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

[yota691]

2017/08/03 (00:01 PM)   -   Number of readings: 180   -   Number (3986)

 

 

Advisor Abadi: sources of external funding to bridge the deficit of the budget in 2017 amounted to 3 billion dollars

 Baghdad / Fadia al-Jawari 
 

The recent consultations with the International Monetary Fund (IMF) ended with great success and represented an important prelude to the meeting of the Executive Board of the Fund last month to approve the release of $ 840 million in the completion of the Second Review of the SBA. "The World Bank has promised to continue its support for various financing programs to promote infrastructure and reconstruction within the program of loans or financing the so-called development program, both from World Bank resources itself or the contributions of donor countries, especially the Group of Seven industrialized countries" . 
  Saleh added in a statement to (the extent), that "the IMF has some calculations to calculate the cost of building the model in the macroeconomic stability of Iraq during the coming period, he wants to complete that information, especially in the subject of electric power sector." 
 "SBA loans are spread over a period of 36 months at about $ 5.3 billion, a similar amount and for the same period of World Bank loans and concessional parallel financing for the G7," he said. 
  Saleh added that "the sources of external funding to bridge the deficit gap in the budget of 2017, $ 3 billion, distributed between 50% of the contribution of the Fund within the total loan of $ 5.3 billion, and the second half contribution of the World Bank and some countries of the G7, which represents parallel funding For the World Bank loan, all of which will be withdrawn in the second half of 2017. " 
He pointed out that " 
The recent consultations in Washington, with the International Monetary Fund and the World Bank, have been positive despite some technical details, and it is hoped that Iraq will receive grants and soft loans of more than $ 3 billion during the current year 2017 to support the budget and reconstruction and investment projects in " Saleh said," The important thing in terms of the credit program with the IMF is two issues, the first is the ability to continue and develop the energy sector in complex market conditions suffered severe crises, and the other is the wise financial management that enabled the country to overcome its ordeal And the night of the deterioration of oil revenues, as well as large expenditures in the budget, which contributed to the crushing of terrorism and the liberation of man and land and finally the success of the price system and the stability of the general level of prices and the ability to balance this conservation on the safe level of international reserves of Iraq. 
It is noteworthy that the International Monetary Fund, confirmed on Wednesday, Iraq's commitment to the reforms required in the second review of the Convention on credit readiness, pointing out that this will prepare for the third review, which will begin in September. The Central Bank of Iraq said in a press statement that " The International Monetary Fund congratulated the Central Bank, the Ministry of Finance and the Prime Minister's Office on the success of the second audit consultations of the Credit Accreditation Agreement after the implementation of the programs and the financial and monetary targets and putting them within the framework of securing the financial stability of Iraq and facing financial and security challenges. 
He added that "the program includes a series of reforms and goals have been committed to the benefit of Iraq, the latest supplementary budget approved by the House of Representatives in record time, which showed the keenness of the legislative and executive authorities on the plan and programs of reform." The bank pointed out that " The decision of the Board of Directors of the International Monetary Fund to approve the report of the Fund team, which included the fulfillment of the objectives and plans contained in the agreement, will provide an important signal for international institutions and major countries to provide their funding and facilities to support the financial situation in Iraq by supporting the financing of the state budget and projects. And the IMF's statement will lead to the third review, which will begin next September, to continue the program and the external support of Iraq. "In July 2016, the Executive Council agreed to the agreement The US $ 5.34 billion credit is part of Iraq's economic reform program.

[yota691]

International Monetary Fund: Iraq's foreign reserves will fall next year to 40.8 billion dollars

Logo of the International Monetary Fund

Economy News Baghdad:  Iraq has completed the second review of its credit program, signed with the International Monetary Fund in 2015 for a loan of 5.4 billion dollars, and that the International Monetary Fund, Iraq to obtain other loans with interest does not exceed 3%.  The IMF published a table on its website, showing its expectations for the Iraqi economy and viewed by the "economy News", said that "Iraq's share in the International Monetary Fund amounted to 1663.8 million special drawing units," expected "negative change in gross domestic product 0.4% during This year to recover in the next year by 2.9%, while the average per capita gross domestic product gross 5958 dollars during the current year.  The International Monetary Fund, in the table that "oil production of 4.7 million barrels per day and will rise next year to 4.7 million barrels, while oil exports 3.8 million barrels, and the price of a barrel of Iraqi oil is 45.3 dollars," noting that "inflation in consumer prices is 2 % ". He pointed out that "the total domestic investment is 19.7% of GDP, of which 11.1% in the public sector, while total domestic consumption 85.1% of GDP," adding that "tax revenues of 4.6% He noted that "the cash reserve amounts to 41.4 billion dollars and will fall next year to 40.8 billion dollars," explaining that "the cash reserve covers 6.2 months of imports of goods and services."   Views 2   Date Added 03/08/2017

