Spiked Camel Java !

[DinarThug]

13 hours ago, DinarThug said:

Also From Delta ...

International Islamic Bank announces the launch of the Travel Card service

25th July, 2019

The International Islamic Bank launched a new service under the name of travel cards (Travel Card) in the presence of the Governor of the Central Bank of Iraq Ali Alaq and the Association of Iraqi private banks, at the headquarters of the bank

The Governor of the Central Bank, Ali Al-Alak, said in a speech during the ceremony and attended by "Economy News" that "the International Bank surprises us from time to time through the introduction of new banking products to keep abreast of developments in the banking business in all parts of the world," noting today the world is witnessing the so-called revolution The fourth revolution (digital revolution), which is changing the face of the world now in another direction and the banking sector is the first in this revolution, providing speed, accuracy, service and means of analysis and control at work

He added that the Central Bank is focusing today on the replacement of electronic tools to carry out all banking operations and to keep banks from dealing with the customer with a lot of costs and effort previously

He pointed out that "the radical solution to end the talk of corruption within the institutions of the state is the introduction of modern technologies and make them manage operations and remove the citizen from the employee to eliminate the phenomenon of bribery and extortion and other negative aspects

For its part, the Managing Director of the International Islamic Bank Suha Al-Kafai said that the bank launched a specific strategy for four years from the date 2016 2020 coincided with the strategy of the Central Bank in modernizing the banking system and today we announce that we have implemented all our plans for this period to build an Iraqi bank The methodology of scientific development using modern electronic systems to save time, effort and money to beneficiaries of this bank

Al-Kafa'i explained that today we celebrate the release of the travel card (IQD, USD) and the Internet Bank, which is the first of the electronic systems, so that the citizen and the owners of companies and foreign investor can enter his bank account wherever he is in any country and use his account with payment and transfer services, Or a personal computer

She pointed out that "most of the international companies looking for banking services in Iraq equivalent to the owners in the countries of the world have all the protections required from the risks expected to encourage them to enter and invest in the country and today we tell them we provide these services and provides a solid financial environment Organization seeks to contribute to the reconstruction of Iraq Seriously and practically  

BASE ON THIS ARTICLE.....  IQD =ARTICLE VIII 

 

DELTA

 

 

Travel card

 

Travel card for use around the world

-------------------------------------------------------------------------------------------------------------------------

Dinar Card

 

The dinar card and our local currency but with global characteristics and uses

1. Used to shop over the internet.
2. Used for payment through P.O.S points of sale around the world.
3. Used for cash withdrawals from the ATM.
4. Write the customer’s name on the card.
5. The card is issued in Iraqi dinar currency.
6. Valid for one year.

 

 

DELTA

[DinarThug]

Why does Iran refuse to have a European mission to protect shipping in the Gulf?

- 10 Hours Ago

 

 

 

The so-called "tanker war" between Britain and Iran resulted in Britain's intention to form a European mission to protect the freedom of navigation in the Arabian Gulf to protect ships and tankers passing through it. But Iran has refused, underestimated the need for Western ships to patrol the waters along its southern coast, and instead pledged to secure the Strait of Hormuz itself, recalling that it plays a major role in maintaining the safety and safety of navigation, and even Iranian President Hassan Rowhani said at a meeting of the Council of Ministers Iran has a duty to protect the Gulf and the Strait of Hormuz. "I think the entire world should be grateful to the IRGC for maintaining security in the Gulf," he said.

The question is whether Tehran will reject the British plan despite British Foreign Secretary Jeremy Hunt's assertion that the mission will focus on freedom of navigation and will not be part of the "policy of maximum American pressure on Iran." Britain remains committed to maintaining a nuclear deal with Tehran.

The reason is that the presence of the mission, if activated, carries several negative connotations to Iran, the first related to the improved relationship with European countries, as Iran entered the nuclear agreement in 2015 was aimed at lifting international isolation and facilitate integration into the international community to get legitimacy for its behavior Regional recognition of Western interests. While the presence of a European mission from more than one country, including those involved with Iran in the nuclear agreement, reinforces Iran's continuing image of instability and security in the Persian Gulf and the threat of international navigation safety.

Iran also wants to show the image of a country capable of protecting the security of the Gulf, as well as its permanent rejection of the presence of US forces that protect navigation and preserve the strategic interests of the United States in the Middle East and the Gulf and even the global economy associated with the region. Iran's provocative behavior in the region and hostile relations with the United States have led to its exclusion from any security arrangements in the Gulf, and the US presence reflects Iran's limited capabilities to counter it, and therefore Tehran can not play an influential role.

In the same context, the Gulf states have often publicly expressed their concerns about Iran's constant threats to Iran's desire to control the Persian Gulf and to provoke border and regional disputes with its Arab neighbors from time to time, such as the Iran-UAE conflict on the three islands, Its attempts to significantly influence the levels of oil production and prices, as well as the constant threat of the ability to close the Strait of Hormuz, through which flows about 20% of the world's oil.

The European parties are still interested in containing Iranian behavior through the continuation of the nuclear agreement. The French mediation, which has been going on for a month, confirmed the calm between Tehran and Washington, as well as the EU foreign policy representative Federica Mugrini. The rest of the signatories to the joint plan will not respond. The current time for Iran's violations of uranium stockpiles and the limits of the enrichment rate by activating the dispute settlement mechanism in the Joint Comprehensive Action Plan (JCPOA). In other words, European parties may be waiting for the mediation of France, Sweden and Oman. Therefore, there may be fewer possibilities for the formation of the European mission to protect the safety of navigation in the Arabian Gulf.

But the conflict continues to threaten to stifle a vital trade route for crude oil exports and could cause oil prices to rise, threatening the global economy. Western powers worried and suggested guarding ships and controlling threats.

The scene now turns instead of Iran pressing European parties to pressure the United States to lift sanctions and create a rift in US-European relations, to Iran's fear of a schism in Iran's relations with European parties. The British flag is raised if the British authorities leave the Iranian oil tanker, which it seized off the coast of Gibraltar.

Arab Endpoint

link

[DinarThug]

A Couple Of Emoji Highlights And Some Comments At The Bottom From Delta On The IMF Report ...

 

 

IMF Executive Board Concludes 2019 Article IV Consultation with Iraq

 

July 26, 2019

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Iraq.

An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities.  Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline.

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.

