Iraq to rebuild infrastructure through five year plan post ISIS
More than half of the revenues Iraq obtained last year from oil sales and domestic incomes have gone outside of the country to meet internal needs, something Iraqi officials want to tackle through setting a five year long term recovery plan to rebuild the country’s infrastructure.
In coordination with the UN, the Iraqi government held a conference in Erbil to discuss the mechanisms of formulating the five year plan in a bid to rid Iraq of the overwhelming financial burdens it has faced in the wake of the fight against ISIS and massive flows of Internally Displaced Persons (IDPs).
Explaining the long term plan Iraq is working on from Erbil, Alaadin Jaafar, an official from the Finance Ministry said “the plan sets out how Iraq could increase its incomes aside from oil revenues.”
An estimated “$350 to $400 billion” is needed during the period for the recovery plan, he detailed.
Iraq’s national and foreign debts will most likely to have exceeded $125 billion before the end of this year despite growing oil production and revenues, according to the International Monetary Fund (IMF) which offers annual projections of financial conditions across the world.
According to the predictions, the debts will land around $134 billion by the end of next year despite steady oil production. This is expected to raise the current 4,5 million barrels per day (bpd) by 10 percent to 5 billion.
The Iraqi Ministry of Planning, however, says the implementation of the plan will not be easy since earmarking $400 billion is a huge amount.
“Succeeding the plan will not be easy as billions of dollars flow out of Iraq every year,” Dr. Mahmood Daghr, Finance Manager at the Iraqi Central Bank who was an attendant of the conference, told Rudaw.“
“In last year alone, $45 billion has gone abroad for goods while the Iraqi budget was $70 billion as a whole,” he noted.
As Daghr stated, the Iraqi government’s key source of income comes from oil exports which covers 95 percent of the fiscal budget to Baghdad, but this sector is also at stake.
The savings of the Iraqi government had reached $90 billion in 2013, but this amount has now steadily plummeted to $53 billion, he warned.
Corruption and lack of transparency are two key factors leading to worsening financial stability in Baghdad.
Another official from the Planning Ministry said “corruption and the embezzlement of the incomes of Iraq are so high, it cannot be even counted.”
Based on data his ministry has collected, he warned “corruption rate in the revenues Iraq obtains have exceeded 50 percent.”
He mentioned that the Electricity Ministry is a major victim of corruption because “until now $36 billion has been expended in this sector, but power given to the people is only between 6 to 8 hours per day. Besides embezzlement and corruption, what other explanation can you provide when a large amount of money is spent and there is no electricity.”
More dangerous than that, he warned, is employing “a group of people whose job is to just embezzle money.”
The UN is the major player in formulating the plan to boost Iraq’s economy in the post-ISIS phase.
The fight against ISIS has done Iraq great harm due to destructive urban warfare with the jihadists as some areas are partly destroyed and others completely demolished.
The Iraqi Construction and Housing Ministry revealed through data that damage caused in the once thriving cities in the northern part of the country have suffered greatly.
“Eighty percent of the cities where the fight against ISIS took place are destroyed,” said Istebraq Ibrahim, deputy minister of the Housing and Construction Ministry.
Ibrahim, who has served in the ministry for 39 years, went on to yearn that “the majority of cities are destroyed in a way that scars of destruction could be clearly noticed in every sectors of life.”
The city of Ramadi in Anbar which fell to ISIS in May 2015 until it was retaken by the Iraqi government in the beginning of 2016 has been damaged more than any other place.
The fight against ISIS has not ended, but the group is largely weakened as they continue to withdraw from areas they once controlled in Nineveh province. To rebuild the war-ravaged area, Ibrahim suggests, they need $70 billion.
The war on ISIS has not only damaged the roads, buildings and civilian houses, but also Iraq’s largest oil refineries
Ziya Jaafar. Deputy Minister of Oil, pointed out that “the loss Iraq has suffered due to ISIS in the oil sector is more than $15 billion, of which $10 billion was at Baiji refinery alone.”
