Without urgent investment in education, Iraq’s future generations risk being left behind
The future of Iraq, its economic security and prosperity depends on increasing investment in education today.
And while the price of investing in Iraq’s education sector is high, failing to do so will cost the nation far more in the future.
“The Cost and Benefits of Education in Iraq” a UNICEF-supported report released today by the Ministry of Education estimates that Iraq lost almost US$1 billion in unrealized wages from school dropouts from the 2014-2015 school year.
Lack of investment threatens the future of millions of Iraqi children. 3.5 million school-aged Iraqi children are missing out on education, which means they are at increased risk of early marriage, child labour and recruitment into armed groups.
Half of all school buildings in Iraq need urgent repairs. Children are dropping out of school while others are repeating grades.
“Children in Iraq are suffering from protracted periods of conflict. Without equitable access to quality education, children are at risk: we are talking about losing a generation of children.” said UNICEF Regional Director for the Middle East and North Africa, Geert Cappelaere.
Parliament supports the use of European expertise to revitalize the Iraqi economy
BAGHDAD / Shaima Rashid
ruled out parliamentary parties offering Iraq a dangerous economic crisis, while supported the use of experts and consultants to assist in the revitalization of theeconomic situation.
At a time when it confirmed that the country has great resources that can get out of any crisis in the event of an economic system to work well.
Remedy the situation
Member of Parliament MP Najiba Najib Economic Commission, showed that « the financial situation is under control , despite the increasing debt, which is a negative condition, but Iraq was not up to a tragic situation and can remedy the situation».
Said Najib »Sabah»: The «financial situation is still difficult, but if oil prices continued to climb, the government will be able to pay off the accumulated by debt since the former regime», indicating that « the government needs to finance radical reforms to enable them to save money , as well as the importance of seeking to maximize revenues were poor oil or non – oil to deal with a lot of economic problems ».
She added that « the International Monetary Fund is following each financial step of the federal government .. It is important», noting that « the atmosphere of austerity is still present despite exceeding the country ‘s suffocating crisis experienced in the past, and the government is developing measures to get out of the financial situation current to safety ».
As part of the online, indicated a member of the Foreign Relations Committee, MP Iqbal Abdul Hussein that «Iraq with many resources of a country and can repay its loans if it could benefit from its resources optimally», indicating »that Iraq ‘s budget in previous years amounted to figures fictional».
Said Abdul Hussein »Sabah»: T
he «Iraq ‘s debt is divided between the debts of previous debts of the dictatorial regime of Kuwait, in addition to the debt came as a result of borrowing from the IMF to meet the budget and other loans , both from Britain, America and Japan deficit.»
She said « the government alone can not do anything, and on the citizen to have a role in it, and here comes the awareness of the citizen in order to understand the circumstances in the country ‘s role», hoping that turning to other ways to fill the budget deficit away from borrowing, including to benefit from the many real estate owned by the state through its investment,
as well as benefit from the border crossing points and other resources. Future economic plans , in turn, between a member of parliament from the Parliamentary Committee on Energy MP Zaher al – Abadi said « the government in control of the financial situation of the country with the stability of the current oil prices», calling for the development for the advancement of the country ‘s future economic plans.
The MP said Abadi »Sabah»: The «financial situation is arranged according to the financial resources of the country .. It is dependent on oil as a resource one, this resource is now suffering from low prices to the global market, thus led to the trend of borrowing,
as well as an additional pull inventories Central, as well as the rising cost of the war against gangs »Daesh» terrorist, and all these things have led to reduced imports of Iraq », noting that« the government policy of past austerity despite its impact on the situation of social citizen. »
He added that «Iraq today needs to borrow, to promote Baktaath, and therefore the government should seek to work according to a foreign policy that cancels out the accumulation of debt», indicating that «
Iraq needs to implement an economic plan and a number of laws away from the routine, and work to encourage investment».
The use of international experts in the meantime, supported the parliamentary committees, Iraq ‘s request to send advisers from European countries to help stimulate the Iraqi economy , which suffers from problems and Atralat during the previous years, stressing that the same experiences of these countries can benefit from the transfer of expertise to Iraq.
The Prime Minister Haider al – Abadi said the government had asked some major European countries send advisers to stimulate the Iraqi economy.
Ebadi said during the conference weekly: that « the Iraqi government approached both from Germany, France and Italy to send consultants to stimulate the Iraqi economy», adding that «Iraq should benefit from European expertise in the field of advanced economy , which is our ambition to provide a solid banking system and rely more on the sector Special to provide goods for citizens at appropriate ».