[yota691]

Investment of economic success

16/8/2017 12:00 am    Dr.. Bassem Ibrahimi The first is the congratulations of the International Monetary Fund to the Central Bank of Iraq in particular and to the Iraqi government in general on the success of the second review consultation of the credit agreement after the implementation of the program and agreed monetary and financial targets, including Secures the financial stability of Iraq and the potential challenges of the years  Coming.  The importance of this matter comes from the fact that the Fund does not treat countries but deals with them with a high reservation and therefore this message means a real success to manage the economic file and monetary policy in particular, and this step will provide financial support up to (850) million dollars will be launched by the Fund, Billion dollars through the World Bank. These loans in turn give the green light to other international financial institutions and the private sector in dealing with Iraq according to the data of   confidence.  The second event associated with the first is the success of Iraq in the issuance of government bonds worth one billion dollars in the international market, the most prominent data of this success is that these bonds are guaranteed by the Iraqi government and not the US (as in the first issue), in addition to the interest rate paid less Expected to reach the limit of (6, (75 percent) per year, which is even lower than the interest paid by some Gulf countries and less than the expected rate before the issuance of up to (8 percent).  It is clear that the factor of confidence in the future of the Iraqi economy was his role in this event where the total requests for Iraqi bonds more than six billion dollars, and this confidence came as a result of the reforms that Iraq worked with the Fund on the one hand and its success in defeating terrorism and its ability to arrange internal papers and transit The financial crisis despite the harsh conditions experienced during the past two years on the  other hand  .

[navira45]

Thumbs up. Bump it

[navira45]

Something tells me that people will be lining up doing their exchanges of high notes to lower notes during the holidays....before the 21 this month. Pray that iam right. Later

[Vespa_Romeo]

10 minutes ago, navira45 said:

Something tells me that people will be lining up doing their exchanges of high notes to lower notes during the holidays....before the 21 this month. Pray that iam right. Later

[presence]

Agreed - my energy tests come back very strong for a nice result by the 21st. I pray you are correct navira45-

peace~

[navira45]

Hi presence, as i was lying on my bed, it suddenly hit me the days that CBI ask for holidays were not holidays at all...they are the days for people to come and exchange their high notes to lower notes. Then I heard Him and said that those are the days they exchange those high notes. Pray that Iam right. Later

[Vespa_Romeo]

33 minutes ago, navira45 said:

Hi presence, as i was lying on my bed, it suddenly hit me the days that CBI ask for holidays were not holidays at all...they are the days for people to come and exchange their high notes to lower notes. Then I heard Him and said that those are the days they exchange those high notes. Pray that Iam right. Later

if everything is comin' true then u'll be the 2nd DV's prophet after Adam. my pray always with u nav45.

[presence]

narira45- thank you for your elaboration and for sharing a very personal moment of yours with me and others-

God Bless. Presence~

[yota691]

«International Monetary» supports Baghdad with $ 5.38 billion

 

Two days ago Naser MuhammadEconomy News

«International Monetary» supports Baghdad with $ 5.38 billion

 

 

«International Monetary» supports Baghdad with $ 5.38 billion

According to the Constitution, the website of Al-Wasat, containing the news of "International Monetary", supports Baghdad with $ 5.38 billion.

 

Al-Wasat - The International Monetary Fund (IMF) has announced that it has supported Baghdad during the three-year credit stand-off amounting to SDR 3.831 million (US $ 5.380 billion), equivalent to 230 per cent of its membership.

The IMF said in a statement on Saturday that the boom is driven by the moderate increase in oil production, the recovery of non-oil prosperity, supported by the expected improvement in the security situation, and the implementation of structural reform measures.

However, the risks remain very high, mainly due to volatile security conditions, political tensions and weak policy implementation.

On August 1, the Executive Board of the International Monetary Fund concluded Article IV consultations with Baghdad.

Baghdad faces a double shock as a result of the conflict with the organization of the "Islamic State Organization" and the fall in the price of crude oil. In 2016, real GDP increased by 11 per cent due to a 25 per cent increase in oil production which was not significantly affected by the conflict with the Organization of the Islamic State .

Economic activity is expected to remain weak this year as crude oil production is delayed by 1.5 per cent in line with OPEC's extended oil and oil agreement, which controls production cuts and a modest recovery in the non-oil sector.