Baiji refinery located in Bajji, Salahadin province is home to Iraq’s largest refinery which briefly fell to the hands of the militants.
“As part of the long term recovery plan,” Jaafar explained, Iraq aims to “increase oil exports to 7,500,000 barrels of oil per day over the next five years.”
Iraq and the Kurdistan Region have 152 billion barrels of oil which are not drilled yet.
Based on $42 a barrel, Iraq has estimated to receive around $56 billion in 2017 from oil sales, according to the country’s budget. The government has an $85 billion budget for the current year.
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306: Reconstruction of Iraq in partnership with the private sector
The Iraqi planning Ministry, on Sunday, a Conference for the reconstruction of Iraq after the war to ISIS, in Erbil.
The planning Minister Salman jumaili said in a speech during the Conference and was followed up by “economy”, the Conference aims to develop a long term plan includes the reconstruction of the devastated areas in Iraq and economic development in the years 2018 and until 2023.
Jumaili said that the reconstruction of areas dominated by ISIS 35 billion dollars needed, rebuilding Mosul alone takes $14 billion.
He noted that “one of the most important foundations in the extended plan for five years, is a partnership with the private sector, the public sector is an active role in national development, and will coordinate with the international community and international institutions, to find the best ways to reach specific goals, the United Nations had previously discussed plans to 2030”.
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Allawi speaks of measures “protectionism” of the national product and confirms: Our markets sink foreign goods
BAGHDAD – The balance of News Deputy President Iyad Allawi, on Saturday, that the lack of measures “protectionism” of the national product caused by the dumping of foreign goods markets, while stressing that corruption and political instability have caused the expulsion of investment and the flight of the national capital.
Allawi said in a speech during his attendance at the first annual scientific conference of the Association of Iraqi economists, moved his press office and received / scales News / copy, said that “the policy of strengthening the dominance of the public sector and the continuation of central planning over the inability to fill national needs in the areas of agriculture, industry, trade and services, and female infanticide sector your struggling. ”
The statement added that “oil revenues went to the salaries of millions of employees, and to sustain the war on terror machine, without having to make a difference in the structures of economic structures, while the lack of protectionist measures of the national product markets flooded foreign goods.”
He said Allawi, that “corruption and political instability have caused the expulsion of investment and the flight of the national capital, while the monetary policy sent the money to the currency and smuggling auction away from the support of the projects.”
He explained that the “financial and administrative corruption contributed to the loss of the bulk of the government and international initiatives loans, causing government repudiation for fulfilling the obligations towards companies and contractors in bankruptcy and extinction of many companies and promising projects, and in the middle class base decline, which form the backbone of the advancement of society and the State”.
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BGG (Dinar Guru) – “Would BGG please give us the true meaning of the deletion of the zeroes project“?] The “Delete the Zeros” project – (we believe) is part of the currency reform project in Iraq. Most notably the process of raising the value of the Dinar and then removing the larger “3 zero” notes from the market…they don’t want people sitting on those big notes – they want them out, where they can easily retract them from the marketplace.
What about the subject of the deletion of zeros and the reason for the delay?
1) Security – control of the state (ie; Mosul)… CERTAINLY PREVENTS THE IMPLEMENTATION OF THE PROJECT.
2) When it is DONE – it must be “…done in coordination with all state departments and the private sector…” Here’s the DOOZY folks… [post 1 of 2….stay tuned]
Read more: http://www.dinarupdates.com/observer/
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BGG (Dinar Guru) –
3) “…where it should be followed by changing the paragraphs contained in the various laws…” MEANING – ONCE THE VALUE CHANGES THEY HAVE TO GET A FEW THINGS CHANGED TO SUIT THE VALUE.
THEY JUST TOLD YOU THE ORDER OF THINGS.
