Economic Issues Facing Iraq

Experts and academics are proposing to Abadi, a detailed plan for economic reform

04/10/2015 (00:01 pm)

Baghdad / term

A number of experts and academics Iraqis detailed memorandum to the Prime Minister Haider al-Abadi for the reform of the economic situation in the country, confirmed that it had prepared in consultation with a number of senior economists and technicians Iraq in order to lift the national economy of the rentier trap heavy reliance on the oil sector in the financing of the state budget and overall economic activity.

Experts and students, according to the memorandum, which took over the "long" a copy of which redirect State Activity and the private sector to stimulate the housing sector urban growth, education, health and development on an urgent basis, as well as emphasis on reconstruction and rehabilitation of the liberated areas of Daash in order to resettle the displaced there, also included proposals to develop the sector Agricultural and address water scarcity depending on drip irrigation techniques, calling to activate the Iraqi diplomatic role in maintaining the water rights of Iraq.

The experts made proposals included three sections, the first activation of the non-oil sector can stimulate the production and generating productive jobs in promising sectors of reduced need for foreign exchange and import, and the second included the oil and gas sector, which they said was injury international ban a lot of degradation, while ensuring Part III demands and proposals other detailed addressed to the government.

Experts stressed that the reform of government departments, development and the fight against corruption are essential conditions for economic advancement and success of future proposals, policies and strategies listed in the note.

Note details:

(The first Door) :

Activation of the non-oil sector can stimulate the production and generating productive jobs in promising sectors of reduced need for foreign exchange and import

Iraq suffers from a few economic problems is the most important drop in oil prices and revenues from the state, which threatens serious problems of the balance of payments and the exchange rate of the dinar also if serious economic measures are not taken urgently within the agreed timeframe. This note will not enter the details of some of the figures are alarming deterioration of the financial situation she is known, without a doubt, the pillars of the government as some international organizations.

We have resulted in dwindling revenue is little public budget deficit in 2015, as the 2016 budget indicators to some extent the deployment of which refers to the worsening of the large gap between revenue and public expenditure and to the possibility of entering the country Bmdioniat large and very high interest rates Stkpl the future of the national economy. The recovery in oil prices is a clear evidence does not justify any slack endeavors to diversify the economy and repair the damaged mechanisms as that of these directories to be and that is pushing for the rationalization of public spending programs if they want to play for our country again.

Sag has led to a state with corruption to weaken the effectiveness of the economic and service performance at a time when Aldoaash lawful wide provinces of Nineveh, Anbar, some of Salahuddin and took control of the most important Anciabat the Euphrates River to threaten the sustainability of agricultural activities in the Middle Euphrates and the south. Military and Saralanvaq and things to displaced people and martyrs, widows, orphans and disabled war is draining financial resources and youth task at a time when spending money on salaries and pension and privileges of politicians and senior staff productivity and low resources.

The economic path for the country Mozuma a long time ago, will race rates and government consumption expenditure, is Tbaziri, through more than three decades led to the reversal development performance. Infrastructure has deteriorated and destroyed Ohunt and technical capacity to manage the economy and the state and its facilities as a result of extensive migration of professionals from doctors, engineers and scientists.

On the other hand, it is pumping very tempos rise to the growth of the population large numbers of job seekers state will not be able to provide enough of them in the future in light of the financial Haunted menu. The post-2003 has witnessed the largest recruitment is the product that distorted the labor market structure and depleted oil resources to finance the weak, if not negative yield economically and Khaddmaa.

As a result of population growth it has exacerbated overcrowding in cities and housing that was one of the important impact rising urban land prices and housing rents and the values ​​of real estate problems. And to the extent that quite a few, this is due to the increasing index residential unit per population.

This in crisis situations, with youth unemployment rampant, justifying the importance of focusing on alternative policies to create enough jobs in production and service fields Syndrome (and fast) outside employment, which exacerbated the disguised unemployment in the state scale.