In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

Executive Board Assessment [2]

Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties. Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk‑ and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity. They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector. Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT). Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.

Iraq: Selected Economic and Financial Indicators, 2015–24
(Percent of GDP, except were indicated)                   Projections     2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Economic growth and prices                     Real GDP (percentage change) 2.5 15.2 -2.5 -0.6 4.6 5.3 2.6 2.3 2.1 2.1 Non-oil real GDP (percentage change) -14.4 1.3 -0.6 0.8 5.4 5.0 4.1 3.4 2.7 2.7 GDP deflator (percentage change) -26.1 -13.4 14.6 15.4 -4.5 2.3 2.6 2.8 3.1 3.3 GDP per capita (US$) 5,047 4,843 5,263 5,882 5,728 6,017 6,172 6,326 6,486 6,666 GDP (in ID trillion) 207.2 206.7 231.0 265.0 264.8 285.4 300.4 315.9 332.3 350.4 Non-oil GDP (in ID trillion) 137.3 138.3 140.8 145.6 158.1 173.2 188.1 202.8 217.1 232.6 GDP (in US$ billion) 177.7 175.2 195.5 224.2 224.1 241.5 254.1 267.3 281.1 296.5 Oil production (mbpd) 3.72 4.63 4.47 4.41 4.59 4.84 4.93 5.01 5.10 5.18 Oil exports (mbpd) 3.35 3.79 3.80 3.86 4.03 4.25 4.33 4.40 4.47 4.55 Iraq oil export prices (US$ pb) 1/ 45.9 35.6 48.7 65.2 56.0 55.8 54.9 54.4 54.4 54.8 Consumer price inflation (percentage change; end of period) 2.3 -1.5 0.2 -0.1 2.0 2.0 2.0 2.0 2.0 2.0 Consumer price inflation (percentage change; average) 1.4 0.5 0.1 0.4 0.8 2.0 2.0 2.0 2.0 2.0                       National Accounts                     Gross domestic investment 24.9 20.8 16.7 12.9 18.8 16.7 16.0 15.6 15.6 15.4 Of which: public 15.6 11.5 8.3 5.3 10.6 8.4 7.5 7.0 6.8 6.6 Gross domestic consumption 81.2 87.0 80.8 79.1 84.5 85.4 86.8 87.9 88.6 89.6 Of which: public 22.6 22.6 21.8 21.2 26.5 26.3 26.4 26.2 26.2 26.3 Gross national savings 18.4 12.5 18.6 19.8 13.6 12.5 11.7 11.1 10.3 9.4 Of which: public 3.1 -2.0 7.0 13.4 6.5 5.2 4.1 3.2 1.8 0.8 Saving - Investment balance -6.5 -8.3 1.8 6.9 -5.2 -4.2 -4.3 -4.6 -5.3 -6.0                       Public Finance                     Government revenue and grants 30.6 26.8 33.0 39.8 40.5 39.6 37.9 36.5 35.5 34.6 Government oil revenue 27.8 22.9 28.9 36.7 37.2 36.3 34.5 33.1 32.0 31.0 Government non-oil revenue 2.8 4.0 4.2 3.1 3.3 3.3 3.4 3.4 3.5 3.5 Expenditure, of which: 43.4 40.7 34.6 32.0 44.6 43.1 41.2 40.5 40.5 40.5 Current expenditure 27.8 29.3 26.4 26.7 33.9 34.7 33.6 33.5 33.7 33.9 Capital expenditure 15.6 11.5 8.3 5.3 10.6 8.4 7.5 7.0 6.8 6.6 Overall fiscal balance (including grants) -12.8 -13.9 -1.6 7.9 -4.1 -3.5 -3.3 -4.0 -5.0 -5.9 Non-oil primary fiscal balance, accrual basis (percent of non-oil GDP) -46.5 -43.3 -39.4 -42.4 -56.9 -52.1 -49.2 -47.1 -46.2 -45.3 Adjusted Non-oil primary fiscal balance, accrual basis (excl. KRG, percent of non-oil GDP) 2/ -44.7 -43.3 -39.4 -40.5 -50.1 -46.0 -43.6 -41.8 -41.0 -40.2 Adjusted non-oil primary expenditure (excl. KRG, percent of non-oil GDP) 3/ 48.9 49.2 46.3 46.2 55.6 51.5 49.1 47.2 46.3 45.5 Adjusted non-oil primary expenditure (excl. KRG, annual real growth, percent) 3/ -24.7 0.9 -4.5 2.8 29.9 -0.6 1.4 1.6 3.1 3.2                       Memorandum items                     Total government debt (in percent of GDP) 4/ 56.2 64.2 58.9 49.3 51.4 50.5 50.6 51.5 53.6 56.4 Total government debt (in US$ billion) 4/ 99.9 112.5 115.2 110.4 115.3 121.9 128.5 137.5 150.7 167.3 External government debt (in percent of GDP) 37.2 37.1 35.6 30.6 32.2 31.5 30.5 28.4 26.8 24.9 External government debt (in US$ billion) 66.1 65.0 69.5 68.7 72.2 76.2 77.6 75.8 75.3 73.8                       Monetary indicators                     Growth in reserve money -12.0 9.2 -4.4 6.7 2.5 5.4 4.7 4.9 5.1 4.6 Growth in broad money -9.1 7.1 2.6 2.7 2.5 6.2 5.4 6.0 5.9 5.3                       External sector                     Current account -6.5 -8.3 1.8 6.9 -5.2 -4.2 -4.3 -4.6 -5.3 -6.0 Trade balance -0.1 -1.7 7.6 13.4 3.5 4.1 3.2 2.0 1.3 0.5 Exports of goods 31.8 28.6 34.8 41.2 37.0 36.2 34.4 33.1 32.0 31.2 Imports of goods -31.9 -30.3 -27.1 -27.8 -33.5 -32.0 -31.2 -31.1 -30.8 -30.7 Overall external balance -6.7 -3.7 2.5 6.3 -2.5 -1.1 -1.6 -3.5 -3.8 -4.7 Gross reserves (in US$ billion) 54.1 45.5 49.4 64.7 57.2 53.5 48.5 38.8 28.2 14.3 Total GIR (in months of imports of goods and services) 9.3 7.8 7.3 8.0 6.8 6.2 5.5 4.2 2.9 1.4 Exchange rate (dinar per US$; period average) 1,166 1,180 1,182 1,182 1,182 1,182 1,182 1,182 1,182 1,182 Real effective exchange rate (percent change, end of period) 5/ 6.5 1.8 -5.1 4.9 … … … … … … Sources: Iraqi authorities; and Fund staff estimates and projections.
1/ Negative price differential of about $3.6 per barrel compared to the average petroleum spot price (average of Brent, West Texas and Dubai oil prices) in 2018-23.
2/ Adjusted to exclude (i) full year estimates of federal government transfers to the Kurdistan Regional Government, and (ii) non-oil tax revenues from the KRG to the federal government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.
3/ Adjusted to exclude full year estimate of federal government transfers to the Kurdistan Regional Government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.

