Economy News / Baghdad …Search Prime Minister Haidar al-Abbadi (who is visiting Washington for now), with two US firms to develop the electricity sector in Iraq and the Iraqi air lines.
A statement by the Prime Minister’s Office, “Economy News” received a copy of it, that Abadi “received at his residence in Washington with a delegation from LG any company, and also discussed the functioning of the projects undertaken by the company in Iraq in the field of the electricity sector for generation and transmission of electric power in order to supplement the national energy system, which will reflect positively on providing citizens with electricity. ”
The statement added, “also received a delegation Abadi Boeing Company, where he was to discuss the development of Iraqi Airways and raise the profile of its efforts.”
Kirkuk confirm the entry-oil agreement with Baghdad into force
Economy News / Baghdad …The head of the Commission on oil and gas in the Kirkuk Provincial Council Ahmed al-Askari, Wednesday, entering the oil agreement between Baghdad and the province on the export of oil into force, adding that the agreement will need to increase cooperation between the two parties.
The military said in a press statement, said that “the oil agreement between Baghdad and the province on the export of oil went into effect after the arrival of about 40,000 barrels of Kirkuk oilfields to the refinery Kalak in Mosul in order to provide the residents.”
He added that “the bilateral agreement between the governor and the prime minister included a number of points, including the expansion of the refinery Kirkuk and set up a new refinery and disbursement amounts of petro dollars and allocation of central functions of the province.”
The military said that “the agreement will need to increase cooperation between the two parties and open up new prospects for an end to the tension and pleasing to the people of the province penile legitimate rights.”
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Statement at the End of an IMF Mission on Iraq
In 2016, real GDP growth was sustained at 11% supported by a large increase in oil output that benefitted from past oil investments.
In 2017, economic activity is expected to remain muted due to a 1.5% contraction in oil production and only a tepid recovery of the non-oil sector.
Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy.
International Monetary Fund (IMF) held discussions in Amman from March 5–17, 2017 on the 2017 Article IV Consultation and the second review of Iraq’s 36-month Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321). The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending. The first review under the SBA was completed on December 5, 2016 ( See Press Release No. 16/540).
Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:
“Iraq has been hard hit by the conflict with ISIS and the plunge in global oil prices since 2014. The government has responded to the fiscal and balance of payments crisis with a large but necessary fiscal adjustment supported by financial assistance from the international community. In 2016, real GDP growth was sustained at 11 percent supported by a large increase in oil output that benefitted from past oil investments. Nevertheless, the non-oil economy experienced an 8 percent contraction due to the conflict and the fiscal consolidation. In 2017, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production under the agreement reached by the Organization for Petroleum Exporting Countries, and only a tepid recovery of the non-oil sector.
“The plunge in oil prices has driven the decline of Iraq’s gross international reserves from $53.7 billion at end 2015 to the still comfortable level of $46.5 billion at the end of December, 2016. Fiscal pressures remain significant with the government deficit remaining at 12 percent of GDP in 2016, due to continuing weak oil prices and rising humanitarian and security spending. Total public debt increased from 32 to 64 percent of GDP during 2014-16. Credit growth decelerated and non-performing loans in state-owned and private banks increased significantly in 2016.
“The authorities have maintained the exchange rate peg which remains a key nominal anchor. Medium term growth prospects remain modest driven by projected flat oil production and investments in the face of the revenue constraint and modest pickup in non-oil growth supported by the expected improvement in security and implementation of structural reform. Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy once post- ISIS reconstruction is underway. Risks remain high, arising primarily from uncertainty in the oil price outlook, security and political uncertainties, and administrative weaknesses.
“The Iraqi authorities and IMF staff started discussions on the second review of the SBA. These discussions will continue during the upcoming IMF and World Bank Spring Meetings from April 21–23, 2017 in Washington, DC.
“During the visit, the team met with the Acting Minister of Finance Prof. Abdulrazzaq A. Jaleel Essa, Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministries of finance, oil, planning, the State Oil Marketing Organization, the Central Statistical Office, the Central Bank of Iraq, and representatives from the Kurdistan Regional Government, and the Board of Supreme Audit. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
Read More: http://www.dinarupdates.com/showthread.php?47496-Statement-at-the-End-of-an-IMF-Mission-on-Iraq
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Kaperoni (Dinar Guru) – Article quote: “in addition to the reform of the banking sector to support growth led by the private sector before starting the process of reconstruction in post – Daesh.” This seems to imply the banking sector reform is just around the corner…
Read More: http://www.dinarupdates.com/observer/
Eat Well – Lose Weight!!