With the housing crisis rampant, there are still potential and promising to provide a lot of productive jobs if the State has prepared a prudent strategy to provide an increasing number of housing units built within human settlements eligible. And these settlements would have to be designed to also provide the most important services such as water, sewage, electricity, and transportation, educational and health services, not to mention the space required for the sport, toys, entertainment and shopping. Focus on them and will generate significant employment opportunities, which will not have to spend Mstelzma high import requirements in necessarily if coupled with spending went there a companion proposal to activate the lending and to provide active support of specialized banks for the growth of the construction industry. This will lead to reduced demand growth (non-Almdharbati) on the dollar, which tends to display a growing scarcity with the deterioration of state revenues. And by increasing the real value-added locally within the construction industry, also feasible to grow jobs by attracting researchers on the work productivity of rampant unemployment allowance. .

For facilitate the financing of housing required from the pan researchers citizens for shelter, there is an urgent need to facilitate long-term financing and for at least (25-30) years of guaranteed housing that will be built to be a reasonable interest rate and lending extends to include pan researchers citizens for housing prices.

On the other hand, despite the anticipated water crisis, there is a potential for increasing employment and production in agriculture by stimulating investment in drip irrigation in particular. So, it will have to be the subject of drip irrigation more attention from the Ministry of Agriculture agencies and banks and government initiatives concerned with the development of this sector generator of jobs and tributary of production.

For the purpose of sustainable agriculture and revive initiatives, we demand the government to give water problems with neighboring countries importance they deserve within our diplomacy, which were not effective in this vital area of ​​the functions of the balance of interests of the country.

There are additional proposals multiple of what we have presented above are included in Part III below, and the goal of many of which promote work towards the rationalization of public spending on the one hand and to go strategically, but urgently, towards a focused investment programs aimed at reducing unemployment and poverty rates significantly also seeks to convert some of the workers currently in the country about the activities and business development in charge of productive employment outside the scope.

And when the country was suffering from the pressures of very rapid population growth, beware of the worsening scarcity of water and financial resources, not to mention the pervasive unemployment, and especially the ones that promote youth unemployment trend toward large-Immigration Given the utter failure to keep pace with the growing demand for jobs.

So we ask the government to pay heed to the serious long-term problems through the implementation of effective programs for organizing prisoners.

These proposals and demands of government calls for economic reform many areas and is not limited to the macroscopic features of the required policies. Our demands exceed the latter to intervene in the reform and strengthening of the features of a number of sectoral and spatial policies as well.

The most important of these policies required in real time the need to create a development model that works and unsustainable within a geographical spots of the most secure country and we propose here to focus on the provinces of Basra, Maysan and Dhi Qar, because of the relative security and geographical convergence. What is required here is that the development model desired there becomes a role model for other less stable parts of the country and thus begin the first steps, "the spread of the successful example of development" within reconstruction programs.

And until very recently when the financial resources are plentiful (which is no longer the case), the reconstruction programs had been stalled and stalled and became known that corruption, nepotism and quotas and the marginalization of Iraqi competencies at home and abroad had been missed opportunities for development will not return. If the government does not now moving towards the development, operation and reconstruction and the fight against poverty, the country and its development path will remain Mazomanie retardation and sentenced to indeterminate.

Conditions will require reform of the state transparent frankness with his work will enable citizens, including in the light of available resources and priorities. And it would have to be also determine the responsibilities of what happened from wasting development opportunities was not justified and is therefore no longer acceptable at all !!

Reform conditions would require the abolition of political, sectarian and ethnic quotas in the allocation of responsibilities the state and fight corruption effectively and to return to the Iraqi competencies which are all the tasks required of Mr. Prime Minister, in order not to frustrate the trends in support of the development and evolution and diversification of change in the economic structure of the country.

(Part II): the oil and gas sector

Hit the international embargo this sector a lot of degradation. And re-developments of the post-2003 investment activity to crude oil branch and transferred to ports while did not get to develop refining capacity and energies associated natural gas processing sufficient attention. The Aldaashah attack on the Baiji refinery and has withdrawn from the actual refining the country's largest and most important refineries amounting capacity of 310 thousand barrels per day, without offset Basra refinery expansion is 22%, which has refining capacity of the country, which resorted to increasing import of oil derivatives.

It came oil licensing rounds in the excessive ambitions to increase production and exports. And as it turns out from the collapse of the recent oil prices, the glut of oil supply as a result of the development of new technologies for the drilling and extraction of shale oil and increase the supply of sustainable energy alternatives have led all of us to price pressure on traditional oils, including the Iraqi oil which will increase competition between exporting countries on the stakes in the energy markets and driven to provide price rebates for imported diameters.

