The Central Bank plans to lend economic development projects five trillion dinars

[yota691]

The Central Bank plans to lend economic development projects five trillion dinars

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Publishing Date: Tue, 05 May two thousand and fifteen 2:18:58 p.m. | Views: 52

BAGHDAD - Today's News / revealed a member of the economic and investment commission in Parliament, Najiba Najib said the central Iraqi Central Bank will finance real estate, industrial and agricultural banks $ 5 trillion dinars to lend to small and medium enterprises within the development plan for the productive sectors, and with drew to a lack of strategy and clear of the state in the framework of development It called for the need to take a number of executive procedures for the success of economic development projects. She said a member of the economic and investment commission in Parliament, Najiba Najib's "Today's News", that "increase the volume of imports to exports is one of the most important problems facing the development process in the country", noting that "the laws that limit imports and increase of exports is not at the required level. " They pointed to "the lack of a clear strategy for the country in the aspects of economic development plans over the past periods as well as the lack of plans and programs of reform." Najib showed that "there are a lot of supporting laws that must be amended legislation such as laws and the banks and the central bank and customs tariffs." She noted that "during our meeting with the Governor of the Central Bank read the bank's measures to curb smuggling and money laundering, and revealed that the bank will finance the industrial, agricultural and real estate banking $ 5 trillion dinars in the economic development plan for the financing of small and medium enterprises." She stressed the "need to take a series of executive actions to reduce the volume of imports, especially that imports up to nearly 99%."

[dantach]

I thought they were cash poor?

[climber7]

I thought they were cash poor?

 

EXACTLY

 

So fed up with all this crap

[skeetdog]

Thanks Yota....Flat-currency is werd...Credit, Value and worth...

[sq2]

Central bank has money, the GOI doesn't.

[SocalDinar]

Just like the FED, they will simply print more money, further debasing the currency.

What a racket these central banks have. Houses built out of cards eventually fall.

The FED runs one of the worlds largest Ponzi schemes

Edited May 6, 2015 by SocalDinar

[yota691]

From January 2015

Central Bank decides to support banks five trillion dinars and finance the budget six trillion dinars

 

Tuesday January 27, 2015 12:37

 

 

 

 

 

Alsumaria News / Baghdad, 
the Iraqi Central Bank decided Tuesday commercial banks to support five trillion dinars and finance the budget six trillion dinars. The bank said in a statement, "Alsumaria News" received a copy of which was "in line with the central bank's tasks and responsibilities in supporting the development and stimulate the Iraqi economy, and agreed Management Board of the Central Bank, among the proposals made ​​by the Bank's management, including specialized support liquidity of commercial banks in the amount of five trillion dinars to enable them to provide loans to industrial and agricultural and providing housing and real estate loans in support of economic activity and job creation. "
 

 

 

The bank said it was "also decided to finance public Budgeting state $ 6 trillion dinars run through 50% of the deposits of commercial banks reserves with the Central Bank of Iraq," noting that "he also decided to buy back treasury bonds from the secondary market, where the central bank will buy about ( 5) five trillion dinars first of those bonds as a stage. " The bank said that "the actions taken by the Bank for upholding the private reserves of the Central Bank of Iraq." The prime minister for economic affairs adviser to the appearance of Mohammed Saleh, in (December 25, 2014) that the Bank of Aakarz government If the low budget Iraq General indicating the direction to activate the budgets of development banks and funds housing. The new law, the Central Bank of Iraq No. 56 for the year 2004 despite the objection of private banks on some of its articles, but he granted independence of the central bank's monetary policy in the administration of Iraq.

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[djgabrielie1]

Yawn...

[MyLadiesDaddy]

Yawn...

got your back my friend.

[RV4CandyMan]

$4.288 Billion Dollars?!?!   Not broke at all.  

[skeetdog]

....Flip-a-switch money....

[Laid Back]

The CBI have enough money in reserve to do that.!!

$4.288 Billion Dollars?!?!   Not broke at all.  

[Flamtap]

I think this could go either way.......It may be a threat to flood the country with dinar if they (the GOI) don't pull it together SOON or in could be that this is the equivalent of more movement in the right direction post-RV (RI). I don't see this as a bad move myself but then again I could be totally wrong. They did not give a date for this loan.  

