Iraqi Oil Minister Adel Abdul-Mahdi, said that his ministry will ask the government to issue treasury bonds (Treasury) worth $ 12 billion broadcast reassuring foreign oil companies that will reach their dues by the end of this year to 27 billion dollars. 
He said Finance Minister Hoshyar Zebari, last Thursday, the Bank reserves CBI foreign exchange declined to reach $ 68 billion now because of the financial crisis plaguing the country, which means the decline of about $ 9.7 billion from the level at the end of 2013, a decline of 12.5%. 
He said Abdul-Mahdi in a press statement, obtained by Anatolia, a copy of , that monitor the budget to repay foreign oil companies hardly covers dues accumulated from last year 2014 of up to nine billion dollars, noting that the problems that emerged after the formation of the government Tmthelta accumulation of dues companies and the collapse of oil prices. 
He predicted the IMF last month, that the deficit is growing in the Iraqi budget to 6.1% in the current year, up from 4.9% last year.
 
He said Iraq's oil minister, that the benefits of foreign companies during 2014 have accumulated about $ 9 billion, indicating that the dues for 2015 estimated at up to $ 4.5 billion for each chapter of the four-year, or about $ 18 billion. 
Thus recognize the Iraqi Oil Ministry, receivables accumulated while said last January, it is the city for foreign companies "entrepreneurship" (which holds the development and maintenance of oil fields in the country) any sums operations, and its relationship with those good companies and trusting, which led to the work programs and budgets for the year 2015 in accordance with Plans for the comprehensive development of all the oil fields in the country without any reduction, noting that the amounts actually received by these companies (late) receivables, had been agreed upon receipt of equivalent crude oil.
Iraq relies on oil imports to finance 95% of the budget, the country produces about 2.5 million barrels per day, with expectations to increase production to 4 million barrels a day. 
He denied Abdul-Mahdi, according to the statement, allegations talked about the ministry negotiate to convert development concluded oil fields in previous years, decades to sharing contracts or they negotiate for the granting of new oil patches on the basis of participation. 
Since 2009, Iraq entered into service with global energy companies to develop oil fields in decades after years of stagnation due to the embargo and war. 
He said Iraq's oil minister, said that the talk about joint ventures did not exceed the founding companies the government's stake in partnership with national companies or foreign in all business related to the development and marketing of oil, citing the example of a Basra Gas Company, where government partner retains 51% of the shares of the company and maintains Shell and Mitsubishi to 49% of the shares. 
The Iraqi government relies on oil contracts to raise the country's output of crude to around 8 million barrels per day in the next few years. 
He said Abdul-Mahdi, according to the statement, that he was making some adjustments to some of the companies decades before the formation of the current government, where the peak of production and the proportion of government partner to 5% rate cut rather than 25% and extended the time periods for decades. 
He added that the ministry negotiation companies are now in the direction of the return of the government partner's share of between 20 to 25%, as well as to discuss the production programs and rates peak periods execution of contracts, etc., not to mention improve motivation among companies on the one hand, and reduce the financial burden on the state of the other. 
The work in Iraq is currently about 17 investment company global and different nationalities (American, British and Italian, Russian, Malaysian and Chinese) to develop producing oil fields and explored, and that under the contracts in the first licensing rounds and the second, third, fourth, and is obliged to invest their funds to raise capacity productivity, that the government is committed to pay 50% of the funds disbursed annually, supplemented by earnings at a rate of $ 1.5 for each extra barrel. 
and spent companies during the past two years, about $ 43 billion, the government must pay $ 21.5 billion, in addition to 5.5 billion profit , so the total is owed ​​$ 27 billion, and these investments have contributed to an increase of production of about one million barrels, was built huge facilities enjoy all the luxury items, where he lives thousands of foreign experts. 
He said Iraq's oil minister, according to the statement, that there are proposals to link corporate profitability oil prices and not Only a lump sum for each additional barrel, and so are their profitability with high oil prices and decline with declining prices, and there is a second proposal, linking profitability by reducing costs to prevent the accumulation of dues to companies. 
It is expected that international oil companies contracting continue to implement their investment plans to invest about $ 87 billion until 2016 , that is to invest $ 27 billion in the current year and 60 billion next year. 
The total investment by international oil companies in Iraq has reached $ 17 billion in 2011 and 2012, the government of which paid about ten billion over the amounts of oil, and thus the total investments over the period of six years (2011 2016) about $ 147 billion. 
and made ​​Iraq's oil exports rose slightly last February to a record 2.597 million barrels per day compared to the export of 2,560 last January. 
seeks Iraq to raise its oil exports by adding 550 thousand barrels a day after the recent agreement between the central government and the region of northern Iraq. 
Iraq is facing an economic crisis that forced him to reduce the financial size of the budget as a result of lower oil prices to below $ 50 a barrel and start a policy of austerity, while the Ministry of Finance announced last month that it would increase taxes on some of the services provided. 
lost Prices Oil more than 50% of its value since the middle of 2014 until the end of January last, with prices close to the lowest level in six years. 
He acknowledged the Iraqi Council of Representatives late last month for the 2015 budget of the country after reducing expenses by about 4 trillion Iraqi dinars (3.43 billion dollars) to reach 119 trillion Iraqi dinars ($ 102 billion) and a deficit of 25 trillion dinars ($ 21.4 billion).