4) “…must also change the financial and statistical records in order to conform with the project process the deletion of zeros…” This bit ALSO INFERS A VALUE CHANGE AS THE PRECURSOR TO REMOVING THE NOTES AND THE REST OF THE PROJECT…here’s another ZINGER…
5) “…On the other hand, the technical preparations are (already) underway by us…” – WHAAAAAAATTTT?? THEY ARE ALREADY GETTING THE TECHNICAL STUFF UNDERWAY. THEY MUST THINK WE ARE CLOSE? This is the ACTUAL CBI talking
Read more: http://www.dinarupdates.com/observer/
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Kaperoni (Dinar Guru) – Article: “Central Bank: No distinction between foreign and Iraqi banks and currency auction” Quote: “…the existence of discrimination to deal for the Central Bank of Iraq between banks operating in Iraq, whether foreign or Iraqi, but on the basis of classification because they are part of the Iraqi banking system.” This is an important statement for the CBI to make… this is a requirement of Article VIII (and it has been referred to several times in the consultations) to not only liberalize the foreign exchange, but make it available at any and all banks. A good step to show the IMF the CBI is trying to comply.
Read More: http://www.dinarupdates.com/observer/
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Speaker of Parliament determines the files that can focus on in the coming period
Jubouri said during a meeting with head of the US Institute of Peace Mike Yaffe and his accompanying delegation that “files that can focus on in the coming period is the rehabilitation of the affected areas and the return of displaced persons and the achievement of community reconciliation
Jubouri and discussed with the delegation , according to a statement his office today , developments in the political situation in Iraq and ways of joint coordination on post – Daesh and the importance of concerted efforts to support stability in the liberated areas as it said the speaker of parliament that the rehabilitation of areas affected by terrorism, and remove all obstacles to return of displaced persons and provide a suitable environment for community reconciliation is the most important files that can focus on in the coming period.
He added Jubouri that “the House of Representatives supporting all efforts to achieve stability and restore normal life to these areas, both through the work of the committees with the concerned authorities or through laws and supporting legislation
For his part, Yaffe said expressed his continuing work in restoring stability to Iraq and that the House of Representatives plays an important role in this area through continued cooperation and continued support
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Each survivor here today is a beacon of light, and it only takes one light to illuminate even the darkest space.
President Trump
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Parliament votes on a resolution prohibiting the participation of officials of national interest and harms conferences finish reading two {Extender}
House voted on the thirty-first regular meeting chaired by Salim Al-Juburi, head of the Council in the presence of 173 deputies parliamentary resolution banning Sunday attendance or participation of politicians or conference officials inside and outside Iraq without the approval of Iraqi authorities in addition to finish reading the Bills.
Information service said in a statement to the House of representatives received {Euphrates news} copy today that “at the beginning of the session, the Council rejected a recommendation to the High Commissioner for human rights by the Committee of experts on the representation of alaizidi component in the UNHCR within the given components share their exposure to significant violation by the terrorist organization of ISIS”.
The Council voted on a resolution banning Iraqi politicians and officials attend or participate in conferences and meetings affecting the security of the State and political system wetzor national interest and held outside or inside Iraq without the approval of Iraqi authorities.
The Council voted on the recommendations of the report of the Committee on integrity violations committed by the province of Diwaniyah at the request of a representative of 45 deputies which includes the House objection decision on authorization and delegation of the Council President to take legal action against members of the fact that the decision is illegal and a pretext to prevent members from performing their role and stop all legal proceedings against the province on the background of the questioning of the President of the Council and following up cases listed by the integrity Commission and instruct security forces to pursue fugitives and adjust The car and open a case with integrity.
Mohamed Naji Attorney read a statement condemning the Turkish attacks on Iraqi territory repetition indicating that Iraq has taken all possible means diplomatically to get away from it all what the situation tense and complicated to deter aggression by frequent Turkish Government headed by Erdogan who raised Tempest irresponsible remarks when deputies accused of terrorism legislation and accused the popular crowd that terrorists besides interfering Iraqi host repeated attacks on Iraqi territory by occupying parts of the connector and the use of air power to attack sin against targets In drunken and Sinjar killed dozens of Iraqis, demanding a national attitude fits with the Turkish aggression against Iraq challenge and his people, calling to boycott Turkish products and trade goods and prevent them from entering Iraqi territory and a resolution of the House of representatives to require government victory for our people and the maintenance of our sovereignty.