[yota691]

07/05/2015 (00:01 pm)   -   the number of readings: 123   -  number (3357)

 

 

Experts: borrowing from the International Monetary Fund increases the economic efficiency of the country

Baghdad / al-Suhail Ahmed 
 

Economists stressed that the borrowing from the IMF would impose on Iraq the commitment of reform and development programs in the economic side, and as pointed out that this borrowing will increase the economic efficiency of Iraq, indicated that Iraq would be obliged to provide high standards of transparency and the preparation of budgets in a scientific and sophisticated.

 

 

The economist said Maytham coffee in an interview for the "long" that "part of the solution to the budget deficit problems is to resort to borrowing from the funds and banks, international federations, and it is one of the corridors that will restore Iraq to the international community economically and not necessarily expect Iraq in financial burdens," he said that "the Fund concessional loans and long-term and comes with a package of economic reforms." 
He noted that "over the past years and after that ended Iraq's agreement with the Fund have not been able to control the variables of the Iraqi economy, such as increasing inflation and rates of disability and not Iraq is unable to promotion of the private sector and the multiplicity of sources revenue, "noting that" there are political and adequate reasons behind it, but no matter which part we could not stay on the tax farming reforms Fund. " 
He continued by saying that "what has enabled Iraq to escape from the grip of Fund conditions previously, is that the financial constraint was open in the government period Previous, and low global oil prices returned usefulness of partial to adjust the Iraqi economy, "pointing out that" borrowing bring Iraq back to the financial Adjustment mode according to accredited to the International Monetary Fund standards. " 
He pointed to the coffee that "oil countries have areas to escape the laws and reforms of the International Monetary Fund , because those countries do not need to loans as a result of economies rentier large financial potential. " 
He noted that "the IMF imposes on Iraq to reduce government expenditures and increase revenues, so this borrowing is input reformer to reduce the role of the state, and when increasing role of the state is increasing the deficit and increased expenses and thus it would reduce its role to give a greater role to the private sector. " He pointed out that "the very loans are to address the deficit, but will link Iraq's obligations it fulfilled." 
He added Laibi "The International Monetary Fund warned Iraq in 2013 than there would be in deficit and bankruptcy was achieved because Iraq did not abide by those reforms," ​​noting that "reforms Fund long-term and subject to Iraq with the obligations of economic and progressive laws to reform the internal economy. " 
On the possibility of availability of financial liquidity to Iraq in the current period, and coffee explained that "the solutions put forward short-term and rely heavily on the hope of rising global oil prices and this Murad will not be achieved over the current year, nor the possibility to provide liquidity in the current period where there is still pressure for the expenses. " 
He expressed the hope that "oil prices do not go up to what it was in the previous year, because of economic reform requires the search for alternative sources of revenue and control government spending," adding that "the modernization of the private sector depends on adjust government spending. " 
He noted that "at the International Monetary Fund a lot of reform programs, including transparency and reform of budget management and clauses of recording revenue and public expenditure and the need to be expenditure estimates close to reality by presenting final accounts." 
He concluded his speech by saying, "It's not just loans It is to provide advice and prepare policies and development programs for the management of resources and methods of budgeting in a scientific talk. " 
so said economic expert on behalf of Antoine "The IMF does not give loans easily only after an economic study of the reality of the country and how much he needs to borrow, and the Fund's integrated binders for economic situation of Iraq, "adding that" the requirement of the fund set up economic reforms is so do not go the money in vain. " 
He added Antoine in his speech for the "long" that "the Fund required to Iraq lend the $ 800 million to complete the stalled work projects, were developed this condition so as not to waste money, especially that Iraq is suffering from a huge waste of money as a result of financial and administrative corruption. " 
He noted Antoine that "the Fund asks reforms of the Iraqi government, especially in the field of organizing the accounts and operations of exchange because this lending semi-free" noting that "the return on those loans will be positive on the country, especially in the aspects of financial control and adjust government spending. "
He continued, saying that "the fund will continue watching the style and process of exchange leads until the result was given for it, because Iraq is suffering from chaos in the financial and economic file management."Noting that "the weak follow-up by the financial authorities and the House of Representatives and the Ministry of Planning has led to a lot of investment and productivity projects crashes." 
He noted that "follow-up and control process is essential to limit the exchange absurd and prevent financial and administrative corruption and the abolition of phantom projects that filled the previous budgets," pointing out that " We have a cumulative 9027 precedent for years has been done with more than 500 projects. " 
He pointed Antoine that "borrowing will make the Fund imposed on Iraq prepare scientific budgets and control because there are flaws in the Iraqi budget," calling them "balance sheets items are not programs and strategies." 
said a senior official in the The International Monetary Fund yesterday Tuesday that Iraq's request for financial assistance from the Fund and it may be agreed to loan $ 800 million in a matter of weeks. 
He said Masood Ahmed Director of the Middle East and Central Asia Department at the International Monetary Fund that "the committees in the fund will work in this context, in the coming weeks and consider a deal soon. " 
He added that "it is likely to provide the loan rapid funding mechanism will be relatively small and is estimated at approximately 800 million dollars." 
According to the rapid loan laws in the International Monetary Fund, the repayment will be over a period of between 40-60 months . 
The Iraqi government has announced that it was issuing financial bonds worth 5 trillion dollars in cooperation with the Dutch, German Bank and the City, US Bank, and this is the international version first financial bonds in nine years to finance the deficit in the federal budget. 
The Finance Minister Hoshyar Zebari had announced ( May 2, 2015) that Iraq sought to obtain the sovereign rating and communicate with the credit rating agencies in preparation for the issuance of financial bonds worth $ 5 billion. 
Indeed, Iraq has a bad financial are conditions due to the large drop in oil prices as well as security problems due to battles with al "Daash", estimated In the federal budget deficit by 25 billion dollars and 25% out of the budget planned $ 100 billion.