[yota691]

Iraq says discussing $6 billion bond issue with banks

 

By Dominic Evans2 hours ago

•  

 

 

By Dominic Evans

 

BAGHDAD (Reuters) - Iraq is discussing a possible bond issue worth nearly $6 billion with Deutsche Bank and Citibank as part of its efforts to cover a huge projected budget deficit this year, Finance Minister Hoshiyar Zebari said.

State revenues have tumbled along with falling oil prices just as Iraq faces a costly military campaign against Islamic State militants in its northern and western provinces, leaving a likely 25 trillion Iraqi dinar ($21.4 billion) shortfall.

To fund the deficit, Zebari said the finance ministry was looking at measures including the bond issue, borrowing from state banks, and converting some Iraqi bank assets held with the central bank into bonds.

It might also consider raising money through forward sales of oil if the cabinet rejects plans for the 10-year bond issue. Officials say Prime Minister Haider al-Abadi's cabinet sees the proposed 9 percent interest rate as prohibitively high.

The sharp fall in oil prices forced Zebari into several revisions of the 2015 budget, each time trimming projected revenue from crude exports. The final version was based on a $56 price per barrel and exports of 3.3 million barrels per day.

Oil exports so far this year have been below 2.6 million bpd, due partly to bad weather at the main southern export terminal and disappointing shipments from the north through a Kurdish-run pipeline. But Zebari said volumes were rising.

"I think people are now realizing that this is a realistic budget," he told Reuters in his Baghdad ministry office.

He said a proposal to convert 50 percent of assets held by state banks in the central bank into bonds will raise around $5 billion, and Iraq will also use its Special Drawing Rights to raise $1.8 billion through the International Monetary Fund.

The government is also introducing taxes on imported cars, SIM cards and the Internet. It hopes to borrow $6 billion from state banks and save $2 billion by trimming allowances to better-paid state employees.

"All in all, we've tried through our own means to cover the projected deficit," he said.

Zebari, a Kurd serving in the Baghdad federal government, said authorities in the capital and in the semi-autonomous Kurdish Regional Government remained committed to an oil export deal despite disputes over volumes shipped and payments.

Kurds have complained that Baghdad has not honored its commitments to pay them a portion of government expenditure, while Baghdad says only a fraction of the expected oil from its northern fields has been transported for export via Turkey.

"We are dealing with different expectations and mistrust. But the deal is holding. The talks are continuing," he said.

Zebari said the government had transferred 250 trillion Iraqi dinars to the Kurds so far this year, a fraction of the amount originally envisaged. He hoped another payment would be made soon and that another round of talks would take place.

"It should be as soon as possible if both sides want to salvage this deal. It has not collapsed, but because of the two factors -- the expectations and mistrust -- it is difficult."

(Editing by Catherine Evans)

Iraq is heading for the issuance of treasury bonds worth $ 12 billion to reassure foreign oil companies

March 2, 2015

Iraq is heading for the issuance of treasury bonds worth $ 12 billion to reassure foreign oil companies

BAGHDAD - Iraqi Oil Minister Adel Abdul-Mahdi, said that his ministry will ask the government to issue treasury bonds (Treasury) worth $ 12 billion broadcast reassuring foreign oil companies that will reach their dues by the end of this year to 27 billion dollars. 

He said Finance Minister Hoshyar Zebari on Thursday, said that the Iraqi Central Bank's foreign exchange reserves fell to reach $ 68 billion is due to the financial crisis plaguing the country, which means the decline of about $ 9.7 billion from the level at the end of 2013, a decline of 12.5%. 

He said Abdul-Mahdi, in a press statement, obtained by Anatolia, a copy of it, that monitor the budget to repay foreign oil companies hardly covers dues accumulated from last year 2014 of up to $ 9 billion, indicating that the problems that emerged after the formation of the government Tmthelta accumulation of dues companies and the collapse of oil prices. 

