Iraq Wants $88 Billion For Rebuilding. Allies Offer A Fraction Of That !

[DinarThug]

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The outcome of the Kuwait conference .. The government confirms the ability of Iraq to deal with loans and experts prefer to reject them
 

18th February, 2018

The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, on Sunday, Iraq is committed to the limits set for all countries on obtaining loans, pointing to the intention of the Gulf countries to extinguish the debts owed by Iraq. He expected the economic adviser, "to write off debts owed by Iraq after the Kuwait Conference to have the capacity to deal with loans," describing the speech on Iraq's failure to accept the loans obtained at the Kuwait Conference as "contradictory" because "the World Bank is one of the sponsors of the conference Warns that Iraq can not repay the loans. "

Saleh said in an interview with "The Economist News" that Iraq is committed to the limits of religion allowed him, "noting that most of its debts dating back to the era of 1990, to the Iran-Iraq war, a debt has not been confirmed by the lack of documents to prove 

, "The Gulf states have the intention to write off their debts, which Iraq has suffered for the last time, and the UAE years ago, decided to cancel the debt, but it is still verbal and undocumented." 

In turn, the economic expert, Abdul Rahman al-Mashhadani, one of the participants in the Kuwait Conference, "the economy News", that Iraq does not need the loans obtained at the conference, even if the benefits are easy, noting that "Iraq needs loans to lead to Buy production lines and invest in factories to run a workforce or loans that address the balance of payments imbalances. " 

He added that Iraq had a "license" he had obtained two years ago when they gave him a credit rating (B +) from the World Bank to qualify for loans with his guarantee as well as the International Monetary Fund. He also has a pledge from Britain for 10 billion pounds, up to 14 billion dollars, By the Kuwait Conference. 

"The aim of the Kuwait conference is to get grants, but what we got is loans," he said. "We have also revealed that some investors are even afraid of tribal conflicts that threaten some projects. 

Sources familiar with the Council of Ministers had revealed earlier that Prime Minister Haider Abadi may "reject" the loans granted to Iraq at the Kuwait Conference, noting that the World Bank has confirmed the inability of the country to bear more debt. 

[DinarThug]

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Parliamentary finance reveals a request by the International Monetary Fund to Iraq related to oil

 

2018-02-18 at 13:18 (Baghdad time)

A member of the Finance Committee MP Masoud Haider, on Sunday, the need to regulate taxes within a special law away from the general budget, noting that the International Monetary Fund demanded Iraq to increase non-oil revenue and turn its economy to non-oil, even partially by 20-25%.

"The government was clear to impose taxes on some private sectors and according to the law," he said in an interview with Mawazin News. "The International Monetary Fund has demanded that Iraq increase its non-oil revenues and turn its economy into non-oil, % To be like other countries. "

He added that "the Parliamentary Finance Committee considers it necessary to regulate taxes through a special law, but the Iraqi government put it within the budget for the year 2018," saying that "if taxes were imposed on citizens in the way that exhausts, the House of Representatives has the right to reject it or Vote on them through the discussion of the General Budget Law, which is difficult to pass because of the opposition of Kurdish MPs and Sunni blocs and some of the provinces of oil-producing provinces. "

The MP for the State of Law Mansour al-Baiji pointed out in a statement that there is a tendency to impose new taxes on citizens by the budget of 2018 under pressure from the World Bank to grant loans to the country.

Edited February 18, 2018 by DinarThug

[newbieDA]

Iraq did not want loans, they wanted hand outs.

[ChuckFinley]

5 hours ago, newbieDA said:

Iraq did not want loans, they wanted hand outs.

That is for sure and the well is drying up.   

[DinarThug]

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The Secretariat of the Council of Ministers invites representatives of diplomatic missions to follow up the implementation of their donor countries' commitments to the Kuwait Conference

16:39 - 19/02/2018  

 

The Secretariat of the Council of Ministers on Monday called on representatives of diplomatic missions to follow up the implementation of their donor countries' commitments at the Kuwait Conference.

The Secretary-General of the Council of Ministers Mahdi Al-Alaq chaired a meeting held at the Secretariat General of the Council of Ministers in the presence of the heads of the (advisers, the National Investment Authority and the Reconstruction Fund for the affected areas) and the deputies of the Ministries of Finance and Electricity Other officials, representatives of relevant parties in Iraq, as well as the European Union, the United Nations and the World Bank. "

"Al-Alaq called on representatives of diplomatic missions to follow up on the implementation of the commitments announced by their countries at the conference, which was held last week," she said.

"The importance of following up the results and outputs of the conference and dealing with loans, grants and investment opportunities in accordance with the frameworks developed by Iraq in cooperation with the World Bank."

The statement pointed out that "during the meeting presented the form prepared by the World Bank for details of funds that States are committed to operate in Iraq and include areas of expenditure according to the interest of participating countries and channels of management.

On Wednesday, Kuwaiti Foreign Minister Khalid al-Hamad al-Sabah announced the arrival of loans and international grants to Iraq during the Kuwait conference to 30 billion dollars. 

[DinarThug]

Saudi Arabia pledges its financial aid to Iraq by renewing Abbadi's mandate

February 19, 2018

 

  

 

The Saudi magazine "The Atlantic", the "Saudi" keen on renewing the mandate of Iraqi Prime Minister Haider Abadi, noting that Riyadh is ready to provide financial assistance for the reconstruction of Iraq in the event that happen.

"Some of the participating countries have concerns about the results of the elections, which may lose a lot of money for their opponents," the magazine said in a report on the financial bids made to Iraq during the Kuwait conference.

