Corruption has become the biggest threat to the future stability of Iraq following the defeat of Islamic State, Britain’s ambassador in Baghdad has told the Evening Standard newspaper in London.

Jon Wilks said that although there were “remnants” of IS still present, the country was “settling down ahead of expectations” and starting to recover from decades of war and insurgent attacks.

But he warned that corruption — which this month sparked violent protests in Iraq’s second city Basra — still posed a significant risk because of the negative effect that it had on business investment and public confidence.

Full report here.

(Source: Evening Standard)

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Economist: The government needs a supplementary budget to manage surplus oil revenues

The economic expert, on behalf of Jamil Antoine, on Friday, the need for the government to a supplementary budget voted on in Parliament to act surplus oil revenues, indicating that the government does not disclose the size of the amount in possession of surplus oil as it suffers a budget deficit of more than 13 trillion dinars.

Antoine said that "the amount of surplus oil revenues is not disclosed by the government because its budget suffers deficit of more than 13 trillion dinars."

He pointed out that "the government can not act with surplus oil revenues because the budget voted by the parliament and the disposal of the surplus is through a supplementary budget approved by the House of Representatives."

He explained that "the government’s debt to the Central Bank of up to 20 trillion dinars, and there is a separation between what the central bank and the state budget."

He stressed that "the budget provided for the year 2019 calculated the price of a barrel of oil at $ 55-60 dollars, is the budget of speculation may raise the price of a barrel or decline, which made the government to put this budget."

Antoine denied that "the existence of an explosive budget, the treasury of the government required more than $ 100 billion internally and externally, and thus will use their money to repay their debts in addition to supporting the private sectors, industrial and agricultural."…3%D9%85%D9%8A/

Iraq .. Ebadi reconcile with the Dawa Party


Iraqi political source announced the reconciliation of Iraqi Prime Minister Haider Abadi with the leaders of the Dawa party, to which he belongs.

The source told RT that "the meeting that took place today for the Dawa Party in the headquarters of the party and attended by Abadi and the Secretary General of the party Nuri al-Maliki and other leaders, ended by an agreement on the participation of the party one negotiating delegation in the process of forming the next government."

The source added that "Abbadi reconciled with Maliki and the rest of the leaders after a period of tension and tension between them because of what the leaders of the party described Abadi adherence to power."

The Central Bank announces the receipt of all dollar-specific issues


The Central Bank of Iraq announced on Saturday that it will receive all the dollar-denominated issues, indicating that this comes to prevent judgment in accepting or rejecting some foreign currency notes.

The bank said in a statement received by Echo Agency that it will receive all foreign currency notes from all banks on the basis that the banknotes are good and according to the criteria set by the bank’s foreign bank receipt mechanism.

"The aim of this is for regulatory purposes in order not to get the jurisprudence of some banks or exchange offices to accept or reject some of the foreign currency (dollar) circulation."

It is noteworthy that some banking offices refuse to buy or deal with the category of $ 100 from previous editions before 2006, in addition to not dealing with the category of one dollar.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th Sept 2018).

Please click here to download a table of listed companies and their associated ticker codes.

Note: ISX was closed today (Sep. 20, 2018) due to religious holiday, 10th Day of Muharam “Ashura”. The next trading session will be held on Sunday (Sep. 23, 2018).

The RSISX index ended the week at IQD706 (-1.8%) / $753 (-1.8%) (weekly change) (-12.9% and -9.9% YTD change, respectively). The number of week traded shares was 892.6 mn and the weekly trading volume was IQD544 mn ($446.9 k).

ISX Company Announcements

  • Gulf Insurance and Reinsurance (NGIR) will hold an AGM* on Oct. 3, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of NGIR starting Sep. 30, 2018
  • Original shares of Al-Hamraa for Insurance (NHAM) resumed trading on Sep. 19, 2018 after discussing and approving 2017 annual financial results and increasing the capital from IQD5.0 bn to IQD7.0 mn through 40% bonus issue.
  • Cihan Bank for Islamic & Finance (BCIH) resumed trading on Sep. 18, 2018 after discussing and approving 2016 and 2017 annual financial results and to distribute 11.8% cash dividend (IQD0.118 dividend per share, 4.5% dividend yield).
  • Al-Harir for Money Transfer (MTAH) resumed trading on Sep. 18, 2018 after discussing and approving 2017 annual financial results.
  • Kurdistan International Bank (BKUI) will hold an AGM* on Sep. 22, 2018 to discuss and approve 2017 annual financial results. ISX suspended trading of BKUI starting Sep. 18, 2018.

Republic of Korea supports UNHCR’s humanitarian activities in Iraq

The Government of the Republic of Korea continues its support to UNHCR’s humanitarian activities in Iraq with a new donation of US$ 1.2 million.

Despite promising signs of recovery in parts of the country, millions of Iraqis still need comprehensive humanitarian and protection assistance. Some 1.9 million people are displaced; hundreds of thousands are in camps. Many will not be able to return home any time soon.

Rebuilding Iraq is no small task. As the country gets back on its feet, it is vital that the people who need emergency assistance continue to receive it for as long as they need it.

Communities affected by the recent conflict are beset by hardships. Thousands of vulnerable people arrive in UNHCR-managed camps every month because they cannot find work or pay rent in their home areas, because progress in clearing explosive hazards is slow, or because services like water and electricity are not functioning.

In July alone, 1,700 families – over 10,000 people – arrived in camps across Iraq. The majority of the new arrivals were displaced at least once before. With each displacement, people become more vulnerable.

H.E. the Korean Ambassador to Iraq, Mr. Song Woong-Yeob (pictured), said,

“The Republic of Korea is deeply committed to supporting humanitarian activities in Iraq and will continue to stand by Iraqi people who are in need of humanitarian assistance. I firmly believe that Korea’s continuing support for the activities through the Iraqi Government and international organizations like UNHCR will further help the endangered Iraqi people to recover and rebuild their communities by imbuing them with hope for a new future.”

Mr. Bruno Geddo, UNHCR’s Representative in Iraq.

““There is no quick fix for Iraq. For people to see tangible improvements in their lives we must continue to respond to the situation, and stand beside the Iraqi people until they can return home safely. Sustainable return is a cornerstone of long-term peace and stability, and thanks to donors like the Republic of Korea, UNHCR is able to backstop Iraq’s journey to recovery. We will support the country’s most vulnerable people for as long as they need us.”

(Source: UN)