Parliamentary finance reveals the size of the deficit by the budget of 2018

A member of the Finance Committee parliamentary MP Hossam al-Aqabi, on Tuesday, the size of the deficit in the budget for the year 2018 next.

"The size of the deficit in the budget for the year 2018 next will be the same size of the deficit in the budget of 2017 current, among his committee has not yet discussed the law of the budget next year as it is still in the hands of the government.

"He added that "the reason for the deficit remains unchanged in the budget next year is the adoption of the country on oil revenues only." The deficit in the current budget of 2017 was 21 trillion dinars.

The decline of Iraq’s dollar bonds with the escalation of tension with the Kurds

Iraq’s dollar bonds fell on Monday as tensions rose in Kirkuk province between Baghdad and the Kurdistan Regional Government (KRG).

Sovereign bonds fell 2028 cents to a two-and-a-half-month low, while 2023 bonds fell 0.9 cents to a record low, according to Thomson Reuters data.

There has been a dispute between the Iraqi government and the Kurdistan Regional Government since the referendum held by the province on the separation on September 25, which was rejected by Baghdad and described as illegal.…AF%D9%8A%D8%A9

Air freight contributes to increased financial revenues


Baghdad / Farah Al-Khafaf The Iraqi Ministry of Transport is working to increase the financial revenues and support the state treasury through a number of measures and movements, foremost of which is the investment of air cargo and the increase of flights, especially with the counting of Iraq as a global traffic zone after the recent victories over the terrorist gangs.

Air Transport Specialist Abdul Karim Lefta suggested, "Expanding the ministry’s activities by competing with other operating companies, by lowering the price of air travel and shipping.

Lower prices , said: "morning": "We have noticed during the last term competition Turkish and Arab companies of the national carrier because of varying prices, providing these companies lower prices of Iraqi Airways , " calling on "those who to lower prices to attract the largest number of passengers with upgrading Services provided

"He also praised the achievements of the Ministry of Transport" from the opening of airports and the development of passenger halls and other opening, as well as moves towards the opening of new airlines, "and expected that" the coming year will witness an escalation in these

"The General Company for Airlines The Iraqi
General Manager of Iraqi Airways, Engineer Miran Farid said in a statement received by "Al-Sabah" a copy of it: "The meeting included a discussion of the file of financing air cargo Through IFC and IFF Y project by the company " to be" the Iranian presence of a representative at that meeting.

" Numbers of study

Farid called on specialists in the company to prepare a feasibility study between the company and the financing entity through the Ministry of Planning – IFC through the formation of a special committee for this purpose and to submit the results of the Commission by the end of next week.

The General Establishment of Civil Aviation also announced a significant increase in the rate of incoming and outgoing flights during the first third of this month, reaching 810 flights within ten days.

The development of services
and the Director General of Civil Aviation Engineer Hussein Mohsen: "This progress in the number of flights came to reflect the nature of the development of services in the airport facilities," pointing out that "the follow-up field and direct supervision by the Minister of Transport Kazem cup pigeons have overcome many difficulties and facilitated the process Continuous development
". Mohsen stressed that "

"Baghdad International Airport is continuing to complete procedures to obtain the ISO 9001 certification in the
global quality management system.

US study reveals Iraqi oil reserves worldwide


Iraq ranked fifth in terms of proven oil reserves worldwide, with a 142.50 billion barrels.

According to a study prepared by the site "Insider Manki" US, and published recently, Iraq ranked fifth with a reserve of 142.50 billion barrels, ahead of Kuwait and the UAE.

The report was based on data from the annual statistical bulletin of OPEC, the US Energy Information Administration, the World Bank and the annual publication of BP.

Venezuela topped more than 300 billion barrels of proven oil reserves, followed by Saudi Arabia with more than 266 billion, Canada with 169.71 billion barrels, Iran with 158.4 billion, Iraq with 142.50 billion, Kuwait then the United Arab Emirates with 97.8 percent. Billion barrels.

The study also noted that unlike the top 10 countries, Nigeria, Kazakhstan, China, Qatar, Brazil and Algeria ranked 11th to 16th respectively.

It is noteworthy that Iraq is the second largest oil producer in the Organization of "OPEC" after Saudi Arabia, producing fields in the southern region where most of the Iraqi oil, which recorded exports during the month of December last record high.

Rafidain Bank issues the MasterCard card for international employees and citizens

Rafidain Bank announced on Wednesday the issuance of one of the electronic payment tools (mastercard) of international employees, retirees, citizens and other segments of society.

"The bank has for the first time directed its branches to issue electronic payment tools (MasterCard) which are used inside and outside Iraq and are acceptable in all ATMs connected to the MasterCard network as well as points of sale," the bank’s information office said.

