Amman: Jordan's central bank said on Sunday it had auctioned its first-ever sale of Islamic bonds, or sukuk, a five-year 75 million dinars ($105.9 …
May 23 (Reuters) – Jordan's central bank said on Sunday it had auctioned its first-ever sale of Islamic bonds, or sukuk, a five-year 75 million dinars …
|BAGHDAD / Economy News …|
Prime Minister for Economic Affairs Advisor to detect the appearance of Mohammed Saleh, the members of the Paris Club nations decided to postpone debt from Iraq met Fouad until the end of 2019, and confirmed that the annual dues of about $ 800 million, while the Ministry of Planning, Iraq’s oil exports crude accounted for more than 99% of the country’s total exports for 2015.
He said the appearance of Mohammed Saleh said that the last meeting of the Paris Club on sovereign debt of countries and based on what introduced by Canada and reached Iraq of the Convention on the credit to be prepared with the International Monetary Fund and the Member States in the club decided to exempt Iraq from paying interest on the remnants of its debt dues and suspended until the end of the year 2019 ".
Saleh added that "the annual dues for the debts of the Paris Club countries remnants of other sovereign debt from outside the club, which is subject to be considered the same and payable amounting to $ 800 million," adding that "this procedure was to ease the financial burden on Iraq."
Saleh said that "this decision was based on a proposal by the Canadian government of being a member of the Paris Club of creditor nations, as well as being one of the seven countries of the adult group (G7)".
It was Prime Minister for Economic Affairs Advisor to the appearance of Mohammed Saleh said earlier that Iraq has fulfilled its obligations to creditors who appeared after 2003, whether or governments traders or businessmen on accordance with the Paris Judge Club agreement, to pay 20% of the amounts owed by him on the form of payments for a waiver of those entities for 80%, or pay 10% in cash in exchange for ceding 90%. "
In turn, he said economist Mohammed Abdul Latif Al-Ani, the Paris Club debt was significantly reduced during the previous years, the efforts of the Federal Ministry of Finance. "
"The economic crisis faced by the country have made the government reluctant to fulfill some financial commitments to international organizations, including the Paris Club countries."
Ani said that "poor government management of financial institutions and rampant corruption in most aspects of the state, factors that contributed to the waste and the loss of billions of dollars in annual Kmoisnat spotted over the past years."
He pointed out that "the escalation of world oil prices to nearly 50 dollars will help the government to rewrite its operating budget in accordance with the schedules are ruling disbursements priority in the allocation process."
Ani confirmed that "the government has failed over the past two years to find alternatives to oil resources, which still holds the bulk of Iraqi exports without a remarkable development in the rest of the resources that ceased to exist due to the wrong policies of successive governments since 2003".
For its part, announced the Ministry of Planning, Iraq’s crude oil exports accounted for more than 99% of the country’s total exports for 2015, noting that the total oil exports and commodity for 2015 amounted to $ 57.6 million.
The Central Bureau of Statistics of the Ministry, said that the total exports of oil and other commodities amounted to 57.6 trillion dinars in 2015, equivalent to 49.4 billion dollars, "noting that" crude oil exports accounted for 99.3% of total exports. "
Device and added that "the value of crude oil exports stood at 57.2 trillion dinars for the year 2015, equivalent to 49.1 billion dollars, down by 41.7% from 2014, with exports worth 98.1 trillion dinars," noting that the reason for the decline in crude oil exports is due to the low price of a barrel of crude oil than $ 91.6 for the year 2014 to $ 44.7 for the year 2015 ".
He pointed out that "the value of the products oil exports amounted to 178.6 billion dinars for 2015, equivalent to 153.1 million a decrease of 11.7% from the year 2014," following up "The value of merchandise exports and other amounted to 230.5 billion for the year 2015, equivalent to $ 191.2 million, recording a decrease of 4.6% for the year 2014, reaching 241.5 billion dinars, the equivalent of 202.7 million dollars. "
The Prime Minister Haider al-Abadi called on Thursday (19 May 2016) and the World Bank to support the private sector and interest in projects the province of Basra, while the Executive Director of the Bank for Iraq Mirza Hassan revealed the "new strategy" to support the private and soft loans sector, pointing out that the Bank international examines the increase of investment projects in electricity, water and other types of energy sectors.
Ebadi said Office, the Prime Minister received in his office, Executive Director of the World Bank for Iraq Mirza Hassan and his accompanying delegation, "noting that" During the meeting, they discussed cooperation between Iraq and the World Bank and the projects implemented by the bank in Iraq and his plans and projects for the next stage. "
The Abadi, according to the statement, "the importance of supporting the private sector and the need to focus on projects the province of Basra."
For his part, Hassan pointed out that "the stability of Iraq is important and we have a new strategy to increase cooperation with Iraq and support and soft loans of the private sector," expressing his "full support for the reforms carried out by al-Abadi and Iraq if he continued this approach, it will override the crisis and evolve a lot."
Hassan continued that "the bank is considering increasing investment projects in electricity, water and other types of energy sectors."
The Prime Minister Haider al-Abadi said on Saturday (April 9, 2016) that the dependence on oil over the past 50 years was "Stratgia wrong."
The International Monetary Fund, World Bank and international partners agreed on Thursday (19 May 2016) to give Iraq a loan of $ 15 billion.
The policies pursued by the previous regime burdened Iraq’s debt, which is tens of billions of them, despite his trust still extinguishing a lot of countries the consequences have his trust.
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22-05-2016 02:29 PM
Criminal Basra specialized integrity issues, director of the branch of the Rafidain Bank in prison court convicted for 3 years, to condemn the granting of loans illegally, also was ordered to pay the amounts that bellowed.