4/ Includes arrears. The debt stock includes legacy arrears to non-Paris Club creditors on which the authorities have requested (but not yet obtained) Paris-Club comparable relief. Implementing comparable terms will substantially reduce debt (e.g. by 15 percent of GDP in 2017).

5/ Positive means appreciation.

                                     

 

---

[1] Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here:http://www.imf.org/external/np/sec/misc/qualifiers.htm .

IMF Communications Department

MEDIA RELATIONS

 

"Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring."

MEANING NO NEED FOR SBA ANYMORE...IMO..IRAQ WILL MOVE FROM ARTICLE  XIV TO VIII...

"In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation"

FML=NEW RATE

ALSO I DID NOTICE FROM THE REPORT NO MENTION OF IQD PEG TO USD  LIKE THE PREVIOUS REPORTS.

DELTA

[tigergorzow]

DT Thanks,  You are definitely killing it with these extraordinary articles.  Heck yeah I am loving every darn line...😁😁👍👍.   Come on boys & girls git er done....CBI, GOI, KRG, Parliament & A.M.

 

GO RV & RI

[ChuckFinley]

18 minutes ago, tigergorzow said:

DT Thanks,  You are definitely killing it with these extraordinary articles.  Heck yeah I am loving every darn line...😁😁👍👍.   Come on boys & girls git er done....CBI, GOI, KRG, Parliament & A.M.

 

GO RV & RI

DT going to have to  tigergorzow post man. You are bring it.  

[fancy]

3 hours ago, DinarThug said:

Ok Bro’s - U Know That U’ve Been Waiting For The Clownie Crayola Version Of This Report !  

 

     

 

 

 

LINK

IMF Executive Board Concludes 2019 Article IV Consultation with Iraq

 

 

July 26, 2019

 

On July 19, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Iraq.

An improved security situation and the recovery in oil prices have improved near-term vulnerabilities. Large fiscal and current account surpluses—around 8 and 6 percent of GDP, respectively—were recorded in 2018, allowing the government to retire domestic debt and accumulate fiscal buffers. Gross international reserves reached $65 billion by end-2018.

However, post-war reconstruction and economic recovery have been slow. Non-oil GDP rose by only 0.8 percent year-on-year in 2018 in a context of weak execution of reconstruction and other public investment. Overall GDP contracted by around 0.6 percent as oil production was cut to comply with the OPEC+ agreement.

The 2019 budget implies a sizable fiscal loosening that will reverse the recent reduction in vulnerabilities.  Current spending is expected to increase by 27 percent year-on-year, in part due to a higher public sector wage bill, while revenues will be dampened by the abolition of non-oil taxes. As a result, the budget is projected to shift to a deficit of 4 percent of GDP in 2019, and reserves are projected to decline.

The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. Although the level of public debt will remain sustainable, gross fiscal financing needs will increase. Non-oil GDP growth is projected to reach 5½ in 2019 but subside over the medium term.

In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.

Executive Board Assessment [2]

Executive Directors agreed with the thrust of the staff appraisal. They were encouraged by the recent strengthening of Iraq’s economy but recognized that the country continues to face daunting challenges. Social conditions remain harsh, post-war reconstruction progress is slow, development needs are large, and institutional weaknesses are significant. Volatile oil prices and a difficult regional and geopolitical environment pose additional difficulties. Directors encouraged the authorities to seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems, and promoting sustainable and inclusive growth.

Directors emphasized that building a robust fiscal framework is essential to maintain fiscal and macroeconomic stability and strengthen buffers. They encouraged the authorities to adopt a risk‑ and rules-based approach to fiscal policy as part of broader reforms to manage oil revenue more effectively, reduce tendencies for procyclicality, and shift to a more growth-friendly composition of expenditure. Directors supported scaling up reconstruction and development expenditure gradually in line with improving absorptive capacity. They underscored the need to strengthen public financial management to ensure public spending is appropriately monitored and to reduce vulnerabilities to corruption. In this context, Directors welcomed the newly adopted General Financial Management Law and encouraged its full implementation.

Directors emphasized that gradual fiscal adjustment, including containing current primary spending and boosting non-oil revenues is essential for maintaining fiscal and debt sustainability. They recommended that spending measures should give priority to containing the growth in wage bill and lowering subsidies to the electricity sector. Directors emphasized that the poorest and the most vulnerable must be protected from the adjustment process.

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor market.

Directors agreed that building public institutions and enhancing governance is key for success, and highlighted the scope for Fund capacity development to support system" rel="">support these efforts. They welcomed progress in developing an anti-corruption framework and called for further modifications to the legal regime for combatting corruption coupled with stronger coordination between the relevant government agencies, while continuing to strengthen the framework for Anti-money laundering and combatting the financing of terrorism (AML/CFT). Directors also recommended strengthening Public Investment Management framework to ensure that spending is well directed and that donor funds targeting reconstruction are put to the most efficient use.

Directors looked forward to continued close engagement between the authorities and the Fund in the context of post program monitoring.

