Iraq plans to join the Asian Bank to invest in infrastructure

Foreign Ministry announced on Wednesday that Iraq plans to join the Asian Bank to invest in infrastructure, noting that the bank’s president expressed his welcome to this trend.

The ministry said in a statement, received "Economy News", a copy of it, "The Ambassador of the Republic of Iraq to South Korea, Wadih Betty Hanna participated in the second annual meeting of the Bank’s Asian Investment in infrastructure (AIIB), which was held in the Korean city of Jeju."

She added that "Iraq has participated as an observer at the meeting, which was opened by Korean President (J-moon said) and was attended by hundreds of official figures and representatives of the financial and banking institutions, civil society organizations and companies concerned."

She noted that "the ambassador met on the sidelines of the meeting, the President of the Bank (Jin Lee Cheon), stressing Iraq’s desire to join the Bank after the completion of formalities so", while across the Bank president welcomed the move.

Efforts to reduce poverty rates in Iraq

6/21/2017 0:00

Baghdad / roar Imad
Preparing the Ministry of Planning to launch a strategy of poverty alleviation (2018 2022) during the next two months, with a view to reducing the rates from 22 to 8 percent, while the ministry is seeking to implement a new survey of poverty, the end of the year Alhala.oukal official ministry spokesman Abdul Zahra al-Hindawi,

in a statement »Sabah»: the strategy of the new poverty alleviation (2018 2022), still in the pipeline, and it is hoped to launch in the next two months, adding that the financial crisis experienced by the country because of the decline in oil prices, the ministry made the resort to rely on international grants in the financing of strategic projects over allocations of pain Public offset.

He added ‘that the main objective of this strategy lies in reducing poverty rates, through the adoption of an economic policy that is consistent with the financial situation of the country, adding that the ministry will strategy to donors and international organizations for support.

Hindawi pointed out that the crisis of displaced people occupied an important where as of the poorest space, highlighting poor areas, to include economic and social development programs in the context of improving the living conditions of individuals, pointing out that the strategy will depend on the base of development projects aimed at improving the living reality and of life generally poor families.

According to a spokesman for the ministry, that according to the latest survey carried out rates of poverty in the country in 2015, the overall rate was 22.5 percent across the country, but the areas controlled by the «Daesh» terrorist gangs in which the rate was 41 percent, adding that the poverty rate in the Kurdistan region amounted to 12 percent, according to the survey.

With regard to poverty in the southern provinces ratios, said Hindawi, it stood at 30 percent, while the center and in the provinces of Kirkuk , Diyala and 17 percent, pointing out that the poverty rate in the capital reached 13 percent.

He explained that poverty rates rose very impressively in the districts of the province of Muthanna as it reached the ratio in which more than 70 percent, pointing at the same time that the ministry aims through the strategy to reduce poverty rates across the country from 22 to 8 percent.

Hindawi pointed out that the ministry is seeking to launch a new survey to see the poverty rate in the country after the completion of the liberalization of land operations of the gangs «Daesh», is likely to be implemented before the end of this year to find out the real indicators.

Efforts to develop new plans by the International Monetary

6/21/2017 0:00

Baghdad / agencies
newspaper Nikkei reported that the Japanese characteristic of the new IMF plan it does not require structural reforms , such as the last costly rescue programs.

The newspaper pointed out that " the International Monetary Fund formally adopt this new framework during a meeting of the whole leadership by the end of the month, has begun talks with the Association of Southeast Asian Nations countries (ASEAN)" in this regard, noting in return that the fund "does not intend to hold talks with China, which has huge cash reserves in dollars. "

The new system aims mainly to address the risk of collapse as a result of his intensive escape of capital. The return of funds under the plan to the United States, at a time when the US Federal Reserve began tightening its monetary policy, boosting the attractiveness of the dollar.

A collapse of the currency can cause financial crises with the growing foreign debt burden on the State concerned, the situation was getting more dangerous in the event of the intervention of speculators to benefit from these conditions.

In the face of such a situation, the countries concerned have to directly intervene in exchange markets to support its currency by buying dollars and selling operations.

The new mechanism that IMF works to put these countries are supposed to help to borrow in dollars, so mainly through the near – term loans not exceeding one year.

The newspaper pointed out that the fund "will evaluate potential borrowers in normal conditions," and that " the loans will be limited in the light of several factors, including the contribution of each country in the Fund."

The newspaper said the monetary crisis experienced by Asian countries in 1997, pointing out that the International Monetary Fund has supported Indonesia at the time, but imposed strict conditions in return, forcing them to leave the country banks facing difficulties.

The Nikkei pointed out that the crisis provoked shock among ASEAN countries, and left the hostility of the Fund.

Despite the progress that has been achieved since the global financial crisis in 2008, markets remain vulnerable to destabilize , if embarked on other central banks like the European Central Bank to adopt fiscal tightening policy.

Deposit Insurance

6/20/2017 0:00

Hussein Tgb
diagnosis of the challenges that hinder the progress of development is one of the fundamentals of the planning work done through construction and reconstruction operations and raise production capacity and improve the services provided to the public in various sectors and activities.

We in Iraq are aware that the economic problem now is a shortage of financial funding for inter core projects that move from economic reality and change its shape to better levels.

Everyone knows that in Iraq there is a large monetary bloc Chunky houses an estimated 75 percent of the total volume of cash and Iraqi experts go beyond that monetary bloc compacta estimated greater than it has touches 85 percent of the total Ztunai cash.

Look at the size of the large amounts compacta in homes that key funding problem that Iraq suffers, and can employ this mass compacta direction that achieves the dual economic benefit,

which could develop the economy first and achieve the financial interest of the owners of capital due to employ different development projects after that the deposit of the local banking system, and that the trust be mutual between the public and the banks.

If we talk about trust between the banks and the public , it is not impossible , but it is possible to do the trust between the two sides through the deposit guarantee the long – awaited for years law and one knows why the legislation of such an important law , although the voices of money and economists resound in all forums and calls legislation to the achievements of the great benefit of the national economy and the economy of the size of the family.

Deposit Insurance Act represents a solution to the problem of the most successful liquidity shortage experienced by the national economy, restore confidence between the banks and the public beneficiaries, and pays owners of capital to deposit their money in banks because of legal guarantees for this.

Here is the question why not speed up the relevant authorities to legislate endeavors of this law , which carries a lot of pros in all joints of the Iraqi market, which will create a sophisticated banking sector through competition in providing products and project financing.

And also contributes to the employment of money in the sector raises the profile of the national economy as it does production and improve services and this in turn is a solution to many of the problems of the economy, particularly unemployment.

Deposit Insurance Act must see the light because it is the most important one of the real keys to sustainable development.

Economist: 78% of the Iraqi currency outside the banking system

Monday 19 June 2017

revealed Economic Bassem Jamil Antoine, on Monday, that the expert 78% of the Iraqi currency is outside the banking system, and explained that while the Iraqi citizen does not trust the systems of those banks, which have suffered so much.

He said Antoine’s "Eye of Iraq News", "currency printed in Iraq exceed 44 trillion dinars, and the existing ones banks only 22%," pointing out that "78% are outside the banking system and these figures are only for the Iraqi dinar does not include other work as dollar and other" .

He explained the economic expert, said that "the existence of such a large proportion of the money outside of banks due to the weakness of the relationship and trust between the citizen and the systems of these banks," noting that "the citizen has been burned by the fire of those banks where he has difficulty getting his money again."

Specialized financing

6/19/2017 0:00

Haider Kadhim al-Baghdadi
When the national economy needs a comprehensive pause to correct its tracks and incorrigible and make it go the direction that makes his line chart is moving towards achieving economic viability in all production and service sectors, this requires that we are close to successful international experiences.

Successful economies need a number of ingredients for the intervention of sustainable development stage through major projects , small and medium – sized and other require plans for the court to reach the development goals that change the shape of the economy and make it active on the regional and international levels, especially when attributed to the availability of the ingredients for success from the wealth of natural and human.

When we talk about an active developing economy , we need funding for the implementation of inter projects in all productive and service sectors, and here must think about how to organize this joint and we have an effective beginning behave correct paths, which requires planning on a high degree of accuracy.

Finance is the most important axes of the beginning of the road of development sought by Iraq as a country rich in abundant possession of various resources, which makes us work towards the benefit of successful global trade financing, which managed to create an effective economy.

Here we prefer to have a finance specialist system, because the volume of work in Iraq , a large and up to wide levels and can not be one hand , and adopts the financing process.

We are in Iraq ‘s dire need for specialized banks would be responsible for the relevant sector specific funding As long as a country is heading to construction and reconstruction must be a minimum specialist bank in this joint is important tasked with financing and provide advanced products for all operating in Iraq investment companies that need modern banking capabilities because trading figures will be a great deal on it with these figures.

Thus , as in other sectors, requiring the need to establish a commercial and real estate banks and other actors in the industry and agriculture and be competent has a hand financing one continues with and complements financing things as easy, and in this regard , many experiences of the world must Nozvha to serve the national economy and through this move Lease can begin development stage acceptable.

We seek to invest we stand up to reality and dedicate funding channel for each sector through which to interact with the field and channel management to be Altamoalh international specifications in order to achieve our goal of economic biggest that is in harmony with the size of the Iraqi economy.

A call to follow the spending policy of doing productive

6/19/2017 0:00

Baghdad / Emad Emirate
efficient allocation of government resources to strengthen administrative control systems adjusts and reduces operational spending non – productive resources is required by thecurrent phase of the adoption of modern public spending technology to restore public funds distributed better through the return spending measure, and therefore the transfer of funds from public spending is the product to the product of a socio – economic returns that achieves community welfare spending.

Dr. Imad al – Ani said the "morning" that the installation of public spending and itsstructure is important in the reform of public spending does not form the process, explaining that this is when the extent that the public spending level consistent with economic stability, and accordingly, the reform of the financial sector measures include a specific group special policy measures to reform spending.

Ani said the reform for the short term policy includes reducing spending to the gross national product and change its structure by removing subsidies for projects, consumers , and subjected to assessments of economic and financial new standards, in addition to the restructuring of social security and the rationalization of social expenditure programs so that they are in line with developments and changes taking place in the public finance sector on the one hand and the process of economic reform on the other hand , and its goals are to reduce the size of spending any quantitative aspect of spending.

He pointed out that the reform for the medium term requires qualitative changes related to the maintenance and strengthening of basic economic infrastructure and reducing government employment inefficient by following with effective productivity and reliance on skilled labor to achieve this operational policy, along with the integration of the expenses of extra – budgetary government budget, so as to be standardized based on budget on the base more accurately.

He continued reform either for the long term , it is supposed to be the features of the economy, especially the features of economic reform so that more clearly through which contain and then face the inherited problems, spending depends on the government ‘s ability to generate revenues cover expenses and meet the economic and social obligations.

The government expenditures , the main source to provide basic services to satisfy the general needs we desperately need, especially at the present time, as the level of growth is linked to significantly growing , sustained public expenditure , which is an important part of the total spending function, which called for many economists to give a distinct importance to her.

Ani stressed that talking about the subject of reform of expenditure should not be limited in reducing public spending only in quantitative terms , because achieving it down to balance the budget will result in negative socio – economic effects on society, and it must focus reform efforts on the subject of restructuring of public spending First and then work directed towards areas that would achieve economic and social stability II.

He pointed to the important question is repeated from time to time in the economic center that he Is being targeted operational spending or investment spending in the reform process expenses? Here we say that the experiences of many countries suggest targeting each, but the share of investment spending in the limit of expansion was the biggest for several reasons , it may be the most important of the existence of the obligations of the government has to be done for social reasons and humanitarian, he may be political ,

such as expenditures ruling in the general budget of expenses particularly ration, also cut operating spending in many cases lead to hurting the poor castes like reduced support in health, education , social security and this is contrary to the general trend towards reducing poverty and unemployment rates.

Iraqi oil on world markets

6/18/2017 0:00

BAGHDAD / Tariq al- Araji ,
announced the distribution of petroleum products company success in the export of basic motor oil to world markets after Iraq was a net importer of this article in previous years.

The company director Ali al – Moussawi said the "morning": " The oils produced in local refineries, particularly the refinery, one of the world class oil company succeeded recently in a contract with an international company to export nearly ten thousand tons of engine oils basis for six months. "

Moussawi said that " the company is currently negotiating with international consulting firms to introduce the company to the global market as a source basis after obtaining the approval of the Minister of Oil Jabbar Laibi and the relevant authorities in the ministry developed."

" The company now has become an exporter of this article contributes to supplement the country ‘s hard currency and multiple sources of income within the government ‘s drive to diversify exports."

A call to activate the Iraqi – US economic relations

6/18/2017 0:00

To take advantage of advanced technology and attract capital
BAGHDAD / Hussein Tgb

Activation of economic activity between Iraq and the United States is one of the things that contribute to the activation of economic activities through investment advanced technology investment companies here to activate production and service activities in Iraq.

The international economy expert Abdul Aziz Al – Khudairi said that economic relations form often determines all other forms of political relations and in the forefront, pointing out that the unification of economic relations , mutually beneficial , which leads to the existence of real political relations produce benefits for all parties.

Re – evaluate
she said in an interview with the "morning" that one of the most important features of the new US administration to focus on economic interests with other countries of the world, where it began re – evaluation of US trade relations and their counterparts in various countries of the balance of payments and various activities.

He noted that the new US administration began to re – evaluate the economic relations with various countries of the world, depends where the volume of trade activity and mutual balance of payments, especially as the new president announced this matter on many occasions.

Offers cooperation Khudairi stressed that some countries have submitted bids for trade cooperation, particularly Japan , in order to strengthen the bonds of economic work to achieve mutual benefit, especially as the United States is one of the most powerful global economies.

He pointed out that Iraq friendly trade relations with many countries of the world, including the United States of America, noting that in the presence of a political rapprochement between the two countries ,

we must reconsider economic relations so as to achieve the great benefit of Iraq and drawing new cooperation roadmap contribute to the development of economic sectors, the beneficiaries advanced technology and capital owned by US companies competent in so many benefits for both countries.

The past period , the establishment of US – Iraqi organization for business dialogue committee comprises US and Iraqi consists of 20 members and a rival between the two countries that need to activate its paces serve the ends of the process.

Sophisticated technology Khudairi stressed the importance of the development of Iraq ‘s economic work tracks the US in the short and long term, by building solid foundations so achieve the highest degree of economic feasibility to both parties.

The challenges of trade exchange between the two countries , said that Iraq is looking forward to the sophisticated technology of the United States high – quality mission such as oil, gas, minerals, electricity, transport and communications,

as well as agriculture and banking services and other services sectors and products, but there are several challenges and these challenges have made a number ofUS companies operating in Iraq does not exceed (20) company of the total 1600 registered company in Iraq.

The presence of companies and stressed that at the forefront of the challenges facing the presence of sophisticated American companies not clear visions of investment and red tape inherent in the circle registered companies and the granting of entry visas …., which requires that the National Investment Commission take it upon themselves to work to improve the reality of the investment environment through coordination with the relevant ministries.

He urged to change the point of cutting – edge international companies from other countries better its investment environment to Iraq , which contains major investment opportunities to absorb the efforts of specialized companies in the world.

Look at the general framework of the National Development Plan 2018 – 2022

6/18/2017 0:00

Faris Al Salman *
Seen on the National Development Plan 2018 – 2022, and drew my attention to focus on achieving sustainable development and well-being, justice, security, and environmental protection general framework, and the preservation of the rights of future generations, as well as emphasis on engagement with all partners, as confirmed Vision 2030 in Iraq to be competitive under good governance to achieve justice and ensure equal opportunities for all, the motto of this ambitious plan, which is: "lay the foundations of an effective developmental state with social responsibility," as the plan classified the challenges facing Iraq realistically.

And provided basic principles on community empowerment, and equal opportunities as well as the gradual process of economic transformation. Turning the plan into the philosophy of economic management, which included a lot of ambitious goals, including good governance so as to create the adoption of the social market economy as a way of economic management system,

which calls for the Baghdad Economic Forum to adopt this system, and has already proposed its adoption through quad published on the pages of the newspaper " Al- Sabah" last year .

There is no doubt that the planners and the authors of the plan were realistic in setting goals Because of the great challenges facing Iraq, and took into consideration that the trend to the market economy free time present means of suicide, and creates economic shocks and social, add the challenges of catastrophic additional to those faced by Iraq during the thirty last year.

The plan realistic and build a general framework, but more importantly , it is accurate and detailed road map and flexible , which must be prepared so that the plan is actually implemented, as well as providing effective mechanisms for implementation and control; and I hope the authors of the plan , taking into account among other facts, challenges and access to the details in order to develop sub – plans for action effective.

One of these facts, that the success of the application of the social market economy depends on the level of economic development of the country, if the economic development of a large and growing can be applied so that a large part of the economic resources directed to social development projects.

Iraq from developing countries and is suffering from an economic deformation caused by the exceptional circumstances experienced and passes by, making the application of the social market economy is more complicated, and we first need to transform the economic doctrine (if any) of the parties active in the Iraqi arena to the faith of this economic model,

as well as strengthen the faith of businessmen and industrialists and economists this economic choice, and ensure adoption of this approach also requires the availability and awareness of the faith and culture of trade unions and unify the positions of the mass base to negotiate realistically.

In summary, the adoption of this approach requires the establishment of an alliance formally between the neutral and the money men and industry state and the economy with trade unions to form a triangle establishes a system of social market economy, in order to ensure that state intervention positively to adjust market mechanisms when there is any imbalance (from commercial dumping, fraud, monopoly, etc.),

as well as providing employment opportunities, develop and raise the efficiency of manpower, and ensure the smooth flow of investment and the success of the projects carried out by the men of money and industry, while ensuring an annual review to determine wages and prices.

The corner of the foundation of the social market economy is to be an effective state intervention and neutral and positive as well as the necessity of income and the distribution of aid and taxation equitably to ensure a fair distribution among segments of society.

We need before embarking on the application of this economic approach to the conclusion of a new social contract between the controlling political parties class and among the general public, so determining the duties and the limits of the powers of the members of the government and parliament deputies must make them understand that authorized to not absolute and there is a plan with the timing and legislation need to approve or to edit , including this approach serves the economic,

as well as explain to the political elite details of the social market economy (social welfare system) and to ensure that her faith and absorbed by him and clarify with globalization as opposed to the control of the transcontinental companies and Western monopolies and its system of globalization on the Opinion Smalah led to the control of the economic surplus and massive profits,

and instead of investing these profits in infrastructure development and social development, have been used in financial and real estate speculation , as well as tax evasion.

The work of the ruling parties requires them to consider the interests of society in all its components , and the role of government developmentally dynamic puts the interests of the community first, so that leaves no room for narrow interests.

We are facing the inevitability of a strong cohesive government, adopt a draft economic reform applicable scientific and management conscious insured and willing to apply dutifully.

The plan will face political challenges of ensuring the peaceful transfer of authority and impartiality of the state, not Tajir state parties or persons responsible, as well as the rumor of transparency and integrity and activating accountability under the law , which must actually be above everyone else .

Achieving this system requires comprehensive reforms compatible and Ptoukitat guaranteed in all administrative, economic and political aspects, especially political reform and to ensure the neutrality of the judiciary; as the market economy is based on the idea of interaction between the markets and the movement and when there is a need for state intervention, should this intervention be positive and in careful and thoughtful to restore balance to the markets that upset this balance.

The existence of interaction between the state and markets leads to the creation of a balanced relationship between the role of the state, markets and promised them partners and the duty of cooperation to achieve the interests of both parties and thus achieve the interest of community assembly, and this requires coordination between the goods market, the market capitalists, the labor market force,

which requires urgently develop state regulatory agencies to act quickly , impartial and professional, as well as ensuring the independence of the judicial institutions in absolute terms , the independence and impartiality of the Central Bank.

It must also stop economic chaos and decline in the state ‘s role in restoring balance to the market, as well as build a system of social values and national consensus, define the goals and strategy of national security, and the development of a rational and realistic solutions to the challenges of the displaced, and the reconstruction of the liberated cities, and re – build infrastructure dilapidated building or obsolete in the whole of Iraq,

addressing unemployment and raise the level of skilled manpower, as it must provide the labor force and rehabilitation, and the provision of supply and demand mechanisms in order to determine the price and provide growth tool to achieve maximum economic income as possible,

and use part of it to achieve economic and social development, covering National defense requirements, and this requires consensus and a national consensus so that the state intervenes style and timing right.

Must provide for the plan to food security and food security, as Iraq must self – sufficient production of basic crops to national security considerations, as well as the face of economic challenges; the security of drug insurance, insurance education, health and security, and ensure that the work of the most important elements of the success of the plan.

We need to develop state intellectually and organization of management and performance in economic and social fields; with the necessity of creating economic pluralism and non – dependence on oil as the sole source of income for the state, especially the expansion projects , petrochemicals , which can be an effective tool to counter the decline in crude oil prices globally.

Also it has to create an institutional legal system of social negotiation and moving wages within development plans in the framework of market mechanisms and social development.

And develop a comprehensive plan for the real scientific reform and rationalization of government spending in a real and not a formality, and the exploitation of all available resources, and the distribution of national income as the best;

it should encourage domestic and foreign investment is in the interest of the state and society, not to be compromised national wealth under the pretext of investment, and not be a for political partners , businessmen are monopolizing investment opportunities.

It must form a real negotiating delegation composed of government representatives and representatives of the people (who is the owner of the real wealth), and must be representatives of the people real and are not elected by the government ‘s perimeter or close to its members, to put forward a strategy designed to achieve real development through the social market economy to cross stage reconstruction,

and to achieve social balance, and building state institutions, as well as the national product and support, and following the transfer of technology policy development, and transfer of the secret knowledge, and develop the skill and knowledge of manpower, and the expansion of the training of moderation cadres, and the adoption of a strategy of technical education and development,

and there is increasing the proportion of biolo Produced locally involved in the manufacture of goods collected; as well as the development of agriculture and industry so that the oil involved as resources of the state, and the establishment of industries based on agricultural product so that agriculture outputs are inputs for the industry; and directing agricultural loans properly through the banking policy of prudent, and the application of VAT in order to fight Tax evasion.

The new formulation of a comprehensive development plan and the adoption of new mechanisms and the adoption of corporate governance and competitiveness in all state institutions and the private and mixed sectors Lehigh effective treatment for the problems of Iraq ‘s economic and social.

The real private sector did not find a real chance in light of the confusion and economic favoritism financial and administrative rampant corruption, some Iraqi private sector ‘s wealth has grown far from fair competitive atmosphere, as this some may have a monopoly grew
under the testimony of the government ‘s decision , whether a collective limited or individually,

as the private sector is the real adopted in the previous period to seize opportunities and achieve individual gains through nepotism and relationships and was able to get opportunities and exemptions and facilities, so must the appropriate climate provision to allow national real private sector and not the parasite in order to contribute to the development within the vision of Stra Leger clear set by the state,

and setting firm foundations of economic freedom determined by the general behavior of the specific rules originally laws and legislation, and that the state interfere with a scientific and neutral manner to create a competitive environment through monetary and fiscal policies to elevate the performance and have intervention and control over policies and not through direct intervention.

Must establish competitive rules among all economic sectors and individuals and to ensure freedom of supply and demand and legislation to prevent fraud, monopoly and dumping and apply the laws strictly away from partisan influences and tribal and thus achieve parity between the parties of the economic process (government / workers / employers) and ensure that the tyranny of the interests of the party to another party and thus the fruit is to achieve development and social justice , serving lower – income groups.

The state must commit to intervene through social means of care of smart (and social health such as a guarantee / smart active support / development aid / grants sectoral smart) that the basis of any economic system to be free and state intervention is the exception.

There must be intelligent and advanced between economic efficiency and social justice consensus.

I hope the authors of the plan , taking into consideration the challenges of the industrial revolution , the fourth and the development of appropriate solutions to their effects in the Iraqi economy.

In conclusion , I would like to say: that of the pillars of economy that there is a financial system and monetary stable non – exhibit shocks so they do not lose the citizen or part of its assets or savings as a result of economic shocks or the collapse of privately owned banks, it is the duty of the Central Bank of Iraq ‘s banking system cleared elements that have crept into the system and working agendas destructive,

as well as taking the central bank took the initiative and address the issue of private banks lagging in a scientific manner enhances the citizen ‘s confidence in the banking system as a whole, which will inevitably lead to the increase in the volume of deposits, and enhance investor confidence and the global banking system effectively a J The central bank procedures.

It must be proposed financial and monetary system includes a plan to adopt the necessary legislation and reform tax smart , bringing Investment and not repellent to him, the structure of banking institutional able to finance the benefits of reasonable, and guarantee deposits, strict control of the central bank,

and provide accurate statistics for the application of control over the implementation of the development plan and assessment and evaluation, as well as the subsequent construction of the plan, coincides financial and monetary system reform with the development of the Ministry of Industry companies and
mixed sector companies and picking them up from their current status.

* President of the Baghdad Economic Forum