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The Financial Operations Of: Lifting All The Barriers Imposed On The Central Bank Of Iraq After Its Actions Against Money Laundering 


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7 minutes ago, WheresmyRV? said:

They like to study, review and form 22 committee's before they agree on something then before they do that take a 60 day recess from parliament. 

WheresMyRV,  Totally Agree absolutely 100% correct.  Once this is done no more meetings should be allowed and banned for the next 20 years..😊😁😊

 

GO RV / RI

 

 

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Iraq plans additional budget to access IMF funds

By:
6 Jun 17

Iraq is to pass a supplementary budget in order to secure an $800m loan tranche from the International Monetary Fund.

 

The war-torn country is currently working through a three-year $5.34bn programme with the fund, with aims including restoring balance to the public finances, achieving debt sustainability and curbing corruption.

Release of the $800m loan, which follows a $600m tranche released at the end of last year, is subject to the country passing an agreed supplementary budget for 2017 and strengthening spending controls.

While an agreement, which also outlines objectives for the 2018 budget, has been reached between Iraqi authorities and IMF staff, the fund’s executive board will need to give the deal final approval.

Christian Josz, IMF mission chief for Iraq, said the agreement will be put to the board “once prior actions have been implemented”, possibly in August.

“Both the supplementary budget and the 2018 budget will keep fiscal consolidation, necessitated by the fall in oil prices, on track, while protecting social spending.”

Iraq’s economy has been ravaged by conflict and insecurity, with the sustained slump in oil prices compounding these ongoing issues. Oil used to account for 95% of all government revenues.

As a result, the country has spent the last few years wrestling to bring down a budget deficit that has repeatedly surpassed $20bn (more than 10% of GDP), with much of the available revenues sucked up by the war against Isis militants.

The government is forecasting a deficit of $19bn for 2017. 

The IMF did not reveal the size of the expected budget supplement. The 2017 budget, passed in December 2016, envisaged spending of $86bn – a 6% decrease on 2016 levels. http://www.publicfinanceinternational.org/news/2017/06/iraq-plans-additional-budget-access-imf-funds

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06/06/2017 (00:01 pm)   -   Number of readings: 364   -  number (3942)
 
 
The Amman meeting with the IMF result in a supplementary budget for the current year



 Baghdad / Zahraa Al-Jassem 
 

After the second review of consultations from the standby credit program signed between Iraq and the International Monetary Fund in the Jordanian capital Amman, a senior source said that the two sides had agreed to provide budget supplemental for the current year include contractors and farmers ' allocations recently paid, with the circulation of the federal budget indicators in 2018. 
The second review consultations began last Thursday and lasted four days, and sought Iraq from which to obtain a loan of about $ 840 million, as part of a standby credit program signed between the two sides. 
High - level , who preferred anonymity , the source said in an interview (range), that the consultations "ended with great success, and presented the results of the consultations of the Executive Board of the International Monetary Fund at its meeting to be held early next August," He added that Iraq and the IMF international agreed during the consultations to provide budget supplementary to the year 2017, and include the agreed points of contractors and farmers recently paid bills issued by the Ministry of Finance and some other issues of allocations, as well as the circulation of the federal budget indicators in 2018, where the program concludes to reach the so - called fiscal adjustment in the face of Massaa The balance of payments due to oil revenue volatility and its impact on the federal budget, which requires maximizing the non - oil financial resources and reduce spending and deficit financing from the planned sources of internal and external , including parts of the IMF loan, as Iraq is expected to receive a share of $ 840 million in the month next August, out of the total fund of $ 5.3 billion loan. 
He continues , the source said: The Fund defends the program Alastaqrara overall economy by giving priority loans and public spending to the so - called social spending which areas of education, health , social welfare and displaced persons, where the fund is keen on the subject of sustainability or carrying capacity of public debt, meaning " the ability to pay it " through maximizing revenue and control expenses and control, in order to stabilize the crossing of no crisis in public resources because of the oil crisis and the decline in oil revenues, as well as the Iraq war now being waged against terrorism costs. 
And it corrects the source by saying that, the financial adjustment program adopted by the International Monetary Fund with Iraq and the targeting of non - oil revenues and control spending, all are ways to maintain the sustainability of reserves at the Central Bank of Iraq. 
The financial advisor to Ebadi , the appearance of Mohammed Saleh, has explained in response to a question (range), on the importance of these talks, that Iraq is seeking to obtain a loan of about $ 840 million, as part of a standby credit program, for a period of 36 months starting from July 7, 2016, the soft loan of approximately the $ 5.3 billion, paid off over five years, as the program provides financial umbrella for Iraq has more than $ 15 billion, including soft loans from the World Bank and the Group of seven major industrialized countries, with other loans from funding programs Ktogel premiums compensation for the Kuwait war. 
He chaired the IMF meetings with Iraq, Governor of the Central Bank of Iraq , Ali Ismail Keywords financial advisor to the prime minister the appearance of Mohammed Saleh, with the participation of a number of agents ministries and the President of the Office of Financial Supervision, while attended part of these consultations and for the first time, Deputy Director of the Office of the Prime Minister. 
The agreement aims to re - balance public finance and external account to calculate and improve public financial management while protecting social spending for Iraq, according to an interview with a former head of the IMF mission (range) and between that Iraq can assume its debt if the Iraqi authorities carried out the agreed financial correction with the Fund under an agreement standby credit.