He added that ‘advances and loans granted to employees through these cards and settle their salaries electronically’.

Economic achievement


Mustafa Mohammed Ibrahim
Iraq economically achieved a new victory by issuing a bond (Euphrates) and comes after the issuance at the beginning of 2017 bond (Tigris) interest of 2.149 percent and the value of issuances of $ 1 million guaranteed by the US government.

The recently issued 5-year-old sovereign sovereign bond (Euphrates), with an interest rate of 6.75 percent, is paid every six months, which is lower than the international Iraqi bond that has been traded on international secondary markets since 2006 to settle the debts of the Paris Club of 2028 with a benefit of 7.6 percent.

The bond was classified by Fitch Ratings B and the number of international investment companies that submitted for purchase and competed with about 350 international investment companies carrying investment portfolios increased by more than (12) trillion dollars and have applied for the purchase of the bond (Euphrates) Including the Abu Dhabi Investment Fund and the Arab Monetary Fund.

One of the most important investment companies that have offered to buy the Iraqi Al Furat is the Education Fund in California and at the same time one of the richest funds in the American West Coast and the world.

The sale took place on Wednesday, 2017/8/2 in London by the Underwriters. The bond was registered for sale and purchase in the Irish stock market as it uses the European Union standards, which is one of the most accessible and efficient financial markets.

The lowest bond category is (200) Thousand dollars and increase complications, pointing out that the interest paid half a year.

This achievement comes after the efforts exerted by the Iraqi government, especially the negotiating delegation with the International Monetary Fund on the program of credit readiness, which gives Iraq ($ 5.3 billion) after the end of reviews with the International Monetary Fund, has worked negotiating delegation day and night with members of the International Monetary Fund In order to impose a restriction on Iraq may be difficult to

Thus, this great economic achievement came after the victory that was achieved on (Da’ash), especially the call of Prime Minister Dr. Haider Abadi towards the direction of economic reform and reconstruction and reconstruction of Iraq, especially the liberated areas of the desecration of criminals.

And here we can say that Iraq is able to achieve more progress and development and achievement in light of the return of confidence with the international financial institutions that are now aware that Iraq is on the verge of economic revival and has the fundamentals of basic development.

Iraqi and US banks meet in Washington


Baghdad / Hussein Thogb The
presence of adults on the field of international work comes in any case, where conventional economies are not usually not important international attention of the largest economic blocs, and here comes the presence of Iraqi banks and US banks in Washington evidence of the importance of Iraq and its economy for the side The other,

who is aware that the size of work in our country is large and can be employed in the financial and executive sector in more than one sector within Iraq. Preparations continue between Iraq represented by the Association of Iraqi private banks and the US States represented by the Institute of Strategic Studies, And an Iraqi-US meeting on October 18
. Great cooperation

The Executive Director of the Association of Private Banks Ali Tariq said: "Iraq has a great international interest that can be noted by the presence of international delegations from various economic blocs important to Baghdad, there is great cooperation between the Association and the US Treasury through continuing meetings to discuss mechanisms to promote the Iraqi financial sector."

He said in an interview with Al-Sabah that "strengthening cooperation between the two sides and raising its levels to levels of mutual benefit will be the most important axes of the Iraqi-US forum in Washington," pointing out that "

The representative of the US Treasury Department in the Embassy of his country in Baghdad to the development of the Iraqi financial sector needs to be highlighted by the media to realize all those who follow this achievement in the most important economic axis within any

" Tariq pointed out that" the forum will discuss the mechanisms of cooperation between the Iraqi banking sector and his American counterpart, which contributes to the development of the joints of domestic banking, especially as the US banks have the capabilities of technology can provide advanced bridges of cooperation to achieve great benefit to both sides of the process.

"He pointed out that" The Iraqi delegation will be formed by Iraqi banks to meet with the US Treasury and major banks and the Foreign Ministry there and representatives of the World Bank and the International Monetary Fund .

Bridges of cooperation

"The forum includes two aspects, the first is to present and clarify the current reality of the banking sector of the American side to be a picture of the reality of all the details of how the future and prospects of our financial reality, the other side includes the opening of bridges of cooperation directly with US banks and this gives greater confidence to our banking sector globally because US banks has a high degree of compliance with the anti – money laundering operations and the financing of terrorism and laws, "also contribute to encouraging investment in Iraq and within the banking sector
itself .

" .ocd that "League heading to open prospects for cooperation in the field of capacity building and the development of the banking system presentation building Oz in general to get to the point that it is world – class.