Mp Sheikh Aboud Al-Issawi made a statement on behalf of the tribal Committee on implications in Iraqi society that left ISIS, which he referred to the importance of the work to develop a comprehensive operational programme to stabilize and return and strengthening security, expressed concern about the emergence of practices and customs of extraneous to the clans in exploiting obvious weak power, announcing an agreement a number of elders of tribes and clans of Iraq fully repudiating all of the proven affiliation of terrorist groups in various spade or assisted or Mall or Rogge for their ideas and the importance of speedy justice to resolve Files for the terrorists and the obligation not to embrace issues of terrorist groups and not to carry the clan elder in their actions and requiring State agencies to search for the missing and to appeal to the Federal Government and its institutions to compensate the relatives of martyrs and providing supplies to return to their areas and work on community reconciliation.
Jabouri made thanks to parliamentary Committee clan substantial efforts have been made to patch up peace community.
The Board concluded the first reading of a bill of health insurance and environmental health committees, labor and Social Affairs in order to provide quality health services and enable citizens to obtain them in health institutions in the public and private sector and outside Iraq and providing the service for free for groups unable to pay costs and relieve the State and the citizen at one time and activate the private sector remains full of companies approved to support and stimulate the health sector.
Presidency postponed a vote on each of the prisoners and detainees reform bill submitted by committees of social and Legal Affairs, security and defence and human rights and the second amendment Bill to the vigilante Registration Act 2000 {8} and number of defence and security committees, legal, financial and Government required resolution for action right at the bullets.
The Presidency also decided to postpone all of first reading of the draft law on the Council of State and of the Commission report and discuss a bill granting long and usually leave processing contractors and financial and legal Committee.
The Council concluded by reading and discussing a bill combining the judicial Institute of the judiciary after he voted for the Bill had not responded.
And in the interventions of representatives stressed the importance of Attorney Abdel Karim abtan judicial independence from the Executive power which requires judicial Institute included the judiciary and separated from the Ministry of Justice.
Attorney Abdul Jabbar Al-Abbadi noted that judicial Institute is one of the important bodies to prepare judges and associate with Executive power contrary to the Constitution forcing the player to the judiciary being independent not under authority of any interventions.
Mp Abbas Al-Bayati suggested the legal Committee meeting includes representatives from the Ministry of Justice, the judiciary, the Prime Minister and the Presidency to resolve the question of annexation of the Justice Ministry’s judicial Institute.
Attorney drew Awad Awadi to speedy enactment of judicial Institute included the judiciary in order to establish the principle of the separation of powers and the application of the Constitution as well as the importance of identifying the number of judges.
Noted Attorney Ammar tastes defeat the principle of intervention by judiciary regarding the judicial Institute podcasts featuring students become judges as interference in judicial decision contexts is considered interference in the judiciary.
In its reply to interventions, the Committee on taking into account remarks ladies and gentlemen deputies of Browning Bill that comes with separation of powers and strengthen the independence of the judiciary.
On akhrnaksh the Council based on a request from the Deputy Ahmed Taha Shaikh subject difficulty coordinating and monitoring committees to her Department by regulatory functions in accordance with the Constitution.
Mp Ahmad Taha Shaikh problems in pursuing its commissions with ministries of various levels of sensitivity between Executive and regulatory bodies as well as mutual abuse between ministries and parliamentary commissions add to a fierce attack on the legislature by some quarters, suggesting a proposed draft law on parliamentary oversight contains mechanisms House call visits and answering mail and regulate mutual relations between the Parliament and the ministries.
And in the interventions of representatives called Deputy ULI Tamimi need to amend the rules of procedure of the House instead of legislating a new law to regulate the relationship between parliamentary committees and ministries.
Mohamed Al-shammari mp pointed to problems arising from the direct use of Deputies with ministries, especially some Ministers to understand the nature of the relationship or the role played by the competent authority and control legislation imposing a decision or a law in this regard.
