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Abadi Office: America will support Iraq through the International Monetary Fund and the World Bank


yota691
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BAGHDAD / tomorrow Press: 
warned the National Alliance MP, Rashid al - Yassiri, Tuesday, that Iraq could face a funding shortfall of up to $ 17 billion this year. 
Yasiri said, in a statement, "tomorrow Press" received a copy of it, that " the issue of linking Iraq with loans long term would adversely affect the economic reality of the country , " calling on " the government to develop plans for the future to avoid Iraq 's large loans that impact negatively on the Iraqi government." 
He added that "borrowing Iraq from the IMF and World Bank , he will be subject to international standards and requirements," noting that "close to the International Monetary Fund said earlier that Iraq is expected to face a funding gap of up to $ 17 billion in the current year is not able to measure more money. " 
Executive Board of the IMF approved a credit program for Iraq Baghdad to grant loans of up to five billion and $ 340 million over three years. 
The new credit program is designed to support Baghdad's efforts to counter the effects of the decline in world oil prices, and ensure the continuation of the payment of the accumulated debt of the benefits.
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Iraq wants no more long-term World Bank loans

 

by a46ed14a8c1d95162d7b6827eedc1639?s=40&d=Mohamed Mostafa Mar 21, 2017, 1:00 pm

 
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Baghdad (IraqiNews.com) Iraq has told the World Bank it needs help creating jobs rather than receiving long-term loans, according to a statement by the prime minister’s office.

Prime Minister Haider al-Abadi told a delegation from the international organization that his government does not want to bind Iraqi by long-term loans, but rather to create work opportunities that help the population cope with the financial crisis, according to the statement.

Abadi met the delegation as part of a visit to the United States which began Sunday and saw him meeting with U.S. President Donald J. Trump.

The statement quoted the bank’s delegation saying it would provide support Iraq in that respect.

Falling world petroleum prices and the continuous war against Islamic State militants has thrust Iraqi into a financial crisis, prompting the country to reach out to local and foreign lenders.

In December, the World Bank approved a 1.5 billion dollar loan to Iraq to cope with falling oil prices and embolden the country in its war against IS. That sum raised the total of financial aid from the organization to nearly USD3.4 billion. The WB had approved two loans, worth USD1.2 billion and USD350 million, in 2015, one year after IS took over nearly a third of Iraqi territories.

http://www.iraqinews.com/business-iraqi-dinar/iraq-wants-no-long-term-world-bank-loans/

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7 minutes ago, WheresmyRV? said:

And tomorrow they will be requesting another 50 billion dollar loan from the world Bank <_<

So reported this week, Iraq's total debt at $119 BILLION in USD. Then the start of this string says they don't want any more long term World Bank loans, but they are meeting with the IMF on future needs. Something is wrong here. Like when my ex-wife promised to stop writing checks....then cleaned out the savings account. :lol:

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1 minute ago, King Bean said:

So reported this week, Iraq's total debt at $119 BILLION in USD. Then the start of this string says they don't want any more long term World Bank loans, but they are meeting with the IMF on future needs. Something is wrong here. Like when my ex-wife promised to stop writing checks....then cleaned out the savings account. :lol:

OOOOOOO . . .savings account clean out. . . Been there ! :mad:

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On ‎3‎/‎20‎/‎2017 at 2:32 PM, yota691 said:

He noted " the importance of World Bank support for Iraq at this stage and we do not want to link Iraq 's long - term loans , but to create jobs and develop our capabilities in many areas to serve the country and our citizens." 

Yota Thanks,  DV,  PM Abadi is making crystal clear no more long term loans but we need your assistance to help create job, etc.  It seems money is no longer an issue but giving purchasing power to the IQD may be Priority 1 going forward.  Keeping hope alive 

6 hours ago, SocalDinar said:

Prime Minister Haider al-Abadi told a delegation from the international organization that his government does not want to bind Iraqi by long-term loans, but rather to create work opportunities that help the population cope with the financial crisis, according to the statement.

SD Thanks,  Let's get this party started right by RV / RI of the IQD once "Liberation Of Mosul" is completed.  Do not miss this opportunity to restore Iraq back to the "International Stage" and the most powerful "Currency" in the ME. 