In the province of Kurdistan, headed the government for the use of contracts to participate was mostly with small companies and Bklv high. The look territory prevailing similar to the prevailed among the federal government that the oil is halal first problems, a view which proved to developments in oil prices nullity since late 2014. Since the coordination and integration in the oil policies between the center and the region are weak, it has reinforced the pressure on world oil prices and lost Both parties amounts and promising result of this competition.

In light of the increasing need to fund the budgets of Iraq and the region, it becomes a talking today about changing the terms of the contract with the oil companies and in favor of Iraq's elusive unless I checked the Ministry of Oil and Ministry of Natural Resources their policies productive and export, in a coordinated manner, towards the preservation of oil and gas reservoirs of the rapid attrition.

In the natural gas sector, Iraq was burned in 2014 nearly half of the total production of natural gas is no longer justified nor acceptable (by OPEC) figures.

From here we demand the governments of center and the region not to compete and to coordinate in order to serve the interests of all Iraqis in maintaining the oil wealth of the rapid attrition and low prices and the burning of natural gas. We also call Baklnh production and export programs and review for the purpose of contributing to the pressure to increase world prices after the change display modes of non-conventional oils, which may not be far off in time now. We also call on not to enter tours licenses or contracts for new post nor the expansion of oil production in Kurdistan of Iraq in order to strengthen the tendency to diversify the Iraqi economy as a whole.

We call on the Oil Ministry to speed up programs and projects associated with the use of natural gas from fields in the south, both to generate electricity or as raw materials in the petrochemical industry and fertilizer industry. We call on the ministry that a time perspective to be included in the reduction of gas flaring rates down to stop the burning in Iraq together economic and environmental reasons.

We also demand to re-establish the national oil company to take over the management and implementation of oil production operations, either directly or in cooperation with oil companies within the framework of service contracts to keep the oil ministry responsible for relations with OPEC and the sectors of refining and distribution of local as well as on public policy in the sector and coordination with the electricity sector to provide him with energy sources and coordination between the region and the oil-producing provinces.

We also demand an investigation and accounting of corruption in the case of the oil sector in the event that other state institutions.

For refining problems and a lack of supply, we call on the Ministry of Oil to study potential alternatives and the technical and capital and operating costs for the involvement of the Iraqi private sector to invest in the establishment of distillation units and a small mobile Skid Units near production fields.

Finally, as a result of the problems faced by the country during the recent period, we demand to study the possibility of the establishment of the Ministry of Energy to include the petroleum industry and electricity industry within a common organizational structure.


* Dr. Fadel Abbas Mahdi - formerly director of economic analysis at / United Nations Economic Commission for Western Asia and the international adviser in development planning / Secretariat of the United Nations (formerly)

* Dr. Maytham and coffee - a university professor in Economic Sciences

* Dr. Hashim Ali / international economic expert

* Dr. Mohammed Saeed Alaill - economic resident in Austria

* Prof. Kazem Habib - economist and writer

* a. Dr.. Abdul Salam Idrisi - economic and retired / San Diego / California

* Dr. Zaid pill - IT expert

* Dr. Jassim Mohammed Ali - economic and retired university professor

* Dr. Saad Fathallah - economist and university professor

* Dr. Qasim Hamoudi Aekeche - Consultant Engineer (Power)

* Fouad Al-Kazemi / oil expert and retired

Hamid Alkfayy - economic Vshfy

* Dr. Obeidi successful - economic and Tax Expert

* Successful Hassan Mahmoud - consumption

* Dr. Medhat al-Quraishi - economist and university professor / expert Industrial former UN

* Dr. Sadiq Aynati - Consultant / Engineer sustainable urban development
Experts and academics are proposing to Abadi, a detailed plan for economic reform

05/10/2015 (00:01 pm)   -   the number of readings: 338   -   number (3470)