Judge Adel Abdel Razak Prime appeal, Ali stressed that " the Court of Criminal Basra specialized integrity issues looked lawsuit manager of the Rafidain Bank Basra / 2 branch of the charge granted in violation of loans to the controls and instructions
." Said Abdul Razak that " the evidence was sufficient to convict the accused, and judged according to the provisions Article 340 of the Penal Code wit imprisonment for a period of three years.
" The judge noted that" the government to ensure recovery of amounts which have long been growling and not to evacuate the process after the expiry of her sentence what those amounts were not paid. "
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: 05/19/2016 20:06
Finance Minister Hoshyar Zebari said Thursday that Iraq had reached an agreement under loan demand worth $ 5.4 billion with the International Monetary Fund may lead to provide additional billions in international aid in the next three years.
The governor of the central bank on the Keywords during a news conference after a week of talks with the IMF in Jordan that the loan would be an annual interest rate of 1.5 percent, but did not address the length of the loan.
According to Zebari , will allow the agreement to Iraq to secure additional financial aid , worth around $ 15 billion over the past the next three each in the form of international bonds.
Finance Minister added that the agreement is subject to reduce the deficit in the budget of Iraq and the actions of other non – specific. "
planned , a senior member of Iraq in the Organization of Petroleum exporting countries [OPEC] cut its forecast for oil prices , which will increase the current budget deficit of 24 trillion dinars [$ 21 billion] worth billions of dollars.
the head of the IMF mission to Iraq Christian Gooch told reporters that the agreement is an important first step might give confidence to other donors to provide additional funding.
and still agree need for the approval of the international Monetary Fund , which will meet in June.
a leading academic economist Dr. Essam Mohammed , said linking trade deal the Iraqi external dollar is of the economy benefit in order to achieve stability being kept pace with general global trend.
Between »Sabah» positive this through facilitating the opening up of the Iraqi economy to the world, explaining the difficulty of replacing the foreign business transactions in a currency other being would create an imbalance in the global currency market in terms of increased demand for a particular currency without the other.
For his part, interested in economic affairs Abdul – Zahra Mohammed: There is no economic reason why you have to contend Iraq in euros instead of dollars, but the dollar culture of the region in general make it difficult to do business in euros instead of dollars.
he »Sabah» among these reasons is that the US currency global currency long and are dealt to sell oil for a long time, highlighting the dominance of the dollar on the rest of other currencies such as the euro on For example , although he global currency recognized , but it is modern currency, stressing at the same time it reflects the weight of the mass of the European Union.
the Iraqi market is witnessing months ago a remarkable rise in the dollar against the local currency after it saw in 2011 , stable in price dollar exchange lasted for about two years , scoring a price hovered in the range of 1220 dinars per dollar, but the decline in the sale of the Central Bank of it,
due to lack of supply derived dollar from the sale of oil , which reflected falling world prices on the rise, making the dollar achieves rapid leaps reached sometimes to eight degrees compared to previous periods.
turn , said the economic academic d. Awad Fadhil, that rate policy in Iraq was built on the basis of traffic in one direction , which does not accept only climb ripple in the nominal exchange rate of the dinar as the tool ‘s main inflation resistance.
He said: This administrative way in moving the nominal exchange rate was offset by the behavior of banks and money transfer companies exchange dealing , buying and selling dollars, the close relationship between the imposition of selling prices are high for the dollar beyond the official purchase price to traders, companies, businesses and lower the price of the dinar revealed.
among Fadel said that this contradiction between the rigidity of the price administrative (exchange rate) and high flexibility to push the exchange rate under pressure parties on application to the dollar to end – applicants and seeking the maximum profit, meant to restrict anti – interference of inflation pursued by the central bank through the administrative control value of foreign exchange for the local currency policy.
He said that dealing in foreign market currency are at higher than the official price, the exchange rate sellers and importers will reap the price profits on monetary union larger than can be achieved in light of the market mechanism and the imposition of restrictions on foreign currency sales.
he pointed out that the actual impact or real to install the dinar exchange rate to intervene administratively with an exchange free of the dinar rate value less than the official exchange rate indicates that there is a reduction veiled or implicitly to the value of the local currency in the market.
He said: I have founded the repeated announcement of the intention of the monetary authority to reduce the price of the dollar to 1000 dinars to the dollar a clear framework for this policy and Find at the same time with the official and popular circles sense not to accept any deterioration in the price of a swap dinar to the dollar
and therefore resisting any amendment in it that was necessary from an economic standpoint in the future, and so lacked rate policy flexibility necessary to draw a limit to the official exchange rate volatility between them and absorb any embarrassment as a result ofexchange rate volatility.
Since 18/05/2016 16:37 pm (Baghdad time)
Special – balances News
He called on the parliamentary finance committee member Majda al-Tamimi, on Wednesday, to cancel the auction of the currency at the central bank and opened for credits Sindhi, indicating that the auction sale of the currency has become the door to corruption and some earns him a month to $ million profit without dinars owns.
She said Tamimi’s / balances News / "The auction of the currency has become the door to corruption and there are people with money are traded bank and the banks," noting that "some people have reached their profits to a million dollars a month they Aimitlkon dinars."
She added, "The ideal solution is to open the door of the Sindhi credits and cancel the auction of currency Add to reconsider salaries presidencies Iraq to be safe for the financial hardship and provide a lot of money instead of flooding the country’s international debt."
And was a member of the parliamentary finance committee Magda Tamimi confirmed, on Tuesday, not the need for Iraq to IMF loan being will be a door for corruption and bear the consequences of the Iraqi people, while critical of the governor of the World Bank move to demand the loan and the sale of the bank a day more than $ 126 million in less Altkadirat.