Category: Government

Parliamentary Finance: Iraq is able to pay its debts

Parliamentary Finance: Iraq is able to pay its debts

Parliamentary Finance Committee said Monday that Iraq is able to pay off the debts of his trust, as pointed to the high rating of Iraq Antmaiaa by international agencies.

The committee member said Jabbar al-Abadi, in a statement, received / scales News /, a copy of it, that "Iraq is unable to repay his trust being fulfilled its debt and proof of this high rating Iraq credit rating by international agencies," noting that "the debt Iraq owes earlier, most of the amount borrowed this little government as well as the loans taken not only for the purpose of operational projects, but investment was to be able to pay off the debt. "

He pointed Abadi, that "the mechanism of the Government was clear that these amounts for investment projects be for the government to fulfill its obligations," pointing out that "the debt was low and comfortable benefits of good by and from institutions and international banks to support the budget."

He said that "some are trying to link the public debt of Iraq, the current government and the current circumstances, but the public debt of the country is estimated at $ 111 billion and external debt stood up in 2014 nearly 56-billion, but after that date, Iraq has borrowed up to 12 billion only been borrowed externally "noting that" the $ 56 billion each year before 2003 and amounted to about 41 billion,.

debt outside the Paris Club was not subject to the settlement that has been in the club and that most of the countries that have been leveraged from it did not call them until the moment. "

He noted Abadi, according to the statement, that "the remaining debt up to 40 billion, or slightly less than an internal debt was up to 50% before 2014," noting that "the amount realized from 2014 until 2016 came to pay self-financing money-losing salaries of companies"

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Iraqi banks introduce new products

Iraqi banks introduce new products

5/22/2017 0:00

Baghdad / Farah pumice
It caused the public and private banks, a quantum leap in the world of banking, by offering the best new products and services, to serve the citizen, according to financial expert Thamer al-Azzawi, who found that these steps are consistent with the economic reforms developed by the government.

Al – Azzawi said in his statement to the "morning" that the new banking operations carried out by banks, achieve the aspirations of the public to keep up with the global banking industry, as well as the provision of services that will restore the confidence of the citizen in this vital sector. He urged the concerned authorities to banks in greater support, through laws, legislation and financial facilities, to facilitate their work and achieve the intervention of the economic cycle of the country ‘s earnings.

The public banks to provide services and products to the public, including loans to state employees through the Rafidain Bank and Rasheed, as well as services provided by the Trade Bank of Iraq , which housing loans and commercial loans, as well as other banking products.

He said al – Azzawi that the Iraqi banking sector achieved a good reputation globally and regionally, through government banks for several awards, as well as obtaining a certificate of quality (ISO), as a bank (TBI) , which seeks to strengthen Iraqi banks position globally through the sale of bonds

He got Trade Bank of Iraq on two awards from "The Banker Middle East" Foundation as the best commercial bank and best management campaign for the launch of the new identity of the bank in the UAE.

The The Banker Middle East magazine on high – level affairs and news of the banking industry in the Middle East, where the awards were handed over in the presence of a number of international companies.

Said al – Azzawi , so that new products and services offered by banks and revive the Iraqi economy, and gradually to deal with the financial liquidity experienced by the banking sector first crisis, the national economy and the second.

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Iraq Stock Market Report

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th May 2017).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD852 (-4.4%) / $877 (-4.4%) (weekly change) (-11.2% and -7.4% YTD change, respectively). The number of week traded shares was 5.2bn and the weekly trading volume was IQD4.1bn ($3.3mn).