Baghdad / term

A number of experts and academics Iraqis detailed memorandum to the Prime Minister Haider al-Abadi for the reform of the economic situation in the country, confirmed that it had prepared in consultation with a number of senior economists and technicians Iraq in order to lift the national economy of the rentier trap heavy reliance on the oil sector in the financing of the state budget and overall economic activity. Experts and students, according to the memorandum, which took over the "long" a copy of which redirect State Activity and the private sector to stimulate the housing sector urban growth, education, health and development on an urgent basis, as well as emphasis on reconstruction and rehabilitation of the liberated areas of Daash in order to resettle the displaced there, also included proposals to develop the sector Agricultural and address water scarcity depending on drip irrigation techniques, calling to activate the Iraqi diplomatic role in maintaining the water rights of Iraq.
The experts made proposals included three sections, the first activation of the non-oil sector can stimulate the production and generating productive jobs in promising sectors with low need for the foreign sector, import, and the second included the oil and gas sector, which they said was injury international ban a lot of degradation, while ensuring Part III demands and proposals other detailed addressed to the government. Experts stressed that the reform of government departments, development and the fight against corruption are essential conditions for economic advancement and success of future proposals, policies and strategies listed in the note.
(Part III): the demands and other detailed proposals addressed to the Government
Government demand the following:
The Council of Ministers and the House of Representatives
The removal of the most important institutions of the economy and money from quotas like the Central Bank and Ministry of Finance and Planning Ministries of agriculture, industry, water resources, electricity, Aykalha to experienced and professional specialty fair figures.
The Ministry of Finance in cooperation with the Central Bank in the fiscal and monetary policies:
(1) a serious fiscal and monetary policies, including the review of the exchange rate policy by hawkish relationship with the goal of maintaining cash reserves from further deterioration to be done in the short-term and urgent in order to reduce costs drained. We call for the fight against Almdharbati demand for the dollar and corruption and to tighten controls on speculators and activation of deterrent penalties on the use of foreign currency for the purposes of money laundering.
(2) warn of the rapid deterioration of the reserves of foreign central bank and the Development Fund for Iraq, and we demand to address its effects through serious and quick decisions to achieve some diversification in state revenues with the deduction rate of 3 percent per year from oil revenues to create a national fund for financial stability is another tool to keep the financial situation It is less volatile.
(3) approval of the central bank to change the foreign exchange banks for the purposes of foreign trade mechanism in order based on the letters of credit Letters of Credit regarding the imports of goods and trade in general goods. As for foreign transfers required for imports of services for the purposes of foreign exchange to individuals (travel, tourism, telemedicine, education abroad, retired resident transfers outside the country, remittances sale Iraqis to their property within Iraq, individual transfers for private purposes, etc ....) will be possible to estimate the total volume quarterly and annually by the Central Bank to issue regular instructions about its mechanisms to commercial banks and money transfer companies.
The Ministry of Finance and the Ministry of Planning to achieve strict control public spending and enhance the efficiency of his administration, including will ensure accuracy in estimating the costs of operating and investment expenses and programming spending in order to Akunan not necessarily linked to the volatility of oil revenues.
Ministry of Finance:
(1) by binding fiscal rules by setting a ceiling reasonable and decreasing through time to the inability of the financial budget planned to GDP, and scalable expansion in public spending and reduce government employment gradually with the reduction of disguised unemployment and activation of getting rid of the financial burden for the existence of "aliens measures" between staff and military circles.
(2) the achievement of social justice within the civil service and in the pension rights by reducing the large differences between the salaries and allowances with a review of pension laws to prevent waste of public money enormous salaries and unjustified at all (for a poor country and late, such as Iraq) earmarked for retirement and privileges of politicians did not serve in the state, but short periods Some of them work in the House of Representatives and former presidents and former presidents of the House of Representatives and the ministers, and others.
(3) the Ministry of Finance to address the problems of border crossing points, especially corruption and the slow pace and control and quality control with the cooperation with experienced international institutions, including UNCTAD, in the automation of customs work electronically.
(4) by emphasizing the necessity of activating the revenue collection in various ministries and state institutions, and to reduce waste and orientation consumer and to the strengthening of the trend towards production and towards production and service projects designed according to the principle of cost / benefit with the training of national technical personnel on the methods of economic and engineering evaluation of projects in different sectors.