He predicted the IMF last month, that the deficit in the Iraqi budget is increasing to 6.1% in the current year, up from 4.9% last year.


He said Iraq's oil minister, that the benefits of foreign companies during 2014 have accumulated about $ 9 billion, indicating that the dues for 2015 estimated at up to $ 4.5 billion for each chapter of the four seasons of the year, or about $ 18 billion.

And this recognizes the Iraqi Oil Ministry, receivables accumulated, while said last January, it is the city for foreign companies "entrepreneurship" (which holds the development and maintenance of oil fields in the country) operations of any sums of money, and that the relationship with those good companies and trusting, what led to the work programs and budgets for the year 2015, according to the comprehensive development plans for all oil fields in the country without any reduction, noting that the amounts actually received by these companies (arrears), had been agreed upon receipt of equivalent crude oil.

Iraq relies on oil imports to finance 95% of the budget, the country produces about 2.5 million barrels per day, with expectations to increase production to 4 million barrels per day.

He denied Abdul-Mahdi, according to the statement, allegations talked about the ministry negotiate agreements to convert development of oil fields in previous years to decades or post it to negotiate the granting of new oil patches on the basis of participation contracts.

Since 2009, Iraq entered into service with global energy companies to develop oil fields in decades after years of stagnation due to the embargo and war.

He said Iraq's oil minister, said that the talk about joint ventures did not exceed the founding companies of the government stake in partnership with national companies or foreign in all business related to the development and marketing of oil, citing the example of a Basra Gas Company, where government partner retains 51% of the shares of the company and maintains Shell and Mitsubishi to 49% of the shares.

The Iraqi government relies on oil contracts to raise the country's output of crude to around 8 million barrels per day in the next few years.

Said Abdul-Mahdi, according to the statement, that he was making some adjustments to some of the companies decades before the formation of the current government, where the peak of production and the proportion of government partner to 5% instead of 25% reduced rates and extended the time periods for decades.

He added that the ministry negotiation companies are now in the direction of the return of the government partner's share of between 20 to 25%, as well as to discuss the production programs and rates peak periods execution of contracts, etc., not to mention improve motivation among companies on the one hand, and reduce the financial burden on the state of the other.

The work in Iraq is currently about 17 global investment company and from different nationalities (American, British, Italian, Russian, Malaysian and Chinese) to develop producing oil fields and explored, and that under the contracts in the first licensing rounds and the second, third, fourth, and is obliged to invest their money to raise production capacity, that the government is committed to to pay 50% of the funds disbursed annually, supplemented by earnings at a rate of $ 1.5 for each extra barrel.

And spent companies during the past two years, about $ 43 billion, the government must pay $ 21.5 billion, in addition to 5.5 billion profit, so the total owed $ 27 billion, and these investments have contributed to an increase of production of about one million barrels, was built huge facilities enjoy all luxury items where lives of thousands of foreign experts.

He said Iraq's oil minister, according to the statement, that there are proposals to link corporate profitability by oil prices and not just a lump sum for each additional barrel, and so are their profitability with high oil prices and fall with the price declines, A second proposal, linking profitability by reducing costs to prevent the accumulation of dues to companies.

It is expected that international oil companies contracting continue to implement their investment plans to invest about $ 87 billion until 2016, that is to invest $ 27 billion in the current year and 60 billion next year.

The total investment by international oil companies in Iraq has reached $ 17 billion in 2011 and 2012, the government paid them nearly ten billion over the amounts of oil, and thus the total investment over the period of six years (2011 2016) about $ 147 billion.

And has made Iraq's oil exports rose slightly last February to a record 2.597 million barrels per day compared to the export of 2,560 last January.

Iraq seeks to raise its oil exports by adding 550 thousand barrels per day after the recent agreement between the central government and the region of northern Iraq.

Iraq is facing an economic crisis that forced him to reduce the size of the financial budget as a result of lower oil prices to below $ 50 a barrel and start a policy of austerity, while the Ministry of Finance announced last month that it would increase taxes on some of the services provided.

Oil prices have lost more than 50% of its value since the middle of 2014 until the end of January last, with prices close to the lowest level in 6 years.

Iraqi Council of Representatives approved the end of last month for the 2015 budget of the country after reducing expenses by about 4 trillion Iraqi dinars ($ 3.43 billion) to reach 119 trillion Iraqi dinars ($ 102 billion) and a deficit of 25 trillion dinars ($ 21.4 billion).