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IMF confirms its support for Ebadi reforms economically

 
 
 
 
 
 
 
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March 21, 2017

Baghdad – Journal News
The International Monetary Fund, Prime Minister Haider Abadi renewed the support of the Fund for the Iraqi government’s reform measures, while Abadi to proceed to correct the economic tracks wrong.

The Office of Abbadi said in a statement that “the Prime Minister received at his residence in Washington, the delegation of the International Monetary Fund,” noting that “the delegation renewed its support for the reform measures carried out by the government and the success of Iraq to carry out these reforms,” asserting ” “He said.

“The government will continue its reform program, strengthen state institutions, create jobs and correct the wrong economic pathways,” Abadi said.

Abadi went to the United States at an official invitation from US President Donald Trump. The agenda includes US administration officials, congressmen and the Senate, as well as a meeting of foreign ministers of the International Coalition against Da’ash.
It is hoped that Iraq will receive the third installment of the International Monetary Fund (IMF) credit standing agreement, which is about 840 million dollars, but that the delivery of the said installment will be after the month of June, adding to the previous receipt of one billion and 250 million dollars out of the loan pledged by the Fund, 5.3 billion dollars.

The member of the Parliamentary Integrity Committee Abdul Karim Al-Abtan, the lack of full control over the Iraqi border crossings by the State, while pointed out that if Iraq had control of those ports did not need borrowing from the International Monetary Fund.

“If there was full control by the government, Iraq would not need to resort to the International Monetary Fund, because the amounts that are flowing to Iraq through the border crossings are large and not insignificant,” Abtan told the Journal News.

He added that “the large number of decision-makers in the issue of border crossings led to confusion in its work, pointing to the receipt of complaints, especially from truck drivers by the exposure of some of the controls to extortion through the imposition of material royalties and the Commission is currently investigating this subject.”

He called on the central government to “pay attention to the issue of border crossings, especially as the state is currently suffering a financial crisis suffocating, in addition to the obligation to be subject to goods entering Iraq to the standards of quality control.”

The International Monetary Fund (IMF) has asked for more clarity on the 2017 budget, which the Iraqi side has pledged to provide in the spring consultations in Washington in the last week of next month, confirming the success of consultations between the Iraqi government and the International Monetary Fund.

The delegation of the Iraqi government, in Amman, has held consultations with the International Monetary Fund (IMF) in the second review of the credit agreement with the IMF. This review includes a number of rounds of consultations continuing until June.
The head of the mission of the International Fund, Christian Jos, the continuation of Iraqi economic activity dimmed in the year 2017, because of the reduction of oil production by 1.5% under the agreement reached by the Organization of Petroleum Exporting Countries (OPEC), and the modest recovery of the non-oil sector.

“Iraq is severely affected by the conflict with Dahsh and the sharp fall in global oil prices since 2014,” said IMF Chief of Mission Christine Goz, in a final statement of the International Monetary Fund’s Iraq mission in Amman. “The Iraqi government responded to the public financial crisis , And the balance of payments crisis, with a substantial but necessary financial adjustment, supported by financial assistance from the international community. “

“In 2016, real GDP growth continued at 11 percent, supported by a significant increase in oil production that benefited from previous oil investments,” he said. However, the non-oil economy has shrunk by 8% due to conflict and fiscal adjustment. “

“The sharp decline in oil prices caused the reduction of Iraq’s total international reserves from $ 53.7 billion at the end of 2015 to a comfortable level of $ 46.5 billion at the end of December 2016.”
“The pressure on public finances remains high, with the government deficit remaining at 12 percent of GDP in 2016 due to continued weak oil prices and rising humanitarian and security spending,” he said.

https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ar&sp=nmt4&tl=en&u=http://www.aljournal.com/eco/myapp-12609/&usg=ALkJrhiosHwocjlmIrua5P4Vn2h2cc8aoA

 
 
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Ok..NoviceInvestor i still got 2 hours and 20 minutes pst for the 21st to end. And Take that article to bed because if this paragraph 

“Iraq is severely affected by the conflict with Dahsh and the sharp fall in global oil prices since 2014,” said IMF Chief of Mission Christine Goz, in a final statement of the International Monetary Fund’s Iraq mission in Amman. “The Iraqi government responded to the public financial crisis , And the balance of payments crisis, with a substantial but necessary financial adjustment, supported by financial assistance from the international community. “

 

is correct then ...I've been right all along for the 21st. And there's the announcement. Now I wait for cbi to open and confirm. Praise be unto the LORD MOST HIGH.