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  • yota691 changed the title to IMF grants Iraq $ 840 million in August next
 

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Economy News Baghdad :

According to a   source of Mali early, Wednesday that Iraq will happen in the month of August next to the amount of 840 million dollars from the Fund Monetary International within the agreement to prepare the credit that was signed in the year 2015 .

Said the source , who preferred not to disclose for his name 's " economy News " , that " the negotiations that held by the delegation of Iraq   with the Fund Monetary International in Jordan , which was launched in the day the last of the month last resulted from the  agreement Ba divorce , the amount of 840 million dollars from the loan of $ 5 . 3 billion dollars in the month of August next . "

He added that the " Fund Monetary International praised the efforts of the government of Iraq in achieving reform and economic " , noting that the " Fund Monetary International promised Iraq to obtain a loan of up to 15 billion dollars and an interest rate of a few very not exceed 2 . 5% ." 

 

 

Views 145   Date Added 07/06/2017 - 12:45   Last updated 06/07/2017 - 13:29   No. Content 7839

 
   
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I have been saying this all along,it goes like this, its all about control ,and in a lot of ways it has been put upon the people in the same way,its called credit, to us small potatoes its credit cards, they bleed you to death, same way the Banks and powers that be the{ dark side},they just bleed these countries, of there resources, only on a Grand Scale, it has become the cheaper way, to take over or control what ever you want, to call it,it is Economic War Fare, they will get ownership of all the oil, and than whats left is the crumbs for the people of the country and they will need more money ,and than the IMF or who ever will say don't you have some Gold ,and the game starts all over again , I think if a person steps back and looks at the whole scene since the invasion of Iraq one will start connecting the Dots,interesting side note, President Bush and the oil Family ? Who was it? That blamed Iraq for 911, and only later to find out it was Saudi Arabia was to blame,but that's all forgotten, Hey nothing personal, its just business. The only fly in the ointment I see right know, and I think the dark side is having problems with, is the threat of more little wars with in the country, this creates unstabliness and this is not good for business, so maybe there is still hope for us ,the powers that be will have to throw the people a bone of some kind, and I am hoping at this point it will be some type of increase in there money value, that would make everybody happy for awhile, me for one.

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IMF REACHES AGREEMENT ON STAND-BY ARRANGEMENT WITH IRAQ
Iraq, June 7, 2017

The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321).

The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending.

Iraq completed the first review under the SBA on December 5, 2016 and received a disbursement of SDR 0.46 billion (US$0.6 billion) (See Press Release No. 16/540). Completion of the second review will release a further disbursement of SDR 0.6 billion (US$0.8 billion).

Mr. Christian Josz, Mission Chief for Iraq, issued the following statement today in Amman:

“The Iraqi authorities and the IMF team have reached agreement on a supplementary budget for 2017, objectives for the 2018 budget, and strengthened procedures to keep expenditure under control. Both the supplementary 2017 budget and the 2018 budget will keep the fiscal consolidation, necessitated by the fall in oil prices, on track, while protecting social spending.

“Once agreed prior actions have been implemented, the IMF Board could consider the second review of the SBA in August.

“During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Deputy Chief of Staff of the Prime Minister, Dr. Naufel Al-Hassan, Chairman of the Board of Supreme Audit, Dr. Salah Noori Khalaf, Acting Deputy Finance Minister, Ms. Taif Same, Deputy Minister of Planning, Dr. Qasim Enaya, Deputy Minister of Electricity, Mr. Abdel Hamza, Financial Adviser to the Prime Minister, Dr. Mudher Saleh, and officials from the ministry of finance, Central Bank of Iraq (CBI), the Board of Supreme Audit, the ministry of oil, the ministry of planning, the ministry of electricity, and a representative from the Kurdistan Regional Government. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

businessnews

 

http://iraqdailyjournal.com/story-z15415668

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  • yota691 changed the title to of Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

of Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

 

 

 

 

 6 hours ago

 

Twilight News / Iraq get a soft loan worth 3.5 billion US dollars by the International Monetary Fund , as stated by Wednesday , Iraqi Prime Minister for Financial Affairs Advisor to the appearance of Mohammed Saleh. 

He explained that the Fund will also provide an additional international financial umbrella by about $ 13 billion , both from the seven major international bank or industrialized countries or the postponement of compensation for the Kuwait war. 

He pointed out that the Fund seeks through the second review to provide a framework for macroeconomic stability and in the course of financial adaptation leads to maximizing non - oil revenues as well as to enable Iraq to pay its debts in accordance with the mechanism of the so - called debt to bear energy.

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  • yota691 changed the title to Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

Number of readers: 115

 

 

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Iraq gets a loan of 3.5 billion dollars from the International Monetary Fund

 

08-06-2017 01:39 PM

 

Euphrates -

 

Iraq received a soft loan worth 3.5 billion US dollars by the International Monetary Fund. 

He explained the appearance adviser to Prime Minister Mohammed Saleh in a press interview, that the Fund will also provide an additional international financial umbrella by about $ 13 billion , both from the seven major international bank or industrialized countries or the postponement of compensation for the Kuwait war. He pointed out that the Fund seeks through the second review to provide a framework for macroeconomic stability and in the course of financial adaptation leads to maximizing non - oil revenues as well as to enable Iraq to pay its debts in accordance with the mechanism of the so - called debt to bear energy.

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  • yota691 changed the title to The Financial Operations Of: Lifting All The Barriers Imposed On The Central Bank Of Iraq After Its Actions Against Money Laundering 
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