ISX Company Announcements

  • Iraq Stock Exchange held a forum on investment prospects and trading technology in Beirut on 8-9 May, 2017. The forum’s aims were to highlight and develop the financial and capital markets in Iraq. Key topics including financial trading, securitisation and technological developments were all discussed with the goal of facilitating dialogue with potential global investors. Iraq Stock Exchange Forum is being held with the support of the Central Bank of Iraq and a number of official organisations, strengthening future investment and development in Iraq. Rabee Securities was one of the strategic sponsor of the forum.
  • A cross transaction occurred on 15.377bn shares of Iraqi Middle East Bank (BIME) on May 7, 2017, which represents 6.1% of BIME capital. The seller was Qasim Abdul-Rahman Ghulam and the buyer was Meyar Company for public trading (CEO, Ali Muhammed Ghulam).
  • Original shares of International Islamic Bank (BINT) will resume trading on May 14, 2017 after approving to increase the capital from IQD100bn to IQD250bn through 150% rights issue. The opening price will be IQD1.0 with +/-50% change for the first session.
  • Original shares of Mamoura Real-estate Investment (SMRI) resumed trading on May 10, 2017 after discussing and approving 2016 annual financial results, increasing the capital from IQD19.2bn to IQD22.78bn through 15.0% rights and 3.6% bonus issue.
  • Trans Iraq Bank for Investment (BTRI) will hold AGM* on May 25, 2017 to discuss and approve 2016 annual financial results and writing off the IQD492mn of the doubtful loans from the doubtful loans provisions for not being able to obtain it. ISX will suspend trading of BTRI starting on May 22, 2017.
  • Al-Rabita Al-Maliya Company (MTRA) will hold a GA meeting on May 14, 2017 to elect a BoD and amend article 5 of the company’s establishment contract. ISX suspended trading of MTRA starting on May 9, 2017. MTRA will resume trading on May 15, 2017.
  • Al-Harir for Money Transfer (MTAH) will hold AGM* on May 13, 2017 to discuss and approve 2016 annual financial results, converting the company from money transfer to an Islamic bank and increasing the capital from IQD45bn to IQD100bn through 122.2% rights issue. ISX suspended trading of MTAH starting on May 9, 2017.
  • The ISC reviewed the annual and quarterly results and auditor’s report of Economy Bank for Investment (BEFI) and noticed a number of unresolved detrainments. So, it decided to keep the bank suspended from trading until it completes the capital increase procedures, submits 2016 annual financial results with clarifications on all the observations of the auditor, completes disclosure of the debts and blocked amounts by the government and shows its ability to claim these amounts from the guaranteeing parties, and disclose 3M17 financials.

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In Anbar, Loans For Reconstruction – But Nobody May Apply

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

A state bank is offering Anbar residents whose homes were damaged in fighting against the Islamic State interest-free loans for reconstruction. Only problem is hardly anyone is eligible to apply.

First there was the good news. The provincial government in Anbar province, which has seen much fighting, destruction and death during the security crisis caused by the extremist Islamic State group, announced that the country’s Real Estate Bank had allocated IQD44 billion (around US$36 million) for loans for local reconstruction.

The bank, which is state-owned and was set up to facilitate housing projects in the country, would offer the money to ordinary citizens in the area who had suffered damages due to military actions in the form of interest-free loans.

Then came the bad news: The loans, ranging from between IQD30 million to IQD50 million (around US$42,000), were difficult to obtain. According to locals, the procedure involved and the conditions for acceptance are so onerous as to be almost impossible.

Different sums are given for applicants who live in different parts of the province, whether the centre or districts. Additionally, the interest-free loans are only available to those who can prove officially that they owned property.

It is this that causes a lot of problems in Anbar.

Ahmad al-Jumaili, a 44-year-old from the Shuhada area, south of Fallujah, says his hopes were raised by the news. But he quickly realized he didn’t qualify for a loan because he built his house on agricultural property, with the agreement of the owner of the land. It’s a form of subdivision that became popular in the province as prices in inner cities rose and shanty towns started to be built. Land owners saw the potential to divide their agricultural land and offer it to families who wanted to build on the outskirts of the cities. It’s a common but often not well-documented practice.

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Following Video Leak, Minorities address Hate Speech

By Saad Salloum for Al Monitor. Any opinions here are those of the author, and do not necessarily reflect the views of Iraq Business News. 

