Search the Community
Showing results for tags 'world bank'.
-
The Minister of Foreign Affairs and a European delegation are discussing the digitization of the banking system in Iraq Time: 07/04/2023 14:39:53 Read: 130 times {Politics: Al Furat News} Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with the President of the European Bank for Reconstruction and Development (EBRD) Odile Reno-Basso the possibility of strengthening the private sector in Iraq and digitizing the banking system And the office of the Minister of Foreign Affairs stated in a statement received by {Euphrates News}, that "during the meeting, they discussed ways to strengthen bilateral relations between Iraq and the bank, in a manner that guarantees the possibility of strengthening the private sector in Iraq and digitizing the banking system." The minister stressed "the importance of partnership with the European Bank to support the Iraqi government's plan to diversify the sources of the national economy, noting that the Iraqi government's priorities are investment in the fields of energy and digital transformation in the financial infrastructure." For her part, Odile affirmed the bank's desire to work in Iraq and contribute to supporting the private sector and renewable energy. The meeting was attended by the Ambassador of the Republic of Iraq in London, Muhammad Jaafar Al-Sadr, Ambassador Haider Al-Athari, Head of the Europe Department, Ghufran Kazem, Director General of the Public Debt Department at the Ministry of Finance, and on behalf of the European Bank, Kazuhiko Koguchi, Secretary General of the European Bank for Reconstruction and Development, and Heikki Hargart, Executive Director of the Bank. .
-
The World Bank is ready to work with Iraq to implement reforms The first 2023/02/01 Baghdad: Omar Abdul Latif The World Bank has expressed its willingness to work with the Iraqi government to implement investment and reform projects that require large financial resources. “There is more than one way to implement the climate and development report,” Salim Rouhana, the bank’s sustainable development program official, told Al-Sabah. ability to complete it. Rouhana added, "The second method is financing, part of which is public, and the other part is private, given that the bank is interested in these sectors to create the political and financing structure, in order to stimulate going to projects in energy, specifically alternative and renewable," noting that "the third method is in the process of Reform is the shift from the immediate and short-term vision to the medium and long-term that requires some security and political stability and the creation of administrations that can complete the work on these projects and implement the vision and direction even within the frameworks of changing governments and policies, and this matter is important, as there must be a kind of continuity In governance to implement medium and long-term projects. And the regional official in Iraq added, "The World Bank will have a technical and intellectual support role, and it is preparing for the government's request to support investment and reform projects and many tools that we can work with, which require large financial resources and create an environment for the private sector, investment and a lot of knowledge and technologies." And modern ideas through which the World Bank can attract expertise that implemented these projects in other countries. Edited by: Ali Abdel-Khalek
-
After the international monetary warning... the Iraqi government's first comment on the risks of the 2023 economy Time: 01/01/2023 22:09:55 Read: 6,682 times {Economic: Al Furat News} The Iraqi government commented, on Sunday evening, about the risks of the economy in 2023, after the International Monetary Fund warned. The financial advisor to the Prime Minister, Mazhar Muhammad Salih, told Al-Furat News that: "The tracks of the federal general budget for the year 2023 will bear the seeds of building capital accumulation and the sustainability of development and its requirements through strengthening investment funds directed to development that will be handled by the private sector." He added, "This measure will contribute to protecting the national economy through fruitful production and easy financing means that help at the same time to recover money through capital circulation and in a way that achieves financing sustainability again, and so on." Waad Saleh, development funding directed through funds is "the basis of the prevailing trend that came at the heart of the government program, which is the ministerial program that was approved by Parliament as a national scientific vision for the government's economic and social policy that aspires to consolidate the country's economic future." He continued, "As the government program protects the national economy in two directions, the first is to reduce its dependence on oil unilateralism through economic diversification by investing in the government product and the private sector, and the second is by using the financial savings achieved by the oil asset cycle in the current oil peak year witnessed by energy prices in the world." Saleh explained, "It maximized oil revenues, in order to establish development financing funds with strong capital and support concessional investments financially, in a way that maximizes production and provides at the same time a positive capital recovery to be re-lent in the development life cycle - and concessional financing." The financial advisor to the Prime Minister concluded, "As this financing-development cycle provides adequate relative protection against expectations of oil price fluctuations, the risks of the international oil market, or the risks of a downturn in the oil asset cycle that the International Monetary Fund mentions." And the Director of the International Monetary Fund, Kristalina Georgieva, announced that the increase in Covid-19 infections in China is disturbing news for the global economy, and that this year 2023 will be more difficult than the previous one for most of the world's economies. And Georgieva warned of the future prospects for emerging markets that are more dangerous due to debt levels, the strength of the dollar, and the state of economic recession in 2023. From: Raghad Dahham
-
Including Iraq.. three countries will record the highest economic growth in 2023 Wednesday 11 January 2023 10:32 | EconomicalNumber of readings: 292 Among them is Iraq. Three countries to record the highest economic growth in 2023 (ninanews-com.translate.goog) Baghdad /Nina / TheWorld Bank predicted on Wednesday that three Arab countries, including Iraq, will record the highest growth rate during the year 2023. The bank stated in a report that "the growth of the countries of the region will decline during the current years 2023 and the next year 2024 to record 3.5% and 2.7%, respectively." Despite the decline in the economic growth of Arab countries, the bank explained that "Egypt, the UAE and Iraq are the highest economic growth rate among other Arab countries during 2023, as their growth is expected to exceed 4%, while the growth rate of the rest of the Arab countries will decline to less than 4%." The World Bank said that the economic growth rate of Egypt is 4.5%, the economic growth rate of the UAE is 4.1%, and the economic growth rate of Iraq will reach 4%. He pointed out that "economic growth is likely to decline for Iraq and the UAE during 2024 to reach 2.9% and 2.3% for both countries, respectively, while Egypt's economic growth rate will increase to 4.8%. The World Bank pointed out that "oil Exporters obtained unexpected gains thanks to the rise in crude and gas prices and the increase in production volumes, which was reflected in achieving an increase in GDP at the fastest pace in nearly a decade.” According to the bank, "the growth of the Arab oil countries, by itself, will slow from 6.1% in 2022 to 3.3% this year, and to 2.3% next year."