(5) reduction of privileges and allowances and additional especially the ones that you get the provincial councils, also call for linking wages and incentives and privileges productivity and excellence systems and also Bmhak work and its necessity versus non-desirability to use it, especially in environment-related urban and cleaning sectors.
(6) reduction of the trend towards government employment to solve the problems of unemployment, and to consider a government job privilege is difficult being awarded and linked to the principles of the need for Labour and Social its cost and the honor of the profession and the job performance and productivity, and activate the demobilization of a government job to the wrong people, especially in the Administrative Supreme sites decisions if it proved to be the efficiency of its employees and the lack of maturity when some of them for the job in question.
(7) We demand Baltfiel progressive law of customs tariff, the choice of a range of goods that can lead to the existence of alternatives to domestic production of her (via compensation imports), whether in agriculture or industry, as well as taxing high Kmarkip harmful to consumer health and luxury ones too.
(8) the strengthening of the trend towards fiscal decentralization, and particularly the collection of local non-oil revenues in the provinces is belonging to the province with the strengthening of the role and effectiveness of the financial watchdog Fed to monitor and audit the performance of various institutions as well as the work and management of provincial councils in the financial aspect and includes scrutiny of the Kurdistan region expenses.
(9) to activate the tax systems and forms of fees and wages of different services, and make them gradually increasing real basic alternatives to oil revenues regardless of the prospects for the return of oil prices to rise. And we will favor a focus on the general principles for the adoption of taxes such as justice, flexibility and efficiency, which is the ability to tax collection not to mention its role in the redistribution of income and wealth as well as financial targets for taxes. We stress here on the principle of progressive large income and capital gains taxes, which also should profit resulting from the financial currency speculation in order to limit the negative effects of targeting.
(10) adjusts the management of public finances to be guided by the recommendations and principles adopted internationally regarding disclosure and transparency and the preparation of final accounts and estimation methods, tenders and contracts and adjust the deficit, and strive hard to shift from budget items about balancing performance as developmental. We demand here also to prevent the financing of the current budgets of foreign loans which interest rates per cent more than the 6 per year as is the case of international bonds that finance minister sought to promote an interest rate in excess of 10 percent annually.
(11) Ministry of Finance and accelerating the application of a uniform electronic financial system of all revenues and expenditures of the state.
Ministry of Communications: We recommend to break the monopoly of the telecommunications decisions and expand the number of private companies working in this field in order to promote competition and lower prices.
Ministry of Commerce :
(1) reducing the size and role of the Ministry of Commerce and the massive recruitment where the actor and the reduction of its current role in the import, especially in the auto trade. And expect to move Padres how Tazyszkvaeh ration card file with the presence of a broad movement for the displaced justify the introduction of an exceptional and temporary measures for the effective role of the Ministry of Displacement and Migration in the distribution of the ration card receivables in the new residence areas with reduced allocations ration to the provinces which they were displaced.
(2) interest materials ration card will enable production nationally with confirmation from the Ministry of Finance to buy national priority agricultural commodities instead of import where economically feasible.
The Ministry of Industry:
(1) reducing the role of the ministry of industry in production strengthened with the establishment of industrial cities and in support of industrial policies relating to technology transfer and research and development. One of the areas that favor the emphasis here is to support pioneering projects in the development of software and electronic systems Systems and software business.
(2) direction to the stalled privatization of companies for production only, with emphasis on evaluation of its capital assets equitably, especially items which assess the true values ​​of the territory in the market and in the asset side. We emphasize the limited privatization on those public companies that ceased to exist assets of machinery, tools during the past ten years.
(3) When deciding to privatize any public company stopped production for more than a year, it would have to be the Ministry of Finance to find a fair and more efficient mechanisms to ensure that workers and staff and technicians them rights in particular, including taking them to projects and facilities may need some of them Services and the assignment of the elderly to retire.
(4) the formation of a specialized technical committees and high level of expertise to evaluate the work and productivity problems in general industrial projects and other working in order to suggest ways to enhance the effectiveness of industrial departments in which to work on a commercial basis and the loss and to propose sufficient to stimulate increases in production and productivity measures and to raise the exploitation of production capacities available in the purpose of profit rates standards stimulate their competitiveness with alternative imports to produce them.