Following controversial video leak, Iraq minorities seek to address hate speech

In undated footage that leaked earlier this month, head of the Shiite Endowment Alaa Abd al-Sahib al-Musawi is heard saying that non-Muslims have three options: take up jihad alongside Muslims, convert to Islam, or agree to pay jizyah — a yearly tax historically levied by Islamic states on Christians and Jews. The video sparked outrage on social media.

Subsequently, a group of 180 Christian families filed a lawsuit against Musawi, accusing him of spreading hatred against the minorities in the country.

Patriarch Mar Louis Raphael I Sako, head of the Chaldean Catholic Church in Iraq, issued a statement on May 5 to contain the anger sparked by the leaked video and alert religious leaders of their historic responsibility in such critical times in the nation’s history. He urged the religious leaders to “adopt moderate and open-minded measures as well as ban hate and discriminatory speech.” The patriarch clarified that hate speech “does not serve Islam. Rather, it establishes walls among people, divides them, entrenches Islamophobia, dissolves the fabric of the nation, undermines peace, and violates freedom and human rights.”

In his statement, Patriarch Sako stressed the important role played by the state, arguing that the absence of its authority leads to a breakout of destructive hatred: “We hereby call upon the government to enforce the law and work on respecting the religion of every human being pursuant to the legislation of the graceful Quranic verse that says: ‘So whoever wills, let him believe; and whoever wills, let him disbelieve.’”

As angry reactions emerged, parliamentarians called for reform to integrate the religious endowments in Iraq with a civil administration in order to achieve unity, taking fully into consideration that “the position is held by a secular figure, and whoever is proved to have incited religious dispute or sectarian strife in the country is dismissed,” according to the statement made May 12 by a representative from the parliamentarian Sadrist Al-Ahrar bloc.

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Consultant Abadi: Claims cut government dinar enter the country with 3 destructive crises

Consultant Abadi: Claims cut government dinar enter the country with 3 destructive crises

Description of the appearance of Mohammed Saleh Financial Advisor to the Prime Minister Haider al –Abadi reduced the value of the Iraqi dinar zero rate against the US dollar that has devastating consequences that will deepen the financial crisis experienced by the country as a result of lower oil price in the global markets.

Saleh pointed out in a press statement in response to the claims of the government tradition to reduce the value of the dinar, saying he ‘Unfortunately there are actors and personalities working to promote the idea of the deterioration of the exchange rate of the Iraqi dinar and the events of the deterioration in the standard of living and Serb stability in order to impose a monetary tax urgently affecting all segments of the people which inflation and events deliberate deterioration of the standard of living in order to conquer some of the state deficit without considering the management of revenues from outside oil revenues.

He noted that the reduction of the Iraqi currency by reducing the exchange rate of the dinar against the dollar , for example , will add the results of the destructive effect of a negative in the deepening impact of the financial crisis, a new crisis – strong inflation in the general level of prices and generates inevitably recession inflationary, exacerbating the general economic situation and common discontent is intended at the time of fighting the war on terror , and we desperately need the elements of economic stability.

He said the devaluation of the dinar will enter the country with three crises: a financial crisis does not resolve tactics rapid monetary policy such as reducing the Iraqi dinar exchange rate will also like the dollar campaign and the pioneers of dollarization and Moktnzih of the wealthy who are speculating strongly the people and the misery of the poor and low – income and second price inflation and the deterioration caused by the economic stability crisis the deterioration of stability over the foreign currency and reduce the purchasing power of pensions and incomes of citizens exchange rate

because of inflationary expectations and broadcast state of uncertainty and lack of confidence in Iraqi dinars and the third security crisis due to terrorism and the war on Daesh. Valkhasr is the winner of the people and reduce the dinar and the dollar are the richest terrorism.

He concluded by saying that he did not forget that inflation in Daesh areas and high rates of price inflation there to three decimal places and the deterioration of the standard of living has precipitated victory over the stability of the standard of living in the rest of Iraq. It is a smart economic warfare practiced by the economic leadership in the victory soon.

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Abadi adviser criticizes calls for reducing the dinar against the dollar

Abadi adviser criticizes calls for reducing the dinar against the dollar


He criticized the chancellor ‘s financial prime minister, the appearance of Mohammed Saleh, calls to reduce the value of the dinar Iraqi against the dollar the US, stressing that a move like this will leadto three crises .