-
World Bank: The Iraqi economy is witnessing significant growth Posted 49 seconds ago World Bank: The Iraqi economy is witnessing significant growth - Iraq News (iraqakhbar-com.translate.goog) News Source /Noon Agency New Source / Today, Wednesday, the World Bank confirmed that the Iraqi economy is witnessing significant growth, reaching 10.5 percent, while referring to the increase in the productivity of the non-oil sector in Iraq. The bank said, "The Iraqi economy is witnessing a significant growth that reached (10.5%) during the first half of the year 2022 compared to a growth rate that reached (2.8%) in 2021," noting that "the high rate of oil production and export quantities and global prices had a A major role in this increase in addition to increasing the productivity of the non-oil sector in Iraq. He added that "theHe added, "The increase in public revenues represents an important opportunity that supports the future prospects of the Iraqi economy towards diversifying the economy and increasing the contribution of non-oil sectors to the gross domestic product," explaining that "despite the favorable development opportunities in Iraq, the Iraqi economy is still suffering from problems." Many are looking for urgent solutions to sustain resilience and economic growth, including the water crisis and climate challenges. While the Central Bank of Iraq affirmed, “its monetary policy seeks to achieve stability and economic growth by using various monetary policy tools, both traditional and unconventional,” noting that “its various initiatives, whose amount exceeded (18) trillion dinars, contributed to providing appropriate financing on soft terms for many projects.” Small, medium and large to support the private sector and economic diversification, including an amount of (1) trillion dinars to finance the purchase of renewable energy systems for individuals and projects.
-
$30 billion to suppor t food security in countries affected by the Ukraine crisis.. Iraq is commenting 2022-05-19 02:42 Shafaq News/ Today, Thursday, the World Bank announced the allocation of 30 billion US dollars to help prevent the food security crisis caused by the Russian war in Ukraine, while the Iraqi Ministry of Agriculture confirmed that the country was not significantly affected by this crisis. The bank said in a statement seen by Shafak News Agency, that "the amount will be allocated in areas such as agriculture, nutrition, social protection, water and irrigation, and this financing will include efforts to encourage food and fertilizer production, strengthening food systems, facilitating increased trade, and supporting families and producers most in need." "The total amount will include $12 billion in new projects and more than $18 billion in existing food projects that have been approved but not yet disbursed," the bank said. "The rise in food prices has devastating effects on the poorest and most vulnerable," World Bank Group President David Malpass said in a statement. "To achieve market stability, it is critical that countries make clear statements now about increased production in the future in response to the Russian invasion of Ukraine," he added. The majority of the resources will go to Africa, the Middle East, Eastern Europe, Central Asia and South Asia, and these regions are among the hardest hit by the impact of the war in Ukraine on grain supplies. The World Bank expected that support for new projects, agriculture and social protection, would mitigate the effects of high food prices on the poor and water and irrigation projects. For his part, spokesman for the Ministry of Agriculture, Hamid Al-Nayef, told Shafaq News, that "Iraq was not significantly affected by the Ukrainian-Russian crisis," stressing that "Iraq does not import wheat from these two countries." Al-Nayef indicated that "the affected countries have direct economic contact with them," noting that "Iraq has control over the wheat stockpile." He also stressed that "the bread is secured," noting that "the receipt of wheat has currently reached nearly 900,000 tons, and the ministry continues to receive it quickly." A spokesman for Iraqi agriculture confirmed, "There is currently support from the Council of Ministers for farmers, and therefore we do not need countries or international organizations to help us."
-
Almoayyed: Information technology developments make everyone face a great challenge, and we seek to license the best investments Time : 02/24/2022 17:30:36 Reading: 611 times {Local: Al Furat News} The Media and Communications Commission participated, today, Thursday, in a conference launching the World Bank's initiative to integrate regional broadband communications networks, via closed circuit television. And the authority’s media stated in a statement that {Euphrates News} received a copy of it, that: “The conference included the Lebanese Prime Minister and the relevant ministers from Iraq, Jordan and Lebanon, as well as the head of the authority’s executive body, Ali Al-Moayad, representatives of the World Bank and other specialists.” Al-Moayad said during his speech, "The developments of information technology make everyone face a great challenge represented in the need to keep pace with this development and prepare the necessary human resources for this," adding that "the concepts of the digital economy, digital transformation, broadband technology, Internet exchange points and optical cable have a fundamental role in crystallizing the development of societies, increasing their sophistication, facilitating livelihoods, and providing the capabilities that help overcome obstacles, shorten time and speed response. He stressed, "The Media and Communications Commission seeks to introduce the best technologies and license the best investments by setting many regulations and policies related to the regulation, licensing and study of frequency spectrum resources and infrastructure that contribute to the regulation of the information and communications technology sector in the Republic of Iraq." Al-Moayad explained, "This is achieved by creating a market based on competition in providing the best services, with high quality and acceptable prices."
