CBI News 08/04/2019

[yota691]

The Executive Board of the International Monetary Fund concludes the Article IV consultations of 2019 with Iraq

 

  

 

August 04, 2019

 

» The Executive Board of the International Monetary Fund concluded on July 19, 2019 Article IV consultations with Iraq ... Click here to view

[yota691]

The International Monetary Fund urges the Iraqi government to cut subsidies on the electricity sector

 

energy Economy News _ Baghdad The International Monetary Fund urged the Iraqi government on Sunday to reduce subsidies on the electricity sector, and protect the poorest and least-income groups, while recommending the need for comprehensive reform of the banking sector. The Central Bank said in a statement received by the "Economic News" a copy of it, "The Executive Board of the International Monetary Fund concluded the article IV with Iraq," noting that "the Council saw that the improvement in the Iraqi economy is encouraging, but acknowledged the serious challenges that still face the country "He said. "Council directors have urged that we take advantage of improved security and higher oil prices to implement structural policies and reforms aimed at ensuring macroeconomic and financial stability and addressing long-standing social problems," he said. "Building a strong framework for public finances is necessary to maintain fiscal and macroeconomic stability and to strengthen safety margins," the IMF said, adding that it supports "gradually increasing spending on reconstruction and development in parallel to improving absorptive capacity." "The need for progressive fiscal control, including containment of current spending and increasing non-oil revenues to maintain fiscal sustainability and keep debt within sustainable limits," the IMF said, adding that "the increase in the wage bill and the reduction of subsidies to the electricity sector should be priorities in spending procedures." On protecting the poorest and least vulnerable groups from financial controls. " The IMF called for "comprehensive reform of the banking sector in order to maintain financial stability, urging the authorities to restructure and strengthen the supervision of large state-owned banks and implement other reforms to increase financial intermediation activities." Views 32   Date Added 08/04/2019

[yota691]

The International Monetary Fund urges the Iraqi government to cut subsidies on the electricity sector

Economie

2019-08-04 03:51

 

 

2,234 views

The International Monetary Fund urged the Iraqi government to reduce subsidies on the electricity sector, and protect the poorest and least-income groups, while recommending the need for comprehensive reform of the banking sector.

The central bank said in a statement Alsumaria News received a copy of it, that " the Executive Board for the International Monetary Fund concluded consultations Article IV with Iraq , " noting that " the Council considered that the improvement in the Iraqi economy is encouraging , but he acknowledged the serious challenges still facing the country . " .

 

 

"Council directors urged that we take advantage of improved security conditions and higher oil prices to implement structural policies and reforms aimed at ensuring macroeconomic and financial stability and addressing long-standing social problems," he said. 

"Building a strong framework for public finances is necessary to maintain fiscal and macroeconomic stability and to strengthen safety margins," the IMF said, adding that it supports "gradually increasing spending on reconstruction and development in parallel to improving absorptive capacity."

 

"The need for progressive fiscal control, including containment of current spending and increasing non-oil revenues to maintain fiscal sustainability and keep debt within sustainable limits," the IMF said, adding that "the increase in the wage bill and the reduction of subsidies to the electricity sector should be priorities in spending procedures." On protecting the poorest and least vulnerable groups from financial controls. " 

The IMF called for "comprehensive reform of the banking sector in order to maintain financial stability, urging the authorities to restructure and strengthen the supervision of large state-owned banks and implement other reforms to increase financial intermediation activities."

[yota691]

Prices of bullion and gold coins to be sold from Monday 2019/8/5 till 2019/8/8

 

  

 August 04, 2019

 

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[Butifldrm]

 

2019/08/04 11:21

• The number of readings 145
• Section: Iraq
•  

IMF calls on Iraq to cut subsidies on electricity sector and protect the poor

The International Monetary Fund (IMF) urged the Iraqi government on Sunday to cut subsidies on the electricity sector and protect the poorest and least income groups, while recommending the need for a comprehensive reform of the banking sector.