(5) In light of the current mass unemployment, we call on the government of the need to make critical decisions through government banks, and with the support of the Ministry of Finance, to exempt dead debt to a number of important industrial enterprises and non-performing and non-stalled production, which accumulated over previous years, in order to give serious opportunities her to continue productive work within the state sector.
(6) before making a government decision to privatize any industrial project, and pursuant to the principle of transparency and disclosure, we call on the government to publish all the studies and reports prepared since 2003 for the industry and the industries of the public sector and other in order to enlighten the public professional opinion about the problems and the prospects and constraints of work there.
(7) an effective policy to Ajtlab administrative efficiencies and foreign capital (direct) and specialized technology in some sub-sectors of the manufacturing industry and that Iraq has a comparative advantage or absolute Kalptrrukemaoyat, fertilizer and pharmaceutical industries while encouraging direct private and national investment to participate with the head of direct foreign capital in order to technical knowledge transfer and administrative and marketing not to mention advanced technologies.
We recommend legislation of economic laws, and to activate the laws in force as a law of customs tariff, and the Consumer Protection Act and the law of retired workers in the private sector, and the Social Security Act, and the law of the distribution of federal financial resources towards the escalation of annual significantly the percentages for the distribution of the financial budget revenues towards investment allocations and operational spending account.
The Ministry of Planning and the various ministries and departments of the provinces:
(1) to reconsider ways calculated the cost of projects within the investment budget, leading to reduced and they do not exceed the known global proportions, taking into consideration the risks and cost of the difficult security conditions in some areas.
The Ministry of Electricity and the Office of Audit and financial specialists Iraqi high-ranking:
(1) prepare a thorough and urgent report carried out by a number of high-ranking Iraqi specialists for the electricity sector problems, despite the massive spending by the publication of the report and referred to pursuant to the principle of transparency and specific responsibilities for negligence, corruption and others.
(2) The report referred to diagnose timely and urgent solutions to the problems of production and generation, maintenance, administration and tax collection and government pricing in the electricity sector and the potential reduction of private generators in residential neighborhoods to reduce the environmental pollution caused by the operation there ..
Ministry of Agriculture and Ministry of Water Resources and Agricultural Initiative:
(1) seeking a serious effort to lift and enhance the efficiency of water use in irrigation by encouraging the use of drip irrigation.
(2) to give high priority to revive the province of Basra economy by solving the problems of salinization of waters, whether for drinking or in irrigated agriculture and cross-connect hard, and at the highest political and religious levels, with neighboring Iran, which connects Iraq by good relations, to solve the problems arising from the sweet water contained pieces to the Shatt al-Arab, which cause great damage to the overlapping water entering the sea.
(3) seeking a serious effort with neighboring Turkey to stop diverting water across the Tigris Ilisu dam project, which will expire in two years, or nearly, if necessary resorting to international justice for the conservation of water rights in the waters of the Tigris and its tributaries.
Council of Ministers and the Ministry of Water Resources in cooperation with the Ministry of Foreign Affairs:
(1) the need to make the issue of the flow of the Tigris and its tributaries towards Iraq first priority in relations with Turkey and Iran, and give it the attention it deserves in foreign relations generally through barter situation there from Iraq fresh water in exchange for allowing seamlessly trade relations and contracting Entrepreneurial with the two neighboring countries.
(2) seeking seeking serious, and in cooperation with the Syrian government and political circles interested in the liberalization of Anbar, to accelerate Loosen the grip Daash over the waters of the Euphrates, the fist which are strategically threat seriously of agriculture on the banks of the river and its branches, especially in the provinces of the Middle Euphrates and the south, including the marshlands.
The Ministry of Planning in cooperation with the various stakeholders:
(1) certainly in the government's policies and procedures on the need to promote the immediate urban environment of the capital and the cities and towns of Iraq to rid it of the environment and pollution problems and the accumulation of waste and the spread of slums and the disruption of electricity and water and poor public services in the transport, health and education.
(2) following the recent grounding in government procurement, procurement and assignment procedures, based on the principles of reducing costs and guided by international comparisons.