-
A new international classification .. Iraq is one of the upper middle income economies 2020-08-29 07:34 Shafaq News / The World Bank considered on Saturday that Iraq is one of the economies with higher middle income, indicating that these economies consist of 56 countries . The bank said in a report seen by Shafaq News Agency that "Iraq is one of the economies with upper middle income," indicating that "these economies range in terms of per capita gross national income between $ 4,046 and $ 12,535 ." "These economies consist of 56 countries, in addition to Iraq, they also consist of Albania, Argentina, China, Jordan, Brazil, Turkey, Lebanon, Libya, Malaysia, South Africa and Thailand, " he added. He pointed out that "low-income economies are those that have a per capita national income of 1035 and included 29 countries including Eritrea, Yemen, Sudan and Syria," noting that "the high-income economies consist of 83 countries, including Qatar, the UAE and Bahrain from Arab countries, Italy, Austria and Germany . " The World Bank classifies countries in the world into four groups - low-income, lower-middle-income countries, upper-middle-income countries, and high-income countries. It is estimated on the basis of gross national income per capita at the current US dollar rate.
-
Iraqi Prime Minister discusses economic reform efforts with a representative of the World Bank mission Iraqi Prime Minister, Mustafa Al-Kazemi, during his meeting with the Special Representative of the World Bank Mission in Iraq, Ramzi Numan May 12, 2020 03:35 PM Mubasher: The Iraqi Prime Minister, Mustafa Al-Kazemi, received today, Tuesday, the Special Representative of the World Bank Mission in Iraq, Ramzi Numan . Ways have been discussed to coordinate work between the Iraqi government and international institutions to overcome the economic crisis, according to a statement of the Information Office of the Prime Minister. Al-Kazemi also discussed with the Special Representative of the World Bank Mission in Iraq work to launch economic reform efforts, which would encourage investment and reconstruction, enhance the service reality, and provide job opportunities . The former Iraqi Minister of Planning, Nuri Sabah Al-Dulaimi, received on April 28 last , the representative of the World Bank in Iraq, Ramzi Numan, and his accompanying delegation. During the meeting, a number of issues of common concern were discussed, and ways of strengthening national efforts facing the emerging epidemic of the Corona Virus pandemic. Noaman affirmed that the World Bank is ready to provide possible support and restructure the loans granted to Iraq, in a way that contributes to protecting the vulnerable sectors of society.
-
Analysis .. The world is approaching the fourth wave of debt February 09, 2020 03:07 PM Mubasher - Ahmed Shawky : Amidst the World Bank warning of a massive wave of debt escalating all over the world, it is not clear who will be affected the most. But if the countries most vulnerable to the brunt of the debt wave, from the UK to India, do not act soon, they may face severe economic damage, according to Kyushik Paseo, a former World Bank economist, through an analysis published by Project Syndicate. Over the past decade, the global economy has seen a steady accumulation of debt, now reaching 230 percent of global GDP, with the fact that the last three debt waves have caused a major economic recession around the world. The catastrophic past of debt The first debt wave was in the early 1980s, after 10 years of low borrowing costs that enabled governments to expand their balance sheets considerably, interest rates began to rise, making debt service increasingly unsustainable. Mexico was the first victim, as the US government and the International Monetary Fund were informed in 1982 that they could no longer pay their debts. This had a domino effect, as 16 Latin American countries and 11 least developed countries outside the region eventually rescheduled their debt. In the 1990s, interest rates were again low, raising global debt again. The crash came in 1997, when the fast-growing but financially vulnerable East Asian economies - including Indonesia, Malaysia, South Korea and Thailand - experienced a sharp slowdown in growth and their currency rates plunged, thus extending effects to all parts of the world. But emerging economies are not alone vulnerable to such meltdowns, as demonstrated by the 2008 US mortgage crisis. By the time everyone discovered what the mortgage crisis meant, American investment bank Lehman Brothers had collapsed, causing the worst crises and recessions since the Great Depression. The fourth wave of debt The World Bank recently warned that the fourth debt wave may exceed in its first three waves, as emerging economies whose debt-to-GDP ratio reached a record low of 170 percent are particularly vulnerable. As in previous cases, the debt crisis increases due to lower interest rates, while anxiety will start as soon as interest starts to rise. The reality is that the mechanisms of such crises are not well understood, but research conducted by "Stephen Morris" and "Mortar Song Shin" in 1998 about the mysterious origins of currency crises, and how they are transmitted to other economies, shows that a "financial tsunami" can make the situation go beyond a source the crisis. How the source of the financial crisis could fade has been illustrated in the delightful short story "Ranam Kurtva" by the famous Indian writer, Shibram Chakraborti. In this story, the desperate Chipram asks an old school friend, Harsha, to lend him 500 rupees ($ 7) on Wednesday with a promise to pay the deposit the following Saturday. But Chibram is wasting money, so when he comes on Saturday, he has no choice but to ask another school friend, Jopar, for a loan of 500 rupees, to pay it back next Wednesday. Chipram uses the money to pay off his debts to Harsha, but when he comes on Wednesday he has no way to pay off Jopar’s debt, so he reminds Harsha that he paid off his debts on time and therefore borrowed from him again. This becomes customary as Shibram repeatedly borrows from a friend to pay off his debts to the other, and Shibram then clashes with Harsha and Jobar one day. After a moment of anxiety, Chipram proposes an idea that every Wednesday Harsha should give “Jopar” 500 rupees, and every Saturday the latter must give the same amount to the first. Shepram assures his former friends at school that this will save him a lot of time and change nothing for them, and he will disappear in the crowds of the city "Kolkata" in India. The UK and India are a model of the crisis So who are the potential "Harsha" and "Jobar" in today's debt spree? According to the World Bank, they could be any country with domestic vulnerabilities, a large fiscal balance sheet, and a heavily indebted population. There are many countries that fit this description and run the risk of becoming the channel that carries the fourth debt wave of the global economy. Among the advanced economies, the UK is a clear candidate, and in 2019 Britain barely