Sovereign Funds: Sustainable Economic and Social Development
12/17/2017

Faris Al Salman
today and after the triumph of the will of the people and to defeat terrorism, we find that the Iraqi economy is exhausted because of the funding of military operations, lower oil prices, and corruption, so it became a duty to rebuild the Iraqi economy according to the foundations of development properly achieve social justice and create jobs to accommodate young energies Society as well as revitalizing national industry and maintaining market stability.

There has been an international trend of sovereign and large sovereign funds to promote the idea of ​​public-private partnership with the aim of injecting direct strategic investments into public and mixed companies and private partnerships to support GDP, create jobs, transfer skills, techniques and secrets of knowledge.

Should not go towards the acquisition of huge shares in the assets of other countries, but focus on the internal market, and the development of the national economy.

Thus, the funds achieve a greater financial return than the investment in foreign markets, while taking into consideration that the foreign investment is aimed at diversifying the investment portfolio and not only when investing in the local economy.

There are successful international experiences in this field, namely Asian development funds that focused on developing markets Through the promotion of the manufacturing sector and then to the services sector.

As a vision, we see that the goal is to rescue and develop government and mixed companies and develop them, as well as to help the private sector to build sustainable companies.

There are 30 thousand industrial projects belonging to the private sector, which is suspended for many reasons including terrorism, corruption, lack of services, flooding markets with cheap imported goods And other reasons.

The revitalization of these projects will save about one million jobs, which in turn will stimulate the economy and ease demand for government jobs.

GCC sovereign funds have recently injected $ 60 billion in investment into local development projects.

The idea of ​​these funds is to facilitate the flow of private investments after building the citizen’s confidence in the system of state administration and the financial system and cash, so that these flows flow through a government investment system has a scientific mind and a high flexibility in line with the need of the market,

and there is a package of sovereign funds that we think it is due The establishment of the Iraqi economy, through the development or integration or joint projects called
(Joint Ventures).

1 – Fund for the future sovereign (surplus fund):
This fund is financed by surpluses of proceeds from the sale of oil, gas and other materials, proceeds from privatization and the sale of other fixed assets.

It is financed by deducting 5% of the revenues of oil and gas to invest in the development fund listed in (4) below, as it enters the revenues of the holy shrines and endowments,

revenues of rents of state properties and sale of properties belonging to the Ministry of Finance, and fees for the entry of archaeological sites other than museums, Rents and real estate, as it enters into fixed assets all the assets of endowments and thresholds and the Secretariat of Baghdad and state real estate guarantees this fund the rights of future generations with the wealth of the poor, as well as being a sovereign reserve supporting the government and
other sovereign funds .

2. Stability Fund:
It aims to bridge the budget deficit and achieve a fixed exchange rate for the national currency and to cope with economic shocks, emergencies and disasters, as it protects the economy as a whole, financed by the sovereign future fund (the so-called surplus fund).

3. The Social Security Fund: The Universal Declaration of Human Rights, issued by the General Assembly of the United Nations on 12 December 1948, states that social welfare is a human right. Article 22 states that sickness benefits, work accidents, lactation period, To support children and housing.

The purpose of this fund is to achieve social peace, political stability, the ability to live together, security immunity, cohesion of society, and a sense of belonging to society and the homeland.

This fund includes every citizen who does not have a guardian in the community.

(Ie, the pension fund will be included under this fund). It also includes the disabled, the large families in need, those who do not have the pension, the beneficiaries under the poverty line, the victims of disasters.

MDF Fund Who? :
The funds of the Fund for the Care of Minors in relation to minors / pension fund funds in respect of pensioners / funds of the Police Martyrs’ Fund for the families of police martyrs / and all other subsidy funds in the State.

Centralization of information and simplification of administrative structures) Deduction of a percentage of the total income of employees in the public and private sectors / Revenues of charitable activities from concerts and activities, imports of sporting and artistic activities, etc. / Investment revenues of the fund imports / Zakat / donations and unconditional .donations, for example (in Libya it is financed by a portion of customs revenues

The duties of this Fund also .. Follow – up to the provision of health, education, housing and other services, as well as providing assistance and subsidies made in the limits and in accordance with the laws, and the management of social welfare institutions, take care of the disabled, nursing homes, orphanages, the role of public and private nursery, care institutions
women .

