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

[jcfrag]

I know I'm personally tired of all the deals and moves. Wishing the "players" would stop with all the friggon fancy foot work and just throw the punch already! 

[new york kevin]

Why do they have to "Appeal" for money anyway? Just set up a new bond; 2 - 5 year bonds. They now have a B/B- bond rating.

 

[jcfrag]

3 hours ago, new york kevin said:

Why do they have to "Appeal" for money anyway? Just set up a new bond; 2 - 5 year bonds. They now have a B/B- bond rating.

 

They are worse then those people that run out to your car at a red light and ask for money, every red light you hit..... Professional beggars, that's what they do!!!  

[Big_J]

11 hours ago, The Englishman said:

borrowing 16 billion USD from the foreign countries and the International Monetary Fund (IMF).

GM TE AND DV.

[Big_J]

[yota691]

2017/10/19 (00:01 PM)   -   Number of readings: 377   -   Number (4045)

 

 

Specialists warn of worsening debts of foreign loans and the need to move towards maximizing resources in the budget next year

 Baghdad / Fadia Al-Jawari 
 

The resort of Iraq to international loans did not come arbitrarily, but of dire need after the difficult economic conditions and challenges, most notably the decline in oil prices in the world and the war on the terrorist, which cost more than 40 billion dollars.

This logic has been addressed to the International Monetary Fund and the World Bank and Iraq entered into an alliance and an agreement called credit arrangements known as the (SBA), which impose precise obligations and conditions, but is consistent with the requirements of economic reform, which we seek to improve financial performance and strengthen financial governance and control in the work of the Central Bank Through the amendment of its law, and control in the accounts of the State and the management of cash flow, and amend the Financial Management Act and amend the Commission on Integrity and the prosecution and recovery of fugitive funds. 
The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, on Wednesday, Iraq received 4 billion dollars from international institutions supporting 
Saleh said in a statement to (range) that "the negotiations of the Iraqi government with the International Monetary Fund has led to grant Iraq $ 2 billion dollars during the past 18 months" .
Saleh added that "the IMF pledged to pay $ 5.5 billion over a specified period of time, in addition to receiving a loan of two billion dollars from the World Bank for a total of 4 billion dollars." 
"The continuation of negotiations between the Iraqi government and the International Monetary Fund has led to positive results, especially in the process of tightening the federal budget and its focus towards important economic points, noting that" Focused on reducing the fiscal deficit resulting from the almost total dependence on oil resources financial without activating other resources. "
For his part, said the academic and economist Abdul Rahman al-Mashhadani that Iraq and until recent months, the cost of his war against a dodger of $ 40 billion, and the budget of 2017 estimated at 100 trillion dinars, if calculated 40% of the cost of war, we have about 40 Billion dollars and spent nearly 20 billion dollars for the current year only on the war and this figure exaggerated
He added that "this year is a more stable year for the economic situation because the state entered into a state of austerity and rationing in its expenses, in addition to that the military operations ended against the victory, and cut a great deal of liberalization, and therefore we need payments by Supporting international institutions such as the International Monetary Fund or the World Bank. " Mashhadani continued that the next budget for 2018 is a bit different from the previous budgets, because it includes planning and follow-up accurate before the approval at the beginning of next year, but still the operational budget is the largest part, and still rely on external debt because of low oil prices to about $ 51 per barrel, And Iraq sells up to 48 dollars, "pointing to the rise in public debt next year, because of the survival of the government on the current mechanism itself in the financing of the budget, and there will be issuance of treasury bonds
He pointed out that Iraq continues to borrow external, especially from the International Monetary Fund, to complete the process of lending is scheduled, which took nearly five billion dollars out of 18 billion dollars of international commercial banks, which guarantees those loans the World Bank, pointing out that the budget for next year non - conservative 
al - Mashhadani between the state began steps correctly to maximize resources, through the re - activation of laws, tax and Alcomerk, these constitute a revenue of more than four or five times the previous revenue Keradat customs and tax, more than $ 10 billion, while it was not a billion and a half of the Billion dollars, and we expect to reach revenues of customs for the current year to nearly $ 7 billion, and next year will increase to $ 10 billion.
The economic expert said that the negative impact of the ongoing borrowing from the International Monetary Fund will lead to serious economic problems because of its dealings with government agencies strictly 
on the application of economic programs according to a certain mechanism, as these workshops need the support of international organizations for the work of international reports as well as the work of organizations volunteer inside Iraq and not the monopoly of economic reform. " 
and called for the international Monetary Fund and the World Bank to expand its base and its cooperation with the Iraqi private sector Iraqi economic figures to reach great economic goals 
mentioned that the Minister of Finance agency 's father Tor Abdul Razzaq Al - Issa revealed earlier in the readiness of the World Bank to allocate nine million dollars to support investment and development in the field of associated gas
Al-Issa said during the spring meetings of the International Monetary Fund and the World Bank in Washington that the Iraqi government will intensify the work of the joint committee between the ministries of finance, electricity and oil to activate the investment of gas associated with and benefit from the operation of electric power projects, noting the readiness of the World Bank to provide a grant of nine million dollars to support projects and studies For the associated gas investment in Iraq. The Ministry of Finance pointed out in a statement that the representatives of the World Bank pointed out that economic reforms are a key need to reach an integrated system to manage the financial process of the state at the federal and local levels, 
adding that the participants pointed out that the important proportion achieved by Iraqi institutions in this area gives the appropriate room for the World Bank to support Budget and reconstruction projects within the time limits achieve their objectives required
The Bank welcomed the steps taken by the Iraqi Government in the area of resource management and the crystallization of reform visions in coordination with international financial organizations and institutions 
. The World Bank affirmed that Iraq is the most important country in the region and that its support will continue to overcome the crisis. The Vice President of the Middle East and North Africa, Hafez Ghanem, , earlier that the World Bank is committed to Iraq to provide the financial requirements imposed by the reconstruction in the liberated areas of operations that 
explained the World Bank team that the reconstruction of those areas and accelerate the pace of implementation will be established to support sustained in light of what you need and diagnose The Iraqi government desperately needs.

