In October 2018, the Central Bank of Iraq introduced the first three denominations in a new series of banknote designs aimed at modernizing the currency and better reflecting the nation’s heritage and diversity. As part of the redesign, the new banknotes will now feature the governor of the central bank’s printed name instead of his signature.
Source: Banknotenews.com
(Reuters) – The United States told Iraq it would allow it to continue to import vital supplies of gas, energy and food from Iran after Washington reinstates sanctions on Iran’s oil sector, three Iraqi officials said on Friday.
“The exemption for Iraq is conditional on not paying Iran the price of imports in US dollars,” officials said, including a member of an Iraqi ministerial committee overseeing energy activities.
Keywords: Alforatnews.com
The Integrity Commission has set up an investigative and auditing team to monitor the level of government performance in different parts of the country.
“Based on the powers vested under section (1) of Article (6) of the Integrity Commission Law No. 30 of 2011, it is decided to set up a central investigative team to manage and monitor the investigation and investigation of the files (criminal cases) and the information that is classified Its importance in accordance with the criteria (job position and size of corruption funds and the impact of public opinion trends) and the management and follow-up reconstruction projects and services and investment lag.
He added: “It is decided to form an investigative team in each of the Directorate or the investigative office of the Commission entrusted with the task of categorizing criminal cases according to their importance, reallocation of cases among the investigative people, completing investigation and investigation of reconstruction projects, services and investment. Technical reports “.
He pointed out that “for the purpose of coordination with the Presidency of the Council of Representatives, in order to complete the procedures on disclosure of the members of the Council of their financial liabilities, a team to undertake the task of communication and coordination with the Presidency of the Council and the proposed mechanisms that lead to complete the requirements of disclosure of the deputies of their financial liabilities.
He added that “in order to assess the reality of the border crossings and identify the risks of corruption in them, it is a team that undertakes the task of proposing initiatives to prevent and combat corruption and to identify the negative aspects of the legal, institutional or operational frameworks. Proposed by the Board, adding legal texts that respond to mandatory provisions to short- and long-term managers, as well as communicating with the concerned parties the draft legislation to overcome the obstacles and to provide a study of legislation that would fill gaps that could include gaps Corruption through them. ”
“The task of auditing and evaluating reconstruction projects, services and investment according to indicators (importance, contracting, funding, achievement, expected benefit, timing or any other indicators) is entrusted to a team that performs its functions in coordination with the Federal Financial Control Bureau and the offices of the public inspectors. The Panel has a specific mechanism that includes evaluation indicators and the identification of roles and responsibilities of target audiences. ”
“To assess anti-corruption initiatives at the legislative level, a team of investigative, auditing, policy evaluation and corruption risks is established in the projects,” he said.
He pointed out that the monitoring of government performance and the evaluation of government policies and programs and the risks of corruption in projects and the provision of anti-corruption initiatives have been entrusted to a team that performs its functions in coordination with the Federal Financial Control Bureau. The offices of the public inspectors must comply with the requirements of its work. Partnerships with the Commission in order to complete the tasks assigned to it “.
The teams have been empowered to form committees in such circumstances.
Article Credit: http://www.aljournal.com/
By Robert Tollast, Yesar Al-Maleki and Harry Istepanian
Iraq’s first draft budget for 2019 shows an overall increase in spending of 23% compared to 2018. Oil revenues still dominate sources of revenue, projected at 89% of government finances. The Iraqi government, with help from international creditors, has been aiming to increase non-oil sources of income. In 2019 however, non-oil income reduces by IQD 2.65 tr ($ 2.24 bn), or a decline of 18%.
Spending on energy, security and defense as well as social services remains a priority ahead of other sectors. Notably, the state’s planned spending on capital projects will grow by 32% and liberated provinces are included again in planned financial allocations after years of war, an important progression on 2018. However, Iraq’s greatest challenge of reducing its operational expenditure is still unresolved as it expands by 21% in 2019 and dominates 75% of total expenditure. This will of course leave the country extremely vulnerable to another fall in oil prices.
