Bankruptcy 540 companies in the Kurdistan region

12/16/2017


The head of the registration of companies in the Kurdistan region of Dalzar Ismail on Saturday, the bankruptcy of 540 companies in the Kurdistan region because of the low liquidity in the markets, while noting the registration of hundreds of new companies of their names in the region.

"120 foreign companies and 420 local companies have declared bankruptcy, 35 percent of them are commercial companies, 25 percent are construction companies and companies are working in other fields," Ismail told Iraq News.

The director of registration companies in Kurdistan, said that "because of the financial crisis and low liquidity in the markets, many companies in the Kurdistan region declared bankruptcy," noting that "this is normal, because in return for that many companies registered their names this year, Territory ".

The Kurdistan region is suffering from a severe economic crisis that has forced the Kurdistan Regional Government to pay salaries to Kurdistan employees.

http://aynaliraqnews.com/index.php?aa=news&id22=88718

Parliamentary energy: the budget of 2018 heavily indebted and free of appointments and investment projects

12/16/2017



A member of the Committee on oil and energy parliamentary Adnan al-Janabi, Saturday, that the draft federal budget for the year 2018 was burdened with debt and free of appointments and investment projects and a clear lack of provision for the rights of the poor.

Al-Janabi said in a press statement today (December 16, 2017) that "all the figures in the budget of 2018 came disjointed and inaccurate in the offer, and there is a lack of provision of the rights of displaced people and the poor from the budget," according to the agency Nina.

He added that "the budget allocated to the security and defense sector 23 trillion dinars, and 7 trillion dinars for the electricity sector, and 3 trillion dinars for ration card, and a trillion dinars for social welfare."

"The budget is almost austerity budget free of appointments and investment projects, and its backbone is based on external loans from the World Bank and the IMF, which makes them burdened with debt."

It is worth mentioning that the House of Representatives ended its consultative session, which was held during the legislative holidays earlier this month to discuss the federal budget 2018, while the Presidency decided to refer the draft budget to the parliamentary financial committee to prepare a final version and presented in another extraordinary session.

http://www.iraaqi.com/news.php?id=33…1#.WjU3Z1WnGUk

United Nations: recovery of the growth of the Iraqi economy after the defeat of Wahhabism

12/16/2017



Foreign investors are beginning to be attracted to doing business in Iraq as the economic situation improves and a declaration of defeat defeats Wahhabism in the country, a Financial Times report quoted international officials as saying.

"Many countries have expressed their desire for economic cooperation with Baghdad after they have declared their full victory over terrorism in the country," the report quoted UN adviser to the Iraqi economy Falah Lami as saying on Saturday.

"In recent months, many delegations and government and private companies in Europe and the United States visited Iraq," he said, referring in particular to the "recent meeting between officials of the Central Bank of Iraq and representatives of Airbus and Total, as well as the visit of the British Prime Minister and a group of companies American. "

"All this indicates the recovery of Iraq. After announcing the final victory over terrorism, many have indicated that they want to invest in various areas of the Iraqi economy. Iraq has become a lucrative and attractive place for economic cooperation," he said.

"After falling oil prices, Baghdad desperately needs foreign capital and Chinese companies are already investing in the Iraqi economy," he said.

At the end of 2016, the World Bank approved a $ 1.485 billion new aid package for Iraq aimed at boosting the country’s economy, stimulating private sector growth and supporting job creation, while the country’s 2018 budget said strict costing would help the Iraqi authorities pay part Of its debt to the International Monetary Fund.

http://www.iraaqi.com/news.php?id=33…1#.WjU2PlWnGUl

Jordan currency (JOD). Compare today's best Jordanian Dinar exchange rates from the biggest currency suppliers in the UK including the Post Office, high street banks, supermarkets and travel agents. History[edit]. The dinar is divided into 10 dirham, 100 qirsh or 1000 fulus. While the USDJOD spot …

Jordan currency (JOD). Compare today's best Jordanian Dinar exchange rates from the biggest currency suppliers in the UK including the Post Office, high street banks, supermarkets and travel agents. History[edit]. The dinar is divided into 10 dirham, 100 qirsh or 1000 fulus. While the USDJOD spot …

By John Lee.

