By John Lee.

The largest container vessel to dock at the Port of Umm Qasr has recently arrived at the Basra Gateway Terminal (BGT).

According to Container Management Magazine, Evergreen’s 5,652 teu-capacity Ever Useful, with a length of 285 m, beam of 40 m and a weight of 69,246 tonnes, called at Berth 27 at the end of August.

The magazine quotes BGT’s chief executive officer Phillip Marsham as saying:

“The call of the Ever Useful … clearly demonstrates the growing confidence of container lines in the economy of Iraq and the associated container trade growth.”

Situated in Umm Qasr, 50 km from Basra and 500km from Baghdad, BGT is operated by International Container Terminal Services Inc. (ICTSI).

(Source: Container Management Magazine)

Source: The policy of the Central Bank to increase the number of banks damaged the banking sector


A source in the Iraqi banking sector, Wednesday, that the policy of the Central Bank of Iraq to increase banks operating within Iraq, reflected negatively on the banking sector in addition to the impact on the work of the banking sector and profitability and the possibility of expansion horizontally.

The source said that "the policy of the Central Bank of Iraq to expand the number of banks operating within the country, has become adversely affect the economy of Iraq, because it came at the expense of quality and services," noting that "many of these banks will not be able to provide the necessary services in the face of wide competition" .

He added that "good banks that provide banking services to the citizen, were affected negatively because of the large banks," pointing out that "the central bank was supposed to be forcing banks to increase the number of branches rather than opening new banks."

The source said that "Iraq needs in the coming days to the banking sector by strengthening banks and not opening new banks, especially as neighboring countries the number of banks is very few compared to Iraq," noting that "the continuation of the policy of the Central Bank to open banks may lead to the weakening of the banking sector Significantly".

It is noteworthy that the number of banks operating within Iraq is about 80 banks, an increase of more than 600% since 2003.…-%D8%A7%D9%84/

By Youssef Ali.

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

President Donald Trump’s decision to pull out of the nuclear deal and sign the executive order to reimpose sanctions on Iran has had a significant impact on the global oil markets.

This move poses a severe threat to the economies of major oil exporting countries including Iraq, the second largest oil exporter in OPEC after Saudi Arabia and the third in the world after Russia and Saudi Arabia by 4.4 million barrel per day. Many analysts are reflecting on the effects that this conflict has on the economy of Iraq, which heavily relies on oil.

The sanctions mainly target the Iranian energy sector, which supplies Iran with foreign exchange and at the same time represents about 40% of revenues of its budget. The goal of the sanctions is to prevent Iranian oil exports by imposing sanctions on its customers.

Eliminating Iranian oil supplies will cause unrest in the oil markets around the world because it will lead to price surges, hence substantial economic losses on importing countries, which are already fearing a potential recession. That is why the U.S. tried to convince some of OPEC’s members to increase their supplies contrary to the recent deal amongst OPEC and non-OPEC countries to decrease production, and that in order to compensate Iranian supplies and prevent the disruption of the oil market to prevent damage to the global economy.

This move led to massive disputes between the major suppliers and pushed Iran to threat blocking oil exports from the Middle East altogether if it was to be prevented from exporting its own oil to the international market. If Iran follows through with its threat, it would mean massive losses for the Gulf countries, including Iraq whose economy is primarily depended on oil exports.

That said, completely stopping Iranian oil exports would be practically unlikely for the following reasons:

The nature of oil markets which is volatile and is based on trust. If the OPEC members in the Gulf Region, especially Saudi Arabia and UAE decided to replace the sanctioned Iranian oil supplies, the possibility alone that Iran would follow through its threat of closing the Strait of Hormuz would diminish the trust in that market. The supplies which pass through the strait would be considered as unstable, importers would start looking for alternate sources. This would destroy energy markets in the Middle East, meaning massive losses to the economies of all parties involved, including neutral states such as Iraq.

On a global basis, the mentioned encounter will damage the international economy that is fearing a potential recession, because this encounter, if it happens will cause a massive increase in global oil prices, leading to a domino effect that would create a hike in the prices of many goods and services.