avoided recession, recording the weakest pace of growth in any period not seen since the 1945 recession. Britain's conservatives have also promised big increases in commercial investment, and this is unlikely, but instead it will be a debt wave. Among emerging economies, India is particularly vulnerable, as in the 1980s the Indian economy was somewhat protected, and consequently the debt wave had little impact at that time. At the time of the East Asia crisis in 1997, India had just begun to open up and thus experienced some slowdown in growth. By the time of the debt wave in 2008, the country had become globally integrated and severely affected, but its economy was strong and growing at almost 10 percent annually, and recovered within a year. But India’s economy today faces one of the deepest crises of the past 30 years, with growth slowing sharply and unemployment at the highest level in 45 years, almost no export growth over the past six years, and per capita consumption in the agricultural sector over the past five years. Add to this a highly polarized political environment, and therefore it is no wonder that investor confidence is rapidly declining. It is not too late for countries to build "walls" to protect against the debt tsunami, while while India's political problems will take time to resolve, the new budget may be an opportunity to take precautionary action. The fiscal deficit must be controlled in the medium term, but the government will be prudent in adopting an expansionary fiscal policy now, with funds directed to support infrastructure and investment, and if managed properly, could boost demand without increasing inflationary pressures and strengthening the economy in order to cope with the debt wave. https://www.mubasher.info/news/3586473/تحليل-العالم-يقترب-من-الموجة-الرابعة-للديون/
- 1 reply
-
- 2
-
- world bank
- imf
-
(and 1 more)
Tagged with:
-
Deep differences stand in the way of approving the draft budget 2018 House of Representatives "Internet" Economy News Baghdad: Large differences within the political blocs on the draft budget bill 2018, which will affect the economic policy of the government during the current year, according to specialists, expecting not to pass the budget in the coming days because of the intensity of the dispute between the decision-makers in the House of Representatives. The Ministry of Finance instructed all ministries during the past month to cover their needs through the use of the approved exchange mechanism, which is 112 to face the non-adoption of the draft budget for 2018. The parliamentary economic committee said that the non-adoption of the budget caused by the delay of the Council of Ministers to send a draft budget law and synchronized with the beginning of the legislative holiday. The committee member, Najeeb Najib, said in a statement to "Economy News" that the reason for delaying the Council of Ministers to send the budget law to the House of Representatives, is the high oil prices have estimated the price of a barrel of $ 43 and now sold at $ 58, which prompted the government to reduce the deficit to 13 Trillion dinars after it was 23 trillion dinars. Najib expressed her displeasure at the adoption of 12.6 percent of the province of the budget of 2018, saying at the same time that it was in accordance with the formula of "overwhelming". She added that 12.6 percent is not enough to pay salaries in general, because the region needs 889 billion dinars a month to pay, while the ratio will provide 450 billion dinars only. And on the losses resulting from the delayed adoption of the budget, the member of the Economic Committee, the losses are not large because the origin of investment expenditures set up for the establishment of service projects do not constitute more than 25% of the budget, most of which loans and some of them ratified in 2017. Noting that the sovereign expenditure took a large part of the budget of 2018 to reach 45%, as well as the availability of degrees of employment but not able to cope with unemployment. On the other hand, the Dean of the Faculty of Management and Economics, Mitham Laibi, in a statement to "Economy News" that "losses caused by delaying the adoption of the budget, will be based on the salary and salaries, because it is the first component of the budget, which weakens the investment side. He added that the delay caused by the president of the conflict between the political blocs for the purposes of electoral propaganda and try each of them to review "political muscles." "All political arguments have nothing to do with any economic fundamentals aimed at developing the Iraqi economy," he said. The federal budget estimated at 108 trillion dinars, with a deficit of 13 trillion dinars, and saw the reduction of the share of the Kurdistan region from 17% to 12.67%. "The first loser of the postponement of the budget is the Iraqi people, and the postponement of their ratification is a delay for the investment side and a semi-disruption of the operational side," said the head of the Iraqi Economists Association, Abdul Hussein al-Yasiri. He explained that it is not losses by the delay is the management of the investment side and that the budget is a law on the basis of time limits, every day delay this law is lost investment opportunity on the Iraqi economy. While more than 4 million people are employed by the private sector, many of whom depend on the budget for their work. Views 217 Date Added 06/01/2018
-
Saleh calls on the World Bank to suppor t development projects in Iraq Thursday, November 29, Alsumaria News / Baghdad called on the President of the Republic , Barham Salih, Thursday, World Bank for the Middle East and North Africa, to support social and economic development projects in Iraq, stressing the importance of achieving financial, monetary and economic stability in the country. The President of the Republic, in a statement received by Alsumaria News, a copy of it, said that "President Barham Salih received at the Peace Palace in Baghdad this afternoon, World Bank Vice President for the Middle East and North Africa Farid Belhadj, accompanied by Regional Director of the World Bank for Central Asia Saroj Kumar Jha" . He pointed out the importance of the World Bank's support for social and economic development projects in Iraq, as well as appropriate reforms, combating corruption, the necessity of developing and diversifying the sources of the national economy and ensuring the requirements of reconstruction. "The achievement of financial, monetary and economic stability in Iraq is not only a goal but also a basis for political stability and an important strategic project for sustainable development and civil development in the country," Barham Saleh said. For his part, the World Bank Vice President for the Middle East and North Africa said that "the World Bank is determined to support the Iraqi economy positively and work to support partnership with Iraqi financial institutions by increasing areas of cooperation and the adoption of better investment resources and energies."