 

Iraq: Selected Economic and Financial Indicators, 2015–24
(Percent of GDP, except were indicated)                   Projections     2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Economic growth and prices                     Real GDP (percentage change) 2.5 15.2 -2.5 -0.6 4.6 5.3 2.6 2.3 2.1 2.1 Non-oil real GDP (percentage change) -14.4 1.3 -0.6 0.8 5.4 5.0 4.1 3.4 2.7 2.7 GDP deflator (percentage change) -26.1 -13.4 14.6 15.4 -4.5 2.3 2.6 2.8 3.1 3.3 GDP per capita (US$) 5,047 4,843 5,263 5,882 5,728 6,017 6,172 6,326 6,486 6,666 GDP (in ID trillion) 207.2 206.7 231.0 265.0 264.8 285.4 300.4 315.9 332.3 350.4 Non-oil GDP (in ID trillion) 137.3 138.3 140.8 145.6 158.1 173.2 188.1 202.8 217.1 232.6 GDP (in US$ billion) 177.7 175.2 195.5 224.2 224.1 241.5 254.1 267.3 281.1 296.5 Oil production (mbpd) 3.72 4.63 4.47 4.41 4.59 4.84 4.93 5.01 5.10 5.18 Oil exports (mbpd) 3.35 3.79 3.80 3.86 4.03 4.25 4.33 4.40 4.47 4.55 Iraq oil export prices (US$ pb) 1/ 45.9 35.6 48.7 65.2 56.0 55.8 54.9 54.4 54.4 54.8 Consumer price inflation (percentage change; end of period) 2.3 -1.5 0.2 -0.1 2.0 2.0 2.0 2.0 2.0 2.0 Consumer price inflation (percentage change; average) 1.4 0.5 0.1 0.4 0.8 2.0 2.0 2.0 2.0 2.0                       National Accounts                     Gross domestic investment 24.9 20.8 16.7 12.9 18.8 16.7 16.0 15.6 15.6 15.4 Of which: public 15.6 11.5 8.3 5.3 10.6 8.4 7.5 7.0 6.8 6.6 Gross domestic consumption 81.2 87.0 80.8 79.1 84.5 85.4 86.8 87.9 88.6 89.6 Of which: public 22.6 22.6 21.8 21.2 26.5 26.3 26.4 26.2 26.2 26.3 Gross national savings 18.4 12.5 18.6 19.8 13.6 12.5 11.7 11.1 10.3 9.4 Of which: public 3.1 -2.0 7.0 13.4 6.5 5.2 4.1 3.2 1.8 0.8 Saving - Investment balance -6.5 -8.3 1.8 6.9 -5.2 -4.2 -4.3 -4.6 -5.3 -6.0                       Public Finance                     Government revenue and grants 30.6 26.8 33.0 39.8 40.5 39.6 37.9 36.5 35.5 34.6 Government oil revenue 27.8 22.9 28.9 36.7 37.2 36.3 34.5 33.1 32.0 31.0 Government non-oil revenue 2.8 4.0 4.2 3.1 3.3 3.3 3.4 3.4 3.5 3.5 Expenditure, of which: 43.4 40.7 34.6 32.0 44.6 43.1 41.2 40.5 40.5 40.5 Current expenditure 27.8 29.3 26.4 26.7 33.9 34.7 33.6 33.5 33.7 33.9 Capital expenditure 15.6 11.5 8.3 5.3 10.6 8.4 7.5 7.0 6.8 6.6 Overall fiscal balance (including grants) -12.8 -13.9 -1.6 7.9 -4.1 -3.5 -3.3 -4.0 -5.0 -5.9 Non-oil primary fiscal balance, accrual basis (percent of non-oil GDP) -46.5 -43.3 -39.4 -42.4 -56.9 -52.1 -49.2 -47.1 -46.2 -45.3 Adjusted Non-oil primary fiscal balance, accrual basis (excl. KRG, percent of non-oil GDP) 2/ -44.7 -43.3 -39.4 -40.5 -50.1 -46.0 -43.6 -41.8 -41.0 -40.2 Adjusted non-oil primary expenditure (excl. KRG, percent of non-oil GDP) 3/ 48.9 49.2 46.3 46.2 55.6 51.5 49.1 47.2 46.3 45.5 Adjusted non-oil primary expenditure (excl. KRG, annual real growth, percent) 3/ -24.7 0.9 -4.5 2.8 29.9 -0.6 1.4 1.6 3.1 3.2                       Memorandum items                     Total government debt (in percent of GDP) 4/ 56.2 64.2 58.9 49.3 51.4 50.5 50.6 51.5 53.6 56.4 Total government debt (in US$ billion) 4/ 99.9 112.5 115.2 110.4 115.3 121.9 128.5 137.5 150.7 167.3 External government debt (in percent of GDP) 37.2 37.1 35.6 30.6 32.2 31.5 30.5 28.4 26.8 24.9 External government debt (in US$ billion) 66.1 65.0 69.5 68.7 72.2 76.2 77.6 75.8 75.3 73.8                       Monetary indicators                     Growth in reserve money -12.0 9.2 -4.4 6.7 2.5 5.4 4.7 4.9 5.1 4.6 Growth in broad money -9.1 7.1 2.6 2.7 2.5 6.2 5.4 6.0 5.9 5.3                       External sector                     Current account -6.5 -8.3 1.8 6.9 -5.2 -4.2 -4.3 -4.6 -5.3 -6.0 Trade balance -0.1 -1.7 7.6 13.4 3.5 4.1 3.2 2.0 1.3 0.5 Exports of goods 31.8 28.6 34.8 41.2 37.0 36.2 34.4 33.1 32.0 31.2 Imports of goods -31.9 -30.3 -27.1 -27.8 -33.5 -32.0 -31.2 -31.1 -30.8 -30.7 Overall external balance -6.7 -3.7 2.5 6.3 -2.5 -1.1 -1.6 -3.5 -3.8 -4.7 Gross reserves (in US$ billion) 54.1 45.5 49.4 64.7 57.2 53.5 48.5 38.8 28.2 14.3 Total GIR (in months of imports of goods and services) 9.3 7.8 7.3 8.0 6.8 6.2 5.5 4.2 2.9 1.4 Exchange rate (dinar per US$; period average) 1,166 1,180 1,182 1,182 1,182 1,182 1,182 1,182 1,182 1,182 Real effective exchange rate (percent change, end of period) 5/ 6.5 1.8 -5.1 4.9 … … … … … … Sources: Iraqi authorities; and Fund staff estimates and projections.
1/ Negative price differential of about $3.6 per barrel compared to the average petroleum spot price (average of Brent, West Texas and Dubai oil prices) in 2018-23.
2/ Adjusted to exclude (i) full year estimates of federal government transfers to the Kurdistan Regional Government, and (ii) non-oil tax revenues from the KRG to the federal government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.
3/ Adjusted to exclude full year estimate of federal government transfers to the Kurdistan Regional Government. In 2014 and 2015, actual transfers were made for only 2 and 5 months, respectively.