This is why it is expected that while the sanctions will be implemented, all parties involved will allow for under-the-table arrangements in order to avoid such mutual destruction by allowing Iran to open an limited channel to export its oil, as it has happened in the past. Prior to signing the nuclear deal, UAE oil brokerage companies and banks played such a role before they were shut down after the recent pull out of the nuclear deal by the U.S. Allowing for such back-channels would mean that the sanctions will have their impact on the Iranian economy by disrupting the traditional oil export routs and limiting its revenue, yet allowing for a backdoor deal that will help the international community avoiding a conflict that could have grave impact on the global economy.

There is a role for Iraq to play in this crisis. The current policy of Iraq in regards to this conflict, in which it is trying to mediate between the parties involved is a wise policy. It is in the interest of nobody to escalate the situation in the Gulf region. On the other hand, Iraq could, given the circumstances,  gain enormous benefits by performing the same role that UAE brokerage companies and banks were playing, which would be a win-win for everyone involved.

In other words, Iraq can empower its private sector to establish companies and banks that facilitate the financial transactions related to the Iranian oil export, which would add important revenues to the economy of Iraq and increase the financial movement in the country; at the same time it would ensure the interests of Iran and decrease the likelihood of an encounter in the Gulf, which would serve the Gulf Arabs well.

Iraq must exploit this opportunity, especially since the Europeans countries along with Russia and China have already expressed their willingness to play this role. This opportunity could also be a significant incentive for Iraq to improve its ailing banking system to be able to implement such operation.

However, this is not possible without  negotiating with the U.S. on this issue in order to avoid being subject of the sanctions. The U.S. has in the past exempted Iraq from the sanctions for dealing with Iran, given its special circumstances. The U.S. also has expressed its readiness this time to allow some exceptions. This could be Iraq’s chance to negotiate an arrangement that serves everyone well, at least for the short-term.

On the long term however, Iraq has to find alternate routes to export its oil in order to avoid the increasingly unstable oil routes of the Arabian Gulf. Viable solutions could be the Iraq-Jordan pipeline that would start in Basra and end in Aqaba. Iraq needs to accelerate building this pipeline. Another option is the rehabilitation of the Iraq-Syria pipeline that begins from Kirkuk and ends in Banias, which, of course, would only be an option if the security in Syria improves.

Iraq is either the core, or constantly caught in the middle of many crisis that are shaking the Gulf region. These reoccurring crisis pose huge obstacles in front of rebuilding and investment. If Iraq wants to survive them, it needs to play a constructive role and aim for stability and profit for all parties involved.

Specialists: the need to balance the import and local production


rely on national production to reduce imports and provide funds for construction and reconstruction is one of the requirements of the next economic phase of Iraq, as finding a balance between the import and national production represents the most successful ways to implement the law of protection of products No. 11 of 2010, especially that the industrial sector in general began to regain He gradually recovered.

According to those concerned with economic affairs, all ministries in their sectors are responsible for putting an end to the indiscriminate importation and dumping of goods in Iraq, although some factories of the Ministry of Industry are witnessing their production equipment, but they are capable of filling part of the requirements of the local market.

Competition importer
The academic economist d. Issam Mohammed that "the Vegetable Oil Company, for example, produces different types of detergents of good specifications and quality, but it is witnessing strong competition from their imported counterparts, which necessitates addressing this phenomenon, which would support the national industry,"

calling for the need to balance the import with production which would provide a lot of money needed for Iraq reconstruction and the reconstruction of the cities affected by terrorism. "

the private sector laboratories capable of producing some goods that are imported now , but these factories face a real problem of electric power , which represents a hub of the competition not represented Cart between them and the importer.

For her part , said economic researcher Lubna Al Shammari: " The market is starting to see the emergence of national food products , particularly those appearing , but this is not the level of ambition, because it does not meet the needs of the public ‘s thirst for national production."

She pointed out that the private sector companies enjoy a good reputation because their production holds a privilege for international companies known in various fields and disciplines. .