"Saudi Arabia does not want to pump a lot of money into the reconstruction of liberated areas before the elections," the report quoted Sajjad Jayyad, who runs the Bayan Center for Studies and Planning in Baghdad, as saying. "The Saudis ... are hesitant to pledge large sums before the elections. If Abadi remains, we may see more money coming in."

The report said that "the money requested by Iraq up to 100 billion dollars, while received only 30 billion," noting that "regardless of what Iraq requested, it is unlikely that the country is able to spend 88 billion dollars this year, or the following year, or To 2020 until ".

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[DinarThug]

Results of the Kuwait Conference Opinion (for donors)

 

BY 

IRAQI NETWORK OF ECONOMISTS

- PUBLISHED ON 19/02/2018
 
The important political gain at the Kuwait Conference was the speech of the Secretary-General of the United Nations
 
 "The world is indebted to you for your struggle against the global threat imposed by the Islamic State. It is time to show our sincere gratitude and express our solidarity with the people of the East."
 
 In addition, the amount was appropriated to cover the cost of reconstruction.
 
 The budgets of the wazart or the provincial councils are prepared in which a number is defined as a similar goal. Then the figures and the names of the projects are filled with no details or clear objectives.
 
Just as the government did not improve the estimation of the need for funds, and it did not improve the guesswork of a pilgrimage that was not in high-level technical contact with, as it appears, grants and grants because it is the source of this prior knowledge, while the governments and organizations attending the conference were a routine diplomat By any State that convenes any conference that discusses its own case. And here I record my previous observation is that Mr. Abadi does not have a good team or really does not have a team

They are connected to companies and banks and are keen to maintain their good relationship with Mr. Abbadi for reasons of utilitarian has nothing to do with the supreme interests of the country; that is not different from his predecessor, Mr. Nuri al-Maliki.
 
 ($ 33 billion, less than the Madrid conference) .30 The pledges of donor countries towards the money whose money went into the wind were $ 53 billion (53 billion dollars in 2003) and later evolved to Jaafari: ) Confirms what he went to, in interpreting the requests that were tantamount to commercial bargaining in Mazad or the only wishes he had to invest in an attempt to attract the world. Mr. Jaafari, who was asking for clear judicial guarantees to invest in Al-Arak, . All this will be in the form of loans, credit facilities, investment and some direct assistance. Here, another description of the Conference should be made, as the Donor Conference does not apply to it.
 
The numbers look all against Saudi Arabia, Kuwait, Britain, the United States, Turkey and the Union but all the figures need to be, European and other countries, financial institutions and banks are known
 
 A careful description of the government to understand or explain to the public, but I can say that one billion 1.46 total grants or aids announced in the media amounted to (LAR) and four hundred million dollars for loans. Had it been there The error in our transfer of these figures is because the government did not provide us with the story of official figures, and should do so in accordance with the principle of transparency, which is the most important foundations of the fight against corruption.
 
But why ambiguity? In fact, more than half of the amount declared was usually a declaration of previous loans previously agreed upon with countries and international financial institutions such as the British loan and the World Bank loan, and the government should clarify this ambiguity.
 
These loans will certainly be added to the high public debt, which exceeded gross domestic product, as well as the credit facilities, which were more expensive than the annual ones without the need for the Kuwait conference (debt is normal in today's economy and there are countries whose debt exceeds twice the GDP) The problem is that foreign indebtedness is one percent of public debt, while domestic debt accounts for more than 105 percent of the debt of most countries, as in the United States, whose debt constitutes one percent of GDP, 230 per cent of GDP, and Japan, Nana GDP, etc.). 42 fat is forming
 
It is difficult to identify an urgent situation that reflects the success or failure of the conference towards the majority because of the need to check each word and what it means (facilities, grants, loans, investment, support for exports, reconstruction ... etc). Under a government administration that does not understand the language of numbers, as confirmed by the agendas of the projects and the figures that were developed as the wishes of the drivers who went on a free recreation.

What indicates to Abbadi that he has taken a positive step open to the world, and what is recorded against him that the team of fakers around him are trying to market it as election propaganda. I think that the conference does not fit in with the size of the huge debt that will reach the local GDP if it is approved. The grants are only part of the announced figures and the remainder will be in the form of loans or Descriptions may need to be carefully interpreted by donor countries if the government is unable or unwilling to explain to the public.
 
(*) Hussein Al-Henin / President of the Center for Development Research
 
Copyright © The Economists Network. Reproduction is permitted provided that reference is made to the source. 2018 February 9 http://iraqieconomists.net/en/

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[SupraRacer]

5 hours ago, DinarThug said:

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The Secretariat of the Council of Ministers invites representatives of diplomatic missions to follow up the implementation of their donor countries' commitments to the Kuwait Conference

16:39 - 19/02/2018  

 

The Secretariat of the Council of Ministers on Monday called on representatives of diplomatic missions to follow up the implementation of their donor countries' commitments at the Kuwait Conference.

The Secretary-General of the Council of Ministers Mahdi Al-Alaq chaired a meeting held at the Secretariat General of the Council of Ministers in the presence of the heads of the (advisers, the National Investment Authority and the Reconstruction Fund for the affected areas) and the deputies of the Ministries of Finance and Electricity Other officials, representatives of relevant parties in Iraq, as well as the European Union, the United Nations and the World Bank. "

"Al-Alaq called on representatives of diplomatic missions to follow up on the implementation of the commitments announced by their countries at the conference, which was held last week," she said.

"The importance of following up the results and outputs of the conference and dealing with loans, grants and investment opportunities in accordance with the frameworks developed by Iraq in cooperation with the World Bank."

The statement pointed out that "during the meeting presented the form prepared by the World Bank for details of funds that States are committed to operate in Iraq and include areas of expenditure according to the interest of participating countries and channels of management.