Member of the parliamentary economic committee MP Jawad al – Bolani, stressed the importance of the prime minister ‘s initiative with the help of European advisers. Bolani said in a statement to «morning»:
The «consultation is important and experience required in the changes taking place in Iraq, especially at this critical stage, especially after the financial crisis that occurred as a result of lower oil prices«, alluding to »potential to benefit Iraq from the strategic
agreement signed with the Americans and invest in health, education, industry and others.
» The optimistic MP the future of the country after the elimination of gangs «Daesh» terrorist completely, stressing « the importance of keeping up with the development of the countries of the world in economic and financial areas, and consultation does not mean the cancellation of the Iraqi experience,
many of which the state depend on it heavily, but it is important to listen to the views and suggestions of international bodies have experience in the development of the economy. »
Returns a positive turn, said a member of the Economic Committee MP Harith Al Harthy »Sabah»: The «use of European expertise is important for the public interest of the country», adding that «Parliament supports the prime minister put forward in this regard».
Also supported the Finance Committee member Jabbar Abdul – Khaliq al – Abadi, the proposal of the Prime Minister requested the use of experts from European countries to promote the Iraqi economy, saying »Sabah»: that «the same experience of countries and Iraq can benefit from them because of their positive returns and reduce the error rate, because the owner experience over the same experience. »
He added that
«Iraq does not have the money and time to fight the failed experiments, so the transfer of successful experiences of countries with the economic aspect, has the importance of Iraq out of its crisis».
He added that « the Iraqi economy has suffered from many of the problems and the lack of stability , especially in previous years .. and the use of European experiences could put a picture of Iraq ‘s economic future».
Development of free economy to either of the Foreign Relations Committee member Abbas al – Bayati, he said in his statement »Sabah» that « the use of third – party European idea of a good project, bringing expertise to Iraqi institutions provide counseling without interfering with the details».
He added that
«Iraq needs the use of international expertise which is not new , neither in Iraq nor outside, where the experiences are bought and sold in many countries, and that Iraq seeks to it being one of the advanced countries went through economic and financial crises after World War», noting that »this cooperation falls within the international and European cooperation with Iraq. »
He continued »
The cooperation with these countries will allow the development of the Iraqi economy to a free economy, because Iraq does not have this economy today only slogans».
He continued »These advisers will work to provide expertise in the field of restructuring of the economy and how to focus on certain laws and the transfer of experiences and holding workshops and training staff, as well as the elimination of slack and dealing with inflation», noting that these countries with accumulated experiences Iraqis can benefit from them.
And between al – Bayati , «that Iraq is a rentier economy depends on the sale of oil, and can diversify its sources by taking advantage of the experiences of other countries».
Iraq and the United Arab Emirates Atdarsan ways of economic cooperation
Baghdad / Al- Sabah
, Minister of Industry and Minerals Agency Engineer Mohamed Xiaa Sudanese urged to increase banking cooperation between Iraq and the UAE and ways to take advantage of the large banking expertise
to the UAE .ostard areas of cooperation in the banking field between the two countries and the problems related to this field for Iraqi businessmen and other matters and related topics, pointing out that the notes will be installed a set in the light of the discussions that took place and included in the minutes for the purpose of official correspondence and requirements in order to prepare maturation, indicating that this trend needs to many requirements and decisions and business facilities and laws Monetary policy ,
which is an important part of this trend, calling on the UAE side to provide facilities and support to push the trend and enter into economic partnership contribute to the development of relations.
For his part , expressed the Governor of the UAE Central Bank is ready to provide all means of support and assistance, noting the importance of identifying the existing problems to develop a plan and mechanisms to resolve them, stressing that the door is open for cooperation and consolidation of relations between the two brotherly countries.
Emphasis was placed on the transfer of the UAE experience successful and benefit from the good experiences for the purpose of establishing industrial cities in Iraq , similar to the industrial cities in the UAE and facilitate the export of goods and Iraqi exports of raw materials and semi – finished and find markets to them.
President of the Iraqi Economic Council , Ibrahim al- Baghdadi al – Masoudi said that the UAE has become the most important financial center in the region after the merger of banks in recent years and most recently was the merger between the two giants Abu Dhabi National Bank and First Gulf.
We nevertheless did not see any weight for banks UAE in Iraq , and we hope to see broad participation of banks and take advantage of the promising investment opportunities in Iraq, and we hope to increase cooperation between the government and private in the opening credits of banks,
indicating that there is difficulty in opening accounts and displays who have accounts in Noor Islamic Bank to shut down their accounts while it was worthwhile to be resolved subject if there is any mistake and give them the opportunity to settle
Iraqi Economic Council taking part in the Forum Emirates 24.05.2017
Iraqi Economic Council participated in the work of the UAE Economic Forum, held for the period from 23-25 / May – 2017 United Arab Emirates – Abu Dhabi and Dubai, within the official government delegation.