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1 hour ago, WaitIsOver said:

Ok..NoviceInvestor i still got 2 hours and 20 minutes pst for the 21st to end. And Take that article to bed because if this paragraph 

“Iraq is severely affected by the conflict with Dahsh and the sharp fall in global oil prices since 2014,” said IMF Chief of Mission Christine Goz, in a final statement of the International Monetary Fund’s Iraq mission in Amman. “The Iraqi government responded to the public financial crisis , And the balance of payments crisis, with a substantial but necessary financial adjustment, supported by financial assistance from the international community. “

 

is correct then ...I've been right all along for the 21st. And there's the announcement. Now I wait for cbi to open and confirm. Praise be unto the LORD MOST HIGH.

Ok ... 😊

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  • yota691 changed the title to Bank and the International Monetary Fund confirm support for Baghdad

Bank and the International Monetary Fund confirm support for Baghdad

   
 

 
 

3/22/2017 0:00 
 
WASHINGTON / morning  
between Prime Minister Haider al - Abadi, that his government does not want to link Iraq with loans far - reaching, pointing out that it is seeking to create jobs and develop the country 's capabilities in many areas, while a delegation from the World Bank showed the latter is ready to help Iraq in the financial crisis. 
The prime minister 's office said in a statement: " The Prime Minister received at his residence in Washington (On Monday , ) and the World Bank delegation , " noting that " the delegation affirmed its support for Iraq in the financial crisis and help Iraq create jobs and training and development of human potential , " he noted Abadi , according to the statement, " the importance of the World Bank support for Iraq at this stage and we do not want to link Iraq 's long - term loans , but to create jobs and develop our capabilities in many areas to serve the country and our citizens." 
He also met with al - Abadi, at his residence in Washington, the International Monetary Fund delegation, the delegation reiterated its support reform of the measures undertaken by the government and Iraq 's success in the BIOS of these reforms, stressing the IMF 's commitment to this support, while Dr. Abadi stressed " the government continues its program reform and strengthen state institutions and job creation and to correct the erroneous economic tracks, "the prime contract, a separate meeting with members of the American Chamber of Commerce.
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  • yota691 changed the title to Abadi Office: America will support Iraq through the International Monetary Fund and the World Bank

Abadi Office: America will support Iraq through the International Monetary Fund and the World Bank

two hours ago
 
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BAGHDAD / tomorrow Press: 
affirmed Information Office of the Prime Minister Haider al - Abadi, on Wednesday, the IMF and the World Bank will support Iraq to deal with the effects of regulation Daesh in the country. 
A spokesman for the office Sabri Saad for "tomorrow 's Press," that " the humanitarian issue in Iraq was present and strongly through dialogues conducted by the Prime Minister Haider al - Abadi with US President Donald Trump." 
He added that " the US side stressed the support of Iraq through the IMF and the World Bank." 
He explained that " it was discussed with the two banks mentioned for the development of mechanisms and support financial organizations for Iraq through the constituent states and activation of efforts to support Iraq to deal with the legacy of the humanitarian organization Daesh and urban and economic problems in the country." 
The prime minister, Haider Abadi arrived at dawn Monday, the US official invitation of US President Donald Trump, while he held with US President Mbajthat and high - level officials.
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Are foreign loans affect the Iraqi economy?

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Stressed the economic expert on behalf of Jamil Antoine, on Thursday, that the issue of shackling foreign loans for the Iraqi economy back to several possibilities, according to the government followed in its investment policy, as explained that Iraq had borrowed for the urgent need of funds because of the economic crisis that accompanied the decline in oil prices, he pointed out that the policy blocs discuss economic issues by political means to compete only away from the discussion in real economic.

Said Antoine in a press statement that "the issue of shackling foreign loans for the Iraqi economy back to several possibilities, according to the government followed in its investment policy," noting that "the loan funds be allocated well spent in the field of investment in the industrial, agricultural and other sectors, it did not affect the economy significantly but he went to the corruption and spent without them, it will affect the economy significantly. "

He explained the economic expert, said that "Iraq had borrowed for the urgent need of funds because of the economic crisis that accompanied the decline in oil prices," adding that "the masses and the political parties discussed economic issues by political means to compete only away from the discussion in real economic."