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[yota691]

Hanwha tower in the residential complex Basmajh

Economic parliamentary: Central allocated six billion dollars to banks in order to support the private sector

 

Author: BS, ZJ 
Editor: BK, BS 08/05/2015 twelve five the number of readings: 101 

 

 

Long-Presse / Baghdad

Economic Parliamentary Committee revealed, on Friday, the allocation of the Central Bank of billion dollars to activate the private banks sector, especially in the field of small and medium enterprises, and five billion dollars for the banks sector, while an economist saw that it came in line with the government's plan to activate the productive sectors and to avoid a crisis economic.

The Chairman of the Committee of Economy and parliamentary investment, Jawad al-Bolani, said in an interview to the (long-Presse), "The Central Bank of Iraq, devoted billion dollars to activate the private banks sector, especially in the field of small and medium enterprises, as achieve significant revenue and stir the labor market."

He said al-Bolani, that "the central bank allocated five billion dollars to banks and other sectoral, such as industrial, agricultural, housing and real estate," he returned that "accomplishing great to support the private sector, and development of successful national industries, and reform of the national economy."

The Chairman of the Committee of Economy and parliamentary investment, that "the Commission will monitor the disbursement of these funds and spending in order to ensure employ about sound away from the wastage mechanisms," noting that "the central bank for small and medium-sized enterprises support involves a great benefit, for his contribution to the provision of job opportunities in the private and the reduction of unemployment sector" .

Bolani said, that "the Commission and the competent counterpart to work, Sttaavan labor law legislation to ensure workers in the private sector rights."

For his part, he saw economic expert, on behalf of Antoine, that "the Central Bank has decided to lend to banks productivity, to enable them to cope with the scarcity of liquidity due to low oil prices."

Said Antoine, in an interview to the (long-Presse), "The central bank move to allocate five billion dollars for the banks sector came to finance the production process and create jobs and prevent a recession in the country," returned as "will fill a lot of government obligations to contractors and business owners."

According to the economist, that "the central bank initiative will create new jobs, especially in the industry, in line with the government's plan to activate the productive sectors, to offset the decline in sales in the oil sector, and to prevent an economic crisis in the country."

The study estimated that the local government banks' capital reached until October of 2012 last end, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded up to 10/31/2012, a sum nearly six billion dinars (5.947), the share of government banks which amounted to 4.929 billion, compared to 1.018 billion for private banks.

Iraq's banking system consists of forty-three banks as well as the Central Bank and distributed by property between (7) state banks and 30 Islamic banks waged including seven in addition to six foreign banks.

And witness the private sector has deteriorated significantly after the year 2003, due to lift government support him, which led to most of the laboratories and factories stopped working because of their inability to compete with imported subsidized goods in the countries where they come from, which imported large fee operations are not subject, as well as local problems resulting from fuel and energy crises and lawlessness, and aging equipment.

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