The Central Bank said in a statement received to the obelisk, "The Executive Board of the International Monetary Fund concluded consultations Article IV with Iraq," noting that "the Council felt that the improvement in the Iraqi economy is encouraging, but acknowledged the serious challenges still facing the country." 

He added, "Directors in the Council urged to seize the opportunity to improve the security situation and high oil prices to implement policies and structural reforms aimed at ensuring macroeconomic and financial stability and address long-standing social problems." 

"Building a strong fiscal framework is essential to maintain fiscal and macroeconomic stability and enhance safety margins," the IMF said, adding that it supported "a gradual increase in spending on reconstruction and development in parallel with improved absorptive capacity." 

Follow the obelisk

http://almasalah.com/ar/news/176005/صندوق-النقد-الدولي-يدعو-العراق-الى-خفض-الدعم-عن-قطاع-الكهرباء-وحماية-الفقراء

[yota691]

Conscious / Central: The International Monetary Fund urged the Iraqi government to reduce subsidies on the electricity sector

 

 

04/08/2019 13:20:00 PM | Number of readings: 67

BAGHDAD /

The International Monetary Fund urged the Iraqi government on Sunday to reduce subsidies on the electricity sector, and protect the poorest and least-income groups, while recommending the need for comprehensive reform of the banking sector.

A statement by the Central Bank received by the ( Iraqi News Agency Information / INA )  that "the Executive Board of the International Monetary Fund concluded the article IV with Iraq," noting that "the Council saw that the improvement in the Iraqi economy is encouraging, but acknowledged the serious challenges that still face Country ".

"Council directors have urged that we take advantage of improved security and higher oil prices to implement structural policies and reforms aimed at ensuring macroeconomic and financial stability and addressing long-standing social problems," he said.

"Building a strong framework for public finances is necessary to maintain fiscal and macroeconomic stability and to strengthen safety margins," the IMF said, adding that it supports "gradually increasing spending on reconstruction and development in parallel to improving absorptive capacity."

"The need for progressive fiscal control, including containment of current spending and increasing non-oil revenues to maintain fiscal sustainability and keep debt within sustainable limits," the IMF said, adding that "the increase in the wage bill and the reduction of subsidies to the electricity sector should be priorities in spending procedures." On protecting the poorest and least vulnerable groups from financial controls. "

The IMF called for "comprehensive reform of the banking sector in order to maintain financial stability, urging the authorities to restructure and strengthen the supervision of large state-owned banks and implement other reforms to increase financial intermediation activities."

Iraq faces several challenges, including unstable security conditions, which have had a significant impact on investment in Iraq, in addition to Iraq's rent economy.

[yota691]

 

The International Monetary Fund is asking Iraq to cut spending on the electricity sector

 

 

4 August 2019

 

The International Monetary Fund (IMF) has called on the Iraqi government to cut spending on the electric power sector as well as a comprehensive reform of the banking sector.
The Central Bank of Iraq said in a statement on Sunday that the IMF "called for the opportunity to improve the security situation and the rise in oil prices to implement policies and structural reforms to ensure economic stability." 

The IMF stressed that "the implementation of the reduction of subsidies to the electricity sector, and it is a priority in controlling expenditure, and protect the poorest and least-income groups affected by financial controls."

The IMF also called on the Iraqi government "to undertake a comprehensive reform of the banking sector in order to maintain financial stability by restructuring and strengthening the control of large state-owned banks." 

The Iraqi government supports the electricity sector in the country, benefiting the various segments of society in the domestic and commercial categories.

On April 30, the Iraqi government signed a contract worth more than 14 billion euros with the German company Siemens to develop the country's electric power sector.

Iraq has witnessed a deficit in the energy sector during the past years, despite the possession of reserves of oil and gas, which contributed to fuel public anger, especially in the south, last year.
Iraq's parliament approved the $ 112 billion budget for 2019, based on expectations of exporting 3.88 million barrels of oil per day, up from $ 46 in 2018. The budget revenues were estimated at $ 88 billion.