The number of deputies in the financial and economic committees have criticized the political government borrowing and tied Iraq's future debt, as the government asserts that the loans obtained by Iraq would not hinder indebted for being with few benefits.

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Sabri: the deterioration of the Iraqi economy, prompting the government external borrowing

Sabri: the deterioration of the Iraqi economy, prompting the government external borrowing
Last updated: March 23, 2017 - 14:20

 Baghdad / Iraq News Network spokesman for the office of Prime Minister Saad al-Hadithi, on Thursday, that Iraq's imports fell by 70% or more of what it was before the formation of the current government, forcing it to resort to borrowing political Alforeig.oukal newborn in a press statement today: "the reason for asylum Iraq into a political external borrowing is the decline in Iraq's imports increased by 70% or more from what it was before the formation of the current government because of the serious decline in oil prices," he said, adding "the previous period oil sold above $ 30 and the cost of producing companies $ 10 for each barrel and what is left a little part. "he added," Iraq has resorted to foreign loans when he signed on the standby credit in July of last year and the router got soft loans from the international Monetary Fund and the World Bank, "Mushir that" those loans ratio of benefits to exceed Al1,5%, which is from lower loan interest rate obtained by Iraq. "he pointed out that" those loans did not include preconditions and also we did not impose external economic will and he will not be subject to Iraq's economy at all, being a very long repayment period and interest rate of a few. "and on the donor countries , said Sabri, said that "Iraq received aid from countries Germany, Japan, Italy and the European Union and the United States, where the money is spent within the framework of the donor program spending by international organizations and institutions, humanitarian belonging to the donor countries namely that Iraq did not receive payments from the practice at all." , pointing out that "the Iraqi government in turn provide visions and projects and effort logistics to take advantage of these grants," .otoqa newborn, the advancement of the economy of Iraq during the period of the "four or five years to come due to the government's orientation to prepare an ambitious program to diversify the economy and to follow a rational policy in consumption and retrenchment and government spending and the trend towards alternative sources of oil. "

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IMF: Rising 64% of Iraq's debt and low cash reserves causes and treatments ..

March 20, 2017 

 

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The IMF announced on 18 / March / 2017, all of Iraq 's debt rising from 32% to 64% of GDP in the period 2014-2016, and a slowdown in credit growth and rising non -performing loans at state banks, with low cash reserves by $ 7 billion annually. 
And held the Iraqi authorities and experts of the International Monetary Fund (IMF) discussions in Amman , Jordan , during the period from 5-17 March 2017 on Article IV of the 2017 consultations, there will be a second review of the agreement toprepare the credit (SBA) with Iraq, amounting to a 36 - month, which was approved by the Executive Board of the international Monetary Fund on July 7 , 2016. 
in this context, the international Monetary Fund to prevent its employees from traveling to Iraq and manages all his works from its offices in the Jordanian capital ,Amman, and depends entirely on the figures and statements of the Iraqi state, issued by the Ministry of Finance, the Office of financial supervision, Central Bank. 
It aims to prepare the credit agreement to correct the balance of public finances and the balance of the external position, and improving public financial management, while protecting social spending. And the completion of the first review under the standby credit agreement on 5 December 2016. The 
head of the IMF Mission Christian coconut confirmed in a statement links for Research and Strategic Studies Centre received a copy of which is that the Iraqi economy suffered a great damage caused by the double shock caused by the organizing Daesh attacks on the one hand and low prices oil on the other hand; which is putting pressure on the country 's resources, and the occurrence of new waves of internal displacement, where the number of internally displaced more than four million people, and about 10 million poor people in need of humanitarian aid, or about 27% of the population of Iraq. 
According to the Fund 's statement, in 2016 there was a real growth is not an aesthetic GDP by 11% supported by a substantial increase in oil production , which benefited from previous oil investments, while the non - oil economy shrank by 8% due to conflicts and administrative corruption. 
The International Monetary Fund expects to keep the activity of the Iraqi economy in 2017 is idle, because of shrinking oil output 1.5% under the Organization of Petroleum Exporting Countries agreement (OPEC), and the modest recovery of the non - oil sector. 
The statement said the consequences and implications of lower oil prices on the Iraqi economy, including low cash reserves of 53.7 to 46.5 in 2015-2016, and the increase in large financial pressure as government deficits of 12% in 2016 arrived, due to continued weakness in oil prices, high humanitarian and security spending. " 
He said the atmosphere to the high public debt from 32% to 64%, in 2014-2016, the gross domestic product, and that the balance of external product and represents the ratio of net foreign cash flows (incoming -aforeigh) to GDP, is in a relatively comfortable position, The convenient indicators of Iraq by description box! 
Economists stressed that the balance of payments and budget revenues are facing a major financial crisis as a result of the sharp fall in oil prices, due to the large for adoption on oil revenues. 
And that the foreign reserves of the Central Bank of Iraq covers eight months only, from imports in the light of the continuing decline of the reserves through the window of corruption in the auction sale of the dollar, and imports that are not subject to censorship, which inevitably lead to imbalances in financial stability, and threatens the collapse of the Iraqi dinar exchange rate. 
But the biggest challenge is the accumulation of domestic debt and external in the light of the increasing economic obligations, resulting in credit growth and rising non - performing loans slowing down the state - owned banks and private banks in 2016. 
The Government has taken several financial correct policies mostly focus on reducing capital expenditures lacking efficiency while protecting social spending, and provide financing, asserting that continues to peg to the US dollar, provides a key pillar of the economy. 
Economist and adviser to the prime minister the appearance of Mohammed Saleh, believes that the reform policy of the government at the present time and the period ago, particularly in the retrenchment was one of the reasons for the collapse of the cash balance of the central bank, and is proven at this point , although the direct impact on the stop development and service activities. 
Saleh added that we are working with the IMF on the subject of his name DSA any debt sustainability or debt sustainability energy without affecting the country 's economic growth, or to engage in the risk of failures in the payment of debt service in the future, noting that despite the reassurance there are a lot of concerns in the medium term, and the requirements of reform on the current situation and that we agree on the difficulty of implementation under these current circumstances.