While the oil price assumption for 2019 has increased by $10 per barrel compared to last year, reflecting expectations of favorable oil export revenues, the planned deficit has almost doubled. However, with oil prices touching the $80 per barrel mark, it is reasonable to expect a surplus similar to that of 2018. The majority of the country’s oil exports are handled through the southern corridor that operates at almost full operational capacity given infrastructural limitations. Our analysis looks broadly at oil price forecasts for 2019 as well as a breakdown of bottlenecks and challenges to increased exports countrywide.
In light of these likely revenue gains, we provide an overview of Iraq’s reconstruction and service delivery needs in key sectors. Of particular note, Iraq’s upcoming government will be faced with a tremendous electricity provision challenge given a current shortfall of at least 7.5 GW during peak summer demand. We provide an overview of this sector and efforts to address this shortfall from the supply and demand side, including attempts to liberalise, modernise and restructure the sector. We also address the shortfall in education capital expenditure which has suffered during the “double shock” of the 2014-17 conflict and oil price collapse. We provide an overview of how expenditure in this sector is heavily weighted towards operational expenditure, in addition to illustrating this general trend across multiple sectors, despite a pressing need for new infrastructure.
In the national picture, we address the changing picture of fiscal federalism in Iraq. Broadly, southern provinces will see greater allocations with Basrah, Maysan and Thi Qar gaining 60%, 35% and 22% in total allocations respectively. Promised petrodollar allocations for oil and gas producing provinces comprising 5% of the price per barrel (or 5% of oil refined per barrel or gas produced) are capped nationally at 1 trillion Iraqi dinars, or USD $840 million, while Baghdad will retain significant powers over how these funds are spent, following revised legislation on provincial powers. Combined, the three provinces of the Kurdistan Region of Iraq (KRI) gain 36% in allocations. Their share is based on the 12.67% population estimate used for budgeting for 2018, although this remains contested between Baghdad and Erbil. Lastly, allocations for the war affected provinces remain significantly lower, suggesting that either the federal government will oversee more reconstruction from ministry budgets or alternatively, reconstruction may continue to lag in 2019, with concerning long term security implications.
It remains to be seen therefore, whether these allocations in the budget for reconstruction and for key sectors will change in the coming months. How these issues are resolved with have a profound effect on the future configuration of Iraqi federalism.
Article Credit: https://iraqenergy.org/
DR.. APPEARANCE OF MOHAMMED SALEH
– PUBLISHED ON 29/10/2018
![The Republic of Iraq signed on 21 November 2004 an agreement with a group of official creditors of the Paris Club countries, which received a reduction of 80% of Iraq's sovereign debt [...]](https://i1.wp.com/iraqieconomists.net/ar/wp-content/uploads/sites/2/2018/06/Dr.-Mudher-new-image-2-305x336.jpg)
The Republic of Iraq signed on 21 November 2004 an agreement with a group of official creditors of the Paris Club countries, which received a reduction of 80% of Iraq’s sovereign debt […]
On November 21, 2004, the Republic of Iraq signed an agreement with a group of official creditors from the Paris Club countries, whereby it obtained a reduction of 80% of Iraq’s sovereign debt with that group of 19 countries, December 2004 was about $ 38.9 billion in nominal terms (of the total debt of the country initially estimated at $ 128 billion), which was called pre-1990 debt and was processed according to the following stages:
1) Treatment of debt Principal Treatment
Three stages were adopted to achieve an 80% reduction in external debt:
Phase l
Write off 30% of total debt (as it was) on 1 January 2005, under which Iraq received a reduction of $ 11.6 billion.
Phase ll
A further 30 per cent reduction in total debt once Iraq signs an agreement
Arrangements by – Stand / SBA with the IMF
(Ie, at the international level), with a reduction of 11.6% at this stage
Program with the Fund at the end of 2005)
The rest of the debt (40% at this stage) was scheduled for a period of 23 years, inclusive
A grace period of six years.
Phase III:
Achieve a final reduction of 20% by completing Iraq
On total debt, conditional of the Stand By Agreement SBA with the International Monetary Fund (IMF) referred to above and completed.