On July 19, the Executive Board of the International Monetary Fund (IMF) concluded its Article IV consultations with Iraq, noting that current spending is expected to rise by 27 percent in 2019, year-on-year. 

Article IV of the IMF Agreement provides for bilateral discussions with member countries on public finances, strengths and weaknesses, and mechanisms for improving economic indicators.

 

(Anatolia, the new Arab)

[yota691]

"International Monetary" demands Iraq to cut spending on the electricity sector

 

 

 2019/08/04 08:49:41

 

The International Monetary Fund called on the Iraqi government to cut spending on the electricity sector, along with a comprehensive reform of the banking sector. 
The Central Bank of Iraq in a statement, on Sunday, that the IMF "called for seizing the opportunity to improve security conditions, and high oil prices to implement policies and structural reforms, to ensure economic stability." 
On July 19, the IMF's executive board concluded in Article IV consultations with Iraq, citing forecasts for current spending to rise by 27 percent in 2019, year on year. 
The IMF stressed that "implementing the reduction of subsidies to the electricity sector ... is a priority in controlling spending and protecting the poorest and least income groups from being affected by financial controls." 
The Iraqi government supports the electricity sector in the country, benefiting various segments of society in the household and commercial categories.
On April 30, the Iraqi government concluded a contract worth more than 14 billion euros with Germany's Siemens to develop the country's power sector. 
Iraq has seen a deficit in the energy sector in recent years, despite having reserves of oil and gas, which contributed to fueling public anger, especially in the south, last year. 
In another context, the Fund called on the Iraqi government "the need to undertake a comprehensive reform of the banking sector in order to maintain financial stability, through the restructuring of large state-owned banks, and strengthen supervision." 
Article IV of the IMF's Articles of Agreement provides for bilateral discussions with member countries on public finances, strengths and weaknesses, and mechanisms to improve economic indicators.

[Artitech]

I hope Synopsis weighs in this one!🤠

[Synopsis]

2 hours ago, Artitech said:

I hope Synopsis weighs in this one!🤠

 

      

 

 YOU The Man, Artitech, AND The Very Best Of The Rest Of Your Weekend AND Up Coming Week To You!!! 

 

2 hours ago, yota691 said:

The International Monetary Fund called on the Iraqi government to cut spending on the electricity sector, along with a comprehensive reform of the banking sector. 
The Central Bank of Iraq in a statement, on Sunday, that the IMF "called for seizing the opportunity to improve security conditions, and high oil prices to implement policies and structural reforms, to ensure economic stability." 
On July 19, the IMF's executive board concluded in Article IV consultations with Iraq, citing forecasts for current spending to rise by 27 percent in 2019, year on year. 
The IMF stressed that "implementing the reduction of subsidies to the electricity sector ... is a priority in controlling spending and protecting the poorest and least income groups from being affected by financial controls." 

 

SEEMS to be counterintuitive to CUT subsidies THAT "protect" THEE "poorest" EXCEPT THEE "purchasing" "power" OF THEE "poorest" !!!SUDDENLY!!! "Increases"!!!

 

SO......................................................

 

THEE "rest" of THEE "articles" IMPLY AN INTERNATIONAL Bicraqi Iraqi Dinar.

 

ALSO, there WILL BE companies NEEDING COGEN to GENERATE syn gas to produce hydrogen AND carbon monoxide. The carbon monoxide will LIKELY be burned in gas turbines to GENERATE ELECTRICITY. THEE "excess" "electricity" TO BE PUT ON THE GRID TO REDUCE ELECTRICITY GAPS FURTHER REDUCING ELECTRICITY COSTS. Hey, the Bicraqi Iraqi Gubmint WOULD NOT WANT TO PAY INFLATED ELECTRICAL RATES TO THIRD PARTIES AND ARTIFICIALLY DRAIN THEIR COFFERS!!!