He said the exchange rate peg to the dollar, which is an important basic foundation, noting that growth prospects will remain in the medium term modest because of the expected oil production constant, and the stability of its investment in the face of constraints on revenues, and the recovery modest in the non - oil growth, supported by the improvement of the security situation, and the implementation of reforms structural. 
The prime mission that Iraq needs more reforms to create fiscal space inclusive growth, and enhance the business environment, reduce corruption, and reform of the banking sector to support growth led by the private sector, and diversification in the economy, once launched the reconstruction process in post - regulation Daesh. " 
He stressed that "high - risk; and this is the basis stems from the uncertainty surrounding the prospects for oil prices, the security situation and political uncertainty, and a citizen of administrative weakness. " 
When reviewing the Special Fund statement of the Iraqi financial position No. 4/16, we find that it considered the fiscal adjustment for the period 2016-2019 correction appropriate to address the financial pressure from falling oil revenues and rising spending on humanitarian and security needs, but fiscal adjustment elements should be improved gradually, to allow investment spending a larger and more efficient, it is necessary to conduct a comprehensive reform of the system of public financial management in order to improve fiscal discipline and raise the quality of spending. 
The statement added that the sharing of the budget with the Kurdistan Regional Government has improved and the Kurdistan Regional Government put the federal government , including allowing them to face Daesh and oil prices attacks agreement.

And refers Press Release No. 16/321 The statement, issued by the Fund and the Iraqi private financial situation in 2016, that the Executive Board of the IMF approved the agreement credit to get ready with Iraq worth 3.831 billion and SDR (about 5.34 billion US dollars, or 230% of the share Iraq) to support the government 's economic reform program, and allow the Board 's approval and disbursement 455 million SDR (about 634 million US dollars) to Iraq. 
Iraq had happened in July 2015 to boost amounted to 891.3 million and SDR, what Adel 1.24 billion US dollars , the time of approval, through the "rapid financing tool." 
The aim of economic reform , which is supported by the standby credit agreement to meet the needs of the balance of urgent payments program, and access spending to a level consistent with the decline in world oil prices, and to ensure that debt remains within the limits can continue to carry around, and protect the poor, strengthening financial management, and to support the stability of the financial sector, and curb corruption; and requires the implementation of these policies the availability of support from the international community 
, said the IMF in a statement 16/540: "the average public finance program in 2016 and the draft 2017 budget came consistent with what is stated in the standby credit agreement, noting that it should be a gradual improvement of the elements fiscal adjustment, by increasing non - oil revenue and reduce current spending - including wages and pensions - and the reform of the electricity sector , payments, and support, and state - owned enterprises, to make way for an investment to spend a larger but more effective and efficient to support growth. 
And it includes support for the stability of the financial sector , strengthening the legal framework of the Central Bank of Iraq and the restructuring of state - owned banks ' actions, and the abolition of exchange restrictions, and implement measures to prevent money laundering, anti - terrorism, and strengthen anti - corruption law.