Note the amount of the reduction for these results within three years from the date of signing the program. That the phase was about $ 8.7 billion.
to a total cut thus ended the treatments of religion according to the three stages referred to Iraq’s external debt to the Paris Club (19) was $ 9.38 billion
(Ie, the approved reduction of 80%) provided that the value is equal
Nominal value of debt with NPV. For example, the sector’s debt was deducted (US $ 35 million or less) for each small creditor almost 90% of the debt. As I paid a reward the debtors listed in cash (without scheduling)
Is about 10% of the original debt amount and is equal to the discount rate of 80% if it is made schedule them on condition that the nominal value of the debt is equal to NPV. Based on Iraq, for example, paid nearly 450 million dollars to creditors Lyon in cash
For their receivables of $ 5.4 billion and a discount rate of about 10%
Approximately . It is noted that the United States has begun to reduce its indebtedness on debt Iraq by 100%, and the Russian Federation has reduced its official debt to Iraq by a percentage increased
Papers in public debt
The 94% of the two members of the Paris Club countries as well as other countries have reduced its sovereign debt to Iraq by 100% such as Cyprus, Slovenia and Malta
(All from a group of countries outside the Paris Club.
And Algeria) recently
Interest Treatment
The accrued interest was capitalized on the rest of the debt of 20% as well as the capitalization of accrued interest on the rest of the total debt above) during the first (six) years following the signing of an agreement
Paris Club and according to the details set out below:
It should be noted that, after six years of easing the burden of cash flows (ie, assisting Iraq) to defer payment of the principal with a high degree of capitalization of interest (the total debt becomes disposable to gradually pay 17 years and equal (semi-annual) payments of 34 payments over the period
Amounting to $ 8.7 billion. The first installment of debt has been achieved (in accordance with the principle of debt amortization)
Amortization) as of 1 January 2011 (negative 37.0%) and the second installment as of 1 January 2012 and its value is negative (39.0%) and the last payment will be in 1 /(20.5%) and is one of the largest payments to be made time. The annual interest on the rest of the debt that has been scheduled is about . % 5.8
Note: the terms of the Paris Club Agreement apply to Iraq’s debt with all its creditors (sovereign debt of Outside the 54 Paris Club countries and trade debt and more than 6,000.
(Ie, within the principle of treatment equivalence in international law, as an agreement
The Paris Club is a standard agreement that applies to all Iraqi debts before 1990.
In conclusion, in order to implement the terms of the Paris Club Agreement and ensure its proper application, the French banking financial institution known as LAZARD to act as financial advisor and follow up the mechanism for settlement of Iraq’s debt scheduled with the group of Paris Club countries related.
(*) Iraqi economic researcher and writer, former deputy governor of the Central Bank and financial advisor former Prime Minister Dr. Haidar Abadi
(**) led the negotiating team to reach the Paris Club Agreement to reduce the external indebtedness of the Republic of Iraq, Mr. Adel Abdul Mahdi, and a technical team composed of Dr. Sinan Al-Shabibi, former Governor of the Central Bank of Iraq and Dr. Aziz Jaafar, the appearance of Mohammed Saleh and Dr. Ahmed Breihi and conducted legal consultations with the Office International Law (Clare Gatelop) and other technical consultations with the International Monetary Fund of the Security Council resolution
It should be noted that, after six years of easing the burden of cash flows (ie, assisting Iraq)
To defer payment of the principal with a high degree of capitalization of interest (the total debt becomes disposable to gradually pay 17 years and equal (semi-annual) payments of 34 payments over the period amounting to $ 8.7 billion.
The first installment of debt has been achieved (in accordance with the principle of debt amortization) Amortization) as of 1 January 2011 (negative 37.0%).
The second installment as of 1 January 2012 and its value is negative (39.0%) and the last payment will be in 1 / (20.5%) and is one of the largest payments to be made in time. The annual interest on the rest of the debt that has been scheduled is about . % 5.8
Note: the terms of the Paris Club Agreement apply to Iraq’s debt with all its creditors (sovereign debt of Outside the 54 Paris Club countries and trade debt and more than 6,000
(Ie, within the principle of treatment equivalence in international law, as an agreement The Paris Club is a standard agreement that applies to all Iraqi debts before 1990.
Of the UN Security Council resolution In implementation of Act No. 1483 of May 2003. After standing on Dr.. The appearance of Mohammed Thalh towards the settlement of official foreign indebtedness of Iraq
The results of an analysis of the so-called debt sustainability analysis
is the signing ceremony of the above agreement took place at the Paris Club headquarters on 21 October 2018, which resulted in a commitment to write off more than $ 100 billion Iraq’s external debt.