" Economic processes

"The need to connect with major economies and increase the friction with them to contribute to the development of our economy, especially in the financial sector, which needs the new international banks in the systems and products to move the overall
economic processes .

He pointed out that "the Iraqi financial sector needs to activate its development role commensurate with the country’s economic capabilities that require banking services capable of dealing with large numbers," pointing out that "the view of the American experience is very important and makes Iraqi banks to new tasks after It is available in the field experiment on the
US. "

Iraq has achieved a major achievement in the launch of foreign bonds


BAGHDAD / Tariq al-Araji
The Central Bank of Iraq expressed its readiness to launch foreign Treasury bonds in the event that the next year’s budget requires 2018 after the Central Bank achieved great success in the issuance of foreign bonds through the previous global confidence gained in dealing with Iraq, revealing the high reserve bank of foreign currency compared to With the previous year.

Governor of the Central Bank d. Ali Al-Allaq said that the launch of such bonds may have a positive impact on the reserves of the Central Bank, considering that the amounts received in foreign currency, if not have a positive impact does not have a negative impact,

because the dollar bonds are transferred by the Ministry of Finance to the dinar by The Central Bank is the case is neutral, and there is no negative impact, but positive, as it is a strengthening of the reserves of the Central, which is the agent of the government and manages such
operations. Positive indicators

"The decision to launch the bonds is not done by the government through the public budget because it is launched only by law, and there are positive indicators in the case of the need to issue such bonds, and there is a successful experiment if it is decided in the budget for 2018 there will be foreign bonds.

The Central Bank has succeeded in performing its tasks through internationally known indicators through the rate of inflation and maintain the exchange rate and reserves.

He said: There has been a state of adjustment to the financial situation of the country, and there was a shock in 2016 difficult to adjust directly, so the central bank tried to bridge the gap and the deficit and the large deficit, to absorb this shock by playing a key role in coordination with the government to overcome this shortage

And has been able to deduct money transfers in very large amounts now with the state of adjustment and measures taken by the government to control expenditure and increase domestic revenues and not to resort to the Central Bank so far this year to buy money transfers or
other. The price of oil improved and stressed that this helped the Central Bank to maintain the level of reserves, which did not fall during 2017 compared

By 2016. The improvement in oil prices was a factor in addition to the reduction of government expenditures because the government did not resort to the central bank to buy treasury transfers, although this was found in the budget law and part of the deficit covered by the purchase of the Central Bank of remittances, but so far the government did not resort to this

He said that the central bank reserves now stood at 48 billion and the previous year fell to 45 billion. Therefore, this level of inflation and reserves currently measured by international standards as reserves convenient for Iraq compared to the local currency, and this exceeded the expectations of the International Monetary Fund for reserves of more than 7 billion dollars In addition to the Fund’s expectations and estimates. External financing is an option

He pointed out that the resort to external financing is one of the options included in the deficit coverage, because the size of domestic domestic debt reached high levels difficult to expand, because this affects the liquidity of banks that buy part of the remittances of the treasury and options to cover the deficit and what is discussed At the present time,

the size of the possibility of external financing through issuing international bonds and issuing them in the future has not been determined or encouraged, due to the large
demand in the volume of demand which was on the bonds provided by Iraq,

which amounted to six or seven times the amount required in addition to the large number of institutions and international banks It requested an increase in the amount of bonds but the amount was within the limits of the state budget.

Expert: Proper planning drives the economy and attracts investors


Student development of the basic design of the city of Baghdad
Baghdad / Hussein Thugb

Promoting cities through developing their design base and developing investment in all its joints is a method that is adopted in all cities that seek development and economic advancement, which necessitates us to work to create an ideal environment to activate domestic investment and attract foreign capital away from any complexity, New development.

Economic expert Mohammed Shaker said: Iraq is a country that is distinguished from the jealousy of the countries of the world that it has the opportunities for work and wealth, which gives it an international importance, as prepared and classified by major international companies in the site is important for them.

He said in an interview with "morning" that the economic construction, which can be accurate and beneficial to change the shape of the country requires planning to a high degree of precision between the stages of economic construction and the shape of the next phase and economic feasibility that must be achieved. Axial methods

He pointed out that the city of Baghdad needs to develop the design of the form of a foundation that takes into account modernity and preserve our historical heritage, noting the importance of removing the commercial centers from the center and be the only administration within the capital and implement circular roads fast round the city of Baghdad,

pointing out that central Baghdad can be devoted to entertainment The construction of towers and various facilities and the management of industrial cities that will be established after the development of highways and implementation of trends in achieving the economic feasibility of Iraq.