-
Thursday, May 19, 2016, Posted at: 13:08(GMT+7) PM calls for effective use of WB loans Relevant agencies must get well prepared for receiving the remainder of the World Bank's International Development Association (IDA-17) fund allocated for Vietnam in the 2014-2017 period, according to Prime Minister Nguyen Xuan Phuc. The Prime Minister also urged all bodies to devise measures to ensure the effective use of official development assistance (ODA) and other preferential loans. The two IDA-funded projects on strengthening the management of land and building a land database, and improving teachers’ effectiveness will remain unchanged in terms of scale, according to hime conclusion. The Government leader assigned the Ministry of Planning and Investment to be in charge and work with the Ministries of Natural Resources and Environment, and Education and Training, to submit the projects for approval. Relevant agencies are to complete necessary documents before May 20 to receive WB-funded projects in the fiscal year of 2016 in line with the Government’s Decree No.38/ND-CP dated April 23, 2013 on management and use of ODA and preferential loans. The PM gave the green light to the State Bank of Vietnam to technically negotiate with the World Bank on IDA projects in the 2016 fiscal year. He requested the Ministry of Planning and Investment to review the list of projects to be disbursed in the next fiscal year to ensure effective use of the loans. The Ministry of Finance will cooperate with the Ministry of Planning and Investment in making reports to the Government on the safe limits of ODA and preferential loans, which does not affect the public debt ceiling. Source:Vietnamplus
-
Even amid conflict and fluctuations in oil prices, as home to the world’s third-largest oil reserves, Iraq has the sort of wealth from natural resources that make it possible for its government to invest in the country’s infrastructure. Iraq spent more than US$51 billion on public procurement in 2014, well over 20% of the country’s GDP. Harnessing this revenue to develop the economy, however, requires an efficient system of government contracting. Public procurement in Iraq has been effected by decades of sanctions, war, and instability—conditions that have created a system characterized by inefficiency, corruption, and delays. Procurement is a bottleneck that prevents budgetary expenditure; according to the World Bank’s 2014 Public Investment Management Report, often the process is stuck at 50%–60% of its capacity. Another assessment in 2012 showed widespread corruption in public contracting weakening investors’ perceptions of doing business in Iraq, and thus hurting its prospects of increased foreign investment. Simply put, Iraq’s outdated procurement system, combined with its post-conflict low absorptive capacity, is significantly increasing the cost of public investment and also diminishing its returns. The Bank’s Middle East and North Africa (MENA) procurement team has worked with the Government of Iraq to address this. The Bank’s regional public procurement strategy promotes building capacity in a way that moves beyond small-scale, short-term training, towards comprehensive programs that look for more sustainable solutions. In Iraq, the Bank is trying to help the country build a future generation of civil servants with the skills needed to manage procurement with efficiency and integrity. With a grant from the Iraq Trust Fund, the Public Contracts Directorate (PCD) in Iraq’s Ministry of Planning forged strategic partnerships with six public universities located in different regions of Iraq. The idea behind these partnerships is to develop a supply of professionals who enter the civil service properly prepared to apply the principles of economy, efficiency, and competition within the public contracting process. The program is diverse in its geographic scope and multi-disciplinary approach, reflecting the multi-stakeholder nature of public procurement. The PCD enlisted the help of faculties of law, engineering, public administration and business to establish procurement education programs across academic fields. The Bank and PCD first needed to make sure, however, that academics in Iraq responsible for teaching the new procurement curriculum had the relevant content for it. Iraq asked the World Bank for help in learning how to develop programs for its procurement workforce. With the Bank’s assistance, the PCD struck up a partnership with Université Paris Ouest Nanterre La Défense in France. In October 2014, a group of 18 Iraqi professors and administrators from the universities of Baghdad, Salah Aldeen, and the Technical University of Sulaimaniya, Kufa and Basrah, attended an intensive two-week diploma program at Nanterre. “The students of Iraq are the future of our country,” Fareed Yasseen, Iraq’s Ambassador to France, said of the partnership. “We need to develop training models like this to provide our students with the modern skills necessary to succeed in government and beyond." Some of these Iraqi universities have already adapted their curriculum and integrated procurement into existing academic programs. These include Angham Ezzulddin Ali Alsaffar, Professor of Civil Engineering at Baghdad University, who said the training course in Nanterre was proving useful for her and her students. Another university teacher, Ahmed Saydok, Director of Continuous Education at Salahaddin University in Erbil, had spearheaded the launch of new summer courses. “The bottom line is that the students are the raw material,” he said. “You can mold them as you want.” This program did not emerge in a vacuum: It arose from prolonged engagement with the Bank, which sought to solutions to fit Iraq’s specific context. When discussions first began, its government agreed to build the skills of procurement personnel. “We set the