Copyright © Iraqi Economists Network. Reproduction is permitted provided that reference is made to the source Iraqi Economists Network. 29 October 2018.
Source: Iraqieconomists.net
MOSCOW (Sputnik) – The autonomous Kurdistan Region will start a serious dialogue with Baghdad to resolve all differences between both sides once the new Iraqi government is fully formed and begins working, Hoshyar Siwaily, the head of the Kurdistan Democratic Party’s (KDP) foreign relations office, told Sputnik on Monday.
“The government will be entering into serious negotiations with the federal government to resolve all the issues which both governments currently have, especially the new government headed by the new prime minister… When the full cabinet is in place, the serious dialogue and negotiations will start between our government, KRG [the Kurdistan Regional Government], and the federal government,” Hoshyar Siwaily, head of the Kurdistan Democratic Party’s (KDP) foreign relations office, told Sputnik on Monday.
According to the KDP representative, the Kurds have supported Abdul-Mahdi’s nomination and would be monitoring his stance on the Iraqi Kurdistan issue.
“We have supported him and we will be supporting him, we will be monitoring his performance, achievements, especially where relations between Baghdad and Erbil are concerned. We hope the new prime minister who is a good politician, who is a friend of the Kurds, will be able to learn from the mistakes of the past, especially the mistakes the previous prime minister committed against the Kurdistan Region. We are positive,” he added.
Additionally, there is “a continuous dialogue and telephone talks” between the Iraqi Kurdistan leadership and Abdul-Mahdi, Siwaily said.
On October 3, newly elected Iraqi President Barham Salih, a Kurdish politician, named Shiite Adil Abdul-Mahdi, who was Iraq’s oil minister between 2014 and 2016, as the country’s prime minister and tasked him with forming a new government. Abdul-Mahdi was sworn in on Thursday, as well as 14 out of 22 ministers he had designated.
Oil, Gas control issue
Siwaily also said that the two sides intend to discuss articles in the constitution that concern the oil and gas industry, as the federal government of Iraq and autonomous Iraqi Kurdistan region are ready to sit down for talks to settle the dispute over control of the country’s oil and gas reserves.
“Both sides are ready for talks and have the intention to resolve all the issues, including the oil and gas issue, the revenue issue which we have with Baghdad, so we are optimistic,” Siwaily said.
The official added that “oil and gas is one of the crucial issues between Erbil and Baghdad. We have to sit down and resolve these issues according to our constitution. Some of the articles in the constitution specifically talk about oil and gas issue. So hopefully there will be a room.”
Reports
Until recently, the oil-rich province of Kirkuk was under the control of the Iraqi Kurds. However after the Kurds held an independence referendum in September 2017, Baghdad launched an offensive and regained control over Kirkuk in the following month. Soon after that Baghdad reported that it would establish a special committee aimed at developing oil production in the region and would create a group of experts together with BP to analyze the situation in Kirkuk.
Relations between Baghdad and Erbil escalated after Iraqi Kurdistan held an independence referendum in September 2017, which was later deemed illegal by the Iraqi federal government.
In response to Erbil’s decision to secede, Baghdad launched a military operation and took control over the Kurdish oil-rich province of Kirkuk, as well as imposed sanctions, restricted banking operations, closed border crossings and banned international flights to and from the region. The restrictive measures were lifted in January after Kurdish government authorities and private institutions accepted the authority of the federal government of Iraq. The Iraqi Kurdistan has not yet announced if it planned to hold another independence referendum in the future.
On Syrian Kurds
The head of the KDP’s foreign relations office also stressed that Iraqi Kurdistan supports the Syrian Kurds’ self-determination efforts and hopes they will be able to protect their territorial gains through peaceful means, such as a dialogue between all the parties involved in the Syrian conflict.
“As far as Kurdistan is concerned, we support ambitions of all Kurds for self-determination, including the Kurdistan in Syria and other parts of Kurdistan. What we are calling for is to resolve all the issues with respective governments in a peaceful way, to enter a serious dialogue to avoid bloodshed and fighting, as much as they can, of course. In Kurdistani Syria we understand the situation; we hope that they will be able to protect the gains they have met so far [against the IS] and for the better service of our brothers and sisters in Syrian Kurdistan,” Siwaily told Sputnik.