The decline in the price of crude oil in the fall of international reserves in Baghdad from 54 billion US dollars at the end of 2015 to 45 billion at the end of 2016.

There are still crises on public finances, where the government deficit has increased from 12 per cent of gross domestic product in 2015 to 14 per cent in 2016, despite ongoing austerity measures, due to the fall in the price of crude oil and increased spending on humanitarian and security needs.

Please if you like the news of «International Monetary» supports Baghdad with $ 5.38 billion, share the news on social networking sites. You can also follow all news via Facebook and Twitter.

[yota691]

Iraq is preparing to receive about 5 billion dollars

24/8/2017 12:00 am  Baghdad / Tareq al-Araji BAGHDAD (Reuters) - Iraq's central bank has announced that Iraq will receive more than four and a half billion dollars from the International Monetary Fund and the World Bank, along with the seven major industrialized nations and international organizations and institutions as soft loans to help Iraq overcome its financial crisis. The governor of the Central Bank of Iraq Ali Alalak said in a statement to the "morning": "The volume of the amounts resulting from this international agreement with Iraq as loans and grants amounting to 15 billion dollars for the years 2016, 2017 and 2018, and each review ends quarterly with a positive report is the payment of specific payments. "Iraq is receiving $ 850 million from the International Monetary Fund, $ 1 billion from the World Bank, 3 billion from the seven major industrialized countries,  International.

[pokerplayer]

13 minutes ago, yota691 said:

Iraq is preparing to receive about 5 billion dollars

24/8/2017 12:00 am  Baghdad / Tareq al-Araji BAGHDAD (Reuters) - Iraq's central bank has announced that Iraq will receive more than four and a half billion dollars from the International Monetary Fund and the World Bank, along with the seven major industrialized nations and international organizations and institutions as soft loans to help Iraq overcome its financial crisis. The governor of the Central Bank of Iraq Ali Alalak said in a statement to the "morning": "The volume of the amounts resulting from this international agreement with Iraq as loans and grants amounting to 15 billion dollars for the years 2016, 2017 and 2018, and each review ends quarterly with a positive report is the payment of specific payments. "Iraq is receiving $ 850 million from the International Monetary Fund, $ 1 billion from the World Bank, 3 billion from the seven major industrialized countries,  International.

 

 

  This puzzles me?    If they were going to RV in say even 2 months then why go through all the trouble of getting a loan for $5B from the IMF ? Not sure why but this is giving me an uneasy feeling.

 

  pp

[Jaxinjersey]

7 minutes ago, pokerplayer said:

 

 

  This puzzles me?    If they were going to RV in say even 2 months then why go through all the trouble of getting a loan for $5B from the IMF ? Not sure why but this is giving me an uneasy feeling.

 

  pp

Hi PP... Even if they were "planning" to RV sometime soon (even tomorrow!), a loan is still just working capital, re-establishing credit, business as usual, etc. etc.  I'm also of the thinking, that an RV, at any rate, is still just a fairly neutral event INSIDE Iraq... more of an economic catalyst... and providing more purchasing power for the citizens and the country at large.  WE, outside of Iraq, are the ones that will (hopefully) benefit the most from an RV...  Just my thoughts! 

[pokerplayer]

13 minutes ago, Jaxinjersey said:

Hi PP... Even if they were "planning" to RV sometime soon (even tomorrow!), a loan is still just working capital, re-establishing credit, business as usual, etc. etc.  I'm also of the thinking, that an RV, at any rate, is still just a fairly neutral event INSIDE Iraq... more of an economic catalyst... and providing more purchasing power for the citizens and the country at large.  WE, outside of Iraq, are the ones that will (hopefully) benefit the most from an RV...  Just my thoughts! 

 

Thxs Jax, as always, your words of rational are appreciated.

 

  pp

[10 YEARS LATER]

. . . 'round & ' round we go, when this will stop nobody knows. Oh well, someday I guess.

[yota691]

Iraq receives $ 5 billion from the IMF and the World Bank

economy

 Since 2017-08-24 at 10:24 (Baghdad time)

 

Baghdad Mawazine News

The central bank said that the Iraqi government will soon receive about 5 billion dollars in loans from the International Monetary Fund and the World Bank to be able to overcome the financial crisis .