Nurture your mind with great thoughts; to believe in the heroic makes heroes. – Benjamin Disraeli
BGG (Dinar Guru) – Quote: “…Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision…” exactly what decisions do the IMF executive board have to make coming up? I mean – they only deal with one thing. INTERNATIONAL MONETARY FUND. […can the CBI make a move before the DC meetings?] the CBI can do whatever they want…if the IMF doesn’t give their blessing who are they gonna’ sell their currency to? without international acceptance – there is no market. [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
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Urgent Abadi: We will not retreat from reform and continue to fight corruption
{Baghdad: Euphrates News} Prime Minister Haider al-Abadi said during a meeting with the Iraqi diaspora in Washington had visited now “will not retreat from campaign reform and continue to fight corruption.
The Abadi , according to a statement his office and Euphrates News Agency {} received a copy of it, that “Iraq is fine and are embarking on what is best,” he said , adding “we are closer to unity than ever.”
He pointed out that “our heroes stood in our fight against Daesh pause unable to talk about and described because the enemy wants to tear up this country, but the plot was foiled.”
Abadi said , “We will not retreat from the campaign of reform and continue to fight corruption and there are those who corrupt knows where we walk and we will get him , so trying Securities and confusion mixing.”
And “we are with the economic crisis and the collapse of oil prices , we were able to manage the crisis and doing things, and Iraq will emerge stronger than before.”
With regard to visit Washington Abadi said “stressed states are not looking for the weak but looking strong and we came to Washington , we are strong and victorious,” noting that “we are talking now about the elimination of Daesh and we will eliminate him soon our unity”.
Kaperoni (Dinar Guru) – Article: “International Monetary Fund agrees to release contractors’ receivables” Quote: “The appearance of Mohammed Saleh that the second review of the credit agreement showed a clear understanding and success…This success is the understanding and agreement on the release of receivables of all contractors amounting to more than 4 trillion dinars once the Federal Audit Bureau announced the completion of audit contracts contractors, and we know the SAI is about to complete this process.” So the IMF is going to pay almost $4 billion dollars to unpaid contractors in Iraq. This is huge.
Read More: http://www.dinarupdates.com/observer/
Central Bank announces rise in sales during 2017
Economy News / Baghdad …Iraqi Central Bank announced on Tuesday that sales of the dollar during 2017 rose by more than two billion dollars compared to last year.
The bank said in a statement received “Economy News”, “sales of the dollar banks reached since the beginning of this year until today 9 billion and 481 412 000 and $ 851.”
The bank said that “this amount is reduced from what it was on the same date last year in 2016 in which sales reached 7 billion and 233 542 000 and $ 467.
The bank pointed out that “the sale of the amounts transferred to accounts in banks abroad, and cash is 1190 dinars per dollar rate.
The governor of the central bank on the Keywords announced on the third of March 2015 that the new guidelines set by the bank is that the auction is no longer a daily window for operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.
Read more: http://www.dinarupdates.com/showthread.php?47627-Central-Bank-announces-rise-in-sales-during-2017
Iraqi Dinar/Dollar auction 03-22-17 (most recent listing)
Currency Auctions Announcement No. 3406
This daily currency auction was held in the Central Bank of Iraq on the 03-22-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 164,091,072 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 164,091,072 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Customs announces the opening near the port or East Palace to receive commercial vessels
Economy News / Baghdad …The General Administration of Customs, on Wednesday, for the opening near the port of Umm Qasr East by four berths to receive commercial vessels, while confirming that the financial revenue for the month of February amounted to more than 101 billion dinars, an increase of 58 billion dinars compared with the same month last year.
The Director General of the General Customs Authority Kazim Ali in a press statement, said that “the Commission in connection with the opening of the port of Umm Qasr East by four berths to receive ships and commercial vessels, especially the giant ones,” noting that “the biggest immersion will be located within the port of berth No. 15”.
Ali added, that “the body and balances provided cranes and Alsonarat advanced along with the use of the latest specialized customs work world-class technologies,” adding that “the Commission has made a big leap procuring customs revenue levied on goods entering charge of the country during the month of February.”
He stressed that “the revenue exceeded 101 billion dinars, an increase of up to 58 billion dinars compared to February of last year,” expected to “rise in revenue during the current month of March over the last month, so as to intensify control over the ports and reduce far back in financial and administrative corruption “.
The Director General of the Commission, that “the current trend for prime minister, serving accounting staff in the Commission staff in the event of their involvement in the practice of corruption administrative and financial,” noting that “sanctions of up to insulation or transport outside the body and that the regulatory and inspection at the ministry proceeded to transfer more 25 employees from outside the body because of their involvement with corruption. ”
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1271.261 | 1270.625 |
| British pound | GBP | 1463.306 | 1462.574 |
| Canadian dollar | CAD | —– | —– |
| Swiss franc | CHF | 1187.444 | 1186.850 |
| Swedish krona | SEK | 134.374 | 134.307 |
| Norwegian krone | NOK | 139.664 | 139.594 |
| Danish krone | DKK | 170.999 | 170.914 |
| Japanese yen | JPY | 10.436 | 10.431 |
| Special Drawing Rights |
SDR | 1606.475 | 1605.672 |