The 12th Economic Forum of the Iraqi-French Council of Businessmen [Iraqi-French Business Council] was held recently in Baghdad.

Dr. Sami Al Araji, Chairman of the National Investment Commission (NIC) opened the forum with a welcoming speech to the attendees including the Iraqi Minister of Trade, French State Minister for the Foreign Trade Affaires, the Iraqi Governor of the Central Bank and a number of governors, Vice Ministers, Consultants, Director Generals, Heads of Provinces’ Councils, Chairmen of Commercial Chambers and Unions, company owners and businessmen.

Mr. Jack Batist Lomowan, French State Minister for the Foreign Trade Affaires concentrated in his speech on the deep relation between the two countries and the serious wish of both governments to enhance this relation in various fields disregarding the big challenges Iraq is facing now.

He considered this meeting as a step towards the next donors’ conference in Kuwait. He also mentioned the most important French companies which are interested in working in Iraq in addition to the new ones that are eager to start business here. Oil & Gas, energy, water, and infrastructure are main sectors in Iraq in addition to agro industries and medication plus having the French TALS Co. for fund Insurance and protection for the French companies working in Iraq as France has landed Iraq $450-billion aiming at supporting the Iraqi-French relations specially after the Iraqi Prime Minister visit to Paris last October.

He ended his speech by referring to the importance of mutual trust bursting from real political desire of the two leaders to move ahead with the two countries relation and find mutual responsibility and in common interests.

Mr. Raghib R. Blaibil, head of The Iraqi- French Council of Businessmen, considered this forum is a precious opportunity for Iraqi and French businessmen to meet and discuss the fruitful business potential for both sides. He also mentioned the improvement in the economic situation after defeating ISIS in Iraq and the victory our security forces achieved on the ground.

The will be for reconstructing, bringing the displaced back to their homes and the elevated oil price are strong factors encouraging us to invite the French companies to work and invest all over Iraq strongly and freely with no hesitation or fear.

Mr. Blaibil addressed the French airlines companies to start a direct line between Baghdad and Paris after the Iraq opened its airs to the international civil aviation.

The Iraqi-French Council of Businessmen representative Mr. Arnold Brolack inquired about sectors Iraq is willing to invest with the French side and what Iraqi aid is available to achieve tangible results after unifying the two parties’ views.

Mr. Ali Al Alaq, Governor of the Central Bank, long speech emphasized on the successful financial policies of the Central Bank of Iraq during the past years. These policies, in cooperation with the Ministry of Finance, saved Iraq from the sudden oil price drop shock and unstable economic situation.

Dr. Mahir Hamad, Vice Minister of Finance, and Mr. Faisal Al Haimis, Director General of the Trade Bank of Iraq gave their speeches too.

Dr. Sami R. Al Araji ended the first session works with a detailed presentation of strategic opportunities available for investment in Iraq.

The second session started later where bilateral discussions between the Iraqi and the French parties in different economic sectors took place.

French Alstom Transport Co. signed two memoranda of understanding with local governments in Baghdad and Basra provinces to build modern metro with international specifications.

(Source: National Investment Commission)

Due to the restrictive effect of the external sector deficit (-14.3 billion dinars at the end of November), the acceleration of imports has increased the banks' reliance on the central bank for the purchase of foreign exchange to cover external commitments of economic agents. As a result, the overall volume …

Due to the restrictive effect of the external sector deficit (-14.3 billion dinars at the end of November), the acceleration of imports has increased the banks' reliance on the central bank for the purchase of foreign exchange to cover external commitments of economic agents. As a result, the overall volume …

BELGRADE (Serbia), December 14 (SeeNews) – Serbia's central bank, the NBS, said on Friday the share of dinar-denominated loans extended by local banks in the first nine months of 2017 stood at 35.8%, down by one percentage point on the year. The share of dinar-denominated deposits of …

BELGRADE (Serbia), December 14 (SeeNews) – Serbia's central bank, the NBS, said on Friday the share of dinar-denominated loans extended by local banks in the first nine months of 2017 stood at 35.8%, down by one percentage point on the year. The share of dinar-denominated deposits of …