"Iraq is in the process of receiving $ 850 million from the International Monetary Fund, $ 1 billion from the World Bank, 3 billion from the seven major industrialized countries and international organizations and institutions, as soft loans so that it can overcome," Al-Alaq said. Financial crisis . "

He explained that "the volume of the amounts resulting from this international agreement with Iraq as loans and grants, amounting to 15 billion dollars for the years 2016, 2017 and 2018. "

Iraq has been in a financial crisis since 2014 due to falling oil prices and a large-scale offensive in the country. But the crisis subsided after oil prices rose in recent months and Iraqi security forces recovered over the past two years for the majority of the areas it controlled . Finished

[yota691]

Abadi adviser: Iraq will get about 16 billion dollars to bridge the budget gap

Readers

 

Abadi adviser: Iraq will get about 16 billion dollars to bridge the budget gap

 

Last Activity: 24-08-2017 03:16 PM

 

The Euphrates -

 

The Financial Advisor to the Prime Minister announced the appearance of Mohammed Saleh, on Thursday, that Iraq will receive about $ 16 billion to bridge the budget gap, indicating that the agreement to prepare for credit with the International Monetary Fund will continue until mid-2019.

Saleh said in a press statement that Iraq will get through the agreement with international organizations and the seven countries on the nearly $ 16 billion to bridge Iraq's budget gap, which is close to the financial gap in the budget estimated at 18 billion dollars. Adding that Iraq signed on July 7, 2016 with the International Monetary Fund agreement credit readiness to provide a loan worth $ 5.3 billion, indicating that Iraq so far withdrew from the loan nearly two billion dollars. 

He added that the agreement with the International Monetary Fund will continue until the middle of 2019 and by 36 months, noting that the loan will be a soft rate of 1.5% per annum and a repayment period of five years and a grace period of two years. 

 

Saleh explained that the World Bank will also provide Iraq with a loan of three billion dollars, in addition to a loan from the Group of Seven industrialized countries and $ 4.2 billion, as well as the postponement of 4.6 billion dollars resulting from compensation of the war in Kuwait. 

 

Saleh pointed out that Iraq will implement programs and financial and monetary targets and put them in a framework that provides financial stability for Iraq and face financial and security challenges.

[10 YEARS LATER]

The borrowing continues unabated ---

[Synopsis]

1 hour ago, yota691 said:

Saleh explained that the World Bank will also provide Iraq with a loan of three billion dollars, in addition to a loan from the Group of Seven industrialized countries and $ 4.2 billion, as well as the postponement of 4.6 billion dollars resulting from compensation of the war in Kuwait.

 

Hmmm.....................I'm not quite sure what to make of the bolded statement, "postponement of 4.6 billion dollars resulting from compensation of the war in Kuwait." Looks like Iraq will get loans from the World Bank and the Group of Seven industrialized countries. Maybe the payment of the 4.6 billion dollars owed to Kuwait is being put off, too? Seems like Kuwait would need to be satisfied via UN criterion for Iraq to really move forward. Maybe Iraq is soon to find some "pocket change" somewhere soon and get the Kuwait issues behind them.

 

Just thinking out loud!

 

Go Moola Nova!

[The Englishman]

Iraq Appeals for $16 Billion Additional Loan

 

 

 Leyla H. Sherwani

 26/08/2017 - 16:12

Economy

 

 

 

ERBIL—  The Iraqi government has already began talks for borrowing 16 billion USD from the foreign countries and the International Monetary Fund (IMF).

The negotiations began after the Iraqi House of Representatives sanctioned the loan, Ahmad Haji Rashid, a member of the Finance Committee of Iraqi parliament told BasNews on Saturday.

Part of the loan is intended to improve budget deficiency and the rest will be spent on the construction of basic services, he added.

According to Rashid, Kurdistan Region has not benefit from the loans that Baghdad has taken and will not benefit from this loan as well. Therefore, there is also no obligation on Erbil to recompense these loans jointly with Baghdad.

According to the IMF, Iraq’s national and foreign debts will most likely exceed 125 billion USD before the end of this year. The estimations also suggest that the country will pile up a loan, amounting to 134 billion USD, by the end of 2018.

[denster]

I'm wondering why so much borrowing,When they should be Revaluation in the picture.

[boomhand86]

I'm wondering when are they going to pay back past lenders? 

[ChuckFinley]

These guys will suck every dollar out of you then move on to the next until someone says no. 

[blueskyline]

My novice opine . Long term oil sale . Pay upfront now . Oil over period of time later . I guess the advantage is everyone is locked in at this low price now . Who knows ??? The picture is getting Bigger everyday too. They also want to set the price of oil . Raising it to Asia I would guess ? Lots of deals and moves being made for sure ...