(3) to strengthen the technical capacity of the Ministry to follow up the implementation of projects in time and monitor any increases in costs and delay in the implementation, and will require follow-up electronic automation systems if not accomplishing.
Council of Ministers and the Ministry of Education and Ministry of Higher Education and the Office of Financial Supervision:
(1) review the performance of the Ministry of Education and projects in the construction of modern schools since 2003, and that instead of the old school that this review include the implementation of the school projects compared to spending it and that the results of these reviews are published on public opinion. We propose the Office of Financial Supervision in this review.
(2) using part of the surplus labor is disguised unemployment in state institutions to support literacy programs after rehabilitation also call for the transfer of decision-making redundant of existing institutions to erase illiteracy institutions where needed.
(3) to support the development of education programs of the different stages of it, whether primary education or higher with emphasis on the need to expand the scientific and professional Baltahlmyn.
(4) a review of the curriculum towards strengthening the teaching of science and mathematics live and languages ​​globally and scientific thinking instead of conservation and indoctrination on the one hand and across the curriculum promotes moral values ​​of good in the community of sincerity, honesty and respect for the law and tolerance and the rejection of ethnic sentiments, racism, sectarianism and that of the other side.
(5) review of university education and programs for the production of high qualities, especially in the technology and information technology, engineering, science, mathematics, medicine, pharmacy, biology and agriculture fields educational outcomes with reduced-bound student ratios towards branches arts and humanities with the exception of statistics, accounting and economics and project management. We emphasize here the crucial importance of the education sector to produce competent departments of projects Without them will remain public administrations and private low efficiency and competitiveness within an open economy to the outside world and on the import of goods and services.
(6) to conduct a radical review of the trends of education in universities, colleges and institutes towards strengthening the role of vocational and practical education for the purpose of formation technically qualified staff to participate the process of the reconstruction of Iraq.
(7) is certainly on the implementation of effective programs to combat poverty and employment in order to reduce illiteracy phenomena caused by children and young people from schools leakage and take advantage of the successful Brazilian experience in the fight against school drop across the fight against poverty.
(8) the promotion of school and academic adjustment capabilities by carrying out educational campaigns and effective procedures focused and effective to restore the prestige of education and teacher.
Ministry of Health and the Office of Financial Supervision:
(1) review the performance of the Ministry of Health in the extent provided for health services and the effectiveness of the spending over the past ten years that the Office of Financial Supervision published a report on this subject in one of the most important state services to the community.
(2) the provision of effective protection of medical staff against attacks and abuses of a tribal nature, which got or may get in the future in cases of unintentional death.
General demands of the Council of Ministers:
(1) conduct a transparent review of the policies of the distribution of state lands on the staff and senior officials both in the capital or in the provinces and the diagnosis criteria used for the distribution of these lands and their applicability to the criteria for the use of those lands for the public benefit is not private.
(2) give great importance to the programs of reconstruction of the armed war and conflict zones in order to speed up the resettlement of displaced persons in their places of origin after the liberation and the purpose of providing lucrative opportunities for the operation and use there in these programs with seeking to make use of the international community for funding and implementation of some of them.
(3) pursuant to the principle of transparency, the government call for the deployment of any existing reports to them on how to use them was devoted to the care of displaced and displaced funds since June 2014.
(4) the development of effective programs for the care and rehabilitation of victims of terrorism and their families as well as families of the martyrs who have volunteered to defend the homeland against attack Aldaashah. It is the latter are orphans, widows and disabled care programs and to ensure the children's education and the provision of adequate funding, as well as the preparation of training programs for women to do their own and income-generating projects through a marked support for voluntary associations and government institutions that provide training and rehabilitation for the disabled.
(5) to give the biggest problems for agricultural production and urban environmental pollution by mines attention.
(6) should pay to clean drinking water provide great importance in the scale of the investment priorities of the state and the provinces, and follow up the implementation of its projects accurately.
(7) Council to re-establish the service as an independent body to review the proposals of government employment in the future and make it also responsible for reviewing the foundations of the employment in the past year to make informed reform measures in the state apparatus.
Peace be upon you