4/ Includes arrears. The debt stock includes legacy arrears to non-Paris Club creditors on which the authorities have requested (but not yet obtained) Paris-Club comparable relief. Implementing comparable terms will substantially reduce debt (e.g. by 15 percent of GDP in 2017).

5/ Positive means appreciation.

                                     

---

[1] Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here:http://www.imf.org/external/np/sec/misc/qualifiers.htm .

IMF Communications Department

MEDIA RELATIONS

It's Pronounced Stop The Actions 

Directors underscored that an overhaul of the banking sector is necessary to maintain financial stability. They encouraged the authorities to restructure the large state-owned banks, enhance their supervision, and implement other reforms to increase financial intermediation. Directors highlighted the benefits of increasing financial inclusion, especially for the SME sector, which has a large potential to absorb entrants to the labor  

[DinarThug]

Keywords: We work to benefit from the digital revolution

 

Friday 26 July 2019

 

 

Baghdad / Hussein Thugb 

 

The International Islamic Bank organized the e-ticket launch conference in the presence of the Governor of the Central Bank of Iraq and specialists on money in the public and private sectors, during which the Governor of the Central Bank stressed that Iraq is working on benefiting from the digital revolution and employing its products to develop the payment sector and transfer it to the electronic payment stage in full.

The conference, which was organized yesterday, focused on the importance of "we have a banking system that works with advanced technologies and offers products that are described as easy and safe and meet the need of the beneficiary. The launch of travel cards represents an important step and developed in Iraq for the first time.

The governor of the Central Bank d. "The world is witnessing a digital revolution and the banking sector is fundamental in this revolution, because it provides speed, accuracy, service, means of analysis and control, and all concerned with this banking system, especially fast systems are required and operations are managed in real time."

 

Sophisticated processes

He added that "the image of the banking sector during the coming period will be different and the completion of operations will be easier and the adoption of advanced operations without effort, until the stage that the service is managed over the telephone, and this is the focus of the Central Bank of Iraq."

Al-Aalak pointed out that "this bank always surprises us with the adoption of the new systems developed by the global banking sector and e-travel cards one of these important systems." He stressed that "the central puts in its future accounts to be transactions in a complete electronic form without the need for cash," pointing to the importance of quality in this area and here comes the role of banks and central.

 

Effective contribution

Director General of Payments at the Central Bank, Souha Abdelkarim, said: "By viewing the electronic travel cards, we are on the picking site 

The fruits of the efforts of the Central Bank, where the launch of this service part of our plans, especially as they are acceptable inside and outside the country and part of the government program. And commended the efforts of the International Islamic Bank and confirmed that it will have an active contribution to the program of financial inclusion, and the reality of payments is developing rapidly worldwide, and we are working to support our banks as required.

 

Volume of lending

Managing Director of the International Islamic Bank 

Suha Al-Kafai provided an explanation of the Bank's activities and its efforts in supporting projects that are of interest to young people and the successes 

"Nearly 600 small and medium-sized projects have been financed and the volume of lending has reached 12 billion dinars over the course of a year and under the supervision of the Central Bank, to announce the possibility of lending one billion dinars under 

Genuine safeguards and proven recovery mechanisms to save money. "

 

Service Pack

The establishment of Daman Company was established 

"The bank is working to provide a package of services in the industrial city, and more detailed in the form that facilitates economic performance within this city, which raises a lot of burdens on the investor." "The completion of the CBS system, which facilitates the provision of credit information for all services and with transparency," Al-Kafaiy said.
link

[6ly410]

[DinarThug]

Today .. Halbusi in Kuwait to discuss the results of the reconstruction conference

 

Saturday 27 July 2019

 

Baghdad / Al-Sabah

BAGHDAD (Reuters) - Speaker of the House of Representatives Mohammad Halboussi will begin his official visit to Kuwait on Saturday, the third since he took office, to discuss the results of the Iraq reconstruction conference. The visit will be accompanied by 10 governors as well as senior government officials.

The speaker of the House of Representatives Shaker Hamid said in a press statement that "Al-Halbusi will lead an official delegation to Kuwait, including the Secretary-General of the Council of Ministers Hamid al-Ghazi and the President of the Reconstruction Fund Mustafa al-Hiti with ten Iraqi governors, as well as the Chairman of the Committee on Oil and Energy in Parliament Hibet Halabousi and Chairman of the Foreign Relations Committee Cherko Merwais. "

"The two-day visit will include a meeting of senior Kuwaiti officials and will be devoted to discussing the results of the Kuwait International Conference for the Reconstruction of Iraq, which was held in February last year," Hamed said, adding that "the Iraqi delegation will discuss with the Kuwaiti officials ways to invest money launched by the conference Kuwait, which amounted to more than 30 billion dollars in the form of loans and credit facilities and investments to rebuild what was destroyed by the war on terrorism.

In turn, the Iraqi ambassador to Kuwait Alaa Hashemi, said that the visit of Speaker of the House of Representatives Mohammed Halbusi of Kuwait "will discuss how to invest the grants provided by the Kuwait Conference," adding that "the date of the visit of Prime Minister Adel Abdul-Mahdi of Kuwait has not yet been determined," likely to be in this year".

He also discussed with the British ambassador to Iraq, John Wilkes, "to activate the efforts of the international community and the donor countries, including Britain, for reconstruction and investment, to work on strategic projects within the British facilities provided to the Iraqi government and to address the administrative and bureaucratic corruption that hinders such projects. To complete the requirements for the return of the displaced to their homes, to stabilize, and to emphasize the continuation of joint cooperation to eliminate the cells of the organization calling for the terrorist. "

On the level of political and security developments in the region, the meeting stressed, according to a statement by the Halbusi office, "the need to reduce the escalation and not drag the region into a conflict that affects the security of international navigation and stop it, and all work to calm and defuse the crisis to avoid any steps that will lead in the future to more Tension ".

For his part, Ambassador Wilicks expressed his admiration for the high patriotic spirit of all the Iraqi people and their willingness to go ahead with the national project with a national Iraqi vision, pointing out that this requires additional efforts of the political forces to succeed and achieve results on the ground.

On the other hand, the United Nations Mission, its support for the procedures to achieve provincial elections according to international standards, and said the office of Halbusi in a statement received "morning" copy: "The Speaker of the House met the UN envoy in Iraq, Jinin Hines Balashkart, Election AmirArian".