[10 YEARS LATER]

A CAPTAIN 👩‍✈️ OBVIOUS MOMENT to be sure.

[yota691]

Economy News publishes the decisions of the meeting of Iraq with the International Monetary Fund

 

Economy News _ Baghdad The report of experts of the International Monetary Fund on the consultations of Article IV 2017 for the second review under the three-year credit readiness agreement. "  According to the report published by the" economy News "and requested the Fund through the exemption from the declaration of non-compliance with performance standards and request exemption from the condition of application and amendment Performance Standards".  The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, Iraq received 4 billion dollars from international institutions supporting "  Saleh said in a press statement on Wednesday," Trend Press, "The negotiations of the Iraqi government with the International Monetary Fund led to give Iraq $ 2 billion dollars during the months The past 18 years. "  Saleh added, "The IMF pledged to pay $ 5. "Saleh said that" Iraq's meetings with the IMF focused on reducing the fiscal deficit resulting from the almost total dependence on oil resources financial without activating other resources. "  "The continuation of negotiations between the Iraqi government and the International Monetary Fund has led to positive results, especially in the process of tightening the federal budget and its focus towards important economic points."     Views 9   Date Added 11/01/2017

[Spider]

On 10/20/2017 at 4:53 AM, yota691 said:

2017/10/19 (00:01 PM)   -   Number of readings: 377   -   Number (4045)

 

 

Specialists warn of worsening debts of foreign loans and the need to move towards maximizing resources in the budget next year

 Baghdad / Fadia Al-Jawari 
 

The resort of Iraq to international loans did not come arbitrarily, but of dire need after the difficult economic conditions and challenges, most notably the decline in oil prices in the world and the war on the terrorist, which cost more than 40 billion dollars.