[yota691]

First Published: 2015-03-03

 

Iraq resort to bonds to cover the budget deficit

 

Finance Minister announces consultations with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars.

 

Middle East Online

 

BAGHDAD - from Dominic Evans

 

Iraq's oil exports are still below 2.6 million barrels per day

Finance Minister Hoshiyar Zebari said Iraq is looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this year.

Government revenues have fallen with the drop in oil prices at a time when Iraq is waging a costly militants organize an Islamic state in the northern and western provinces military campaign, which resulted in a potential shortfall of approximately $ 25 trillion mortgage dinars ($ 21.4 billion).

To finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

And perhaps also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years.Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high.

And payment of the sharp drop in oil prices Zebari to review the budget for the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports. I assumed the final version an oil price of $ 56 a barrel and exports of 3.3 million barrels per day.

Iraq's oil exports remain high since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports disappointing from the north through a pipeline run by the Kurds. But Zebari said the amounts are increasing.

Zebari said: "I think people now realize that this budget realistic."

He said the proposal to transfer 50 percent of the assets of state-owned banks with the central bank into bonds Seder about five billion dollars to get a $ 1.8 billion through the International Monetary Fund and Iraq also will use special drawing rights.

The government has also imposed taxes on imported cars and cards of mobile phones and the Internet. And hopes to borrow six billion dollars from state banks and provide two billion dollars by reducing the rewards of government employees who earn high salaries.

Zebari said "In general, we try projected deficit through our own resources to cover."

He said Zebari, a Kurd, said the authorities in the capital and the Kurdistan Regional Government in the semi-autonomous north of the country is still committed to the agreement to export oil despite disagreements about the amount of exports and payments.

Kurds complain that Baghdad did not comply with its obligations to pay them part of government spending, while Baghdad says that only a small fraction of the northern oil fields is transported for export via Turkey.

Zebari said "we deal with different expectations and a lack of confidence. But the agreement coherent and talks were continuing."

He added that the government has turned 250 trillion dinars for the Kurds since the beginning of the year, a small fraction of the amount originally expected. He hoped to pay the other part, and soon a new round of talks.

[yota691]

Finance Minister Hoshyar Zebari said in an exclusive interview with the (agency Range) imaging (Mahmoud Raouf)

Zebari: studying the issuance of a loan to cover the budget deficit and the agreement Baghdad and Erbil will not collapse despite the crisis of confidence bonds

 

Author: HAA, RS 
Editor: BK, RS 03/03/2015 19:52 Number of Views: 36 

 

 

 

Long-Presse / Baghdad

Finance Minister, Hoshyar Zebari, said on Tuesday that Iraq is considering several options to overcome the fiscal deficit, which is currently suffering from, including borrowing from government banks issuing the issuance of six billion dollars worth of loans, bonds, in agreement with international banks, while the new Baghdad and Erbil's commitment to the agreement reached a mechanism for the export of oil, expected to be the next round of talks between the two "difficult because of the crisis of confidence between them," and other factors.

Zebari said in an interview with Reuters news agency, followed up (range Press), "The ministry is looking for ways to cover the fiscal deficit by several means," noting that among the "issuing bonds or borrowing from state banks and the conversion of part of the assets deposited in the bank Central to six billion dollars worth of loans, bonds agreement with Deutsche Bank and Citibank German American. "

The Minister of Finance, that "The ministry is also considering the possibility of resorting to the prior sale of oil to get the money if the Council of Ministers refused to issue loan bonds, which extends for a period of ten years," noting that "the proposal to convert half of banks deposited state assets in the Central Bank of the bonds will provide approximately five billion dollars. "

Zebari said that "Iraq will resort to special drawing rights enjoyed by for a billion and $ 800 million from the International Monetary Fund, as part of his quest all means available to cover the projected shortfall in its budget for the current year 2015."

The Iraqi Council of Representatives, passed in, (the 29th of January 2015), the financial budget for the current year 2015, B119 trillion dinars, and a deficit of 25 trillion dinars, as a result of the decline in world oil prices and the repercussions of the war being waged against (terrorism).

In the axis of his interview with Reuters, new Finance Minister Hoshyar Zebari, "the federal government and the Kurdistan Regional Government's commitment to the agreement reached by the oil export, despite differences on the charged amounts and reimbursements," adding that there are "different expectations and a lack of trust, but the deal is still standing The talks are continuing it. "

Zebari revealed, for "The federal government transform 250 trillion dinars to the Kurdistan region so far, are part of the required amount originally," and expressed hope that "the other premium pay off soon, especially that another round of talks will be held soon if the parties wanted to keep on their agreement ".