It also provides salaries and special bonuses or extra grants to citizens who have provided great services to the homeland, and salaries of this fund represents the basic salary for the decent living of the citizen
Iraq.

This fund includes the unit (Social Welfare for the Poor and Sensitive Groups), a Shura-based development experience funded by UN and international aid, five funds, Zakat, donations and unconditional donations.

The objective of this unit is to grant the loan to low- In case of death (God forbid),

the loan will be repaid from the loan insurance fund in this unit, as an insurance fund will be established from the pensions of the borrowers.

The unit will also provide a pension for the pensioner After a while passed T for a certain period of time, for example 10 years).

The loan is granted by credit and the solidarity of employees or borrowers together, and a convenient rescheduling of the insolvent borrower is possible.
* Chairman of the administrative body
of the Baghdad Economic Forum

http://www.alsabaah.iq/ArticleShow.aspx?ID=149424

Presidency of the Parliament of Kurdistan calls for a general strike to overthrow the Barzani government!
12/15/2017

The Speaker of the Parliament of Kurdistan, Yousef Mohammed, called on citizens and political parties to prepare for the start of popular demonstrations and general strikes aimed at dissolving the current government of the Kurdistan region.
"The Kurdistan Regional Government (KRG) is corrupt and incapable of improving the living conditions of citizens, so the current situation requires the willingness of citizens to launch mass demonstrations with the participation of the political parties in order to dissolve the current government," Mohammed said during a televised interview with Sky Press. "The citizens are living in worsening conditions Because of corruption and lack of transparency in government institutions. "
The Speaker of the Parliament of Kurdistan also stressed the need for the security forces to protect the safety of citizens and protect them during the demonstrations.
"The movement of change has submitted a project to form a transitional government to manage the current phase, but the parties of the Authority are trying to keep the current government intact," said Mohammad, who has been exercising his legislative duties in Sulaymaniyah since he was prevented from entering Erbil in 2015.

Abadi: The world owes Iraq its sacrifices and suffering and its fight against terrorism
12/14/2017

He called for creating a good environment for the citizen
Baghdad / Follow-up morning

Prime Minister Haidar al-Abadi said Iraq’s move towards reconstruction and concern for the environment, which was neglected because of the wars, pointing out that the main reasons for the entry of terrorism into Iraq is corruption, while stressing that the Peshmerga is part of our armed forces, pointed out that the great Iraqi successes call for the international community To stand with Iraq, calling for work on sustainable development and human and create a good environment for the citizen.


"Iraq has cleared its territory of terrorists and moved towards reconstruction and concern for the environment that has been neglected for decades by wars," Abadi said on the sidelines of
the Paris Climate Conference, just before his visit to the capital and his return to Baghdad.

"The world owes Iraq its sacrifices. Suffering and the fight against terrorism. "
Abadi added that «great Iraqi successes call on the international community to stand with Iraq», pointing out that «there is an international trend to support Iraq,

and we benefit from the atmosphere of international meetings to create an environment conducive to investment and to support the economy and reconstruction of Iraq, and initiatives to support Iraq has now begun».


"The fight against corruption is part of the reconstruction and stability. If there is corruption, there can be no reconstruction and stability in the country," he said. "One of the reasons for the entry of terrorism into Iraq is corruption and fighting it is an essential and vital part."

"The Peshmerga is part of our forces, and we have lived like all the fighters. We fought alongside the Iraqi army and the rest of our forces in the liberation of Mosul.

There are those who wanted to differentiate between the Peshmerga and the Iraqi army through the referendum and the army. Iraq should cooperate with it ».

"What was put forward at the Paris climate conference is that Iraq can be a shining picture of the countries that have been exposed to terrorism and how they have risen again, and terrorism is looking for other places, but it will not work as long as we are cooperating," Abadi said.

"We do not want the world to give up on us after we have accomplished our task of eradicating terrorism and liberating our territories and keeping Iraq united," he said, noting that "he is calling for a very serious terrorist organization and we should be careful about how to root out its roots not only militarily but intellectually. Its goals and its ability to recruit young people ».