On Wednesday, Kuwaiti Foreign Minister Khalid al-Hamad al-Sabah announced the arrival of loans and international grants to Iraq during the Kuwait conference to 30 billion dollars. 

 

Oh we cried and boohoo'd for everyone to just give us what we want and now we want confirmation that we are going to get what you promised.  Here's a thought RV your fracking worthless toilet paper that is useless anywhere for anyone to do anything with (for now) currency. All these people remind me of are the panhandlers on the corners begging for money.  And what do people do that see them......you guessed it give them more and more money.  Hey Iraq put on you big boy panties and quit acting like everyone owes you because you had a hard life.  Most of us have had a hard life and what do we do put on our big boy or girl pants and keep going. 

 

Sorry to rant but this just goes to show that these thieves just want to continue to get handouts and then oooops we lost the money so we need more.

 

SR

[DinarThug]

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Al-Enezi: "The government focused on turning the Kuwait conference into an "investment of donors, not lenders."

 

19th February, 2018

The deputy of the National Alliance Abdul Karim al-Enezi, said Monday, February 19, 2018, that the Iraqi government has made great efforts to make the conference on reconstruction in Kuwait, a conference of "donors and not lenders."

"The Iraqi government has made strenuous efforts to attract funds for construction, development and reconstruction, which are commendable efforts both in terms of investment and grants," Al-Enezi told Al-Masalla.

Al-Anzi stressed that "the government has made efforts with the State of Kuwait to organize the conference."

Al-Anzi stressed that "the Iraqi government has made great efforts to make the conference a donors conference, and to convert loans to grants from those who promised us that they came to help Iraq."

The deputy of the coalition of state law Jassim Mohammed Jaafar, Sunday, February 18, 2018, that the Kuwait conference was a successful and influential conference to benefit from Iraq, and was a clear message to investors and donor countries that Iraq can be free of terrorism.

UN Secretary-General Antonio Guterres said on Wednesday that the response to the conference was a sign of confidence in the Iraqi government and people, pointing out that Iraq was on track and the international community had shown confidence in it.

[DinarThug]

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Economist : This is what will do sovereign loans in Iraq

 

2018-02-20 at 13:05 (Baghdad time)

Dhargam Mohammad Ali, a senior economist, described Tuesday the sovereign loans Iraq has received as "the worst kind" of loans because it is holding down the economy of the countries, pointing out that Iraq does not need them.

"Sovereign loans are one of the worst types of loans because they are holding back the economies of the countries and their wealth if the repayment is delayed," Ali said in an interview with Mawazin News.

"It is possible to direct Iraq's resources in such a way as to secure amounts equal to these loans over the next three years for serious reconstruction and to combat administrative and financial corruption," he said.

It is noteworthy that Iraq received during the donors conference in Kuwait sovereign loans of $ 15.5 billion, through ($ 1 billion Kuwait, $ 5 billion Turkey, $ 1 billion Saudi Arabia, $ 1 billion Qatar, $ 250 million UAE, $ 1.5 billion fund Arab Development Bank, $ 500 million Islamic Development Bank, $ 260 million Italy, and $ 6 billion World Bank.

Sources in the media revealed that these loans granted to Iraq at the Kuwait International Conference are non-binding pledges to the donor, but are written commitments, but they are not binding, according to the data contained in the final recommendations.

[pokerplayer]

45 minutes ago, DinarThug said:

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Economist : This is what will do sovereign loans in Iraq

 

2018-02-20 at 13:05 (Baghdad time)

Dhargam Mohammad Ali, a senior economist, described Tuesday the sovereign loans Iraq has received as "the worst kind" of loans because it is holding down the economy of the countries, pointing out that Iraq does not need them.

"Sovereign loans are one of the worst types of loans because they are holding back the economies of the countries and their wealth if the repayment is delayed," Ali said in an interview with Mawazin News.

"It is possible to direct Iraq's resources in such a way as to secure amounts equal to these loans over the next three years for serious reconstruction and to combat administrative and financial corruption," he said.

It is noteworthy that Iraq received during the donors conference in Kuwait sovereign loans of $ 15.5 billion, through ($ 1 billion Kuwait, $ 5 billion Turkey, $ 1 billion Saudi Arabia, $ 1 billion Qatar, $ 250 million UAE, $ 1.5 billion fund Arab Development Bank, $ 500 million Islamic Development Bank, $ 260 million Italy, and $ 6 billion World Bank.

Sources in the media revealed that these loans granted to Iraq at the Kuwait International Conference are non-binding pledges to the donor, but are written commitments, but they are not binding, according to the data contained in the final recommendations.

 

 

Not sure if this is a good thing or not ? All the corrupt officials will be disappointed as this means less to steal.

 

   pp

[DinarThug]

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Video: What prevents the World Bank from handing over the funds of the Kuwait Conference for Iraq ?

20th February, 2018    

The task of fighting corruption , which announced by the Iraqi government after declaring victory on Daesh, to prosecute corruption capital and recover the looted money and to end the presence of centenarians in managerial positions over the previous governments and the current, the task seems difficult and will not accomplish easily, which was confirmed by Prime Minister Haider al - Abadi during a weekly conferences, Saying that fighting and eliminating corruption in the country is a major process that will not end within days.

Without the internationalization of the issue of corruption in Iraq, it would not be possible to resolve the issue and future generations will not be able to obtain their most basic rights according to MPs. Parliament officials called for the formation of an international coalition very similar to the one formed in 2000 But his tasks will be not to fight a staunch but to combat the scourge of corruption that has ravaged the state and looted its financial budgets over the past years. 