According to a statement of the Council received / scales News / copy of it, that "annexation of the government delegation, both Mohammed Xiaa the Sudanese head of the delegation and the Minister of Industry Agency and the Minister of Labor and Social Affairs and Sami al-Araji, Chairman of the National Authority for Investment and Kazem al-Hassani Economic Advisor to the Prime Minister and Torhan Mufti and Faisal Alheims Director General of the Bank of TBI Essam Mohammed Saleh, Director General of the Real Estate Department in the Municipality of Baghdad and Salam al-Hakim, Director General of the Industrial development Department, and a number of other representatives of some government institutions.
He added: "Like the Iraqi Economic Council in the work of this forum are: Ibrahim al-Baghdadi al-Masoudi – President of the Iraqi Economic Council Saadi Wahib Sehud First Deputy Chairman of the Board of Directors of the Iraqi Economic Council and Ali Fadel Shamara – Second Deputy Chairman of the Board of Directors of the Iraqi Economic Council, Rafie al-Rawi – Board Member Iraqi economic Council administration.
He continued: "The first day’s program included a number of meetings, including as follows: The first meeting with Abu Dhabi Chamber and the meeting at the headquarters of the Ministry of Economy UAE in Abu Dhabi and a meeting with the Central Bank of the United Arab Emirates.
He noted that "the meetings held on this day was fruitful across the UAE side expressed their happiness to meet with their brothers of the Iraqi delegation, where all the provision of facilities and to overcome all obstacles that hinder the means to stimulate investment and economic and trade between the two countries and cooperation were discussed, especially that the next stage will witnessing the reconstruction and rehabilitation of infrastructure after the process of achieving Iraq’s full victory over terrorism.
He pointed out that: "The focus on the transfer of the UAE experience successful and benefit from the good experiences for the purpose of establishing industrial cities in Iraq, similar to the industrial cities in the UAE and facilitate the export of goods and Iraqi exports of raw materials and semi-finished and find markets for it.
For his part, President of the Council Ibrahim al-Baghdadi, said the "United Arab Emirates has become the most important financial center in the region after the merger of banks in recent years and most recently was the merger between the two giants first Abu Dhabi National Bank and the Gulf, and in spite of that, but we have not seen any weight of the banks of the UAE in Iraq, and we hope to see broad participation of banks and take advantage of the promising investment opportunities in Iraq.
He added: "We also hope to increase cooperation between the government and private banks in the opening credits," he said. "There are 12 banks Mnazavia under the banner of the Iraqi Economic Council hopes to open the door of cooperation and participation with UAE banks" .
Parliamentary Finance: Iraq is able to pay its debts 05/22/2017
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"
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.
Iraq’s Ministry of Oil has announced new investment opportunities to build the following refineries:
A refinery in Diwaniya governorate with a production capacity of 70 thousand barrels/ day.
A refinery in Al-Anbar governorate with a production capacity of 70 thousand barrels/ day.
The investment is according to the methods of BOT or BOO and according to the investment law of the refineries No.64 for the year 2007 and its amendments. The products of the refinery should match the international standards EURO-5.
The data portfolios of the mentioned refineries will be ready at the end of the current week.
The closing date of selling data portfolios is at the end of the work hours of Thursday the 15th of June 2017.
The last date to receive the documents from the companies whom would like to execute the project will be at the end of the work hours of Monday the 31st of July 2017.
The companies whom would like to invest must present the request to the studies, planning and follow-up directorate directly or via the E-Mail: Studies@oil.gov.iq
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
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
Related News: Risk management is following the performance of investment portfolios
Baghdad / Al- Sabah
stressed the importance of banking affairs specialist risk management in maintaining the overall various banking operations.
Banking expert Mohammad Ali Jaber stressed that the risk management , which comes to promote monetary stability and the achievement of the central goals through the proper management of the reserves and the risks that may be particularly exposed to all the operations of the Bank ‘s financial and banking sectors.
It is noted that at the end of 2011 , was developed a specialized risk management to help achieve the goals of the bank has been in the same year to prepare a full program of work for this section in accordance with the best international standards.
He leads the task of risk management to predict the development of a special Balmkhataramahtmlh program that facilitates the expectation risks (exchange rates and credit risk) and to develop ways to measure the risk of prices of
He said the banking sector is a key pillar of building a national free economy strengthens the pillars of the Iraqi state and pushing them towards economic growth and stability process if the foundations in building a strong and solid this sector based on scientific and rich planning competence,
experience and confidence to national capabilities and creative , especially if managed this sector to contribute development and investment in the construction of economic growth and the level of plans.
He stressed the importance of developing national payment systems and retail key within the development of payment systems and the key national retail and payment via mobile and for the purpose of creating an integrated environment for this project is