"Iraq is a success story in eradicating terrorism, and we must preserve this achievement and preserve the unity of Iraq," he said. "Iraqis are equal in rights and duties regardless of religion or nationality. This message is important and we have established it in Iraq."

"Today, Iraq has changed, and the world is coming to him. We have identified the assistance of the international community to us when we fought and supported a group of nations. We did not expand it and did not fight on Iraqi soil other than the Iraqis," he said.

"We do not want the world to donate billions of dollars to us. We are realists and we need basic things," he said. "Iraq must remain a center of attention for its successful experiment. We must preserve this status. Iraqis are capable of renaissance."

The Prime Minister, before the end of his visit to the French capital presiding over Iraq’s delegation to the climate summit, the Secretary-General of the United Nations, Antonio Guterres, who stressed the stand of the international organization with Iraq in the reconstruction and stability.

"Guterres congratulated Abadi on the great victory the Iraqis have achieved on a preacher," he said, adding that he "looks forward to Iraq being a successful example among nations."

"The two sides discussed during the meeting cooperation in the trial of terrorists and those who supported them, and fight their deviant ideas," the statement added.

Upon his return to Baghdad, the Prime Minister chaired the third session of the Supreme Council for Population in the presence of a number of ministers concerned.

"We are in a new phase after the completion of a military call, and we have to give hope to the citizen by advancing the work and making the priorities that he needs, and not only by numerical statistics, but by working on sustainable and human development and creating a good environment," Abadi said.

Of the citizen ».
The statement also referred to the government’s priorities in returning the displaced and informing them that their return to their homes and towns is better than staying in the camps.
"Abadi also listened to the ministers’ remarks and briefed on the national document on population policies prepared by the supervisory committee to draw up a promising population policy in Iraq over the coming years."

http://www.alsabaah.iq/ArticleShow.aspx?ID=149272

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Anbar’s western desert is a hiding place for the Islamic State group, locals say. And they fear the extremists will be back as soon as an opportunity presents itself.

Last week the Iraqi government declared victory over the extremist group known as the Islamic State. But, according to locals and military personnel living in the Anbar province, that declaration was premature.

“I have seen no genuine indications that this province is rid of the Islamic State group,” says Ayad al-Nimrawi, a 43-year-old who runs a restaurant in the Kilo area, about 160 kilometres along the road between Baghdad and the Syrian-Jordanian border. “I still see commercial trucks accompanied by security details when they come along here. Even the security forces cannot travel down here alone, they require extra protection.”

“I will only feel that we have won the final victory when I see life returning to this road as it was before the Islamic State came. We used to travel here at night without any fear of armed groups but today this international road is almost completely closed. As soon as dusk falls, this road is a death trap.”

The victory celebrations were not about the complete eradication of the IS group, rather they were meant to be a signal about the end of military operations, suggests Tariq Yusef al-Asal, a police chief and one of the leaders of Anbar’s tribal militias fighting the Islamic State. “We have the right to be proud of the victories achieved by our security forces in the fighting that’s gone on over three years,” he told NIQASH. “We have sovereignty over our land again.”

However, he adds, “it would be stupid to say that Iraq is now completely clean of extremist groups like the Islamic State. There are still sleeper cells and incubators inside and outside our cities.”

“No country – not even European nations – can claim they are completely clean of Islamic State members,” he continued. “Those sleeper cells will keep the organisation alive and sustain it. These groups make good use of any security vacuum in any country to try and achieve their aims.”

The Presidency of the Republic calls for a close meeting of the three presidencies on holding the elections by their constitutional date
12/13/2017

The Presidency of the Republic on Wednesday called for a meeting of the three presidencies and leaders of the political blocs and the judiciary to discuss the issuance of electoral laws and the holding of elections on the constitutional date, as well as the start of an immediate dialogue between the governments of Baghdad and Erbil to be headed by.