 

The fight against corruption through the international community and the United Nations is not limited to retrieving the Iraqi money smuggled from it, but to restore the confidence of the whole world in the status and credibility of Iraq, where a member of the Committee on Economy and Investment in the House of Representatives Amer al-Fayez, the requirement of the World Bank to keep the funds of the donor conference held in Kuwait Under his supervision is expected, in view of Iraq's global diagnosis of high corruption index, which increases the concern of the world's countries to invest or trade or grant grants to this country.

Edited February 20, 2018 by DinarThug

[DinarThug]

Iraq's Abadi plans for meeting to follow up on Kuwait conf. pledges

February 20 2018 11:27 PM

Haider Abadi

 
Iraqi PM Haidar Abadi said Tuesday his government plans to call for a meeting next month for countries that participated in Iraq's reconstruction conference in Kuwait in order to follow up on their pledges, KUNA reported.  

Abadi told a news conference his government met with ambassadors of countries that made pledges at Kuwait's conference and proposed a meeting next month to pave way for the rebuilding process.

He said Iraq sought to achieve "economic leap" following the investment pledges made in Kuwait.

The reconstruction conference in Kuwait was not the final phase but the first one to attract investment, he added.

The conference "was an amazing and unexpected success," he said, because the number of companies that attending the meetings was "higher by two or three folds than originally planned."

The February 12-14 reconstruction conference in Kuwait succeeded in collecting USD 30 billion to Iraq.

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[DinarThug]

 

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Abadi: Iraq plans to hold next month's meeting of countries supporting the Kuwait Conference

 21st February, 2018
Iraqi Prime Minister Haidar al-Abadi said his government is seeking to hold a meeting next month of supporting countries at the Kuwait International Conference for the Reconstruction of Iraq to follow up the pledges it made to his country .

Abadi said on Tuesday that his government had met with ambassadors of countries that had made pledges in Kuwait and offered ideas to hold a meeting next month to prepare for the next stage, according to Kuwait News Agency (KUNA ).

The Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Khalid Al-Hamad Al-Sabah, said that the outcome of the Iraq reconstruction conference has reached pledges of investment flows of 30 billion US dollars .

While the Iraqi Foreign Minister Ibrahim al-Jaafari that the pledges made at the international donors conference, aimed at the reconstruction of Iraq "less than what the country requires ."

Abadi continued that his country seeks to achieve an economic leap in the next phase based on what was achieved at the Kuwait Conference of international support and investment for his country .

He pointed out that the Kuwait conference was not the final stop, but rather a primary station for attracting investments. It has achieved remarkable success and success, especially as the number of companies contributing to it was more than two or three times the planned number. Beyond the reconstruction phase.

[DinarThug]

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The misfortune of the "obelisk": corrupters promote the concept of "corruption of all" to mix the papers
 

 

21st February, 2018

The MP of the Free Bloc Sadiq al-Mahna said Wednesday that the world at the Kuwait conference was convinced of the correct performance of Prime Minister Haider al-Abadi and the people's trust in him despite the negative message sent by the parliament not to approve the budget until He pointed out that corruption is not a general phenomenon and there are ministers and deputies who test their integrity.

Politicians do not like the government's successes

"However, the world is convinced of the role of Prime Minister Haider al-Abadi and the people's trust in him," he said. "However, some politicians do not like it for political or other reasons," he said. .

"He was at the Kuwait conference positive things, although it was an investment conference and not Emaar."

UN Secretary-General Antonio Guterres said Wednesday, February 14, 2018, that the response to this conference is an amazing evidence of confidence in the government and the people of Iraq, pointing out that Iraq is on track and the international community has shown confidence in it.

Ministers and deputies enjoy integrity

"The corrupt people themselves are promoting these terms and ideas to mix the cards. The prime minister enjoys integrity with ministers, deputies and other officials, and that means that not everyone is corrupt," Mahana said of the crackdown on social networking sites and the media to kill Hamas voters.

He stressed that "we need an awareness campaign and that the initiative of the political blocs clean and fair to appoint a spokesman in their names to clarify the achievements."

The use of terms: corrupt government, corrupt parties and corrupt figures, and the joy of the idea that all that is in Iraq corrupt, and that there is no hope in the next elections to change the reality, in an attempt to kill Hamas, the Iraqi voter And to prevent his participation in the selection of his representatives in Parliament.

The leader of the coalition of state law MP Ali al-Alaq, Tuesday 13 February 2018, that this conspiracy will not fool the people, he knows his parties and personalities and politicians, there may be pens and electronic armies politicized and march, but the will of the people and political forces good, Supreme in Najaf, strong in the political process, a safety valve for the unity of Iraq and its political system. He pointed out that participation in the elections is a legitimate duty and everyone should participate in it.

[DinarThug]

(by don961)

Has the reconstruction conference revealed new friends and partners to Iraq ?

 

 

2018/2/21 10:55:06 AM 
The recent international conference in Kuwait to help Iraq rebuild its war-affected areas against a terrorist organization has given striking and surprising insights on countries willing to invest in Iraq and participate in its stability.

As the United Nations and the World Bank spearheaded a new program to revive Iraq's resilience, neighboring Gulf states with Turkey stepped up and waved new pledges. Given growing regional tensions over Iran and Syria, the commitment to help Iraq recover is a positive development in the Middle East.Perhaps with some fear and conflict, Iraq's neighbors may believe in its strength and stability as a key factor in regional security.

The conference, organized by the United Nations, the European Union and the World Bank, focused on the role of the private sector in rebuilding Iraq's war-torn cities and restoring basic services to the impoverished city of Mosul.

UN Secretary-General Antonio Guterres has spoken of a quick track of some of the benefits of reconstruction so that citizens will feel improvements in their quality of life before ambitious infrastructure plans are realized.