Iraq has the economic capabilities to be able to be the eighth economic tiger in the world according to many economists
and those interested in this regard. Sovereign guarantees that proper planning leads to the activation of work in all joints and move the wheel of the economy and come to the capital of the world, where there are a lot of international banks and funds wish to come with their capital, but in accordance with sovereign guarantees or other guarantees.

He suggested the establishment of a joint stock company under the leadership of the National Investment Authority and the intervention of 25% of the countries working on the implementation of projects with qualitative specifications and in this form can contribute citizens in this company and be a new model can be developed gradually, noting the importance of the National Investment Commission to grant land to investors after All land allocated for investment shall be transferred to it.

The economic experiences that Iraq is a unique work portal in the world because of the abundance of employment opportunities in all sectors, which requires that the city of Baghdad in the form of civilization through development in a manner that is consistent with its historical and economic capabilities as the center of wealth management of Iraq.

Investment operations
Shaker pointed out the importance of rewarding incentives from the profits of the projects to the employees working in the investment joints, so that we can stimulate the efforts exerted in this regard and be a gate to reduce the corruption that accompanies the completion of investment operations and caused the decline of the investment environment in Iraq.

He pointed to the possibility of benefiting from the experiences of global and regional have a positive impact locally and internationally, for example, the great developer, "Emaar", pointing out the possibility to employ this experience in Iraq and to enhance the privacy of Iraq, where we can have a large developer has strategies

And development visions that accelerate the implementation of the executive arm is a thin companies specialized in the areas of its work and is implemented in accordance with international standards, so we can start a new phase of work, especially when the developer works on the service project implemented for a period of ten years.

Shakir stressed that the success of the investment and make it active in Iraq needs to the ideal environment, the presence of a strong banking sector with high capabilities and able of large numbers, in addition to the insurance sector is an important factor in economic advancement.

He urged the need to give investment opportunities to the real investor and this must be according to important criteria, indicating that the actual investor can start where the world ended and has the ability to bring systems that help to complete the projects away from any confusion.

The real development to that student member of the Baghdad Economic Forum to speed up communication between the public and private sectors and work to benefit from experts in the development of joints of the economy, both production and service and work to provide the mechanisms required to activate the real development.

He warned of the repercussions of the decline in performance in all sectors in light of the increase in the annual labor force as the labor market enters annually more than one million young people from university outputs and other joints, which requires serious and real work to develop the working environment and management centers through proper planning of these operations.

Involve the private sector to prepare development plans


And the transition to an open market economy
Baghdad / Farah Al-Khafaf

An economic analyst called for strengthening the partnership between the public and private sectors for the successful implementation and completion of plans set by the Ministry of

The Minister of Planning d. Salman al-Jumaili has confirmed earlier that the next stage (the post-liberation phase and ending in "Iraq"), will witness broad economic and investment trends within the framework of the reconstruction and development of liberated areas, focusing on the development of the private sector and the business environment, In line with the government’s efforts to develop economic and investment plans for the post-urging period.

And the ability of potential economic analyst Rahim Shammari counting " the private sector backbone of the development of the national economy , " noting that he is working to provide financial liquidity to the state treasury, and has the ability and potential to make a real leap in the country ‘s economy.

Al-Shammari said in his statement to Sabah that this important and vital sector needs several elements, most notably the issuance of legislation to support its work, which lies with the government and parliament, in addition to providing facilities and partnership in economic and investment directions and plans.

The next stage The Minister of Planning, at an earlier conference organized by the Iraqi Embassy in Britain in cooperation with the Arab-British Chamber of Commerce and Industry, concerning investment, trade and reconstruction in Iraq, presented a vision for the next stage. Al-Jumaili pointed out that his ministry,

in cooperation with national and international partners, has identified development paths that are consistent with the global trends to achieve the goals of sustainable development until 2030. The work is under way to prepare the five-year national development plan (2018-2022). Employment of crises

The Ministry of Planning has prepared a detailed plan for the reconstruction of the liberated areas for the period 2027-2017 based on the economic and social recovery of these areas, by focusing on the vulnerable groups and empowering the youth and enhancing their basic capacities.

Link the reconstruction plan to the next two national development plans (2022-2018) and the second (2027-2023) to ensure their implementation and provide the necessary funds to complete infrastructure projects and achieve economic, human and social development.

The economic analyst Shammari stressed the need to involve the private sector in the development plans set by the government, as required by the business environment in Iraq, in addition to support and guarantees that achieve polarization and investment of capital according to the principle of partnership,

to rotate the economy and move towards a free economy, , And this is consistent with the trends towards the transition to an open market economy adopted by Iraq constitutionally.