He predicted the Federal Minister of Finance, that "the talks between Baghdad and Erbil difficult, because of the lack of trust between the parties," adding, "But the agreement between them will not collapse."

Reuters quoted, quoted officials as saying that "the Iraqi government headed by Haider al-Abadi, is that the interest rate amounting to nine percent is too high and unacceptable."

The agency said, "The Iraqi oil exports for the current year 2015, the rate remained below two million and 600 thousand barrels per day, due to the poor weather conditions when loading the main station south of the country, despite assurances Zebari on their increase."

It is noteworthy that the appearance of Mohammed Saleh, an economic advisor to the prime minister, Haider al-Abadi, said in an interview to the (long-Presse), earlier on Tuesday that the federal budget law for 2015, the current authorized the Minister of Finance issued remittances treasury or financial bonds to oil companies operating in the Iraq, not to exceed a total of 12 billion dollars, indicating that the period of issuance and interest incurred by Mitrokan the Ministry of Finance.

The Prime Minister, Haider al-Abadi, said in a statement issued by his office, Monday, (second from March current 2015), on the sidelines of a meeting with the heads of the Kurdish forces blocks and a number of members of the National Alliance, received the (long-Presse) a copy of it, that the enemies Iraq rejoice band of Iraqi political blocs, while stressed the need to adhere to the agreement of Baghdad - Erbil, called for the rejection of differences between the political blocs.

The head of the Kurdistan Regional Government, Barzani, confirmed, in (23, February 2015), the region's commitment to the Convention on the oil with Baghdad, and called on the federal government to abide by, while the accused "parties to disrupt the" implementation of the agreement, expressed his willingness to visit Baghdad again .

The Kurdistan Alliance confirmed, in (the 23 of February 2015), that the Kurdistan Regional Government has taken all the ways to address the problems with Baghdad but the latter "does not comply", while among the political process province constitutes "an option" in the event of Baghdad continued to refrain from sending balancing the region, promised to boycott the option comes to pressure the federal government to send the rights of the region and the salaries of its employees.

Agreed the federal and Kurdish governments in the (second from December 2014 the past), the allocation of part of the federal allocations of Iraqi ground forces to the Peshmerga forces, and delivery of the Kurdistan Regional Government, 250 thousand barrels of oil per day in addition to the export of Iraq, 300 thousand barrels per day of Kirkuk.

Read more: http://dinarvets.com/forums/index.php?/topic/198293-zebari-studying-the-issuance-of-a-loan-to-cover-the-budget-deficit-and-the-agreement-baghdad-and-erbil-will-not-collapse-despite/#ixzz3TLOoroua

[yota691]

Iraq looking with banks issuing bonds worth $ 6 billion

 

03/03/2015 20:17:00

 

 

 

       Finance Minister Hoshyar Zebari

 

Finance Minister Hoshyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the huge projected budget deficit this year. 
retreated government revenues with falling oil prices, while waging the Iraq expensive military campaign against organizing Daash terrorist, which resulted in a potential deficit is estimated at 25 trillion dinars. 
To finance the deficit, Zebari said that the Finance Ministry is considering measures including bond issuance and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds. 
Perhaps also considering raising funds through Sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years.Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high. 
and push the sharp drop in oil prices Zebari to review the budget of the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports. I assumed the final version of an oil price of $ 56 a barrel and exports of 3.3 million barrels per day. 
nor Iraq's oil exports still since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports from the province of Kurdistan, but Zebari said that the quantities increasing. 
The Minister of Finance, told Reuters in his office in Baghdad, "I think people now realize that this budget realistic." 
He said the proposal to transfer 50 percent of the state banks assets in the Central Bank to bonds Seder about five billion dollars and will use Iraq also special for SDR $ 1.8 billion through the International Monetary Fund. PUKmedia for Reuters

[Saintsfan]

Thank you

[TrinityeXchange]

wow!  looks as if iraq all of a sudden is heading into a new direction.  the oil company payments has presented a new crisis.  

[yota691]

Iraq looking version with banks likely to bonds worth $ 6 billion

 

      Tuesday   03   March   2015 | 23:26

 

 

 

 

The most prominent in the news

 

 

The Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks

 

 

A proposal to convert 50 percent of the assets of state-owned banks with the central bank into bonds Seder

 

 

Finance Minister Hoshyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this year.

To finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

Zebari told Reuters in his office in Baghdad, "I think people now realize that this budget realistic."