This logic has been addressed to the International Monetary Fund and the World Bank and Iraq entered into an alliance and an agreement called credit arrangements known as the (SBA), which impose precise obligations and conditions, but is consistent with the requirements of economic reform, which we seek to improve financial performance and strengthen financial governance and control in the work of the Central Bank Through the amendment of its law, and control in the accounts of the State and the management of cash flow, and amend the Financial Management Act and amend the Commission on Integrity and the prosecution and recovery of fugitive funds. 
The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, on Wednesday, Iraq received 4 billion dollars from international institutions supporting 
Saleh said in a statement to (range) that "the negotiations of the Iraqi government with the International Monetary Fund has led to grant Iraq $ 2 billion dollars during the past 18 months" .
Saleh added that "the IMF pledged to pay $ 5.5 billion over a specified period of time, in addition to receiving a loan of two billion dollars from the World Bank for a total of 4 billion dollars." 
"The continuation of negotiations between the Iraqi government and the International Monetary Fund has led to positive results, especially in the process of tightening the federal budget and its focus towards important economic points, noting that" Focused on reducing the fiscal deficit resulting from the almost total dependence on oil resources financial without activating other resources. "
For his part, said the academic and economist Abdul Rahman al-Mashhadani that Iraq and until recent months, the cost of his war against a dodger of $ 40 billion, and the budget of 2017 estimated at 100 trillion dinars, if calculated 40% of the cost of war, we have about 40 Billion dollars and spent nearly 20 billion dollars for the current year only on the war and this figure exaggerated
He added that "this year is a more stable year for the economic situation because the state entered into a state of austerity and rationing in its expenses, in addition to that the military operations ended against the victory, and cut a great deal of liberalization, and therefore we need payments by Supporting international institutions such as the International Monetary Fund or the World Bank. " Mashhadani continued that the next budget for 2018 is a bit different from the previous budgets, because it includes planning and follow-up accurate before the approval at the beginning of next year, but still the operational budget is the largest part, and still rely on external debt because of low oil prices to about $ 51 per barrel, And Iraq sells up to 48 dollars, "pointing to the rise in public debt next year, because of the survival of the government on the current mechanism itself in the financing of the budget, and there will be issuance of treasury bonds
He pointed out that Iraq continues to borrow external, especially from the International Monetary Fund, to complete the process of lending is scheduled, which took nearly five billion dollars out of 18 billion dollars of international commercial banks, which guarantees those loans the World Bank, pointing out that the budget for next year non - conservative 
al - Mashhadani between the state began steps correctly to maximize resources, through the re - activation of laws, tax and Alcomerk, these constitute a revenue of more than four or five times the previous revenue Keradat customs and tax, more than $ 10 billion, while it was not a billion and a half of the Billion dollars, and we expect to reach revenues of customs for the current year to nearly $ 7 billion, and next year will increase to $ 10 billion.
The economic expert said that the negative impact of the ongoing borrowing from the International Monetary Fund will lead to serious economic problems because of its dealings with government agencies strictly 
on the application of economic programs according to a certain mechanism, as these workshops need the support system" rel="">support of international organizations for the work of international reports as well as the work of organizations volunteer inside Iraq and not the monopoly of economic reform. " 
and called for the international Monetary Fund and the World Bank to expand its base and its cooperation with the Iraqi private sector Iraqi economic figures to reach great economic goals 
mentioned that the Minister of Finance agency 's father Tor Abdul Razzaq Al - Issa revealed earlier in the readiness of the World Bank to allocate nine million dollars to support system" rel="">support investment and development in the field of associated gas
Al-Issa said during the spring meetings of the International Monetary Fund and the World Bank in Washington that the Iraqi government will intensify the work of the joint committee between the ministries of finance, electricity and oil to activate the investment of gas associated with and benefit from the operation of electric power projects, noting the readiness of the World Bank to provide a grant of nine million dollars to support system" rel="">support projects and studies For the associated gas investment in Iraq. The Ministry of Finance pointed out in a statement that the representatives of the World Bank pointed out that economic reforms are a key need to reach an integrated system to manage the financial process of the state at the federal and local levels, 
adding that the participants pointed out that the important proportion achieved by Iraqi institutions in this area gives the appropriate room for the World Bank to support system" rel="">support Budget and reconstruction projects within the time limits achieve their objectives required
The Bank welcomed the steps taken by the Iraqi Government in the area of resource management and the crystallization of reform visions in coordination with international financial organizations and institutions 
. The World Bank affirmed that Iraq is the most important country in the region and that its support system" rel="">support will continue to overcome the crisis. The Vice President of the Middle East and North Africa, Hafez Ghanem, , earlier that the World Bank is committed to Iraq to provide the financial requirements imposed by the reconstruction in the liberated areas of operations that 
explained the World Bank team that the reconstruction of those areas and accelerate the pace of implementation will be established to support system" rel="">support sustained in light of what you need and diagnose The Iraqi government desperately needs.