building blocks in a program that was rolled out over three years,” said Hamed Ahmed, Manager of Monitoring and Coordination at the PCD. In 2013, a procurement needs assessment was conducted. One of its key points was the vast scale of the needs—there were thousands of government officials and stakeholders involved in procurement on a regular basis with little training on how to do so. But the ability to reach them was limited. This capacity building program aims to address exactly that: By working with university teachers and students, the initiative is forward-looking, seeking to equip a future Iraq with procurement skills. It implicitly recognizes Iraq will need massive investment in infrastructure for water, transport and energy, and, therefore, a public sector capable of managing and executing this. http://www.worldbank.org/en/news/feature/2015/04/21/iraq-developing-more-capacity-to-manage-public-funds
-
With the Terms of Trade Shocks happening to Iraq, the plan of privatizing the country has become all the rave. Not a new concept and as a matter of fact the plans of privatization has been in the works heavily since 2004. Now I will not waste time building a case but please know that I form my opinion from much of the research out there (if interested I can share the sources), instead I will get straight to the point here. !The true test of Abadi's intent to privatize Iraq will be whether or not he promotes the Corporatization and Privatization of Iraq's key state-owned banks namely Rafidain & Rasheed! Regardless of what you read or hear or think, this is what needs to be watched for in the news. The World Bank performed a financial sector review of Iraq and listed "Medium to Long Term Task(s)" for the Ministry of Finance & CBI to pass into law these bullet point items as part of the economic liberalization effort: ■ Clarify the mandate of the specialized state- owned banks, and consider consolidation and conversion into a development banks with increasing their capital, which will not take deposits. ■ Ensure state-owned banks work according to commercial principles and on a level playing field. Early corporatization of state- owned banks should be considered a key element. ■ Over time the authorities should consider gradual privatization of the key state-owned banks. Why is this important? Because research has proven that as long as the banking structure is managed centrally (i.e. by government) whether fully or partially, a market economy is smothered. It is like finally being given a Lamborghini but a governor is placed on the engine limiting its top-off to 75mph. What is more, control of the banking structure will do just as bad if management is concentrated (a sleight of hand trick governments will attempt to retain control). Many are wondering what impact this might have on an RV. For those who believe value will be added to the currency once it is unpegged from the dollar, you should understand that moving to a flexible exchange regime has its risks. Those risks are high if the financial sector is not well structured and configured to properly absorb fluctuations and shock in the market. State owned or partially owned banks do not absorb shock well because their political and relationship interest get in the way of forming sound financial policy. For example a consistent problem with state run banks is loaning to bankrupt businesses to help them stay afloat because the owners of the businesses are your friends. Another common issue is with state run banks maintaining managers too inept for the job but appointed because of some personal affiliation. Whereas Privatized banks often change management and scrutinize lending practices to ensure the bank's efficiency at conducting business. Fully privatized banks without government intervention are more profitable. And so I am not here to argue against an overnight RV versus a gradual rise in value from an overnight exchange regime change. I am opining that Abadi will face the decision of his life - whether or not to fully privatize the key state owned banks. Remember that these key banks have been groomed for privatization and it is documented in the World Banks playbook for Iraq. For instance when you see articles about E&Y and other 3rd party financial firms coming into Iraq, typically it is not for existing private banks like Bank of Baghdad or North Bank, these banks are not ready to carry the load of an economy like Rafidain & Rasheed. The focus has always been to ensure the readiness of Rifidain & Rasheed Banks to properly privatize and handle the coming market economy because they are Iraq's financial powerhouse and dwarfs all other banking entities. Recall articles like these from yesteryear: "The acting Finance Minister, Ali Yousef Shukri (pictured), is reported to have held a meeting with a representative of the World Bank to discuss the restructuring of the state-owned banks in Iraq. According to the report from NINA, the discussions related particularly to the Rasheed and Rafidain banks." Well this IS the plan and a MAJOR cog in the engine for successful privatization of Iraq's economy. Can the GOI find within itself to relinquish its control of the money power and liberalize its banking sector? PS. The concept I am presenting is not new for developing economies. This is where many of them struggle when attempting to make that change from a socialist, government-centric economy to a true market economy. This is the story of Egypt who adopted a very similar reformation plan as Iraq (the similarities are incredible really) from the World Bank but when time came to execute on the banking component, the government would not fully comply with the plan and fully privatize its state owned banks. Egypt floated its currency in 2003, like any market-type economy should, but the long term effects have been troubling.