He said the proposal to transfer 50 percent of the assets of state-owned banks with the central bank into bonds Seder about five billion dollars to get a $ 1.8 billion through the International Monetary Fund and Iraq also will use special drawing rights.

[yota691]

Prime Minister for Economic Affairs Advisor to the appearance of Mohammed Saleh during a symposium (the role of fiscal and monetary policies in the current economic crisis) (January 3, 2015)

Abadi economic adviser: Budget approved the payment of oil companies vouchers or treasury bonds

 
Author: HH, ZJ 
Editor: BK, HH 03.04.2015 13:24 Number of Views: 61 
 
 

 

 

Long-Presse / Baghdad

Economic Adviser to the Prime Minister, confirmed the appearance of Mohammed Saleh, said Wednesday that the federal budget for 2015, the current law authorized the Minister of Finance to issue money orders treasury or financial bonds to oil companies operating in Iraq, not to exceed a total of 12 billion dollars, as he emphasized that the duration of issuance and interest incurred by Mitroctan the Ministry of Finance.

He said the appearance of Mohammed Saleh said in an interview to the (long-Presse), said that "Article 34 of the General Budget Act of the current 2015 included the benefits of oil companies, and authorized the Minister of Finance, at the request of the Prime Minister, or the oil minister, the issuance of treasury remittances or securities , when needed, to cover the entitlements of those companies. "

 Saleh added that "the sum of those transfers or bonds, should not exceed 12 billion dollars, and one issued or several versions during the current 2015," adding that "it means that the benefits of oil companies would have guaranteed vouchers treasury or securities pay it, an interest rate After the non-specific. "

 He continued economic advisor to the prime minister, that "the duration of Alasaddaria and interest resulting from them, Mitroctan the Ministry of Finance, the lack of detail in the budget on them," adding that it "is not yet known whether the duration of one year or several years, and the amount of interest arising from them."

The Oil Minister Adel Abdul-Mahdi, has confirmed in a press briefing, the first Monday, (second from March current 2015), that the decline in oil prices led to reduced payments of foreign oil companies that had accumulated since 2013 to the tune of more than $ 20 billion, indicating The federal budget allocated nearly 11 billion and eight million dollars, to cover part of those payments, and that the ministry is working on issuing treasury bonds worth 12 billion dollars to cover the remaining amount.

It is noteworthy that the Parliamentary Committee on Oil and Energy, confirmed in (26th January 2015), that Iraq owes to international companies operating in the oil fields, to 32 trillion dinars.

Iraq relies on Finance's balance, estimated at almost entirely on oil by up to more than 90 percent.

Read more: http://dinarvets.com/forums/index.php?/topic/198327-abadi-economic-adviser-budget-approved-the-payment-of-oil-companies-vouchers-or-treasury-bonds/#ixzz3TPdllVkZ

[yota691]

Zebari discuss with international banks could lend Iraq and sat minister refuses to high interest value

• Number of Views: 15 | 04-03-2015 02:45 PM

04-03-2015 02:45 PM 
 
Finance Minister Hoshiyar Zebari said Iraq is looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the huge projected budget deficit this year. 
To finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from banks government and convert some of the Iraqi banking assets in the Central Bank to bonds and likely Zebari said the funds raised through sales of futures oil if the Council of Ministers rejected the plans for the high interest value, as Zebari stressed that the federal government is still committed to the export of oil with the Kurdistan Regional Government, despite differences over the amount of exports and payments.

[TBomb]

March 4, 2015 16:20 GMT

  Parliamentary Finance confirms that the bond loans can cover the budget deficit

  Follow-up - and babysit- Parliamentary Finance Committee confirmed that the loan bonds, which will deal with the government mechanism can cover public finance the federal budget deficit for the current year. "

 

Committee member Rep Masood Haider said that "the launch of loans bond measures is to bridge the budget deficit, has been present in the bill and there were no comments from the Finance Committee, explaining that every measure the pros and cons, so the government deemed it to take this measure can to cover the budget deficit, noting that the negatives in this procedure is that it is not inevitable, "adding that" we have in the Finance Committee, three sub-committees which banks, financial control, tax and customs, and these committees are in direct contact with the organizations and bodies of the state and its ministries, especially the Office financial control, and we have our own program and will host many officials within the program, and there is also the Commission's proposals in seven projects important laws we will be discussing and studying it and we show for the first reading in Parliament. "

M.a

http://www.alrayy.com/135290.htm

Edited March 4, 2015 by TBomb

[tommyboy]

I believe the bank was losing money on their auctions. Let's face it; the dollar has increased in value by 20% over the Canadian dollar in the past 6-8 months, and Canada has a nice, stable economy.  So a dollar for 1166 dinar was a real deal!!! Now they are speaking of selling bonds, the income from which could be used for reimbursing the bank for the for the new dinar. We're on a roll. Go RV.