The KDP official also expressed hope that all parties involved in the Syrian conflict would better coordinate their actions in the region.
“Nothing is impossible in politics, so we have to be hopeful and that these relations will be better in the interest of all the parties involved in this conflict,” he added.
Reports
Syrian Kurds, namely the US-backed Syrian Democratic Forces (SDF) and Kurdish People’s Protection Units (YPG), have been fighting the Daesh terror group* in northeastern Syria, actions which have been criticized by Damascus
On Sunday, Turkish forces bombarded positions of YPG militia, outlawed by Ankara as a terrorist organization, on the eastern shore of the Euphrates River in northern Syria. This followed the October 17 incident involving two US-led coalition F-15 fighter jets carrying out an airstrike on an allied Kurdish unit in Syria as a result of poor coordination. The latter incident killed six fighters and injured another 15.
Article Credit: https://sputniknews.com/
Baghdad today – Baghdad – The deputy of the Fatah alliance, Abdul Amir Taiban, on Monday, that the next session of the House of Representatives will pass the candidates of the eight ministries, who blocked the vote on them in the previous session, by the Alliance of Sowron and the stream of wisdom.
Taiban said in an exclusive interview (Baghdad today), “The next session will see a vote on the candidates of the rest of the ministries, after understanding and consensus with the political blocs.”
“He added that” his alliance will not allow blatant interference from the masses and the wisdom of the wisdom of blocking the passage of candidates of the eight ministries that have been postponed. ”
Taiban attributed the reason for the rejection of the vote to the remaining candidates of the ministries, to “personal differences for others with candidates of the Ministry of Higher Education and Culture, as they belonged to the Sadrist movement earlier.”
The House of Representatives was granted, during the meeting held in the early hours of Thursday, confidence to the government of Prime Minister, Adel Abdul Mahdi, and voted for the selection of 14 ministers from the ministerial lineup presented by the latter during the session.
The confidence-building session of the new government, which took place on October 24, 2018, saw the withdrawal of some of the deputies of the Sadr Alliance, backed by Sadr’s leader Moqtada al-Sadr, in protest against the candidates of some ministries.
The Minister of Finance, Fuad Hussain, Minister of Communications Naim Al-Rubaie, Minister of Construction and Housing, Benkeen Rikani, Minister of Commerce Mohammad Hashim, Minister of Foreign Affairs Mohammad Al-Hakim, Agriculture Minister Saleh Al- Minister of Health and Minister of Water and Water, Minister of Youth and Sports Ahmad Al-Obeidi, Minister of Health Alaa Alwan, Minister of Industry Saleh Al-Jubouri, Minister of Labor and Social Affairs Basem Al-Rubaie, Minister of Electricity Louay Al-Khatib, Minister of Water Resources Jamal Al-Adly and Transport Minister Abdullah Luaibi).
He abstained from voting on the candidates of ministries, justice, culture, education, planning, higher education and scientific research, immigration and displaced persons, defense and interior.
Source: Baghdadtoday.news
Baghdad / Al-Ghad Press: The head of the victory coalition, Haider Abadi, and the head of the Fatah alliance, Hadi al-Amiri, on Monday, the importance of completing the formation of the government.
A statement by the Office of Abadi, received by “Al-Gharab Press”, a copy of it, that “Abadi received today, the head of the conquest alliance, Hadi al-Amiri, and during the meeting discussed the political and security situation in the country, and the completion of the formation of the government and the importance of work for the continuation of security stability, reconstruction and investment During the next phase. “
“The meeting stressed the need to create a stable political environment and to preserve and sustain the achievements achieved,” the statement said.
Source: Al-Ghad Press
Journal News – The Supreme Judicial Council (SJC) announced on Monday that Iraq has withdrawn from the FATF monitoring list after it has fulfilled its international obligations in the field of combating money laundering and terrorist financing .
FATF is an intergovernmental body charged with studying techniques and trends in money laundering and terrorist financing, and developing and developing anti-money laundering and terrorist financing policies locally and internationally.