 

Too big to fail, maybe?

[gregp]

28 minutes ago, Spider said:

 

Too big to fail, maybe?

 

You can’t stop a train 🚂 

[Butifldrm]

Trend Press publishes the decisions of Iraq's meeting with the International Monetary Fund

01/11/2017 10:01 | Number of readings: 212

font size:  

Direction Press / Special

 

The report of IMF experts on Article IV consultations of 2017 for the second review under the three-year credit agreement.

According to the report published by "Trend Press", in which the Fund requested exemption from the declaration of non-compliance with performance standards and request exemption from the condition of their application and the amendment of performance standards.

The economic adviser to the Prime Minister appearance of Mohammed Saleh, Iraq received $ 4 billion from international institutions supporting.

Saleh said in a press statement on Wednesday, "Trend Press," The negotiations of the Iraqi government with the International Monetary Fund has led to grant Iraq $ 2 billion dollars in the past 18 months. "

Saleh added that "the IMF pledged to pay $ 5.5 billion over a specified period of time, in addition to receiving a loan of two billion dollars from the World Bank for a total of 4 billion dollars."

"Saleh said that" Iraq's meetings with the IMF focused on reducing the fiscal deficit resulting from the almost total dependence on oil resources financial without activating other resources. "

"The continuation of negotiations between the Iraqi government and the International Monetary Fund has led to positive results, especially in the process of tightening the federal budget and its focus towards important economic points."

 

Edit .. علي كريم أذهيب

 

http://aletejahtv.org/permalink/189273.html

[yota691]

Parliamentary Finance: Iraq does not need loans that drain 7 trillion dinars annually

Release date: 2017/11/14 21:18 • 461 times read

(Baghdad: Al-Furat News) Member of the Finance Committee MP Hossam al-Aqabi on "Iraq's need for international loans, which drain 7 trillion dinars."

"We support the intervention of the International Monetary Fund issue of deductions and we are not bound by his decision and views, the Iraqi government and the House of Representatives is the one who sees legislation to achieve the interests of the citizen and the Iraqi employee." 
He added that "the conditions of the International Monetary Fund set by the International Monetary Fund puts loans and we do not need them," noting that "more than 5 trillion dinars a year we give them to repay loans and premiums and benefits and sometimes up to 7 trillion."

[yota691]

Specialist: activating the role of institutions paving the way for economic reform