He said Saleh in a statement news received " Economy News , " a copy of it, that " there are actors and personalities working unfortunately to promote the idea of deterioration of the rate of exchange of the dinar Iraqi and causing deterioration in the standard of living and hit the stability of the order to impose a tax cash urgently affecting all segments of the people, which is inflation,

and the creation of the deterioration of a deliberate level of living of the order to conquer the state some of its deficit from without to think about the management of revenues from outside the revenues of oil " , referring to the " reduction of the value of the currency Iraqi from by reducing the rate of exchange of the dinar against the dollar ,

for example, will add the results of the destructive impact negative in deepening the effects of the crisis financial, a crisis , a new strength of Inflation at the level of public prices and generates not inevitably recession inflationary, is exacerbating the situation of economic public and common discontent meant at the time of fighting the war on terrorism , and we desperately need to elements of stability and economic .

"He added Saleh that " the country will come here with three crises, the crisis financial not resolved in ways that policy cash fast such as reducing the rate exchange rate of the dinar Iraqi also wants to drive the dollar and the pioneers of dollarization and Moktnzih of the wealthy who are speculating Bakot people and the misery of classes poor and limited income "

, noting that " the crisis the second is inflation in prices and the deterioration of stability and economic resulting from the deterioration of the stability of the rate of exchange over the currency foreign and reduced power purchasing pensions and incomes of citizens because of expectations of inflation and broadcast state of uncertainty and lack of confidence in dinars Iraqi .

"He explained that " the crisis the third will be security because of terrorism and the war on Daesh, Valkhasr is the people and the winner of the reduction of the dinar are rich dollar and terrorism, do not forget that inflation in areas Daesh and high rates of inflation rates there to 3 orders of decimals and the deterioration of the standard of living has been precipitated from the victory over the stability of standard of living in the rest of Iraq,

a war economic smart that exercised leadership and economic in achieving victory soon " , pointing to that " the government reduced the expenses non – core and frivolous and petty, but did not exercise the policy of austerity absolute Ktkulail salaries or pensions or care and social expenses War and the process of investment necessary .

He said Saleh that " the process of borrowing the internal and external to finance the deficit budget is the process not ( contractionary ) also claim some, but is the process of motivational and expansive fighting deflation, Valmoisnat deflationary that lead to recession and economic are usually those that are balanced in which the budget level of expenditure is less consistent and revenue possible,

They budgets contractionary really, but budgets that are built on the deficit is being funding that the deficit for by borrowing are the budgets of the expansive nature, particularly the policy of financial current in Iraq " , stressing that " borrowing the internal came in accordance with the vision of monetizing the debt Balaam often, any financing debt of For all by expanding cash basis relatively, and not the opposite, either borrowing outside The same applies to such state resources ,

foreign and other proceeds of oil, so from where the impact of expansion to calculate the flows of foreign entering the spending year and the expansion of mass cash according to the mechanisms known among specialists in the policy of cash .

"Abizaid said that " the promotion of topics dialectical economic incomplete civil in time of war and victory on terrorism is an attempt miserable of a handful of haters who want to weaken the state and rumor desperate " , adding that " there is a process anonymize programmed street Iraqi broadcast the spirit of despair,

should beware of schedules business that promotes its forces driven by suspicious negative in the circumstances of positive is the victory of financial and out of the neck of the bottle, as well as the victory of the military and the liberalization of the land and man from the clutches of terrorism . "

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Economy and Reform

Economy and Reform

5/20/2017 0:00

Ahmed Sumaidaie ,
it is important to adopt a policy of economic reform emanating from the creation of anenvironment conducive to economic growth and liberalization of economic activity from the intervention of the

The reform requires work in sectors and achieve an integrated economic feasibility, and that the investment in the construction of infrastructure would create the conditions for other projects connected.