- 7 replies
-
- 11
-
- liberalization
- privatization
-
(and 3 more)
Tagged with:
-
World Bank Insider Blows Whistle on Corruption, Federal Reserve Wednesday, 22 May 2013 A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes, too, she explained. In an interview with The New American, Hudes said that when she tried to blow the whistle on multiple problems at the World Bank, she was fired for her efforts. Now, along with a network of fellow whistleblowers, Hudes is determined to expose and end the corruption. And she is confident of success. Citing an explosive 2011 Swiss study published in the PLOS ONE journal on the “network of global corporate control,” Hudes pointed out that a small group of entities — mostly financial institutions and especially central banks — exert a massive amount of influence over the international economy from behind the scenes. “What is really going on is that the world’s resources are being dominated by this group,” she explained, adding that the “corrupt power grabbers” have managed to dominate the media as well. “They’re being allowed to do it.” According to the peer-reviewed paper, which presented the first global investigation of ownership architecture in the international economy, transnational corporations form a “giant bow-tie structure.” A large portion of control, meanwhile, “flows to a small tightly-knit core of financial institutions.” The researchers described the core as an “economic ‘super-entity’” that raises important issues for policymakers and researchers. Of course, the implications are enormous for citizens as well. Hudes, an attorney who spent some two decades working in the World Bank’s legal department, has observed the machinations of the network up close. “I realized we were now dealing with something known as state capture, which is where the institutions of government are co-opted by the group that’s corrupt,” she told The New American in a phone interview. “The pillars of the U.S. government — some of them — are dysfunctional because of state capture; this is a big story, this is a big cover up.” At the heart of the network, Hudes said, are 147 financial institutions and central banks — especially the Federal Reserve, which was created by Congress but is owned by essentially a cartel of private banks. “This is a story about how the international financial system was secretly gamed, mostly by central banks — they’re the ones we are talking about,” she explained. “The central bankers have been gaming the system. I would say that this is a power grab.” The Fed in particular is at the very center of the network and the coverup, Hudes continued, citing a policy and oversight body that includes top government and Fed officials. Central bankers have also been manipulating gold prices, she added, echoing widespread concerns that The New American has documented extensively. Indeed, even the inaccurate World Bank financial statements that Hudes has been trying to expose are linked to the U.S. central bank, she said. “The group that we’re talking about from the Zurich study — that’s the Federal Reserve; it has some other pieces to it, but that’s the Federal Reserve,” Hudes explained. “So the Federal Reserve secretly dominated the world economy using secret, interlocking corporate directorates, and terrorizing anybody who managed to figure out that they were having any kind of role, and putting people in very important positions so that they could get a free pass.” The shadowy but immensely powerful Bank for International Settlements serves as “the club of these private central bankers,” Hudes continued. “Now, are people going to want interest on their country’s debts to continue to be paid to that group when they find out the secret tricks that that group has been doing? Don’t forget how they’ve enriched themselves extraordinarily and how they’ve taken taxpayer money for the bailout.” As far as intervening in the gold price, Hudes said it was an effort by the powerful network and its central banks to “hold onto its paper currency” — a suspicion shared by many analysts and even senior government officials. The World Bank whistleblower also said that contrary to official claims, she did not believe there was any gold being held in Fort Knox. Even congressmen and foreign governments have tried to find out if the precious metals were still there, but they met with little success. Hudes, however, believes the scam will eventually come undone. “This is like crooks trying to figure out where they can go hide. It’s a mafia,” she said. “These culprits that have grabbed all this economic power have succeeded in infiltrating both sides of the issue, so you will find people who are supposedly trying to fight corruption who are just there to spread disinformation and as a placeholder to trip up anybody who manages to get their act together.… Those thugs think that if they can keep the world ignorant, they can bleed it longer.” Of course, the major corruption at the highest levels of government and business is not a new phenomenon. Georgetown University historian and Professor Carroll Quigley, who served as President Bill Clinton’s mentor, for example, wrote about the scheme in his 1966 book Tragedy And Hope: A History Of The World In Our Time. The heavyweight academic, who was allowed to review documents belonging to the top echelons of the global establishment, even explained how the corrupt system would work — remarkably similar to what Hudes describes. "The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole,” wrote Prof. Quigley, who agreed with the goals but not the secrecy. “This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations." But it is not going to happen, Hudes said — at least not if she has something do to with it. While the media are dominated by the “power grabber” network, Hudes has been working with foreign governments, reporters, U.S. officials, state governments, and a broad coalition of fellow whistleblowers to blow the entire scam wide open. There has been quite a bit of interest, too, particularly among foreign governments and state officials in the United States. Citing the wisdom of America’s Founding Fathers in creating a federal system of government with multiple layers of checks and balances, Hudes said she was confident that the network would eventually be exposed and subjected to the rule of law, stopping the secret corruption. If and when that happens — even if it may be disorderly — Hudes says precious metals will once again play a role in imposing discipline on the monetary system. The rule of law would also be restored, she said, and the public will demand a proper press to stay informed. “We’re going to have a cleaned-up financial system, that’s where it is going, but in the meantime, people who didn’t know how the system was gamed are going to find out,” she said. “We’re going to have a different kind of international financial system.... It’ll be a new kind of world where people know what’s going on — no more backroom deals; that’s not going to keep happening. We’re going to have a different kind of media if people don’t want to be dominated and controlled, which I don’t think they do.” While Hudes sounded upbeat, she recognizes that the world is facing serious danger right now — there are even plans in place to impose martial law in the United States, she said. The next steps will be critical for humanity. As such, Hudes argues, it is crucial that the people of the world find out about the lawlessness, corruption, and thievery that are going on at the highest levels — and put a stop to it once and for all. The consequences of inaction would be disastrous. http://www.thenewamerican.com/economy/economics/item/15473-world-bank-insider-blows-whistle-on-corruption-federal-reserve?utm_source=feedly