[TBomb]

Zebari discuss with Ernst & Young, the company improve the banking system

76 Show March 4, 2015 21:46

(Independent) .. Search Finance Minister Hoshyar Zebari, on Thursday evening, with a representative of Ernst Young (EY) accounting and advisory services Ahmed judge and a number of the company's experts how to improve the banking system in Iraq, according to international standards.

They also discussed ways to settle the Iraqi debt in light of the procedures of the Paris Club, as well as increase the efficiency of the banking system in Iraq contact with major international financial institutions. (End)

http://www.mustaqila.com/news/153249.html

[yota691]

Hoshyar Zebari: Iraq looking with Deutsche Bank and Citibank version potential for bonds to six billion dollars

- MARCH 4, 2015

-Eastern Baghdad March 4: Finance Minister Hoshiyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in the framework of its huge budget deficit this year to cover. Zebari said in a statement to Reuters that his ministry is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds. He said it was probably also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years. Zebari said that the proposal to transfer 50 percent of the state banks with the central bank's assets into bonds Seder about five billion dollars, and Iraq will also use special drawing rights for one billion eight hundred million dollars through the International Monetary Fund. It is noteworthy that the Iraqi government revenues fell with the drop in oil prices, which resulted in a potential deficit is estimated at 25 trillion dinars, the equivalent of twenty-one billion and Aravamih million dollars.

[yota691]

Parliamentary Finance: Loans bonds can cover the budget deficit and are working to ensure the protection of deposits in the banking law

 

History of edits:: 4/3/2015 seven six p.m. • 70 visits readable


{Baghdad: Euphrates News} parliamentary finance committee confirmed that the loan bonds, which will deal with the government mechanism can cover public finance the federal budget deficit for the current year, and we are working on a bill "to ensure the protection of deposits in the banks."
A member of the committee MP Masood Haider told {Euphrates News} "The launch loans bond measures is to bridge the budget deficit, has been present in the bill and there were no comments from the Finance Committee, explaining that every measure the pros and cons, so the The government considers it to take such an action could cover the budget deficit, noting that the negatives in this procedure is that it does not need it. " 
He added, Haider "We have in the Finance Committee, three sub-committees which {banks, financial control, tax and customs}, and these committees is in direct contact with the organizations and bodies of the state and its ministries, especially the BSA, and we have our own program and will host many officials within the program, and there in the committee also proposals for seven projects important laws we will be discussing and studying it and we show for the first reading in parliament. " 
He said Haider "We also have law important a {ensure the protection of deposits in banks} He would do these banks and gives them confidence more, as the citizen rather than retaining the money can be deposited in banks and thus investment, and the government is to ensure these deposits belonging to the citizens. " 
and engaged the government in the framework of plug in the financial budget for the federal public for the current year to a number of measures, including the release of loans and bonds activate taxes and customs system and activate the ports and sectors of agriculture, industry and trade; to find alternatives to oil, which is the sole supplier. Ended tc

[yota691]

03/05/2015 14:14

Iraq to issue bonds worth billions of dollars

 

 

BAGHDAD / Obelisk: to finance the deficit, Zebari said that the Finance Ministry is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

 Finance Minister Hoshiyar Zebari said Iraq is looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the expected huge budget deficit this year.

Government revenues have fallen with the drop in oil prices at a time when Iraq is waging a costly militants organize an Islamic state in the northern and western provinces military campaign, which resulted in a potential shortfall of approximately $ 25 trillion mortgage dinars ($ 21.4 billion).

To finance the deficit, Zebari said that the Ministry of Finance is considering measures including the issuance of bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds.

And perhaps also considering raising funds through sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years. Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high.

 And payment of the sharp drop in oil prices Zebari to review the budget for the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports. I assumed the final version an oil price of $ 56 a barrel and exports of 3.3 million barrels per day.

Iraq's oil exports remain high since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports disappointing from the north through a pipeline run by the Kurds. But Zebari said the amounts are increasing.

Zebari said from his office in Baghdad, "I think people now realize that this budget realistic."

He said the proposal to transfer 50 percent of the assets of state-owned banks with the central bank into bonds Seder about five billion dollars to get a $ 1.8 billion through the International Monetary Fund and Iraq also will use special drawing rights.