Arunkumar ghaidaa mp showed the importance of legislation contributes to address some problems and maintain the prestige of the House of representatives and special trip to follow the work of universities that have become out of control and with broad powers.
She explained that most of Beiji Vice ministries refrain from providing Attorney with information or documents through parliamentary committees, although each Deputy right to exercise supervisory role without resorting to commissions.
Mp Riad urged Boutros-Ghali to establish a clear mechanism for oversight role of Deputy and determine penalties to reduce procrastination and obstruction.
Translate mp proposed a road map dry to be submitted by the President of the House of representatives at the meeting of the three presidencies to facilitate the work of the House and their oversight role.
Jabouri made thanked Deputy Ahmed Taha Shaikh idea pursue commissions for their work with ministries that served as natural contexts as the proposed law, alluding to the possibility of transferring the proposals to the legal Committee for the purpose of Browning House proposal.
The Board discussed at the request of Deputy Secretary Baker on disabling the Parliament of Kurdistan.
Deputy Secretary Baker drew more than a year to prevent entry to the territory Parliament Arbil which delayed the work of Parliament about his duties in the service of citizens, calling on Congress to pass a resolution obliging territorial authorities representative to activate the work of Parliament to carry out its oversight functions and legislative and confirming that Parliament’s constitutional violation disabled.
In mp Arafat deputies interventions Karam everyone’s support to activate work of Kurdistan Parliament being legitimate and important institution but disagreement on the mechanism that need to be agreed, noting that the committees continue their work in Parliament, but the speaker territory who wants to impose partisan opinion on others while we need a President representing all.
Mp Abbas Al-Bayati said that territorial legislature representing the will of the popular fair since it was founded after 1991 where filling a void in the territory which requires solving problems within the dome of Parliament rather than solve them outside, calling Mr speaker to drive a specific initiative to bring life to the territory’s Parliament by meeting with interested parties.
Mp Mohsen saadun, noted that because of Iraq’s disabled due to invite the President of Parliament for violation of the rules of procedure in the presence of Iranian and British consuls general this all in all parliamentary tradition, pointing out that the debate in the Federal Parliament considers a constitutional violation in the presence of the independence of the federal system.
Kaveh’s Attorney and Mohamed to disrupt Parliament contributed to disable the legislative process in the territory, demanding that Parliament’s role in activating the work of the Parliament of the Kurdistan region.
He in turn Deputy Secretary to the territorial Parliament flexed institutions representing the conscience of Kurdish people alluding to the Federal Parliament has the power to impose a moral Act and mediate to activate the work of the territorial legislature.
The Attorney noted that resolving the problems of Bachtiar shawis Kurdistan need to activate work of the territorial legislature.
Mp Khalaf Abdul Samad that change the Kurdistan Parliament Speaker must be under the dome of the Parliament in the territory, alluding to a Federal Court can be invoked.
For his part the President said that the Council Presidency will find a suitable resolution for its implementation.
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Iraqi Dinar/Dollar auction 04-30-17 (most recent listing)
Currency Auctions Announcement No. 3432
This daily currency auction was held in the Central Bank of Iraq on the 04-30-2017
| DETAILS | NOTES |
| Number of banks | 34 |
| Number of remittance companies | 10 |
| Amount sold at auction price (US$) | 162,103,675 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 162,103,675 |
| Total offers for selling (US$) | —– |
Read More: http://www.dinarupdates.com/observer/
Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1288.310 | 1287.666 |
| British pound | GBP | 1527.360 | 1526.596 |
| Canadian dollar | CAD | 869.055 | 868.620 |
| Swiss franc | CHF | 1192.346 | 1191.750 |
| Swedish krona | SEK | 135.030 | 134.963 |
| Norwegian krone | NOK | 137.984 | 137.915 |
| Danish krone | DKK | 173.191 | 173.104 |
| Japanese yen | JPY | 10.638 | 10.633 |
| Special Drawing Rights |
SDR | 1621.003 | 1620.192 |