“The judiciary has played a major role in improving the international situation of Iraq and actively contributing to the implementation of the international recommendations adopted by FATF through the Supreme Judicial Council’s facilities,” said Judge Eyad Mohsen Samad from the Specialized Investigation Court on Integrity and Money Laundering in Rusafa. The cooperation of the Central Bank of Iraq and partner institutions in this area and over the past years, these efforts resulted in the exit of Iraq from the black list to the list of countries listed in the White List and complied with the international recommendations.
“The FATF is an intergovernmental organization established by the ministers of its member states,” said Judge Samad.
The development of international standards against money-laundering and the financing of terrorism at the level of regulation, legal and executive legislation and the identification of threats related to the integrity of the international financial system. “
“The FATF recommendations define the risks facing the world in the field of money laundering and financing of terrorism and the development of the necessary policies to curb these crimes and to track down the perpetrators,” he said, adding that the recommendations of the FATF are a reference framework and guide for countries to combat money laundering and terrorism financing. .
The FATF noted in 2012 that Iraq is one of the countries that did not implement the international recommendations in this area. The Central Bank has formed a team representing a large number of institutions, notably the Supreme Judicial Council to work on implementing and implementing FATF recommendations.
He pointed out that the Supreme Judicial Council was a major contributor to the drafting of the articles of the law and the extent to which it conforms to international standards, as well as the formation of a criminal court, a misdemeanor court and a specialized investigative court in the field of combating money laundering and terrorism financing.
He stressed that “the teams formed by the Central Bank of Iraq has taken it upon themselves to work to develop policies to ensure Iraq’s implementation of international standards.”
The money laundering judge, according to the newspaper “Judiciary”: “The results of the work that have been important, including the exit of Iraq from the list of countries under strict control.”
“This will make it a safe environment for investments by the private sector, both domestic and foreign, and Iraq is not one of the countries of tax havens, nor of countries that are safe corridors for money laundering,” he said.
Judge Ayad Mohsen said that “one of the important issues in FATF’s recommendations is to identify people with risks in the field of combating money laundering and terrorism financing.” “There is a list of professions that are considered to be professionals who are on the list of those who have the risk, To pay due diligence towards their open accounts in banks and to monitor the movements of funds in their accounts, whether cash deposits or the transfer of funds with arithmetic limits. “
“Work has already been done on this aspect, and a range of professions have already been included, such as heads of state or government, senior politicians, senior judges, senior military personnel, senior executives of institutions, state companies and others,” he said.
“The instructions for people with risk stipulated that financial institutions and banks must, according to the statement of the Central Bank, open an account for them to verify their original official documents and ascertain the nature of the financial transaction and the purpose of it and the real beneficiary of it and the nature of the relationship between the parties to the financial deal, .
He added that “in case of any suspicion in dealing with the bank or financial institution to immediately report the suspicious transaction and stop before completion and custody of the financial assets of the client.”
The judge concluded that “the reason for the inclusion of some professions on the list of risks in the field of money laundering and the financing of terrorism is that the owners are influential and decision-makers and can through their functions to acquire large funds without the right to monitor their accounts and audit to prevent the process of embezzlement Mali Or funding for terrorism. “
Keywords: Cqbk9.com
Information / special … MP on the coalition of reform and reconstruction morning, the Ugaili, the inclusion of the federal budget for 2019 within the agenda of the next session of parliament, stressing that the budget surplus will go towards providing grades for graduates.
“The parliament may include the federal budget for 2019 within the schedule of the next session in the event of not including the vote on the candidates of Prime Minister Adel Abdul-Mahdi remaining to fill the remaining ministerial posts,” he said, stressing that “the House of Representatives will accelerate the discussion of the budget Before the end of this year. ”
He added that “the draft federal budget for 2019 was discussed by the government of Abdul-Mahdi and arrived yesterday, to Parliament for the purpose of study and vote on it,” noting that “the surplus budget will go towards providing grades for graduates.”
The MP for the coalition of construction Hamid al-Moussawi has confirmed on Sunday that the budget prepared by the government of former Prime Minister Haider Abadi did not meet the required level, noting that the parliament asked Prime Minister Adel Abdul-Mahdi to reformulate the budget in 2019 commensurate with the current stage. Ending /
Source: Almaalomah.com