 

OR Foreign Investment Companies IN Iraq JUST "burn" THEE "gas" IN gas turbines!!!

 

Typically, Heat Recovery Steam Generators are implemented in the tail gas exhaust section of the gas turbines to generate steam for consumption in steam turbines. The electric generator CAN be sammiched between the steam turbine and gas turbine and managed for electrical loads. JUST Depends (      ) on what THEY want!!!

 

WHERE, pray tell, WILL the gas come from to run the foreign investment company facilities???!!!!

 

YYYEEEAAAHHH BBBAAABBBYYY!!!!!!!!!!!!!!!!!!!!

 

FROM THEE LOCALLY "FREE" BEAU COUP FLARED GAS OUT THE WAZOO (      ) !!!

 

WIN/WIN FOR EVERYBODAE'!!!

 

YYYEEEAAAHHH BBBAAABBBYYY!!!!!!!!!!!!!!!!!!!!

 

AND, HOW, pray tell, WILL the Bicraqi Iraqi GET "foreign" "investment" to DO ALL THIS WITHOUT AN INTERNATIONAL Bicraqi Iraqi Dinar???!!!

 

THEE "budget" AND reconstruction, contruction, AND economic development CAN BE HIGHLY "augmented" WITH FOREIGN INVESTMENT AND Ye Olde, er, NEW Silk Road Trade CUSTOMS PASSIONG THROUGH IRAQ via THEE Belt AND Road Inititiative!!!

 

So, economic considerations ON the Bicraqi Iraqi ALONE are a HIGHLY SKEWED AND DISMAL PICTURE. THEE Bicraqi Iraqi MUST HAVE A Stable, Secure, Safe, AND Sovereign State TO THE EXTENT TO FOSTER THEE Foreign Investment AND Ye Olde, er, NEW Silk Road Trade via THEE Belt AND Road Initiative!!!

 

Well, OK, Aritech, NOT sure if THIS is what You were refering to (      ) ???!!!

 

In The Mean Time...................................................

 

The "Standard" "Disclaimer" Applies.....................

 

AND (of course)......................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

   

 

[6ly410]

Tuesday، 06 August 2019 06:06 AM

IMF demands Iraq to apply reform package

https://www.thebaghdadpost.com/en/Story/43300/IMF-demands-Iraq-to-apply-reform-package

 

The International Monetary Fund (IMF) has called on the Iraqi government to cut spending on the electric power sector, in addition to a comprehensive reform of the banking sector.
It also called Iraq to seize the opportunity to improve the security situation and high oil prices to implement structural policies and reforms to ensure the economic stability. IMF stressed the need to implement the reduction of subsidies to the electricity sector, considering it a priority in controlling expenditure, and protect the poorest and least-income groups from being affected by the financial controls. The IMF also requested the Iraqi government to undertake a comprehensive reform of the banking sector in order to maintain financial stability by restructuring and strengthening the control of large state-owned banks, and increasing the control on it.
The Iraqi government supports the electricity sector in the country, benefiting the various segments of society in the domestic and commercial categories. On April 30, the Iraqi government signed a contract worth more than 14 billion Euros with the German company “Siemens” to develop the electric power sector in the country.

[kwg]

Wow I mean WOW!!!! Great post 6ly410 👍

[GregHi]

That is a great one! Let’s hope it is coming from the IMF and not just a reporter wanting this as bad as we do!

[Gunnytex]

That s A Spicey Meat a Ball.

[screwball]

What a great article...

[tigergorzow]

6ly410 Thanks,  DV, The pressure is mounting to get their act together and do it now... asap .... immediately... 😎😎👍👍.   Go RV & RI always keeping the faith... 🙏🙏😁😁

[yota691]

In the table .. Prices of bullion and gold coins for the current week

Economie

2019-08-06 04:50

 

 

169 views

 

The Iraqi Central Bank on Tuesday published a table at the prices of bullion and gold coins for the current week.