The office added that "the meeting discussed the importance of the adoption of the draft law of the first amendment to the law of provincial elections not organized in the province and districts of its No. 12 of 2018, voted by the House of Representatives last Monday."
link

[DinarThug]

Letter of credit

 

Friday 26 July 2019

Thamer Hymes

The law of opening the credit to control the import and export first and last, and is usually known as a letter of pledge issued by the bank on the light of the credit at the request of one of its importing customers (the buyer) in which the bank undertakes to pay the amount or authorization of another bank to pay and accept withdrawals in favor of the beneficiary, Documents conforming to the conditions agreed upon in the accreditation.   

The required documents are: commercial invoice, certificate of origin, bill of lading, weight certificate, packing statement, statement of specification, health certificate (for foodstuffs). In the light of the vision of colleague Abdul-Zahra al-Hindawi published in the morning entitled (What if the Central Bank stopped selling the dollar), it was a description and an objective presentation of the situation in the absence of the process of opening L / C under Bremer's laws in force to stop inflation. From our experience with inflation in the 1990s, it was because of stopping the export of oil as a credit to our currency and as a very basic local product. The argument of inflation counteracting nasal importation was reinforced as a factor devoted to documentary credit as the organizer of one of the victims in exchange for consumerism.

Thus, the external saving flourished, as the importer did not match with the import license first, and the development did not benefit due to the absence of its attractive curricula and climates.

The result of protecting our currency from inflation was openness to the agricultural, food and industrial products, so that the domestic product was squeezed to 5 percent of the annual budget at best. Thus, the infection spread to open the border crossings on the unprotected reserves, in terms of quantity and type and the extent to which it conforms to the Iraqi standard healthily, technically and legally. To counter inflation.     

"Indo-India says that there are banks without the currency market, which did not have a presence, although it was converted to Sarafat, and we imagine its role in the absence of documentary credit, which does not mean that is done with the approval of the Central Bank. 

For whatever reason, are customs, direct and indirect taxes on imports worth $ 50 billion, as appropriate? If this amount is under the authority of opening the credit, was not the tax fraud the largest treasury of the debtor state in most budgets, if not all?

The return of L / C is conditional on the repeal of Bremer's unconstitutional laws, which came as emergency laws to cover the imbalance stage after 2003 'to become an alleged liberal norm. The most extreme capitalist liberalism, from America to Japan and the European Union, has a process of opening credit to its macro- , As they are denied in the absence of a credit which is not only a customs barrier and an import permit that is being activated, but reflects the policy and will of a state with its economic, financial, health and development plans.

link

[DinarThug]

Investment landscape and optimization procedures

Friday 26 July 2019

Abdul Zahra Al Hindawi

"If it comes late, it is better than never to come," says Angels, and perhaps this example applies to us in many tracks, which have been desolate for periods of time until they become unfit to walk because of their obsolescence and lack of interest. Is the investment in Iraq, despite the existence of a law prepared by the specialists of the best laws in the region (Law No. 13 of 2006 and its amendments), and despite the presence of an investment authority and the existence of an annual investment platform and investment program, but if the investment in the country was not properly We have not seen real investments that can move the economy and the economy And therefore positively reflected on the life of the Iraqi man by about a year.

It is true that the Investment Authority sought and endeavored to improve the investment reality, but the investment environment did not grow in line with the country's need for huge investments in all sectors. Therefore, in light of this reality, the government required the search for solutions and treatments Domestically and attract investors and companies nationally and internationally to invest in Iraq.

After a long delay, which may be justified in one way or another, the government decided to take a number of measures that are important in order to improve the pristine investment environment in Iraq. The Cabinet has taken very important decisions in this context, which were welcomed by the private sector, Usually we find him worried or afraid of any action taken by the government in terms of investment, or related In partnership.

The decisions of the Council of Ministers, aimed at improving the business and investment environment, came in six important and important areas. The government tried to address the problems, challenges and obstacles that made the Iraqi investment environment, despite its fertility, an investment repellent. Allocation of land for investment projects.

This issue has always been one of the most important challenges faced by investors in the past years, and the concerned parties have not been able to overcome them because of the existence of old laws and regulations, which are old and outdated, Importance of the investment project, while the third axis to address the issue of registration of companies.

The decision did not overlook the problem of granting entry features to investors. This issue was a blatant challenge to investors when it took time and complicated procedures that ultimately drove the investor to invest in another area that provides him with a better atmosphere. The tourism sector is more The development sectors are vulnerable to injustice and lack of interest, despite being the most important sector, because it provides for the advancement and advancement of the economy and development, and we have always written and written about the importance of tourism in our country, because of Iraq's tourist features in various types of tourism, historical, religious and natural, Even after the inclusion of the marshes and the ruins of Babylon in the World Heritage List, the new government measures have begun to breathe the spirit into the tourism sector, so that we do not need oil one day.

The sixth axis, which came to improve the investment environment in Iraq, dealt with the legislative aspects mentioned above, especially with regard to the residency law, the amendment of the Industrial Cities Law, the preparation of a draft law for the Council for Construction and Investment, , With the contribution of the private sector, which gave the new procedures, an area commensurate with the size of development and its potential to be a partner of the sector General.

It is noteworthy that the new government measures included deterrent penalties for anyone trying to obstruct their implementation, especially with regard to the allocation of land, and the rest of the items and axes. Will these sanctions guarantee the implementation and implementation of new procedures and decisions that we hope will continue, Which may hinder or delay its movement, so that we see the wheel of investment in Iraq, and has begun to revolve, there are many sectors thirsty for investment, including the housing sector, which will move dozens of joints, and provides millions of jobs

link

[DinarThug]

LINK

Decision of the Council of Ministers (254)

 

27th July, 2019 by Samir Al Nusairi

 

We have received the decision of the Council of Ministers with great surprise when he issued a decision to change the management of the Central Bank independent sovereign institution in all countries of the world and the reason for the surprise that the decision to change conservatives in most countries issued because of the inability of the Bank's management to achieve the objectives of monetary policy And failure to achieve central plans in the management of the economy and failure to support and support the national economy in crisis

But what happened to us (inverted), the Central Bank of Iraq achieved during its current administration the objectives of monetary policy and overcome its challenges and achieved stability in the exchange rate and reduce inflation and build foreign reserves at a cumulative rate is the third Arab and bridged the technical gap and moved from manual banking to digital transformation and electronic trading in the sector The most important of which was the liquidation of (700) negative negative observations on the financial and banking situation in Iraq by the World Bank and because of this FATF issued its decision to move from the monitoring and follow-up to the normal follow-up every two years, That improved the international banking reputation of the Iraqi banking sector

I hope that Tzmho me gentlemen, distinguished members of the Council of Ministers As an Iraqi citizen who specializes economy and banking to exercise my constitutional right and legal in our democratic system and discussed with yourselves Gesathat the issuance of your decision and answer following my questions

Do you look before the decision on the march of the achievements of the Central Bank His current administration, which has already been mentioned? 