The presidency said in a statement received "Trend Press" a copy of it, "The meeting of the presidency today, which was absent Vice President Osama Najafi because of an emergency health, stressed the need to make every effort to resolve all current problems between the federal government and the Kurdistan Regional Government and deepening unity National and enhances the gains of the federal democratic system. "

"The meeting also stressed the guarantee of the constitutional rights and freedoms of all citizens and the provision of the necessary necessities for them. The meeting also discussed the file of displaced persons and ways to provide services to them and work to return them to their liberated areas, as well as plans for the reconstruction of those areas.

The Presidency explained that "the meeting issued several resolutions, including the call for the start of an immediate dialogue between the federal government and the Kurdistan Regional Government to be under the auspices of the Presidency of the Republic and technical support to the United Nations aims to establish normal relations between the two sides on the basis of the Constitution and decisions of the Federal Court.

The meeting called for "the meeting of the three presidencies and the leaders and representatives of the political blocs and the judiciary as soon as possible to discuss the issuance of electoral laws and the holding of elections of the Council of Representatives and provincial council elections on the constitutional date, and also call the components of Kirkuk all to the urgent meeting to discuss ways to normalize the situation of the province to ensure the rights of all citizens and the interest National High. "

And held the President of the Republic earlier on Wednesday a closed meeting with his deputies Nuri al-Maliki and Iyad Allawi.

http://aletejahtv.org/permalink/196320.html

Parliamentary Finance: Iraq loses $ 263 per second

12/13/2017

A member of the parliamentary finance committee, Haitham al-Jubouri, said Wednesday that "Iraq loses 263 dollars per second because of corruption in the country," explaining that "the parties interfere in the work of anti-corruption committees.

"Jubouri said in a statement, "Trend Press," that since the application of the law on customs tariffs in Iraq by 2013 so far was expected to be the state revenues estimated at 8 to 9 billion dollars a year, because the size of what is sold from the window of the currency in the Central Bank Iraq is more than 40 billion dollars,

if we take the lowest percentage of customs and 10% added to the ratio of 3% of the customs duty is the total 13% of this amount will be the value of customs 5.2 billion dollars.

He added that "Iraq is losing 263 dollars per second because of the corruption of customs officials," noting that "the large and rampant corruption is located at the border crossings.

"He pointed out that "we in parliament formed a committee, but because of the interference of political parties in its work has been terminated.

"He explained that "the only step to combat corruption is to strengthen the main regulatory tools, namely the Integrity Commission and the Bureau of Financial Supervision and the security services and reform of the judiciary because there are many problems in the judiciary where some files are transferred to the judiciary, but because of corruption, these files are settled by some corrupt" .

He pointed out that "can not combat corruption by raising slogans and the House of Representatives to leave the courtesies that are at the expense of the Iraqi citizen.

"The House intends to complete the questioning of ministers as former finance minister and former defense minister in the past period, while confirming his quest to complete the questioning of new ministers in the next legislative session.

http://aletejahtv.org/permalink/196162.html

KRG Prime Minister Nechirvan Barzani inaugurated the new building of Kurdistan Institute of Public Administration (KIPA) on Tuesday.

In a speech, Prime Minister Barzani stated, he hopes that KIPA “will continue to work diligently to provide the much needed services of building the capacities of Kurdistan Regional Government’s civil servants.”

Below is the transcript of Mr. Barzani’s speech:

Ladies and Gentlemen,

Good Morning.  I would like to welcome you all to this ceremony of inaugurating the new building of Kurdistan Institute of Public Administration (KIPA). I would like to specially welcome the Republic of Korea’s Ambassador to Iraq Mr. Song Wong-Yeob, Korean Consul General in the Kurdistan Region and the Head of Korea International Cooperation Agency (KOICA) in Baghdad. I especially welcome Professor Park who came from Seoul specifically to this occasion and I welcome you all again.

Today, human resources’ development is important for change and progress in all sectors and major fields, especially in the fields of governance and administration. Capacity building and Development is key to the development of Administrative, economic, social and cultural sectors.

Competency and capacity are very important for human resources. One of the main pillars of human resources’ development is training. That is equipping the staff member with up-to-date information and more knowledge about their field of work. Information and knowledge get updated continuously. In order to enable the KRG institutions and their staff to cope with the progress in all fields, especially good governance, the KRG should make training and capacity building part of its human resources development strategy.