The government has also imposed taxes on imported cars and cards of mobile phones and the Internet. And hopes to borrow six billion dollars from state banks and provide two billion dollars by reducing the rewards of government employees who earn high salaries.

Zebari said "In general, we try projected deficit through our own resources to cover."

He said Zebari, a Kurd, said the authorities in the capital and the Kurdistan Regional Government in the semi-autonomous north of the country is still committed to the agreement to export oil despite disagreements about the amount of exports and payments.

Kurds complain that Baghdad did not comply with its obligations to pay them part of government spending, while Baghdad says that only a small fraction of the northern oil fields is transported for export via Turkey.

Zebari said "we deal with different expectations and a lack of confidence. But the agreement coherent and talks were continuing."

He added that the government has turned 250 trillion dinars for the Kurds since the beginning of the year, a small fraction of the amount originally expected. He hoped to pay the other part, and soon a new round of talks.

[yota691]

 

Iraq looking with banks issuing bonds worth $ 6 billion

 

03/03/2015 20:17:00

 

 

 

       Finance Minister Hoshyar Zebari

 

Finance Minister Hoshyar Zebari said Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars in its efforts to cover the huge projected budget deficit this year. 

retreated government revenues with falling oil prices, while waging the Iraq expensive military campaign against organizing Daash terrorist, which resulted in a potential deficit is estimated at 25 trillion dinars. 

To finance the deficit, Zebari said that the Finance Ministry is considering measures including bond issuance and borrowing from state banks and the conversion of some of the Iraqi banking assets in the Central Bank to bonds. 

Perhaps also considering raising funds through Sales of oil futures if the Council of Ministers rejected plans to issue bonds for ten years.Officials say the council of ministers headed by Haidar al-Abbadi sees the proposed interest rate at nine percent too high. 

and push the sharp drop in oil prices Zebari to review the budget of the year 2015 several times to ensure each of them a reduction in the expected revenue from crude exports. I assumed the final version of an oil price of $ 56 a barrel and exports of 3.3 million barrels per day. 

nor Iraq's oil exports still since the beginning of the year without the 2.6 million barrels per day due to reasons such as bad weather at the southern export terminals and major exports from the province of Kurdistan, but Zebari said that the quantities increasing. 

The Minister of Finance, told Reuters in his office in Baghdad, "I think people now realize that this budget realistic." 

He said the proposal to transfer 50 percent of the state banks assets in the Central Bank to bonds Seder about five billion dollars and will use Iraq also special for SDR $ 1.8 billion through the International Monetary Fund. PUKmedia for Reuters

 

Exxon Mobil reveals help Iraq to rework its agreements oil

Iraq looking with Exxon Mobil possibility of re-drafting of the oil its agreements to secure the financial needs

 

Author: HAA, HH 

Editor: BK, HH 05/03/2015 5:49 p.m.number of readings: 153 

 

Long-Presse / Baghdad

Announced Exxon Mobil (Exxon Mobil) US, on Thursday, they were looking with the Iraqi government to reformulate the oil agreements, while confirming that it may help Iraq to meet the financial needs in the near term.

He said the company's CEO, Rex Tillerson, during a press conference held today in New York and I followed (range Press), "The company is discussing with the Iraqi government is the possibility of re-drafting of the oil agreements signed with international companies," noting that "the Iraqi side asked the company to conduct those talks. "

Tillerson said, that "it will help Iraq to meet the financial needs in the near term," adding, "In all cases, the Asthakaqtna ongoing."

Promised Executive Director of Exxon Mobil, that any "change to the agreements would be in favor of the company which is the investor's President for the rehabilitation of the West Qurna oil field giant."

The Finance Minister, Hoshyar Zebari, said in (the third of March, the current 2015), during an interview with Reuters, followed up (range Press), that the ministry is considering, among other options to cope with the financial crisis, the possibility of resorting to pre-sell oil to obtain funds If the Council of Ministers refused to issue loan bonds, which extends for a period of ten years.

It is noteworthy that Exxon Mobil is one of the major international oil companies, and invest in the giant West Qurna field in southern Iraq, has entered into disagreements with Baghdad after announcing the signing of contracts to explore in six patches of oil in Iraqi Kurdistan.

Read more: http://dinarvets.com/forums/index.php?/topic/198424-iraq-looking-with-exxon-mobil-possibility-of-re-drafting-of-the-oil-its-agreements-to-secure-the-financial-needs/#ixzz3TXM9kfyL

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