06/1/2018 12:00 am  To address the balance of payments and increase non-oil revenues  Baghdad / Emad Emirate The economic reform program in Iraq, which is supported by the International Monetary Fund (IMF), is aimed at tackling the balance of payments and upgrading the economy to a level commensurate with world oil prices by activating the role of Iraqi institutions and moving towards economic reform. "The economic reform program includes measures to protect the poor, boost the performance of public finances, support the stability of the financial sector and curb corruption," said academic economist Ahmed Omar al-Rawi.  "Iraq has gradually worked to improve the elements of fiscal correction by increasing non-oil revenues, reducing current spending, reforming the electricity sector and government institutions to make way for a larger, more efficient and efficient investment agreement to support growth," he added.  "The Executive Board of the IMF approved the implementation of the three-year credit agreement with Iraq, which aims to help the country implement the economic reform program and restore the balance of public finances over the medium term," Rawi said. Credit readiness "The International Monetary Fund said in its report that Iraq has complied with the requirements of credit readiness, adding that" its fiscal program for 2016 and the budget of 2017 have been consistent with what is stated in the agreement on external credit readiness.   "He added," The Executive Board of the IMF approved the agreement Of which $ 831.3 billion is a special drawing unit, or about $ 34.5 billion, on the date of approval. Under this approval, Iraq may spend 554 million special drawing units, equivalent to about $ 816.7 million. The Executive Council also approved Iraq's request that it be exempted from declaring non-compliance with the continuing ceiling of new external arrears and requesting the amendment of performance standards. It also agreed to exempt Iraq from the requirement that the targets of the end of September be met for the four performance criteria related to the minimum international reserves, The local assets of the Central Bank of Iraq, the maximum balance of the total public debt, in addition to the request to amend the implementation of the agreement, was also agreed to hold periodic meetings to follow up the preparation of the credit agreement between Iraq and the Fund. Promote confidence  between the narrator that " the agreement with the International Monetary Fund strengthens confidence in Iraq, and lead to the provision of additional international aid worth 15 billion dollars," along with Iraq , helping to reduce the burden of repayment obligations with the Paris Club. He stressed that the agreement leads to the receipt of additional financial support from the World Bank and other countries with low benefits, and helps to issue international financial bonds and improve the credit rating of Iraq in financial institutions.  For his part, said the academic economist Dr. Amr Hisham, "the General Budget Law for 2017 authorized the Minister of Finance to sign agreements with creditors that have already approved the Parliament to finance the   budget deficit of 7, 21 trillion Iraqi dinars, equivalent to about 319, 18 billion dollars, with Financing some  investment platform projects  . " Japanese loan , said Hisham in an interview with the "morning" that it is " the most important agreements signed by the government in 2017 is the agreement signed in informed between the Ministry of Finance and the Japanese side to get a loan to finance the rehabilitation of electricity worth 3246 million US dollars." The loan comes within the framework of 24 of the Japanese loans to Iraq, which amounted to this loan to $ 57.5 billion to finance infrastructure projects electricity, water, roads and bridges.   In 2017, the Ministry of Finance issued government bonds guaranteed by the US government of $ 1 billion and 3.1 percent interest annually to finance the 2017 budget deficit. On 13 February 2017, the German government agreed that the German Development Bank would grant Iraq a loan of 500 million euros Liberated areas The loan is repaid over 15 years, including a grace period of 5 years.  "In March 2017, the Ministry of Finance signed a contract with the UK to secure a 10 billion pound loan, equivalent to US $ 453-12 billion over 10 years, to support infrastructure projects.

[yota691]

[SnowGlobe7]

how will they ever pay that back?????

[blueskyline]

That You Yota . GM DV's 

 

[jeepguy]

8 minutes ago, SnowGlobe7 said:

how will they ever pay that back?????

good morning  snow !    " how will they pay all of this back ?   mmmmm   give  away  great  land parcels to the lenders ?      < -----  oh oh   sink hole  , hope we do not  get this one !  

[ChuckFinley]

Keep asking until they stop giving  

[Floridian]

On 5/3/2017 at 6:25 PM, 10 YEARS LATER said:

 

Apparently that time has not yet arrived CF . . . to date Iraq has shown itself to be a Great Big Fat $$$$$ Money Pit $$$$$ that the IMF, WB and anyone else for that matter who thinks by throwing GOBS of  at Iraq, they hope to garner future favors.

These are bribes under the heading of " LOANS " - We call it a bribe; Arabs call it paying to get it done. " Greasing the Palm "  - It is what it is, in that part of the world.

 

Paying to get “WHAT” done?

Iraq doesn’t do anything but take vacations.

[Floridian]

7 minutes ago, Floridian said:

 

Paying to get “WHAT” done?

Iraq doesn’t do anything but take vacations.

 

Pay no attention! I just realized I was answering something that was posted last May.  

 

 Although, it is still applicable. 