A source in the import department of the General Company for Exhibitions and Commercial Services explained earlier to the "morning" the difficulty of providing a study of materials that can be produced locally rather than imported, stressing that "the success of this study depends on the ministries and sectors concerned to provide the company accurate studies on the need and absorption market Of the materials falling within its competence for the purpose of balancing national production and
importation. "

He pointed out that "coordination between the company and the Ministry of Agriculture in the field of food and agricultural imports as the sectoral body responsible for that, indicating that it has statistics on local production and also has an agricultural calendar to prevent the import of some materials produced locally."

He pointed out that "this coordination has resulted in self-sufficiency of some seasonal agricultural crops, which is reflected positively on the national economy in general, calling on other sectoral ministries to follow the Ministry of Agriculture in this direction to promote stability in the local market and to find a stable and stable budget to know the needs of the market and what can be produced locally And to compensate for the shortage of imports. "
In 2016,

the Public Company for Exhibitions and Commercial Services issued a list of banned items for consumer protection, while an economist called for expanding this list to include all materials that could be manufactured and produced domestically, limiting the flow of money to unnecessary imports.

He called the academic economist d. Majid al-Bidhani to expand the list to include all that can be produced inside Iraq, which is the supreme economic interest of the country.

And the need to expand the list of articles prohibited to import according to the controls and studies carried out by a specialized team of the relevant sectoral ministries to determine what can actually be produced and what is difficult or can not be produced is compensated by the imported standard.

He pointed out that the economy of Iraq suffered greatly from the waste of money on the import of luxury, which requires speeding the review of this file to reduce the exit of funds, indicating the importance of directing productive investments in the sectors of industry and agriculture because the market absorbs their production and also are able to achieve a large proportion of self-sufficiency .

By Elena Kornienko.

Once upon a time, there lived a widow woman and her son, Jack, on their small farm in the country. Every day, Jack would help his mother with the chores — chopping the wood, weeding the garden and milking the cow. 

But despite all their hard work, Jack and his mother were very poor with barely enough money to keep themselves fed. And one day he was told by his mother to go and sell their cow and use the money to buy seeds to plant a good crop. On his way to the market he met a man who offered to buy the cow for three magic beans.

The boy did this deal, however his mother got very upset that he brought home only three beans…. Long story short, the magic happened and this family started making money and had a decent living. Fairy tale, right? We have been raised by so many stories like that, but did we relate any of them to our adult lives? Just last week I felt like this boy planting the magic seeds. The seeds of knowledge. The seeds to grow the expertise of local Iraqi companies which work with international oil companies (IOCs).

It’s no secret that upon completion of any tender exercise, most of the bidders do not get any feedback from Procurement team on what made them loose that contract. And in most of the cases it is not price, but the technical proposal itself. Even having all capabilities to perform services, most of the contractors struggle to understand how to put their proposals in the best way.

And Iraq, unfortunately, is not unique in that. It is a common situation that Procurement departments are detached from their bidders and contractors. Some of IOCs run workshops on understanding their specific requirements in tenders and systems, however what is still missing in the industry is a good education system for local contractors on requirements to tenders from IOCs.

Last week, 10th April 2018, the first training in Iraq on tendering skills for oil and gas contractors took place in Basra, which was run independently from IOCs. It was specifically dedicated to local Iraqi companies and all participants got to benefit from learning what exactly is happening in Procurement teams of IOCs operating in Iraq and what makes bids win the contracts.

It was the biggest surprise to all participants that 70 percent of bids do not even make through the technical evaluation, and Procurement teams do not even get to see their prices! And while this training was a matter of planting the seeds, the watering is still to happen.

From the left to the right: Majid A. Abdullah from Basra Chamber of Industry, Sabeeh H. Al-Hashemi, Iraqi Businessmen Union Basra, Elena Kornienko, InfoCORE Consultancy, Najih Shinawa Ahmad Alqanas, Basra Chamber of Commerce

After the training, the meeting with Basra Chamber of Commerce, Basra Chamber of Industry and Iraqi Businessmen Union took place to discuss the future opportunities for local companies. Whenever it comes to education and training, it is about the future vision.

It might seem that these three beans are too small for the exchange of a milking cow, but the magic of those beans should not be underestimated. All these organizations have a great understanding of the importance of the development of local Iraqi companies, and agreed to provide support in conducting future training sessions for local companies in Basra.