It can start, for example , the development of irrigation projects and encourage farmers to return to their fields, leading to the expansion of agricultural production , which encourages turn to do food industries, as well as that these investments create new jobs, is also working on increasing productivity and reduce production costs and then production and wages improved yields and raise living standards.

We have thus begun the first steps of reform and calls was launched by the private sector regarding the support by the government started to come eat it after Telmust recent importance of the private sector as a partner strategic in building the required development process, and these results show through the involvement of the private sector in several government committees .

The Economic Commission took the initiative in the Council of Ministers of this trend which is the cornerstone in fueling economic bills and bring them to the private sector in Jnha Alakhtoh positive the fact that the private sector is a key pillar in the implementation of laws on the ground.

We count a lot on the steps of the Economic Commission in the development of the Iraqi economy on track , as the Commission derives its strength from a high – level representation in which what makes its decisions binding force in the implementation
of the ministries.

Understand success factors that hopes to achieve the private sector to gain this role and task of selecting representatives in government committees to have the level of responsibility and has the ability to deliver the demands of the private sector and move away from thinking of personal interests and empties the draft laws of the content and results come

What is needed who represents the private sector that has the general culture and confounded the success of the private sector requirements in order to be sound economic decisions and are in the interests of the country first and then in the sector ‘s interest

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Iraq to Begin Snuffing Out Flares

Oil-producing countries yet to address their gas flaring may begin to feel there are no more excuses.

In a remarkable and bold decision, the government of Iraq recently endorsed the “Zero Routine Flaring by 2030” Initiative, (ZRF), which means the country has committed to not routinely flare associated gas in any new oil fields and will work to end routine flaring in existing oil fields as soon as possible and no later than 2030.

Launched in 2015 by UN Secretary-General Ban Ki-moon and World Bank President Jim Yong Kim, the ZRF Initiative is designed to end a 150-year-old oil industry practice that is responsible for emitting more than 300 million tons of CO2 into the atmosphere.

Gas flaring also wastes a valuable source of energy that could be put to productive use, particularly in countries where many people lack access to electricity.

Even in the most difficult circumstances we recognize that Iraq must ensure its resources are managed sustainably for future generations. Flaring is not only bad for the environment, it represents several billion dinars going up in smoke.
— Dr. Hamed Younis Saleh, Deputy Minister of Oil for Gas Affairs

The latest satellite data released by the US National Oceanic & Atmospheric Administration and the World Bank-led Global Gas Flaring Reduction Partnership (GGFR) shows that Iraq’s gas flaring has increased dramatically. Just four years ago the country was flaring about 12 bcm of gas annually. However, in 2015 the country flared close to 16 bcm, making it the second-largest gas flaring country in the world.

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Iraqi Activists, Journalists Terrorized by Armed Groups

By Omar al-Jaffal for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.

On May 8, in al-Batawin area in central Baghdad, gunmen stormed into the apartment of civil activists who have been advocating for political reform for two years. The gunmen captured seven activists, mostly students, and took them to an unknown location.

The increase of armed groups’ attacks on civilians has sparked fear in Iraqi society, and activists are calling on the government to work on releasing their colleagues immediately and to arrest the kidnappers.

The activists were indeed released two days after their abduction, but the perpetrators have yet to be arrested. The Iraqi government and the Ministry of Interior remain silent on the identity of the criminals.

Yet the minister of interior announced the release of the kidnapped activists himself, and his media adviser talked about “intensive operations by the minister” to return the kidnapped to their homes. The adviser, however, did not name the perpetrators, saying that they will be identified later on. This has yet to happen.

This incident raised once again concerns about the ease of movement of armed groups in Iraq’s cities and questioned the ability of the security forces within residential areas to protect Iraqis.

In another incident, the security forces wrongly arrested five young men in Karbala governorate on charges of “hanging around” — an offense that is not found in the Iraqi law. One of the arrested men was killed in the detention center on May 5, and the victim’s family accused the police of Karbala of torture. The police denied the charges.

Social media users have made a link between the two incidents, accusing the security forces of being unable to capture the true culprits who are terrorizing Iraqi cities, while arresting young men on petty charges such as congregating in small groups.

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