Have you discussed why you reward and honor the institutions that served and fulfilled their national duty and achieved economic steadfastness in the near economic and security conditions suffered by our country since the middle of 2014, that the management is changed with our great respect for the alternative candidate? 

If you see and discussed this is a disaster and if you do not know and discuss the disaster is greater

With our respect for your decision, our hope is great for our noble and noble people represented by members of the Iraqi Council of Representatives, especially the Parliamentary Finance Committee, which is the competent authority, which will be informed, discussed and will meet the candidates and will be the decisive decision

[DinarThug]

LINK

International Monetary Fund: Iraqi foreign reserves rose to 65 billion dollars

 

27th July, 2019

 

 

The International Monetary Fund (IMF) said that Iraq's foreign reserves rose to $ 65 billion as a result of the surplus in public finances

The International Monetary Fund said in a press statement after the conclusion of the Executive Board Article IV consultations for 2019 with Iraq and viewed by the "economy News", "the total international reserves of 65 billion US dollars by the end of 2018," noting that the rise due to the recovery of oil prices and reduce the weaknesses In the Iraqi economy and the formation of safety margins in public finances

The International Monetary Fund expected foreign reserves to fall below adequate levels as a result of the decline in public finances after a 27 percent increase in spending and weak revenues due to the cancellation of non-oil taxes

[DinarThug]

The Iraqi Trade Bank reveals the details of the loan "trillion" dinars

 

 

Baghdad today - special

 

The head of the Iraqi Trade Bank and Chairman of the Board of Directors Faisal Al-Hims revealed on Wednesday the details of the loan granted by the bank to the General Company for Cereal Trade in the Ministry of Commerce, noting that the bank is about 106 billion dinars of its profits to the state treasury.

"The bank gave the General Company for grain trade, one trillion Iraqi dinars for the purpose of paying the dues of the farmers for the year 2019," he said in an exclusive interview with Baghdad today.

He added that "this loan supports the government directions that aim to support the agricultural sector in Iraq and encourage him to work continuously in order to support the national product to be a main provider of the Iraqi market," adding that "this step comes as part of the steps of the bank in support of state institutions as one of the most important pillars of financial and economic in the country".

He pointed out that "this money will contribute to encourage the farmers, in the preparations for the next season with high production and high quality," pointing out that "the bank has been to finance a lot of government activities, but this loan is the largest."

He pointed out that "the bank will have an active role in supporting Iraqi investors and foreigners, wishing to invest in the country," stressing that "the bank has a large financial base in the country." 

"The loan is added to the series of achievements, the first of which was the opening of the first branch of the bank in Saudi Arabia, in addition to the transfer of half of the profits of the bank for 2018 to the treasury of the state, which amounted to 106 billion dinars."

"The Ministry of Commerce will take over the loan, and the bank will monitor the money," Hazem said.

She pointed out that "the loan will include all farmers, even in the Kurdistan region," asserting that "will generate confidence between the government and farmers."

link

[DinarThug]

Comments From Delta Below ...

 

 

Fiscal reforms essential to rebuild Iraq and improve economic growth, IMF says

 

 

The country must implement policy and structural changes to ensure macroeconomic stability and promote sustainable growth

 

Recovering oil prices and improved security have helped Iraq strengthen its economy but it needs to implement reforms aimed at ensuring macroeconomic stability and mitigating risks from oil price volatility, according to the International Monetary Fund.

The near-term vulnerabilities in Iraq have eased with a large fiscal surplus in 2018 but post-war reconstruction and economic recovery has been slow while a fall in oil prices would pose a major risk to the outlook, the IMF said in a report on Friday.

Iraqi authorities should "seize the opportunity presented by the improved security situation and higher oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability, tackling long-standing social problems and promoting sustainable and inclusive growth," the IMF executive board concluded after a consultation with the Iraqi government.

Iraq faces "daunting" challenges after its war with ISIS: social conditions remain harsh following the conflict, with slow progress on rebuilding, weak public services and a lack of job opportunities, the IMF said. Given highly volatile oil prices, Iraq faces risk from a drop in crude prices, which would lower exports and revenues, leading to sharper declines in central bank reserves or higher public debt. In addition, geopolitical tensions and lack of progress in curbing corruption could pose further risk.

The Washington-based lender urged Iraqi authorities to adopt a fiscal policy that scales up public investment while gradually building buffers, as part of wider reforms to better manage oil revenues and protect from oil price shocks. To do this, the IMF recommended phased measures to lower current spending and boost non-oil revenue.

Tighter spending would mean containing public-sector wages and lowering subsidies to the electricity sector. A review of social spending must ensure that the country's poorest are protected during these reforms, the fund said.

https://www.thenational.ae/business/economy/fiscal-reforms-essential-to-rebuild-iraq-and-improve-economic-growth-imf-says-1.891433

Fiscal reforms=CURRENCY REFORM

لإصلاحات الماليةI

 

DELTA

[DinarThug]

More From Delta ...

 

 

FROM IMF REPORT:

 

Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any exchange restrictions or multiple currency practices subject to Article XIV, Section 2, and currently maintains one multiple currency practice (MCP) subject to Fund approval under Article VIII, Section 3.1
 

 

BYE BYE ARTICLE Article XIV ...WELCOME ARTICLE VIII 

 

DELTA

[navira]

Cheers bro...let's go bros

[6ly410]

let’s go IQD 

[blueskyline]

Thanks Thug ....

[Floridian]

RE:  IMF Report

 

I just heard that Kaperoni is going to read the report next week and then post about it.

Imagine that!  His faithful followers waiting all that time to hear his "words of wisdom".   😂

 

[ChuckFinley]

That is why I love this thread, it is fun and informative.  