Edited January 7, 2018 by Floridian

[yota691]

 

Economic Advisor to the US Embassy: $ 540 million value of the International Monetary Fund for Iraq

12:13

Last updated

The time now is 12:26 PM

803

Watch

 

 

BAGHDAD (Reuters) 
- The value of the International Monetary Fund (IMF) loan to Iraq has reached 540 million dollars, the economic adviser to the US embassy said on Sunday. 
"The $ 540 million loan of the International Monetary Fund for Iraq, which in turn helped to grant other loans, such as $ 1 billion from the World Bank last year and another $ 1 billion this year," said Memot at a round table at the US embassy in the presence of a number of media including Al-Ghad Press. And a billion for next year. "

He added that "the total loans that Iraq loan amounted to 7 billion dollars and we expect to be more."

[yota691]

Efforts to develop financial management and investment in 2018

24/2/2018 12:00 am  To achieve a renaissance in Iraq's economy  Baghdad / Sabah The Ministry of Finance seeks to implement the modernization of public financial management systems by providing advisory services to the Independent External Auditor for the years 2017 and 2018 for public finance management, public investment management and public procurement at the federal level, at a time when the competent specialist to provide the staff for the success of this project to achieve economic renaissance Inclusive. International Finance  According to a publication on the Ministry's website, the Ministry of Finance has received funding from the World Bank to cover the cost of the project and to allocate part of the funds for consultancy services.  "Consultancy services (services) include the recruitment of an independent external audit firm to audit the financial management and investment management of the project, which is expected to start the work of consultants during the month of July 2018. Ensure transparency between the publication on the website of the Ministry of  Finance The main objective of the auditor's work  is to enable the auditor to clarify the professional opinion whether the submission of the financial statements of the project for the years ended December 2017 and December 2018 in a  transparent and fair in all respects,  and all cash received  And year-end payments, accumulated from start-up to year-end, in accordance with IPSAS on the basis of cash accounting.  The auditor also provides internal control over financial reports related to the preparation of replenishment payments, direct payments, payments made under special commitments and recoveries such as reimbursements based on reliable expenditure statements to support related cash withdrawals.  The projects in all respects comply with the laws, regulations, guidelines and provisions of the loan agreement. Database "The accounting system for the project, books and records, provides the basis for the preparation of the PFS." The project's financial transactions are to be recorded and maintained by the PEA and the Finance and Planning Ministries through project management teams appointed to direct, manage and coordinate project activities in accordance with the requirements The loan agreement between the Government of Iraq and the World Bank, the Project Valuation Document, the Operational Manual of the Project, and the World Bank's Directives on Expenditure and Supply Investment Directive In turn, the academic economist Dr. Essam Mohammed Hassan described this project as an important step not Management of investments and the direction of investments according to the actual need for the requirements of the current stage and the country's need for infrastructure. He said in an interview with Sabah that this would "provide the opportunity to prepare Iraqi cadres to enter heavily in investment programs, which will absorb unemployment and provide access and gain practical experience."  He stressed that "now is the time to implement this idea and not with the government, the private sector also from companies and banks until migrating experiences return home."  He pointed out that "hundreds of thousands of jobs in Iraq will be available when the implementation of the decisions of the Kuwait Conference for Reconstruction, which calls for the start and provide the young cadres of workers and technicians, accountants, managers and operators of computers and work monitors and other disciplines that would achieve a comprehensive economic renaissance "He said.

[dinareffic]

An official source for «Economy News»: stop the program of credit readiness between Iraq and the International Monetary Fund



 

An official source in the Iraqi government, stop the program of credit readiness signed by Iraq and the International Monetary Fund in 2015 until the formation of the next government.

The source, who preferred not to be named for "economy News", said that "the program of credit readiness, which earned Iraq a loan of 5.4 billion dollars from the International Monetary Fund stopped until the formation of the next government," adding that "Iraq will begin after the resumption of the program The third review of the Iraqi economy by the International Monetary Fund. "

He pointed out that "the International Monetary Fund criticized some of the actions carried out by the government during the past years and the latest delay in the House of Representatives in the adoption of the draft budget law for the year 2018 because of political differences."

 

http://economy-news.net/content.php?id=12973

[DinarDavo]

Keep digging boys and girls.......you are almost to Hawaii.   

[Donziman]

Didn't realize the draft budget law for 2018 was not approved by the house. No rush

or anything just riots in the street and business as usual around the lunch room table.