The statement added: "It will be important to achieve a significant improvement in the management of public finances, re - evaluate and arrears paid after verification, and enhance cash management and spending obligations to prevent the accumulation of new arrears. "And it includes support for the stability of the financial sector , strengthening the legal framework of the Central Bank of Iraq and the restructuring of state - owned banks ' actions, and the abolition of exchange restrictions, and implement measures to prevent money laundering, anti - terrorism, and strengthen anti - corruption law. 
The statement said: "Implementation of the budget - sharing with the Kurdistan Regional Government to put both the Kurdistan Regional Government federal government in a better position to face the crisis facing the Iraqi economy agreement." 
He suggested the International Monetary Fund during the meeting held on 18.03.2017 several proposals hearing fiscal adjustment in Iraq; including economic and administrative reform to reduce corruption, strengthen and create the right environment for business and investment, and reform of the banking sector and diversification of economic any diversification of income sources, and support - led growth sector private, and especially that the country is on the verge of the reconstruction phase of post - war Daesh. 
Fund demanded the commitment to amend the Commission current Integrity Act in order to comply with the UN Convention against Corruption, and the new draft in the process of legislation and amending the Central Bank Act constitutes a strengthening of internal control of the financial operations, in line with World Bank standards and the International Monetary Fund as well as to prepare the credit of the Fund program follows the modified law of financial management, all of these amendments is to fight against corruption. 
Experts point to the insistence of the centers of power in Iraq to keep the corruption and chaos , especially in the financial aspect and administrative, which are manifestations: 
- inconsistencies in the preparation of the House of Representatives staff, as Chairman of the Finance Committee says the council MP Mohammed Halbusi number of employees 3,000 employees, while a member of the Finance Committee Rahim Darraji says that after a thorough statistical work shows they have 1950 employees; which means that there is a big difference is 1050 employees. 
- A statement to the Prime Minister Haider al - Abadi and former Defense Minister Khaled al - Obeidi, confirmed the existence of 40 000 space in the armed forces. 
- Allocation within the budget for 2017 , an amount of 588 million US dollars for endowments , although the Waqf Diwan , who is the source of the sources of national income, to spend on beneficiaries of social welfare has high entry through money Awqaf movable and immovable property left behind and still leave her benefactors of their money after the death, in their lives, as well as with proceeds from the shrines, and shrines, mosques, according to the Ministry of Education, the construction of a model school cost is billion Iraqi dinars , the equivalent of 844,000 US dollars, the budget endowments per day is enough to build two schools templates designed in the day any 720 schools a year. 
And the risks remain on the list because of the Iraqi economy , uncertainty or predict oil prices and the security situation, the political and administrative weakness in the country. 
He said the envoy that "Iraqi authorities and experts of the International Monetary Fund began discussions on the second review of the agreement to prepare the credit , " explaining that "discussions will continue during the coming spring meetings of the International Monetary Fund and the World Bank in the period between April 21 to 23, 2017 in Washington , DC."

Shatha Khalil 
Unit Economic Studies 
links Centre for Research and Strategic Studies

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24-03-2017 10:07 AM 

 

Revealed Saad al-Hadithi, spokesman for Prime Minister Haider al-Abadi, about the movement of the IMF and the World Bank to provide support for Iraq, in order to address the effects caused by the presence of Daesh in the country.

Sabri noted that the humanitarian issue in Iraq was present and strongly through dialogues conducted by the Prime Minister Haider al - Abadi with US President Donald Trump, adding that he had been talking to international banks to develop mechanisms and to support financial organizations in Iraq through which the activation of its efforts to support Iraq .

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  • yota691 changed the title to Abadi Office: America will support Iraq through the International Monetary Fund and the World Bank

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