The table showed that the value of the 22-gram coin amounted to one million and 376 dinars, while the price of the alloy of 5 g 290 thousand dinars, while the price of an alloy 10 g 571 thousand dinars. 

The price of an alloy of 15 grams was 859 thousand dinars, while the price of alloy 20 grams 1.154 million dinars, while the price of a 25-gram barrel 1.450 million dinars.

 

Below is a table of gold and bullion prices for the current week:

 

 

[yota691]

MP: World Bank issued a warning to Iraq

 

11-08-2019 11:15 PM

 

 - The World Bank has issued a warning to Iraq that consumption has exceeded the red line in its federal budgets. 

"The World Bank has informed the government that the red line has exceeded the level of consumption within the federal budgets," Riad Mohammed said in a press statement on Saturday. 

He continued, "The consumption rate exceeded 25% and this is a serious indicator of the financial situation of the country." 

Mohammed explained that "raising the percentage of consumption in the budget poses great risks in terms of the inability of the government to recruit and implement projects." 

He pointed out that "reducing that percentage needs to activate the private sector and the transfer of budgets from consumer to investment." 

The International Monetary Fund demanded the Iraqi government, last week, to reduce spending on the electricity sector, along with a comprehensive reform of the banking sector. 

[6ly410]

Bump let’s go 

[6ly410]

2 minutes ago, yota691 said:

reducing that percentage needs to activate the private sector and the transfer of budgets from consumer to investment." 

The International Monetary Fund demanded the Iraqi government, last week, to reduce spending on the electricity sector, along with a comprehensive reform of the banking sector. 

 

[pokerplayer]

5 minutes ago, yota691 said:

MP: World Bank issued a warning to Iraq

 

11-08-2019 11:15 PM

 

 - The World Bank has issued a warning to Iraq that consumption has exceeded the red line in its federal budgets. 

"The World Bank has informed the government that the red line has exceeded the level of consumption within the federal budgets," Riad Mohammed said in a press statement on Saturday. 

He continued, "The consumption rate exceeded 25% and this is a serious indicator of the financial situation of the country." 

Mohammed explained that "raising the percentage of consumption in the budget poses great risks in terms of the inability of the government to recruit and implement projects." 

He pointed out that "reducing that percentage needs to activate the private sector and the transfer of budgets from consumer to investment." 

The International Monetary Fund demanded the Iraqi government, last week, to reduce spending on the electricity sector, along with a comprehensive reform of the banking sector. 

 

Thxs yota. Do you think this may cause a hic-up for an RV ?

 

  pp

[yota691]

10 minutes ago, pokerplayer said:

Do you think this may cause a hic-up for an RV ?

Hope it a sign saying, Hey Iraq you can't pay your bills at that rate...

[jg1]

The International Monetary Fund demanded the Iraqi government, last week, to reduce spending on the electricity sector, along with a comprehensive reform of the banking sector. 

 

[pokerplayer]

I think we all hope that yota...  lol

 

  Have a great night and thank you for all the great news.

 

   pp

[yota691]

World Bank warns Iraq to exceed the level of consumption red line

Release date:: 2019/10/10 21:51 • 287 read times

[Baghdad-Where] 
The World Bank has issued a warning to Iraq that the level of consumption has exceeded the red line in its federal budgets.

"The World Bank has informed the government that the red line has exceeded the level of consumption within the federal budgets," Riyad Mohammed said in a press statement today (10 August 2019). 

He added, "The consumption rate exceeded 25% and this is a serious indicator of the financial situation of the country." 

He explained that "raising the percentage of consumption in the budget poses great risks in terms of the inability of the government to recruit and implement projects." 

He pointed out that "reducing that percentage needs to activate the private sector and the transfer of budgets from consumer to investment."