Search the Community
Showing results for tags 'world bank.'.
The World Bank: A global initiative to recover smuggled Iraqi funds 2021-02-01 07:01 Shafaq News / The World Bank confirmed that changing the exchange rate of the Iraqi dinar against the US dollar gives the state the ability to increase its revenues and face imports from abroad. As he indicated that his financial portfolio in Iraq currently amounts to two billion dollars, he revealed a global initiative that the World Bank is working on to recover money smuggled from countries. The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview published by the Iraqi government news agency and seen by Shafaq News Agency; "The partnership relationship between the World Bank and Iraq is very close and is based on years of joint work, pointing out that" Iraq enjoys a very important position at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages to which it was exposed. To the attacks or changing economic conditions, which led to difficult repercussions on the government and people of Iraq, and actual work began with Iraq, I think, in the years 2006 and 2007 through a group of projects. He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan to reconstruct the liberated areas and the result of the request came after the beginning of the first phase of liberation, that is, the liberation of Salah Governorate." The debt was then supplemented with an additional amount after the liberation of the rest of the governorates. And that "this current portfolio in Iraq includes projects under implementation and projects or loans due and that the World Bank is working to implement projects associated with them." Regarding the change of the exchange rate of the dollar in the auction of selling the Iraqi currency, he pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of oil in hard currency and converting it into the reality of the Iraqi dinar gives it a financial block that actually allows to increase revenues and reduce the deficit. He pointed out that "changing the exchange rate may allow facing imports from abroad because the domestic product becomes cheaper than what is imported from neighboring countries." He explained that "the strategic objective of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product." He stressed "the need to address the increase in prices and the seriousness of inflation, and focus on projects that actually allow facing the social distress of the poor." He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance, the Ministry of Planning, and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of the financial deficit and it has nothing but borrowing, either internally or externally," indicating that "Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investment in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities, financial and monetary stability, and this financial engineering must be looked at in an integrated manner." From which one can consider lowering the currency rate. " He revealed "there is a global initiative that a team from the World Bank is working on in coordination with international organizations to recover money smuggled from countries," announcing that special departments of the Ministry of Finance are linked to the World Bank's initiative, indicating that "the World Bank is ready to provide technical support."
URGENT: Luigi found these news articles of Dinarian interests... Can another IQD devaluation be in the works? WB says so if Iraq wants it's help to solve it's financial troubles. These news articles are in the rumor section because of the Guru source. WB may be helping CBI to get the note count down from off the streets. Treat as rumor. Varafied from 2 news sources. Your opine. URGENT: Bond Lady's Corner: Iraq News: Al Araji: The World Bank asked Iraq to raise the the Dinar exchange rate to 1660. PRATHA News Agency: Al Araji has revealed that the World Bank had asked Iraq to change the USD-IQD echange rate to 1660 for it's help in solving the financial crisis.
Could this article if true, be the RV icing on the cake. Treat as a rumor until varafied. Your opine. 18 Nov 2015 Millionday!! Millionday: THIS REPORT IS FANTASTIC SO READ IT ALL Millionday: Omar Abdel-Latif, the World Bank advised the government to make major economic reforms during the next phase, to spare the Iraqi economy to be vulnerable to shocks, external crises in the long term, with the parliamentary finance committee Mazhb him supported the World Bank, describing the situation in Iraq and economic b »is very deteriorating »and he needed radical reforms. Millionday: WHOOPOW Millionday: THE WORLD BANK IS FUNDING A LOT OF AREAS THAT HAVE BEEN CLEARED OF TERRORISM — AND THEY ARE THE WORLD BANK SO OBVIOUSLY >>>WHOOPOW Millionday: He said the World Bank representative in Iraq, Robert Abu quality in a question raised by the« morning »via the Internet, that the austerity measures taken since the beginning of 2015, the fact that Iraq faced serious and urgent challenges, stressing that the drop in world oil prices and the war on gangs «Daash» terror led to a sharp deterioration in economic activity, public finance and balance of payments of the Iraqi state. Millionday: NOTE — THE WORLD BANK IS ASKING FOR MAJOR ECONOMIC REFORMS Millionday: He said Abu quality that there is a need to cut costs and enhance revenues and contain the deficit in 2016 measures, stressing the need to take government austerity measures, especially with the possibility of turning the situation Financial to «darker» than expected, as much as the export price of oil at $ 56, generates a deficit of 10 per cent of GDP. and between Abu quality that despite the expectation of higher oil exports, but there are challenges to the Iraqi government does not stop in front of addressing only the current crisis, but also provide significant economic reforms to make sure that Iraq’s economy will not be vulnerable to shocks, external crises in the long term. Millionday: NOTE — NOT ONLY REQUESTING ECONOMIC REFORMS BUT >>>>SIGNIFICANT ECONOMIC REFORMS — WHOOPOW
14 July 2015 IQD Updates... WASHINGTON DC – Iraq said Sunday it had signed a $350 million loan package to finance emergency projects in territories reclaimed from the Islamic State group known as ISIS, or Daesh in Arabic. The fund will be used for “emergency reconstruction of areas liberated from the Daesh terrorists,” the Iraqi finance ministry’s website said. The agreement, signed in Baghdad by Iraqi Finance Minister Hoshyar Zebari and the World Bank’s director for the Middle East, Ferid Belhaj, is part of a larger package from the World Bank, aimed at developing infrastructure in Iraq. “The loan comes in the framework of a technical and financial assistance from the World Bank that totals up to $1.7 billion in development plans in Iraq,” the ministry said. In Washington in April, Zebari met with World Bank officials and called for $2 billion for the budget and for reconstruction in the liberated areas. The war with ISIS and a drop in oil prices has placed a severe financial strain on Iraq, with its current budget running a $20 billion deficit. Luigi asks... Could these new loans delay the RV/RI? Can Iraq stand on it's own by 2016? Will Iran sep up as a team player in the region? What impact will this have on their economy? Is this more smoke & mirrors by the CABAL?