- 3 replies
-
- 1
-
- fed
- federal reserve
-
(and 6 more)
Tagged with:
-
Enorrste: This article, {BELOW} as with most, tends to have some phrases that need to be better understood in order to know what the true impact of this article is. Let's take them one at a time. "It's an important step was waiting for Iraq to raise the value of the dinar." Now, the question is this: Is the World Bank waiting for Iraq to raise the dinar value BEFORE implementing its steps with the Rasheed and Rafadain bank? Or, does the implementation of the changes at these banks make it "possible" for the dinar to rise in value? In order to understand it we go back to the first statement just prior to it: "Counting and Planning Minister Ali Shukri, Sunday, announced the World Bank to start implementing his plans..." This seems pretty clear to me: The change in the banks is now being started. Therefore, I believe that we can dispense with the first possible meaning of the second sentence, namely the they will wait for the Iraq to raise the value PRIOR to implementing the changes. This means, then, that the changes in the structure will ALLOW Iraq to raise its value, in some way. It is not yet clear to me just how a structural change in these banks would be necessary prior to going to a free float. Hopefully that reasoning will come out soon. "The announcement of the World Bank to begin implementation of its plans to restructure the Rafidain Bank and Rasheed Bank government is an important step had been waiting Iraq." Once again we have a strange ending to an otherwise simple statement. What does "had been waiting Iraq" mean? Does it mean that the WB had been waiting on Iraq to do something prior to implementing its restructuring plans? Or does it mean that IRAQ has been waiting for this important step from the WB? In this case I believe that the true meaning of this is that the WB had lost patience, waiting on Iraq to restructure these banks, and decided to move in on its own to get the job done (in preparation for the raising of the value of the dinar). I could be mistaken in this, but the past articles seem clearly to be placing greater and greater pressure on the GOI to "git 'er done" and Maliki has been dragging his feet. So, if I am correct in this interpretation, then it means that the WB has lost patience and begun to take actions on its own, IN SPITE OF MALIKI. This is, in my view, a very good sign. "He added that 'the Ministry of Finance confirmed that the plans will be the guarantor of restoring Iraqi dinar of his value economic between foreign currencies and this will be part of this plan.'" This sentence is the most powerful of all in this article. First, the source of the comment in this sentence is the Ministry of Finance, NOT the World Bank. The Ministry of Finance is a part of the GOI, not a part of Parliament. Therefore, this statement comes from WITHIN the GOI. This is the FIRST statement of support for the raising of the value of the dinar from within the GOI. Furthermore, the statement indicates that the actions being taken by the World Bank "will be the guarantor of restoring the Iraqi dinar of its value." WOW! It would be one thing to say that it would "make it possible, someday," or "open the opportunity somehow." But instead it said it would GUARANTEE a rise in the value of the dinar. AND IT CAME FROM THE MINISTRY OF FINANCE, WITHIN THE GOVERNMENT OF IRAQ! This statement is truly a first, because it indicates that WITHIN the GOI there is now a consensus that the dinar should and WILL be raised. The big question: When? The next statement is their squeeky opening: "the World Bank said the Iraqi side that lifted the value of the Iraqi dinar should be a priority as well as he needs to political stability in the country before everything." The last part of the sentence is the "squeeker" part, namely political stability "before everything." Therefore, rather than start jumping up and down, I suggest you sit down, relax, and look to the political environment for signs of improvement. Without it, you will not see the dinar rise in value. This means we are back to Maliki (**** it!). I hate to be the bearer of sad news, but that is what the article is saying, at least to me. Until the political environment improves (before everything!) the dinar will not rise in value. Just what form that "political environment" improvement must look like is anyone's guess, but I suspect that it would AT LEAST mean that the current crisis (i.e., Maliki acting as dictator) would have to be ameliorated somewhat. That means that we are back to a no confidence vote, or a change in Maliki. Since the latter is highly unlikely we must hope for the former. Enorrste ARTICLE World Bank restructure the Rafidain and Rasheed in order to raise the value of the Iraqi dinar By Salah Mohammed - Published in the 24/03/2013Counting and Planning Minister Ali Shukri, Sunday, announced the World Bank to start implementing his plans to restructure the government banks Rafidain and Rasheed "It's an important step was waiting for Iraq to raise the value of the dinar." Said Shukri The "declaration of the World Bank to begin implementation of its plans to restructure the Rafidain Bank and Rasheed Bank government is an important step had been waiting Iraq," noting that "financial welcomed move the World Bank in this direction because this restructuring will ensure the country make the most of these institutions big Bakdarathma human and accumulated experience cadres and joint coordination to guide these estimators. " He added that "the Ministry of Finance confirmed that the plans will be the guarantor of restoring Iraqi dinar of his value economic between foreign currencies and this will be part of this plan," explaining that "the banking sector is suffering in general laziness around to institutions consumer is active in the financial sector the most traffic The boom in the economy in general. "
- 4 replies
-
- 1
-
- World Bank
- IIraq
-
(and 1 more)
Tagged with: