How much was the fiscal deficit in Iraq’s budget for 2019?

1/2/2019

An increase in the rate of deficit and severe problems in the volume of revenues and transfers and allocations, as confirmed by the Finance Committee parliamentary balance of the two thousand and nineteen.


The member of the Committee Ahmed Al-Saffar that the balance of the year two thousand and nineteen has seen an increase in the fiscal deficit of twenty-six trillion dinars to twenty-seven trillion dinars,

noting that the government did not take all the proposals of the Commission in relation to the points supposed to be amended in the draft financial budget for the next year .


Al-Saffar also said that the draft budget law did not take into account the current situation of Iraq, problems in the liberated provinces, and the relationship between the governments of the center and the region, stressing that the parliamentary finance committee will have an opinion on the draft budget in its current form.

On the other hand, the member of the Finance Parliament Mohammed al-Darraji said that the budget law is very far from the approach of the government of Abdul-Mahdi, pointing out that the final accounts of previous governments did not reach Parliament until the moment and the new government to claim them.

Darraji added that the debts of Iraq exceeded 100 billion dollars in recent years and the central bank to support the budget through treasury bonds and raise the price of the dollar.

As for the problem related to the share of Kurdistan in the budget, a member of the Finance Committee on the mass of the Kurdistan Islamic Group, Ahmed Hama Rashid, the governments of Baghdad and Erbil to comply with all items of the federal budget regarding the share of the region of the budget and the payment of the obligations of the export of oil, Citizens or their living resources.


The Parliamentary Finance Committee hinted at the re-amendment of the federal budget allocations for the year two thousand and nineteen again to the government, because of the failure of the governmental committee to respond to most of its observations and suggestions of deputies.

https://www.alsumaria.tv/news/256800…D8%A7%D9%85/ar

Basra Council: We have 31 trillion dinars fed by the federal government in Baghdad
1/1/2019

The Basra Provincial Council announced on Tuesday the size of its dues paid by the federal government, pointing out that it exceeds 31 trillion dinars has not acted for the province since 2010 until now.

Council member Ahmed Abdul Hussein said in a statement to the "Information", "The Council of Basra has dues from the petrodollar up to 20 trillion dinars has not been received from the federal government in Baghdad since 2010 and until now,

" pointing out that "there are receivables estimated at 11 trillion Dinars of the border crossing funds that were not given by the previous government to Basra. "

He added that "the political conflict and the poor representatives of the people pushed the government in Baghdad not to spend those funds to Basra," noting that "these funds can solve all the problems in the province and completion of projects, as well as the possibility of reducing the spread of unemployment graduates in the province."

The Basra provincial council has attributed, on Monday, the return of protest rallies and peaceful demonstration in a number of areas of the province to the failure of the federal government to complete the stalled projects and provide services to citizens,

while the governments of Abadi and Adel Abdul Mahdi did not fulfill their promises to allocate ten thousand degrees of career for graduates of the province.

https://mangish.net/%D9%85%D8%AC%D9%…0%D9%85%D8%A9/

Abdul-Mahdi: Corruption shake the image of the state and we will consider him an enemy like an advocate
1/1/2019



Prime Minister Adel Abdul Mahdi said that the aim of restructuring the Supreme Council for Combating Corruption is to enable it to take deterrent measures and unify the efforts of the regulatory bodies in the context of a new work capable of confronting any party or person whatever its location and act as a state in the detection Corruption and the protection of society, citizens and public money alike. "

"The head of the Supreme Council for Combating Corruption held the first session of the Supreme Council for Combating Corruption, which was held today, in the presence of the heads of the public prosecution, the judicial supervision authority, the Financial Supervision Bureau and the Integrity Commission, the Inspector General of the Ministry of Interior and a number of advisers," the statement said.

He added that "this measure comes in implementation of what we pledged in our government platform, which was approved by the House of Representatives and became the duty of implementation, and in the face of it must enjoy the Supreme Council for the fight against corruption sufficient administrative and legal powers to control the file of corruption and knowledge of its citizens and shortcomings in follow-up,

In order to achieve clear outputs and prevent the severe damage that has become a shake of the image of the state and society and the reputation of citizens in general, and must put an end to this decline and consider corruption as an enemy such as a terrorist gang.

The Supreme Council for Anti-Corruption discussed mechanisms of action and agreement on the timing of the start of proceedings in accordance with the new contexts

http://www.alrai-iq.com/2019/01/01/425736/

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.

By Ibrahim Saleh.

How To Get A Loan In Baghdad – At 30% Interest, Repaid In 3 Months

It’s tough to get a loan from Iraq’s undeveloped banking sector unless you fulfil certain, very specific criteria. But growing consumer desire and outrageous interest rates are forcing a change.

To get a loan from a bank in Iraq is difficult for many, not least because in order to be approved for one, often the borrower must bring along somebody who is employed by the government to guarantee them. In Iraq, a government-paid position is seen as the most stable kind of job you can get. It means you will get paid regularly and that eventually you’re in line for a pension.

The guarantee given by a state employee is needed for a personal loan, no matter how big the sum. And most banks want the state employee’s salary to be twice the monthly repayments for the loan. Additionally a state employee can only guarantee one bank loan at a time.

All of this makes getting a loan from a local bank difficult for anyone who is not a state employee, particularly for low-income Iraqi families. This is why they will often turn to money lenders who work unofficially.

One of these kinds of lending offices advertises on the wall of a kindergarten in the Al Dawoodi neighbourhood in the Mansour area, in Baghdad. The advertising targets shop owners and says the office can provide loans of US$1,000 to US$5,000.

The terms are strict: The loans need to be paid back within around three and a half months, the borrower needs to make daily repayments and the arrangement would end with the lender getting a 33 percent return on the initial sum.

That is a high return for a relatively modest sum, like US$1,000, under especially tough conditions. Although the interest rates are high and conditions tough, many low-income Iraqis don’t have any other option.

“It’s an important service because then you can get a loan without having to bring a government employee to a bank,” says Ali al-Rubaie, a Baghdad local who has loaned money before in this manner. “If I had a guarantor, I would have borrowed far more money though – to buy a car or an apartment,” he adds.

Upon calling the lending office to enquire as to how their procedures were managed, the staff refused to give NIQASH any further information, or deny or confirm if the office was licensed in any way.

However a former borrower divulged conditions they had been able to get a loan under. The applicant must submit a letter asking for a loan and the office then tries to ascertain whether the applicant would be capable of repaying the cash, including looking into guarantors or assessing any property they owned and their business.

In the case of the store owners this lender targets, the office looked at the business which, one imagines, gives them some sort of guarantee to begin with. If the application for a loan was accepted, the borrower had to sign a promissory note to receive the funds.

In another nearby neighbourhood, locals talk about a resident called Haji, who lends money on similar terms. They say Haji has been known to loan as much as US$20,000. And Haji – nobody we spoke with knew his full name – apparently decides whether a loan can be guaranteed by making enquiries with the community leaders, or tribal elders, in the applicant’s neighbourhood. He also requires that those senior community members agree to repay him if the borrower defaults on the loan.

From a legal point of view, there is nothing stopping anybody loaning money to any other Iraqi, says legal expert, Ali al-Tamimi. There are no legal restrictions on individual lenders, as opposed to institutions, unless there is fraud committed or contractual violations. Only at this point, would the courts get involved, al-Tamimi explains. So it’s all perfectly legal, despite the injustice of the high interest and short repayment times.

Iraqi banks know that it is hard for Iraqis to borrow money. In fact a lot of Iraqis still don’t have bank accounts and in general, the banking sector remains undeveloped. This is starting to change though, as local banks begin giving personal loans rather than just working on trade deals and with larger institutions and the government.

Banks are beginning to think about how they could extend credit more easily to ordinary citizens, agrees Faisal al-Haimus, the chairman of the Trade Bank of Iraq, first set up by the US authorities after 2003 to facilitate trade. “The bank is currently considering extending loans to people other than government employees,” he told NIQASH.

Lack of credit makes it difficult to bankroll property development and vehicle sales and also deprives banks of potential interest earned.

“Our company has proposed to the Iraqi central bank and other Iraqi banks that they cancel this condition – where the borrower has to bring a state employee – because it is impacting negatively on Iraqis’ ability to buy our cars,” says  Sabah al-Janabi, the public relations manager for Land Rover and Jaguar cars in Iraq. “They were actually quite open to our suggestions and we expect things to change in the future.”

The United Nations Development Programme (UNDP) In cooperation with the Iraqi Council of Representatives (CoR) organized three-days induction sessions on the principles of Parliamentary work.

The sessions came as part of the continues support to the institutional reform and enhanced governance in Iraq. In line with the Sustainable Development Goals (SDGs). 35 newly elected Parliamentarians attended the three-day sessions where they went through a practical guidance about the parliamentary administration work, legislative and oversight role, constitutional and legal framework for the work of the Council of Representatives, human rights, Gender equality, SDGs and media relations.

In addition to presenting international experiences in parliamentary development.

As part of a four-phase induction programme to inform Members of Parliament (MPs) about their legislative, and oversight role and their constitutional responsibilities, this session followed the previous workshop held in last November for 50 parliament members, in cooperation with the office of the First Deputy Speaker of the Council of Representatives and the Parliamentary Directorate.

The First Deputy Speaker of the Council of Representatives, Mr. Hasan Alka’bi said:

“Our cooperation with UNDP is very important at this stage to enhance the capacities of the newly elected MPs, the CoR is very interested to conduct more similar sessions, especially with the current critical situation of Iraq. We have lots of laws and legislations but implementing them is our main issue. Therefore we count on the expertise that the UNDP is offering in terms of institutional reform and parliamentarians legislative and oversight role”.

Inclusive Governance Project Manager Mr. Zeyad Al Obaidi said:

“This training has been tailored made by UNDP with assistance from the parliament staff from the general secretary, it is an opportunity for the Iraqi MPs to meet and interact with the parliamentary staff and international experts and discuss their constitutional role”.

Gender session led by UNDP Gender advisor Ms. Sundus Abbas was an opportunity to open a discussion on the decision of merging the Women Parliamentary Committee with the Human Rights Committee, and how this will reflect a negative message to the international community. The First Deputy Speaker Mr. Alka’bi expressed that this decision requires further consultation with the relevant MPs.

The workshop concluded with positive feedback from the participant MPs. It was recommended to conduct additional intensive sessions to strengthen the MPs capacities and perform their functions more proactively.

Launched in late 2017, The Inclusive Governance Project focuses on democratic governance that plays a key-role in the development of Iraq’s inclusive politics. It aims to foster Inclusive Politics through strengthening the effectiveness and accountability of Iraqi’s parliamentary institutions in promoting participation in political processes, state-building and the Sustainable Development Goals-SDGs.

(Source: UNDP)

Minister of Trade: We will adopt the fingerprint for issuance of smart ration card
12/24/2018

The Minister of Commerce, Mohammed Hashim al-Ani , on Monday, the intention of his ministry to issue ration card "smart", which depends on the fingerprint, stressing the guarantee of access to food supplies to the beneficiaries.


Al-Ani said in a statement received by Alsumaria News that "the ministry intends to issue a smart ration card, which depends on the fingerprint to ensure the arrival of food supplies to the beneficiaries," noting that "this guidance is in line with the directives of the government and the government program which among its goals to eliminate corruption and manipulators The strength of the people. "




Al-Ani pointed out that "the development of a large and clear plan for all provinces follow the vocabulary of the ration card from the beginning of arrival to the port to distribute to citizens," pointing to "the ministry’s keenness to provide the ration card items of the best global originators and ensure access to beneficiaries of the system of catering."


The Minister of Commerce announced the launch of an electronic program to control the people to follow up the process of processing the ration card items distributed by the ministry to more than 37 million Iraqi citizens registered within the system of the card in force.


The Minister of Commerce has announced that the ministry has developed mechanisms to take account of the provision of complete food vocabulary and processing to citizens through food agents in all regions of the country specific times known by the citizen and announced through the various media.


The Ministry of Commerce delayed the distribution of ration card items during the last period, even after the cancellation of most of the vocabulary that was distributed before 2003, which was limited to only four of them, flour, rice, sugar and oil.

https://www.alsumaria.tv/news/255994…D8%AA%D9%85/ar

By John Lee.

Iraq has been ranked in 130th place in the Forbes Best Countries for Business index, out of the 161 countries measured.

The index gauges the Best Countries for Business by rating nations on 15 different factors, including property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape and investor protection. Other metrics included were workforce, infrastructure, market size, quality of life and risk.

The top three positions were taken by the United Kingdom, Sweden and Hong Kong, while the Central African Republic, the Republic of Congo and Guinea-Bissau were at the bottom of the list. Libya was ranked in 152nd place.

According to the report:

“Overregulation has made it difficult for Iraqi citizens and foreign investors to start new businesses. Corruption and lack of economic reforms – such as restructuring banks and developing the private sector – have inhibited the growth of the private sector.”

More on Iraq’s ranking here.

(Source: Forbes)

Khalidi: The crisis in Iraq is the crisis of the political system as a whole

12/21/2018

.. Description of the religious authority Grand Ayatollah Mohammad Mahdi al-Khalisi crisis in Iraq as a crisis of the entire political system imposed by the occupation to achieve its goals, "evil."


"The real crisis in the political arena in Iraq is not just a crisis (the formation of the government), which has not been possible so far, and it has been stymied by the ambitions and the sick purposes, but the crisis is in fact the whole crisis of the political system," Khalisi said in his Friday sermon.

Which is because of (the political process) and the requirements; because they found and undermined this image originally to reach the country to this situation of paralysis and boredom and despair of any reform.


"The operation sponsored by the forces behind the curtain for its evil interests and not for the benefit of Iraq and its people"


"This process is carried out smoothly at the top of the pyramid of the political system without any (strangulation) or forms or contemplation or hesitation imposed by forces behind the curtain, and closes completely without any discussion or even a dialogue or inquiry about the identity and qualifications and precedents of symbols; The inevitable or descending heavenly on all that they submit to it without discussion or inquiry "!!.


Al-Khalisi went on to say: "Then look at another process, if it is time to form a good government of honest and efficient elements; here is no smoothness and no tolerance; but competition and bargaining and the market of positions and departments and the ministry start more money and less effort, and so it is difficult, The government of non-binding extent of the emergence (choking) between blocks and parties and parties,

and the attendant more in disrupting services and the disruption of reconstruction and reform and the prevalence of clowns and the loss of security and justice and the necessary interests of slaves and the prevalence of obscene corruption and injustices and the digestion of rights as it is known and known.
"Is it not in this comparison between these two currencies that confirms that the crisis experienced by the Iraqi arena is not (the crisis of forming a government) to serve the country and the citizen, but is (the crisis of the political system) and framed (political process) imposed by the occupation to achieve its evil goals ?! ,

Which he could not achieve by direct occupation, and continues to sponsor and impose it and exercise through this interference convicted in the affairs of the homeland.


"Do not all this call for the serious reflection of all individuals and parties to seek the root of corruption and the incubators of backwardness?", And to work honestly and faithfully to cleanse the political system from the obstacles of the political process that is behind all factors of corruption and radical and unrelenting destruction of the country’s sovereignty and dignity And to liberate the Iraqi decision from humiliating slavery and the factors that constrain its good aspirations? "

https://www.mustaqila.com/%D8%A7%D9%…6%D8%B8%D8%A7/

Abdul-Mahdi: Iraq can not be managed successfully only in accordance with administrative decentralization and seek to develop it
12/19/2018

Prime Minister Adel Abdul-Mahdi said on Wednesday that Iraq can not be managed successfully only in accordance with administrative decentralization, pointing out to seek to develop this trend.


The office of Abdul-Mahdi said in a statement received by Alsumaria News, a copy of it, "the Prime Minister Adel Abdul-Mahdi held a meeting with members of the House of Representatives representatives of the province of Dhi Qar in the presence of the governor of Dhi Qar and the members of the provincial council,"

noting that "this came in the framework of his meetings with deputies and officials Governorates for their affairs and needs and to provide the necessary solutions. "




He stressed that "this kind of meetings with the deputies and officials in our provinces are very useful and help seriously to identify the most important issues and priorities and find solutions to them,"

calling on the local government in Dhi Qar and other provinces to "take their role and opportunities in the administration and work and provide Maximum effort to serve the citizens. "




"We believe that Iraq can not be managed successfully only in accordance with administrative decentralization and we seek to develop this trend," he said, adding that "we will work with you to meet the needs of the people of Dhi Qar.

https://www.alsumaria.tv/news/255606…D9%84%D8%A7/ar

The first Iraqi bank to receive an internationally recognized credit rating
12/19/2018



The credit rating agency Fitch Ratings has rated B-B with a stable outlook.

The decision reflects the institution’s continued efforts to implement its comprehensive economic reform program.


The Bank of Iraq’s classification of credit rating B – to be the first Iraqi bank to obtain a credit rating official by a rating agency global, the main factors that lead to a positive assessment is to improve the growth prospects and the business environment and security situation, Budget, thereby reducing the debt-to-GDP ratio over the medium term.

All of the Bank’s financial and banking operations have been evaluated according to internationally recognized Fitch standards, which represent the Bank’s overall financial health with a focus on financial reporting, portfolio management, profitability and diversification, as well as liquidity, income and other banking factors.

Faisal Al-Hims, Chairman of the Board of Directors of the Iraqi Bank for Trade, said that the risks to the classification are balanced at the present time, pointing to the importance of the role of security stability in the country during recent times in improving indicators of foreign investment and the recovery of the commercial market.

He expressed his happiness with the result of the credit rating, describing it as a major achievement as the first of its kind for the Iraqi banks, and that it is in line with the principles of sovereignty in Iraq.

Commenting on the Fitch Ratings decision, Mr. Faisal Al-Hims said: "The strength of the balance sheet, the high level of profitability in the BTI’s business, coupled with liquidity, diversification strategy in the corporate and retail sectors, confirm the growth and employment opportunities resulting from it.

The creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen, as well as our success in providing innovative banking products and services, which demonstrates our relentless efforts in implementing our strategic initiatives. "

"We have achieved many achievements that have won numerous awards and accolades in recent years, and we continue to relentlessly pursue our vision with greater enthusiasm and determination."

It is worth noting that the Iraqi Trade Bank has achieved great achievements since its opening in 2003, and continues to play a key role and influence in the development process of Iraq.

The success of the Bank’s efforts is directly related to the stability and prosperity of Iraq and will have a long-term positive impact on Iraqi society.

The Iraqi Bank for Trade has a network of banking branches in Iraq which plays a very important role in identifying sources of financing and securing projects.

As a leading and trusted institution among international banking institutions, the Bank has opened a representative office in the UAE in 2017.

Since then, the Bank has established joint working and cooperation relationships with leading international banks and financial institutions to finance infrastructure projects inside Iraq, Reconstruction of Iraq.

It is worth noting that BTI is a leading financial institution in Iraq and has financial transactions with a network of 417 international banks in 61 countries around the world.

At the end of 2017, the total assets of the Iraqi Trade Bank amounted to US $ 19.300 billion, with a net profit of US $ 362.432 million.

The Iraqi Trade Bank has a local branch network of 25 branches across Iraq with 122 ATMs and cash deposit.

He is considered one of the most important banks in the Middle East for his international reputation, which enabled him to win many awards.

This success is attributed to the confidence of customers and citizens in the Bank, which has played a prominent role in maintaining the leading position.

http://sumer.news/ar/news/31732/%D8%…84%D9%8A%D8%A7