Of the nine new elements of the recovery and resilience program, three are explicit elements of Iraq's liberated areas from a terrorist organization.

At the international level, the World Bank and other conference organizers briefed on how to make Iraq more conducive to the private sector, including building confidence among investors that endemic corruption in the country would be addressed, as well as promoting greater transparency in banking practices and other business practices. Iraq ranks at the worst levels of countries with the annual corruption index of international transparency, although it has improved slightly in recent years.

Overall, the conference provided a useful window in the evolving policies of Iraq and its immediate neighbors to invest. The current Iraqi government enjoys some respect and legitimacy in international circles despite its chronic problems and its firm perception that the Shi'ite-dominated government is not sufficiently committed to treating wounds for the Sunni minority.

Prime Minister Haider al-Abadi is widely regarded as better than his predecessor, Nuri al-Maliki, so the conference was an important test of Abadi's position and persuasive power.

After the fall of Saddam Hussein's regime in 2003, successive governments sought hundreds of billions of dollars to rebuild Iraq under US occupation. US officials have often wanted Iraq to be more realistic or to explain what part of the total costs could be covered.

This time, Iraqis complained that the final pledges of $ 30 billion were far less than the $ 88 billion provided by officials at the Kuwait conference. The international group was pleased and pleased that the figure was $ 30 billion, and it was embarrassing that the figures are much lower.

What is striking is the level of commitment of Iraq's immediate neighbors. Turkey came first with financial pledges of $ 5 billion in loans and investment guarantees. The Kuwaitis pledged $ 2 billion, the Saudis $ 1.5 billion, the Qataris and the United States together a billion.

It is clear that the Gulf states sometimes deviate from their commitments, but one can hope that there will be effective follow-up this time. The conference could be a sign of the shift from lukewarm support to power, as Iraq's stable political and economic ties with its Arab neighbors are vital to regional security and containment of Iranian influence within the country.

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[DinarThug]

Exploitation of funds to move towards the reconstruction and development of Iraq
21/2/2018 12:00 am 

Amer Eissa Al-Jawahiri 

Although the aim of organizing the International Conference for the Reconstruction of Iraq in Kuwait for the period from 12 to 14 February 2018 was clear to all concerned concerned about the future of Iraq by providing all the resources and requirements for its development and prosperity, regardless of the method and details of the organization and speech addressed to the world and the results of the conference, We will work to put Iraq's economy and future in the right direction. 

The great interest of the conference was noted by the countries and companies looking for work. Regardless of the style of Iraqi discourse addressed to the world at this conference, but it should be noted that the expression of interest in the outcome of the conference between the need for more attention to grants and focus on the provision of loans that do not generate payment factors. This result indicates the need to reconsider the international consideration of Iraq's position in the fight against terrorism and the current and future serious losses, the first of which were tens of thousands of victims. 
No matter how many names and necessities, but it is clear that the loans will increase the attachment of Iraq and its future generations with commitments indicating signs of difficulty to meet them so we recommend the government 
To thank all the countries and institutions that have provided loans at the conference and reconsider their acceptance or not and can only accept the grants only on the basis that the role of Iraq is not a request for aid, but an assessment of its role in the protection of the international community. 

At the same time, utmost transparency, priority and professionalism are emphasized in the acceptance and approval of such grants and the use of civil society organizations in their implementation. 

In any case, the direct exploitation of one billion dollars and its implementation requires time and it is imperative for Iraq to develop its management of this file. The results and measures of the success of the conference should be evaluated, including the number of interested companies and the importance of subsequent meetings of companies. To hold it in Baghdad. 

Crisis Crisis Team 
The economic affairs in Iraq should be headed by a "strategic crisis team" whose mission will be purely economic. It will include strategic experts in various fields from the government apparatus, retired experts, representatives of civil society organizations and private sector institutions. 
The team sets out visions and endorses the comprehensive national strategy, which includes all the strategies adopted with the development of policies and implementation plans. It monitors, evaluates and follows up on its implementation. This team follows up on the development plans and measures to diversify the economy and deal with the current and future expected crises such as oil and gas, manufacturing, sustainable energy and its uses, financial resources, water, agriculture and industry. Development of methodology, work ethic, societal values, education, scientific research, youth and the environment, and monetary and financial policy Banks, investment and partnership between the public and private sectors and public companies turning to companies contributing files loans and the future of future generations, infrastructure, services, communications, transportation, ports and dry channel. 
This group can look at international relations as well. 
The team sets up a follow-up mechanism for all steps to ensure its inevitable success. 
                      
Trust of the international community 
That the success of reconstruction and development in Iraq will be reflected on the local economic reality and be a magnet for companies and international investors and enhance the confidence of the international community in the Iraqi administration, which will pay in the future to support Iraq more than that development will require the participation of companies of those countries, 

Ensure the future of our grandchildren 
It is important to pay attention to the historical responsibility of the current generation, which is managing Iraq in the development of solutions for the near, intermediate, far and long stages and take practical steps on the right track to live the current generations better and ensure the future of our grandchildren and future generations. 

Comprehensive reconstruction commitments 
Otherwise, the deferred obligations will accrue to Iraq without generating revenues and the future will include limited oil revenues as the world moves towards sustainable energy. The requirements and commitments of the country's overall development and development will increase. Development and renewal of infrastructure and services, as well as increased commitments to meet the requirements of society, what is required to address the productive degradation and productivity of society, the payment of loan commitments and so forth. How will all this be implemented in the current economicThere is nothing to be achieved by forming committees without efficient or new administrations, supporting civil society organizations and the private sector, and adopting the principle of reward and punishment. 

New sources of funding 
In addition to the need for direct and decisive direct action to revive and diversify all sectors of the economy, we propose a firm initiative in the search for new sources of funding with the utmost professional, including, for example: 
- Direct serious implementation of major industrial and agricultural projects in the manner of partnerships and all methods and support the private sector to set up its projects. 
- Restoring all public assets seized to the government, based on force and legitimacy, evaluating them at market prices and disposing of those that are not suitable for public benefit transparently, selling them and transferring the remainder to deliberate uses of government institutions. 
- Follow-up and return of balances, real estate, companies, projects and shares belonging to the former regime and recorded in various names. 
- The return of looted money by the corrupt, whatever the cost. 
- Fighting corruption, fighting bureaucracy and routine and improving the performance, productivity and attention of workers to respect the traditions of work will lead to direct and indirect returns and reflected on improving the business environment. 

Walk towards prosperity 
The need to adopt the success story of Iraq and address the negative aspects of corruption and deterioration and the business environment and improve the economy to prove to our people and current and future generations to our ability to walk to prosperity and prove to the world our ability to partner with them, which will raise the quality and volume of investment transactions. 
That the circumstances of the country and the challenges facing it are an incentive to search for all ways and means to confront the crisis and take the steps of a thousand miles ... The Soviet Union, Vietnam and other countries did not wait for the development of their economies and industry to face the destruction during the two wars only the will and unity of management and society to withstand and build their capacity as well Japan's efforts Destroyed after the Second War and without resources to turn into this giant economy. 

We need example, initiative, will and action to assume historical responsibility. 

Consultant in industrial development and investment 
Member of the Baghdad Economic Forum

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[DinarThug]

(by samson)

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US minister : the project to settle salaries is a successful step and Baghdad promised investors to facilitate their work

 

 

21st February, 2018

The Minister of Economic Affairs at the US Embassy, Larry Mimoth, that the reconstruction conference of Iraq has been successful after the pledges made by the States, amounting to 30 billion dollars, adding that the Iraqi government promised investors at the Kuwait Conference to facilitate their work, considering the project to settle the salaries of the public sector in banks step Successful.

"The Kuwait conference on reconstruction of Iraq has achieved great success, and the pledges made by Iraq of 30 billion dollars can contribute to the development of the economy and growth, and these funds are the beginning of the reconstruction of Iraq for ten Years, stressing that these countries can not retreat from their pledges .

That "more than 200 American companies participated in the Conference of Iraq's ages are currently working in Iraq and some do not have business, and expressed their desire to invest in Iraq and participate in reconstruction," noting that "Iraq and America signed credit facilities worth 3 billion dollars to establish a project to generate electricity Through solar energy and gas investment associated with the production and development of the electricity sector of Iraq . "

He pointed out that "the World Bank estimated the reconstruction of Iraq by 46 billion dollars and that the financial pledges to rebuild Iraq amounted to 30 billion dollars, which is a preliminary payment for the development of the economy," explaining that "a great desire for investors to work inside Iraq, but some of them are waiting for reforms by the government Especially as the government has shown its commitment to enter the New York Convention and facilitate the granting of visas to investors . "

He added that "the government promised at the Kuwait Conference to implement the one window that will be a gateway to help investors and finish the procedures they need." He stressed that "the Iraqi private sector is besieged by the government, but must be the solution to build the Iraqi economy and meet the challenges ."

He added that "foreign companies have no difficulty in transferring their funds to and from Iraq, but this problem is faced by Iraqi businessmen and entrepreneurs," noting that "government banks do not give the opportunity to work for private banks while there are ongoing talks with the government to reform this situation and began Through the project to settle salaries for public sector employees . "

He noted that " the central bank's experience in settling their salaries to the private banks a successful move that will expand in the coming period to include a number of ministries and thus that millions of Iraqis would open bank accounts , " asserting that "the IMF program with the Iraqi government includes re - bank Rafidain and Rasheed restructuring " .

He pointed out that "cooperation between Iraqi banks and global correspondent banks, needs time, and it is up to the Iraqi banks through the application of compliance standards and help them in the field of training and development of their capabilities, but remains the option for foreign banks in dealing with Iraqi banks . 

[10 YEARS LATER]

This entire process is agonizingly slow, mired in  and the SPIN on the reported articles is preposterous. Yet without seemingly batting an eye, Iraq continues as if all is well, with a Crisis or 2 to deal with. 

 

I still have the feeling they expect so much from everyone else, but appear oblivious to their extreme shorting comings. Hope they get their act together quickly; the real world, WB & IMF Must certainly be at the end of their tether with the deliberate foot dragging & stalling.

Edited February 21, 2018 by 10 YEARS LATER

[DinarThug]

A second conference on the reconstruction of Iraq is being prepared under the auspices of the League of Arab States

 

BAGHDAD (Reuters) - A new Iraqi reconstruction conference under the auspices of the League of Arab States (LAS) is being held with the participation of senior Iraqi officials, an official Iraqi newspaper reported on Thursday.

"The convening of a major conference and exhibition in the Arab League will be next month, for the reconstruction of Iraq, with the participation of senior Iraqi officials," said the head of the Federation of Arab Investors, Huda Yissi.

"The exhibition will feature pavilions for small and medium-sized enterprises as the feedstock for major industries," she said.

For his part, said the Iraqi ambassador in Cairo and the permanent representative in the Arab League, Habib al-Sadr, that "Egypt will enter strongly in the reconstruction of Iraq," noting that "the volume of trade exchange between Baghdad and Cairo reached last year to one billion and 300 million dollars."

He added that "the next period will witness the signing of a cooperation agreement between the Iraqi Ministry of Health and its Egyptian counterpart to establish a hospital in Basra and another in Baghdad," stressing at the same time that "the opening of Arar port between Iraq and Saudi Arabia has contributed positively to the entry of Egyptian products to Iraq."

The Iraqi ambassador pointed out that "the pipeline project, which runs from the city of Basra, the southernmost of Iraq, to the port of Aqaba, the southernmost of Jordan, will contribute to supply Egypt of its oil needs."

At the same time, he stressed that "the reconstruction conference in Kuwait provided opportunities to develop development action data, remove obstacles and attract international expertise while applying the theory of combating extremism in development."

The International Conference for the Reconstruction of Iraq (ICARRD) was concluded last Wednesday in Kuwait with the participation of a number of ministers and officials from around the world. Iraq has secured financial pledges worth 30 billion dollars. Finished

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[DinarThug]

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Deputy reveals the amounts obtained by the liberated areas of the Kuwait Conference

 

24th February, 2018
The deputy of the coalition of Iraqi forces, Abdul Qahar al-Samarrai, on Saturday, the amounts obtained by the liberated areas of the Kuwait conference. 

Samarrai told "Al-Gharab Press" that "the total obtained by the liberated areas of the Iraq Reconstruction Conference recently held in Kuwait amounted to only one billion dollars," stressing that "delayed adoption of the budget was the cause of the low output of this conference."

 

"The rest of the amount announced by the government is loans and other projects have nothing to do with the liberated areas." He blamed the "government for having sent the bill late as well as a lack of understanding on some of the legitimate and legal demands of the people's representatives in the House of Representatives."

[DinarThug]

5 hours ago, DinarThug said:

"delayed adoption of the budget was the cause of the low output of this conference."

 

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Deputies: The budget will be included in the agenda of Wednesday's session to vote

18:51 - 24/02/2018  

 

The parliamentary legal committee announced on Saturday the inclusion of the budget to vote on the agenda of Wednesday's session in the event of a quorum.

A member of the Committee Salim Shawqi for / information / "The budget before the three presidencies to discuss some of the points of contention after the parliament ended the first and second readings."

He added that "Parliament is keen to pass by consensus, but will be included on the agenda session Wednesday to vote in the event of a quorum even if not agreed by the presidencies."

The Kurdistan Alliance threatened, Tuesday, to resort to the Federal Court to challenge the budget in case it passed its current form and boycott the voting sessions

[DinarThug]

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Iraq plans to launch 160 investment opportunities during a conference in Egypt
 

25th February, 2018

Iraqi Prime Minister Haidar al-Abadi said on Sunday that Iraq will put 160 investment projects on international companies during a conference in Egypt. 

The appearance of Mohammed Saleh, said that the conference will be held during the next three weeks in Egypt, a special reconstruction of Iraq, without specifying a specific date for him. 

Saleh said in a statement to the agency "Anatolia", that the conference will be dedicated to investors only, where will be offered about 160 strategic investment opportunities huge. 

Iraq will present projects already presented at the Kuwait Reconstruction Conference, but in a detailed and extensive format for international investors. 

The appearance of Mohammed Saleh that the conference will discuss investment opportunities in the construction of housing complexes and fill the needs of the country at the level of all provinces, and methods of financing and mortgage.

The State of Kuwait, sponsored in mid-February, an international conference for the reconstruction of Iraq with the participation of 2300 companies from 70 countries. 

Iraq has come out of the conference with pledges of up to $ 30 billion, which are investments and financial grants to rebuild the war destroyed against the terrorist organization "Da'ash" over three years. 

These amounts account for about 34 percent of Iraq's actual need, estimated at $ 88.2 billion, according to official reports.

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Iraq will be offered to international companies 160 investment opportunities during a conference in Egypt

 26th February, 2018
Iraq will put 160 investment projects on international companies at a conference in Egypt, an adviser to the Iraqi prime minister said on Sunday. 

The appearance of Mohammed Saleh, an economic adviser to Prime Minister Haider Abadi, said that the conference will be held during the next three weeks in Egypt, a special reconstruction of Iraq, without specifying a specific date.  The projects will be presented at a conference held in Kuwait for the reconstruction of Iraq, but in a detailed and wide format for international investors. 

Saleh pointed out that the conference will discuss investment opportunities in the construction of residential complexes and fill the needs of the country's housing at the level of all governorates, and methods of financing and mortgage. The State of Kuwait has sponsored the middle of this month an international conference for the reconstruction of Iraq with the participation of 2300 companies from 70 countries.

Iraq left the conference with pledges of just $ 30 billion, a promise of investment and financial grants to rebuild the war-ravaged three-year-old Islamic State.  These amounts account for about 34 percent of Iraq's actual need, estimated at $ 88.2 billion, according to official reports. 

On the other hand, the real estate bank yesterday reopened its branch in the city of Mosul to support the reconstruction of the city, which is inhabited by nearly two million people, after being destroyed by the battles against the "Islamic State". The real estate bank closed its branch when the radical organization seized control of the city in June 2014, most of whose buildings were turned into rubble by battles to regain control. "The bank's building was opened today," said Saifuddin Mohammed, the bank's director. "The loans will be made by applying directly or online." "Loans will be granted for the construction, purchase or rehabilitation of residential units," he added. 

Some 21,500 homes were completely destroyed or damaged in the city, the capital of the Caliphate, during the Iraqi-led fighting that ended with the expulsion of jihadists in July.  According to the United Nations Housing Program, damage to the housing sector accounts for nearly a fifth of the damage caused by years of bloody violence in Iraq. 

Among the attendees was Haitham Ahmed, a 35-year-old civil servant who had come to register for a mortgage, but had denounced the bank's interest on loans because his city suffered harsh conditions lasting three years of persecution and occupation followed by nine months of fierce fighting. "The interest rate is 3 percent, as in the past, and the state has not paid compensation to anyone, even though we are in an exceptional situation, at least it should be zero percent," he said. Waiting for a large number of Mosul residents has prompted reconstruction to begin after they have been tired of waiting for government aid.

[DinarThug]

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Maysan International Exhibition opens at its fifth session for energy, reconstruction and investment

 

26th February, 2018
The events and conference of the International Exhibition of Missan, on Sunday, the fifth session of energy and reconstruction and investment. 

The director of media of the Missan Oil Company Khaled Al-Waham said in a statement received by "Al-Ghad Press", a copy of it, that "the events of the Messan International Exhibition kicked off at its fifth session for energy, reconstruction and investment for the period from February 23 to March 1, Under the patronage of the Minister of Oil and the support of the local government of Maysan. "The exhibition is an important event and it is becoming an annual attraction for investment companies through offering opportunities in the investment sector with various specialties."

 

He added that "the exhibition is attended by more than (60) foreign and Arab and local companies will compete for investment projects, pointing out that the Missan Oil Company is working to encourage the attraction of foreign investors who will have a significant impact in the recovery of the economy through the establishment of such international exhibitions".

[DinarThug]

(by don961)

 

CONFERENCE FOR IRAQ DRAWS INVESTORS INSTEAD OF DONORS

Iraq, February 26, 2018

During a recent conference in Kuwait, Iraq was only able to raise a fraction of the money it needs for reconstruction, and rather than donations, most of the pledges were in the form of loans and investments to be used beyond the areas liberated from the Islamic State (IS).
Iraq has said it needs $88 billion to $100 billion, but it raised only $30 billion during the Kuwait International Conference for the Reconstruction of Iraq.
The conference, which took place Feb. 12-14, drew participants from 76 countries and regional and international organizations, 51 development funds and financial institutions, and 107 local, regional and international nongovernmental organizations, as well as 1,850 private sector representatives.

Turkey announced it will allocate $5 billion to Iraq in the form of loans and investments. Saudi Arabia will give $1 billion in the form of investment projects and an additional $500 million to support Iraqi exports. Qatar pledged $1 billion in loans and investments, and Kuwait will provide $2 billion in loans and investments for reconstruction efforts.

The United States will not be donating funds but said the US Export-Import Bank has agreed to loan Baghdad about $3 billion.

Prime Minister Haider al-Abadi hailed the conference as an unqualified success, according to the state-run Kuwait News Agency, and Mustafa al-Hiti, head of the Iraq Reconstruction Fund, said he was very satisfied with the conference's results, though others weren't so sure.

“The real success achieved at the Kuwait conference is that Iraq was able to [present] its cause before the international community and gain its confidence. Iraq has been fighting terrorism on behalf of the world and needs international support for its reconstruction,' Hiti told Al-Monitor.

“Washington has decided to invest huge sums in Iraq, as did many countries and international organizations. [Needing financial help] doesn't indicate failure by the Iraqi government. Investments show that the world has confidence in the Iraqi security situation and that Iraq is able to host investments involving international efforts and expertise.'

He added, “These are soft loans with low interest rates. Iraq is not obliged to take all of them, and we will choose what we need to serve the 10-year reconstruction plan. … Iraq is a rich country, and in the next few years it could improve its financial situation and dispense with international aid. What happened at the Kuwait conference is just the beginning of the reconstruction project.”

Abadi hopes to hold another meeting next month to follow up on the pledges.

Iraq's investment vision includes about 200 large projects in addition to some medium-sized projects in the central and southern provinces — and not only in the western provinces liberated from IS. Baghdad didn't limit the conference to discussions of donations but also marketed Iraqi investment opportunities.

Not everyone thought it was a good idea to solicit loans at the possible expense of donations. Vice President Iyad Allawi said in a Feb. 16 statement, “The conference failed; it encumbered Iraq with sovereign debts.”

Alia Nassif, a parliament member with the State of Law Coalition, stated Feb. 10, “It's ironic to see how Kuwait — which drained the Iraqi resources and tried to starve the Iraqi people by obtaining unfair and arbitrary compensation — is seeking today to invest in Iraq.”

Iraq's general elections are scheduled for May, and it looks like politicians will be using the conference results excessively in their campaigns. Opposition parties will continue to paint the meeting as a failure, while the government — particularly Abadi — will circulate the idea that the conference was the first genuine step toward reconstruction.

It's still unclear whether the government's announced 10-year plan for rebuilding cities liberated from IS is credible and will remain in place if Abadi isn't re-elected.

Abadi said the government is committed “as usual” to transfer the funds to their destination.

The government is likely to reject many of the loans pledged at the conference due to conditions imposed by the World Bank. The bank has said Iraq cannot afford to keep borrowing. The smaller amounts accepted will pave the way for further negative reactions at the government's failure to bring in big grants.

Nevertheless, how will the government disburse the funds obtained at the conference in light of the rampant corruption in Iraq? Is Abadi's pledge enough to ensure delivery of the funds to their destination, as he hasn't disclosed how he will do it? How will he ensure a favorable investment environment, which requires a stable political and security situation?

All these questions seem logical and legitimate to donors and investors, who may be reluctant to fulfill promises made at the Kuwait conference until after the Iraqi elections are completed and a new government is formed that could serve as a strong partner capable of meeting international commitments. This seems far-fetched, given the major political differences in Iraq that could lead to a political vacuum after the elections. However, it's also unlikely that the results of the Kuwait conference will remain mere ink on paper.

al-monitor

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