Therefore, all technical, material and moral necessities should be made available for this purpose and all parties and individuals should be urged to adhere to implement the directives and instructions related to capacity building and training. And this is, again, for the purpose of developing the civil service in administrative, technical and theoretical areas based on modern principles.

KRG Prime Minister Nechirvan Barzani inaugurated the new building of Kurdistan Institute of Public Administration (KIPA) on Tuesday.

In a speech, Prime Minister Barzani stated, he hopes that KIPA “will continue to work diligently to provide the much needed services of building the capacities of Kurdistan Regional Government’s civil servants.”

Below is the transcript of Mr. Barzani’s speech:

Ladies and Gentlemen,

Good Morning.  I would like to welcome you all to this ceremony of inaugurating the new building of Kurdistan Institute of Public Administration (KIPA). I would like to specially welcome the Republic of Korea’s Ambassador to Iraq Mr. Song Wong-Yeob, Korean Consul General in the Kurdistan Region and the Head of Korea International Cooperation Agency (KOICA) in Baghdad. I especially welcome Professor Park who came from Seoul specifically to this occasion and I welcome you all again.

Today, human resources’ development is important for change and progress in all sectors and major fields, especially in the fields of governance and administration. Capacity building and Development is key to the development of Administrative, economic, social and cultural sectors.

Competency and capacity are very important for human resources. One of the main pillars of human resources’ development is training. That is equipping the staff member with up-to-date information and more knowledge about their field of work. Information and knowledge get updated continuously. In order to enable the KRG institutions and their staff to cope with the progress in all fields, especially good governance, the KRG should make training and capacity building part of its human resources development strategy.

Therefore, all technical, material and moral necessities should be made available for this purpose and all parties and individuals should be urged to adhere to implement the directives and instructions related to capacity building and training. And this is, again, for the purpose of developing the civil service in administrative, technical and theoretical areas based on modern principles.

Stability Council: 30 global banks pose a potential threat to the international financial system
12/12/2017

The Global Financial Stability Board has issued a new list of 30 international banks that are required to increase their own capital, because the size of these banks is so great that they pose a threat to the international financial system if they falter. "

The board put forward the new list on Tuesday, saying that the 3.5 per cent is empty, with no bank required for that additional capital ratio. In the second, JPMorgan is the only one in need of 2.5 per cent, Capitalized by 2 per cent; Bank of America, Citigroup, Deutsche Bank and HSBC.

"Eight banks are required to raise their own capital by 1.5 percent, Bank of China, Barclays, BNP Paribas, China Construction Bank, Goldman Sachs, Industrial and Commercial Bank of China, Mitsubishi UFJ Bank of Japan, .

China’s Agricultural Bank, New York Mellon Bank, Swiss Credit Suisse, Crédit Agricole France, ING Dutch, Mizuho Japan, Morgan Stanley, Royal Bank of Scotland, Santander, Société Générale, Standard Chartered Bank, State Street, Sumitomo Misui, UBS, and Italian Credit Bank.

The G20, which was established in 2009, amends this list annually in accordance with the developments of the banks in terms of their capital and risk-weighted assets.

These banks are required to raise additional capital above the minimum required according to several criteria; The Basel Committee "and that additional ratio is divided into segments ranging from one to 3.5 per cent."

http://www.knoozmedia.com/289764/%D9…%D9%84-%D8%AE/

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

In 2014, ISIL announced it was taking over nearly all of Iraq and Syria.

But three years later and billions lost, Iraq’s Prime Minister Haider Al Abadi says his military has defeated the armed group.

It’s been a long road to get to this point. The battle for Mosul alone took months. Almost a million people had to flee, and thousands left behind were killed.

More than eight thousand homes were reportedly destroyed. And that was just one of several Iraqi cities once controlled by ISIL.

What does this mean for Iraq’s future?

Presenter:

  • Sami Zeidan

Guests:

  • Ali Al Dabbagh – Former Spokesman for the Iraqi Government
  • Tallha Abdulrazaq – Researcher at the University of Exeter’s Strategy and Security Institute
  • Ahmed Rushdi – Adviser to the Speaker of the Iraqi Parliament