[ChuckFinley]

11 hours ago, DinarThug said:

LINK

International Monetary Fund: Iraqi foreign reserves rose to 65 billion dollars

 

27th July, 2019

 

 

The International Monetary Fund (IMF) said that Iraq's foreign reserves rose to $ 65 billion as a result of the surplus in public finances

The International Monetary Fund said in a press statement after the conclusion of the Executive Board Article IV consultations for 2019 with Iraq and viewed by the "economy News", "the total international reserves of 65 billion US dollars by the end of 2018," noting that the rise due to the recovery of oil prices and reduce the weaknesses In the Iraqi economy and the formation of safety margins in public finances

The International Monetary Fund expected foreign reserves to fall below adequate levels as a result of the decline in public finances after a 27 percent increase in spending and weak revenues due to the cancellation of non-oil taxes

Thanks Thug,I interesting.

[DinarThug]

Iraq : 2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

 

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Readerto view this PDF file

Summary:

Forty years of upheaval has eroded physical and human capital and weakened public institutions. Social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. The recent rebound in oil prices helped deliver a large budget surplus and healthy build-up in reserves in 2018, but post-war recovery has been sluggish. The SDR 3.8 billion ($5.3 billion) Stand-by Arrangement approved in 2016 expires in July.

Series:

Country Report No. 19/248

link

[ChuckFinley]

Thanks Thug,  you are all over this stuff. 

[DinarThug]

Political optimism on the understandings of the federal government and the region

 

Saturday 27 July 2019

Baghdad / Muhannad Abdul Wahab

Erbil / Sundus Abdel Wahab 

 

 

Members of the House of Representatives expressed optimism about the current atmosphere of convergence and understanding between the federal government and the region, stressing that the talks between the parties are actively through the joint committees to resolve outstanding differences, but the deputies stressed that "will not be voting and pass the next budget for the year 2020 only after the agreement Full between Baghdad and Erbil on the oil file. "

A member of the legal committee Salim Shoshki: "The negotiations between the center and the region are conducted intensively through the committees formed to follow up the file of oil receivables between the center and the region."

The Shoshky said the "morning", "The committees formed after the visit of the President of the Government of the Territory to Baghdad are important messages and signals indicate that the Center and the region are determined and will to resolve the outstanding problems between them on oil dues," noting that "solving these problems need time, And deserve to give an opportunity to reach a result. "

He pointed out that "the territorial government has concluded some contracts with international companies for a long time, and the withdrawal from these companies have implications and implications, and the two governments to take responsibility for these repercussions and need to pause seriously to find effective solutions to these problems,"adding that " The center and the region reached results through discussions that the provincial government to deliver the agreed quantity of oil to the Baghdad government, but the mechanism and how and the technical and tactical side need sufficient time.

"Both sides agreed on one principle, namely, understanding within the framework of the Iraqi constitution and not to declare the media until the talks reach real results," Shoshaki said. "This news or statements may give a negative role to the agreement between the parties regarding the oil dues."

"The budget of 2020 will not be voted on and will not be discussed until after a full agreement between Baghdad and Erbil on the oil file," he said.

 

The position of Parliament

For his part, MP from the stream of wisdom Jassim al-Bukhaati, said that "the state of tides between the region and the center is not new," calling for "the House of Representatives to take a serious attitude towards the commitment of the provincial government to pay its oil to the federal government."

Al-Bukhati said in a statement to al-Sabah that "taking privileges by the region and not paying dues to the central government will create crises and major problems. The House of Representatives should say its word in this regard, despite the existence of alliances based on interests and positions. , That "there is a determination of deputies and political blocs pressing towards the commitment of the territorial government to pay their oil dues."

He stressed that the "budget 2020 Federal will not pass; only in the case of taking promises and pledges on the implementation of all the issues of the budget paragraphs," noting that "the meetings of the Minister of Oil and Finance was not completed because of differences and the withdrawal of the Minister of Oil," noting that "the next meeting of the House of Representatives Must be attended by the Minister of Oil with representatives of the Ministry of Finance for the purpose of knowing the amounts of money spent and the amounts of oil that have been paid to the federal government by the region.

 

Areas of sisterhood

The visit of a high-level delegation from the federal government to the Kurdistan region and their meeting with the Prime Minister of the Kurdistan Regional Government pleased Barzani positive results, and it was agreed to put mechanisms on the outstanding issues through the formation of technical committees of ministries and related parties.

Commenting on the new atmosphere in the region, member of the General Council of the Movement for Change, Dr. Saber Ismail, said: "The Kurdistan region is currently witnessing a new government, a new and new personal policy represented by Prime Minister Barzani and a new government program that differs from government programs Previous at the internal level and its relationship with the federal government. "

He added, "All outstanding problems from previous governments with the Center must be resolved, and the parties agree on points in favor of the Iraqi people and serve Iraq and its sovereignty, land and people, and continue to seek solutions to radical constitutional benefit the interests of all," pointing out that " Which is being discussed and the formation of technical committees on them and discussed in several meetings in the present and future; it is related to the economy, oil, budget and disputed areas.

"We believe that it is wrong to call some areas disputed, and we see the need to replace them with the term" sister regions "because they include all the Arab and Kurdish nationalities and the Turkmans are brothers. There is no difference between them. If the city of Kirkuk joins the region, Kirkuk remains Iraqi. " 

 

Steps of the Region

In the same matter, said the Kurdistan Democratic Party Chairman of the Committee on Foreign Relations in the Parliament of the province, Ribawar Babki in an interview for "morning": "The Kurdistan Regional Government is serious in the issue of resolving outstanding problems between the region and the federal government and show flexibility in dealing with problems according to the Iraqi constitution, The visit of senior officials in the federal government to Erbil, headed by Oil Minister Thamer Ghadhban and Finance Minister Fouad Hussein and the head of the popular crowd Faleh Fayyad, comes within the steps of understanding, which began recently to visit the Prime Minister of the province Barzani pleased to Baghdad and his meeting with the presidencies Lath which resulted in the existence of understandings and put points on the letters through the formation of technical committees that have been agreed upon. "

He added that the talks between the two sides on the three files of the President of oil and gas as well as disputed areas and the security file the return of the Peshmerga forces, and also the subject of budget and financial matters, as the region requires the delivery of 250 thousand barrels per day of oil in exchange for sending salaries of employees, That "there is a strong and urgent will between the two governments in the center and the region in resolving these files under the Iraqi constitution, which will be the separation between the parties, and find a formula to resolve these key files with political dimensions and strategic within the constitutional framework."

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