What was unique and magic about that meeting is the understanding that all participants are on the same level of grasping the needs of local companies development. It was planting those magic beans and start watering them to grow the capabilities of local Iraqi contractors to make the economy of Iraq more sustainable.

Elena Kornienko has more than 15 years of professional experience in contracts, procurement and tendering in various roles from demand-identification to contract close-out. She has worked on major international oil and gas projects, including the Sakhalin-1 and Sakhalin-2 fields in Russia, and Iraq’s West Qurna-2. Now based in Dubai, she provides consultancy services to the oil and gas industry. Elena is a fluent English and Russian speaker, and a graduate of the Moscow State University of Commerce, holding a degree in Economics. She also graduated with distinction from the School of Business Administration at Portland State University and holds a CIPS diploma.

IBBC Spring Conference 2018

Iraq: Building a diversified and modern economy 

Tuesday 24 April at Mansion House, London

IBBC’s Spring Conference returns on 24 April 2018, bringing to the heart of London the preeminent political and business figures involved in business and the economy of Iraq.

The theme for this years’ conference is Iraq: Building a diversified and modern economy. The conference aims to address the key challenges in building a diversified and modern economy, which will enable Iraq to build on the recent economic and social stability to progress into one of the Middle East’s major economies once again. Sessions will focus on Finance, Technology, Oil & Gas and Education.

The Government of Iraq has confirmed it is sending a high-level delegation of government representatives to the IBBC Spring Conference, which will be led by H.E. Dr Abdul Kariem Al Faisal, Chairman of the Iraq Prime Minister’s Advisory Commission (PMAC). The delegation will also include senior representatives from the Iraq Ministries of Oil and Industry.

The IBBC Spring Conference, held at the prestigious Mansion House, the home and office of the Lord Mayor of London, is traditionally IBBC’s flagship event, which attracts suppliers, investors, producers and buyers from Iraq, the UK and the wider international business community.

Prominent speakers include Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan and Kazakhstan, Alderman Sir Alan Yarrow, Lord Mayor, Locum Tenens, Ambassador Jonathon Wilks, Her Majesty’s Ambassador to the Republic of Iraq and Baroness Fairhead CBE, Minister of State for Trade and Export Promotion, Department for International Trade.

IBBC expects a high attendance at the conference and the new round tables are designed for close business interaction and the facilitation of in-depth discussion, where delegates can focus on particular sectors of interest and engage with speakers and industry experts on the issues that really matter.

With representatives from all major interested parties involved in Iraq expected to attend, as well as pre- and post- networking events, the IBBC Spring Conference 2018 will provide many opportunities for networking at the highest level, as well as providing exceptionally informative and experienced panels.

Sessions on the agenda include:

Finance: ‘Criteria and process for obtaining major project finance’ Chair: Mr Gavin Wishart, IBBC

IBBC has gathered several preeminent voices in the finance industry to discuss the challenges and opportunities Iraqi and international firms face in sourcing capital for major projects. Representatives from some of the largest international finance organisations, JP Morgan and Allan & Overy LLP, as well as representatives from UK Export Finance and GE will discuss in detail the criteria and process of obtaining finance for major projects in Iraq.

  • Mr Richard S. Wilkins, Executive Director – Export Finance, JP Morgan
  • Mr Tom Longmuir, Counsel, Allen & Overy LLP
  • Mr Guto Davies, Managing Director – Global ECA CoE Leader, GE Capital
  • Mr David Craig, Deputy Head of Civil Infrastructure and Energy Business, UK Export Finance


Technology: ‘Developing Iraq’s digital economy’ Chair: Mr Ashley Goodall, IBBC

The IBBC Tech Panel brings together the two leaders of the UK and Iraq e-government initiatives in addition to experts in FinTech and entrepreneurial hub development. The panel will address in detail how innovative new technology and the use of information and communication technologies (ICTs) can improve the activities in the public and private sectors to help Iraq’s economy and growth.

  • Mr Ahmed Elkady, Partner, Ernst & Young
  • Mr Ali Al Dahwi, Consultant, Management Partners
  • Mr Chris Fergusson, Director at The Cabinet Office (Government Digital Service)
  • Mr Mohammed Khudairi, Managing Partner, Khudairi Group


Oil & Gas: ‘Need for locally available products and services – how the sector can help diversification of Iraq’s economy’ Chair: Mr Vikas Handa, IBBC

This expert panel consists of representatives from the largest IOC’s in Iraq, Governmental representatives from the Iraq Ministries of Oil and Industry and an Oil & Gas expert from the Department of International Trade. The session will cover all key aspects of Iraq’s Oil & Gas sector for 2018, delivered by the preeminent experts in the field and will include a panel discussion and Q & A chaired by Vikas Handa, the head of IBBC’s Oil & Gas Sector Table and its GCC representative.

  • Dr Mark Wharton, Development Manager, Shell Iraq
  • Mr Mike Wenham, Commercial Manager, BP Iraq
  • Mr Bob Dastmalchi, Vice President, Business Development, Chevron
  • Mr Craig Jones, Deputy Director, Oil & Gas, Department for International Trade
  • Representative from the Ministry of Oil, Government of Iraq
  • Representative from the Ministry of Industry, Government of Iraq


Education and Training: ‘Developing human capital in Iraq’

The panel brings together leading representatives from academia and business to address the challenges of developing Iraq’s human capital to support its transition into a diversified, vibrant economy. Members of the panel have direct experience of challenges and advantages of delivering advanced education and training in-country.

Chair & Presentation: Professor Paul Boyle, President & Vice Chancellor, Leicester University

  • Mr Alex Haynes, Senior VP Business Development AMEA & Southern Europe, Wood
  • Mr Saadi Faraj Muthanna, Business Development Manager, Al Nukhba-OFS FZCO
  • Ms Christine van den Toorn, Institute of Regional and International Studies, American University of Iraq
  • Mr Will Follett, Director, Restrata

With a dedicated and well informed agenda, IBBC are bringing the experts and practitioners best placed to answer these questions, so the international business community can work towards framing the future and contributing to a modern and outward looking Iraq. Each session will emphasise the growing business opportunities for international companies.

For more information and tickets, please visit: or email

Chihod: Kuwait conference contract to destroy Iraq and dumping debt


The deputy speaker of the State of Law, led by Nuri al-Maliki, Mohammad Saadoun al-Chihoud, said Sunday that the Kuwait donors conference did not help Iraq, noting that "it was not held rather to help Iraq but to destroy it and drown it in debt.

""The major countries have abandoned Iraq again and abandoned it on several occasions, and this is conclusive evidence that the conspiracy against Iraq continues despite the failure of its chapters, which began to enter the rule through sectarianism and ending with the introduction of a terrorist," Chihud said in a statement.

"Iraq has lost billions of dollars because of its war with terrorism on behalf of the world.

The war has destroyed infrastructures and superstructures, and has delayed and delayed giant and big projects, as well as the wheel of development, reconstruction and construction.

"He pointed out that "the Kuwait donors conference was not held rather to help Iraq, but to destroy Iraq and flood it with debt and therefore the outputs of the conference does not carry any meaning to help and construction and reconstruction, but to drain the wealth of Iraq and its people,

pointing out that" Iraq needs 100 billion dollars as a grant to build and reconstruction of liberated areas As well as to complete the strategic projects in Iraq, and therefore the allocation of $ 30 billion in loans means the conference is free of its real content, "pointing out that this represents a huge blow to the economy of Iraq, which will continue to suffer dilution for many years.

Dictates conditions and controls the law so the world bank intervenes to the lives of iraqis

It seems that the confusion in the state’s economic policy in not creating new financial resources and reducing the dependence on oil revenues as the main financial source of the state prompted the Iraqi government to resort to the International Monetary Fund to obtain loans to pay the state’s financial expenses, which economists consider to be unhealthy because it makes the country Debt-laden for many years, which will be borne by future generations.

In May 2016, the International Monetary Fund agreed to lend Iraq $ 13 billion to meet its financial needs over a 10-year period at a rate of 1.5 percent, in return for imposing conditions that the Iraqi government would have to implement in the next state’s budgets until the loan is repaid.

Experts and experts on the Iraqi economic situation promised the International Monetary Fund for Iraq to "unfair" because it targets the staff and graduates, as well as interference with the decisions of the federal government, calling on the government to negotiate with the IMF to reduce its restrictions imposed on Iraq.

Member of the Committee on Economy and Investment Representative Harith al-Harthy, stressed that the most prominent conditions imposed by the International Monetary Fund on Iraq in the budget in 2018 was to reduce expenses and not to launch appointments and reduce the salaries of employees and retirees.

Al-Harithi told "One News" that "the conditions of the IMF is an interference in the Iraqi affairs and this is borne by the government for not to develop economic plans to diversify the financial revenues and not rely on oil, such as activating the levies and collect them from border crossings and customs and support the private sector and the implementation of some development projects, Debt-laden and bound by international conditions ".

He pointed out that "the salaries of employees red line can not be touched and the Iraqi government not to respond to the IMF in this regard because the employees and retirees are the poorest segment of society and in dire need of salaries and do not receive either a quarter of their dues in the state," noting that "Iraq is obliged to implement conditions International criticism because it is governed by agreements and protocols.

" He pointed out that "the budget of 2018 is no different from the previous in 2017 in terms of expenditure distribution of revenues, as some of the paragraphs of a lot of ambiguity requires the government to clarify it," calling the Parliamentary Finance Committee and in coordination with the Office of Financial Supervision to "follow the final accounts of previous years And know the size of spending and know the difference in prices between the sale of oil and heights and differences to know where the money went.

Leaks about the budget of 2018 revealed leaked documents on the draft draft law of the general budget of the country 2018, for the total value and the proportion of deficit, in addition to the proportion of Kurdistan, amounting to 12.67%.

According to these documents, the total revenue was estimated at 5 trillions and 331 million dinars at 43.4 dollars per barrel of oil, with a production capacity of 3 million and 888 thousand barrels, including about 73 trillion dinars of oil revenues.

The total expenditure is estimated at 108 trillion and 113 million and 913 thousand and 506 dinars, while the budget deficit amounted to about 22 trillion and 782 million and 913 thousand and 506 dinars, while the share of the Kurdistan region to 12.67% only after it was 17%.

The draft budget was based on the export rate of oil of 3 million and eight hundred thousand barrels per day, including 250 thousand barrels of oil in the Kurdistan region, and 300 thousand barrels of Kirkuk oil, where the budget was built on the basis of the price of a barrel estimated at about $ 43, Remains the largest supplier of the budget.

In addition, the parliamentary finance committee revealed the continuation of the Iraqi negotiations with the International Monetary Fund on the granting of loans and restrictions.

"The conditions of the International Monetary Fund on Iraq was unjust because it targeted the staff by reducing their salaries by 4 percent and the unemployed graduates, and this will inflame the Iraqi street," said Mahasen Hamdoun, a member of the committee.

"The Iraqi government is still continuing its negotiations with The International Monetary Fund to reduce some conditions and reduce them so as not to harm Iraq.

" She pointed out that "the budget of 2018 unfair to many Iraqis, especially in the affected provinces to non-compensation of citizens degrees of career for the previous three years and not to allocate funds for reconstruction or compensation of homes of affected citizens," stressing that "the budget did not take into account what reached these provinces of destruction and non- During a period of urging the terrorist.

" For his part, said the economist Abdul Hassan al-Shammari, that the conditions of the International Monetary Fund and the World Bank is a great benefit to the economy of Iraq as it aims to reduce the great waste of Iraqi funds.

Al-Shammari told "One News" that "among the terms of the cash reduction of the number of employees by providing employment opportunities in the Iraqi private sector," pointing out that "the budgets of Iraq is a budget for salaries of employees as the number of employees in Iraq exceeds the number of employees of the United States,

The population of the United States is 350 million and has 4 million employees, while Iraq has a population of 36 million and the number of employees exceeds 4 million and a half million and this is a waste of public money.

He pointed out that "there are many files wasting through the money, including the ration card where it is allocated large funds and does not reach, 25 percent of them to citizens," stressing that Iraq needs a clear economic vision to adopt Iraq again through activating the private sector and diversify the country’s financial resources " .

The fall in oil prices on world markets since June 2014 has largely affected Iraq’s oil-dependent economy to finance more than 90 percent of the country’s expenses, as well as the spiraling costs of war against a staunch organization. 7%E1%D4%D1%E6%D8%20%E6%ED%CA%CD%DF%E3%20%C8%C7%E1% DE%E6%C7%E4%ED%E4..%20%E5%DF%D0%C7%20%ED%CA%CF%CE% E1%20%C7%E1%C8%E4%DF%20%C7%E1%CF%E6%E1%ED%20%C8%CD %ED%C7%C9%20%C7%E1%DA%D1%C7%DE%ED%ED%E4#.WinMRFWnG Uk

In an interview in Amman, the Association of Banks and the IMF discussed challenges facing the economy

Baghdad / Al- Sabah
discussed the Iraqi private banks association with the International Monetary Fund challenges facing Iraq ‘s economy during the current stage and ways the face of the economic crisis and the Convention to prepare the credit , which Iraq signed with the International Monetary Fund in 2015.

The Executive Director of the Association of Iraqi private banks, Ali Tariq, in Press Release "A delegation from the Association of Private Banks met with the head of the mission of Iraq to the International Monetary Fund, Christian Jos in the Jordanian capital Amman.

During the meeting, he discussed the challenges facing the Iraqi economy during the current stage and ways to face the economic crisis and agreement Stand – which Iraq signed with the International Monetary Fund in 2015 ".

Tariq added that "during the meeting, put forward the vision of the Association of Iraqi private banks to make way for private banks to take their natural role to stimulate the economy of Iraq by allowing the government to deal with private banks with a view to restore confidence to the banking sector,

" adding that " Including on the development of the banking sector in terms of compliance and compliance with international requirements, especially with regard to operations against money laundering and financing of terrorism and the Association in cooperation with the Central Bank in the training of 70 percent of employees in the banking sector of Iraq.

On the other hand, the head of the mission of Iraq to the International Monetary Fund, Christian Jos, a summary of the economic situation in Iraq and talks with the government under the Convention on
credit readiness .

"The IMF looks forward to maximizing the non-oil resources of Iraq’s economy by developing industry and agriculture, improving services and customs control, and revisiting its mechanism of action," the statement said.

He added that "the organization of customs work will be an important resource for the Iraqi government in the next phase in the light of low oil prices," adding that "the International Monetary Fund is expected to be the price of a barrel of oil during the next five years at $ 50 per barrel."

Association of Banks and the International Monetary Fund are discussing the challenges of Iraq’s economy

The Iraqi Private Banks Association discussed with the International Monetary Fund the challenges facing the Iraqi economy during the current stage and the ways to face the economic crisis and the credit readiness agreement signed by Iraq with the International Monetary Fund in 2015.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, The statement that "a delegation from the Association of Private Banks met with the head of the mission of Iraq to the International Monetary Fund, Christian Jos in the Jordanian capital Amman, and during the meeting, discussed the challenges facing the Iraqi economy during the current stage and ways to address the economic crisis and the Convention D of credit signed by Iraq with the International Monetary Fund in 2015.

Tariq added that "during the meeting, put forward the vision of the Association of Iraqi private banks that the government should allow private banks to take their natural role to stimulate the economy of Iraq by allowing the government to deal with private banks with a view to restore confidence to the banking sector,"

adding that " A comprehensive presentation on the development in the banking sector in terms of compliance and compliance with international requirements, especially with regard to operations against money laundering and financing of terrorism and the Association in cooperation with the Central Bank in the training of 70% of employees in the Iraqi banking sector.

On the other hand, the head of the mission of Iraq to the International Monetary Fund, Christian Jos, a summary of the Iraqi economic situation and talks with the Iraqi government under the framework of the Convention on Credit.

"The IMF looks forward to maximizing the non-oil resources of Iraq’s economy by developing industry and agriculture, improving services, controlling customs and revising its mechanism of action," the statement said.

He added that "the organization of the work of the customs will be an important resource for the Iraqi government in the next phase in the light of low oil prices," adding that "the International Monetary Fund is expected to be the price of a barrel of oil over the next five years at $ 50 per barrel."