Tomorrow .. Economic parliamentary Baloargi meet to put the final touches to the investment law

Since 07/06/2015 18:09 pm (Baghdad time)

Special - scales News

Detection of the parliamentary Economics Committee member Mohammed Abbas, on Monday, that the committee will meet on Tuesday the President of the National Commission for Astosmarsama Araji to put the finishing touches to the investment law.

Abbas said L / scales News / "The committee parliamentary economy has reached a final agreement on all project of the National Investment Law provisions," noting that "the Commission will meet on Tuesday the President of the National Commission for Astosmarsama Araji to put the finishing touches to the investment law as a direct competence in this project ".

He said the parliamentary economics committee member, said "the project will be submitted to the presidency of parliament next week after meeting the President of the National Investment Commission," expected at the same time "the law passed in the House and voted on in the next few sessions."

It is said that "the economic and investment commission member of the parliamentary proof Mamouri said, earlier, that the current legislative term will see the passage of the new investment law".

This "and vowed to economic and investment commission in Parliament, earlier, introduced a new investment law to vote in the next legislative term, indicating that" There are no problems facing the approval of the law ".


Abdul-Mahdi: Iraq seeks to put government treasury bonds in international markets

Sunday, June 21, 2015 09:30

Abdul-Mahdi: Iraq seeks to put government treasury bonds in international markets

BAGHDAD / Baghdadi News /, Oil Minister Adel Abdul-Mahdi, said on Sunday that Iraq is seeking to put government treasury bonds in international markets to enhance the finances in the face of market volatility, seeking to get a BB rating or more in credit rating.

Said Abdul-Mahdi said in a statement / Baghdadi News /, received a copy of that "in the past week took place in Istanbul intensive meetings with two of the three for" credit rating "Fitch" and "Moody's global institutions was the third contributing to a" Standard & Poor's ", which lowered the credit rating of the United States in 2011 from AAA grade to grade + AA and three of the top international banks and is "Citibank" and "JP Morgan" and "Deutsche Bank", all of that on the one hand, "noting that" the Iraqi finance and planning ministers and oil and central bank governor and deputy national security adviser, as well as senior advisers and experts, lawyers for the parties involved. "

He said Abdul-Mahdi said "the objective assessment credit situation of Iraq, which is the" Unclassified "NR, Not publicly rated, and this even lower than the lowest grades D The highest grades are AAA, the more the" Category "ahead whenever facilitated transactions rose admissibility and decreased interest rates , and vice versa, especially that Iraq is seeking to put government treasury bonds in international markets to enhance the finances in the face of market volatility. Egypt, for example classified BB, and Iraq is seeking to get that rating or more. "

He added that "Iraq missed for a long time for global markets, and led the wars and internal situation to the collapse of long-conflicting financial and economic reputation, especially after the accumulated debt and devastated the economic structure, and become a country totally dependent on oil.".

He said the oil minister said, "There is no doubt that the most dangerous thing that threatens any country is drowning in debt and wounding Country Economic infertility and stop the development process, adding that" decisions in these forums, in spite of all that is in them from the figures, information and professional, ".

He said Abdul-Mahdi, that "the debt owed by Iraq is not considered reflect the inability or economic limitations as long as invested in the areas of development, investment and infrastructure or social services that develop the population and human resources, and as long as there is a check on the repayment of those debts" .anthy 21 / m


Keywords: cell crisis and agreed to issue financial bonds worth $ 5 billion

Saturday June 20 2015 11:55

Alsumaria News / Baghdad
Labeled Governor of the Central Bank on the Keywords, Saturday, that the shortage of liquidity in a controlled and stopped short of threatening employees' salaries, while noting the approval of cell crisis on the bond issue of $ 5 billion sold to the public.

Keywords and said in a press conference attended by Alsumaria News , that "the State which issued more than three million bpd and has reserves of about $ 68 billion is not bankrupt the state," noting that "there is a problem of liquidity."

He added that "the lack of liquidity in a controlled and stopped short of threatening employees' salaries," he said, adding "we are still not exhaust all possible resources to cover this deficit."

Keywords He continued that "the crisis cell and agreed to issue the Ministry of Finance bonds in dollars-term $ 5 billion sold to the public," pointing out that "the dollar will be the official price minus a certain percentage purchased by the public and pay him a year later at the official dollar minus a certain percentage approaching interest rate. "

Keywords and stressed that "has been assigned to the Central Bank manages this release and we'll go immediately to his administration bond offering," explaining that "this matter will achieve a good source."





Urgent ..alaq announce the approval of the issuance of bonds worth five billion dollars sold to the public

History of edits:: 2015/6/20 12:01176 visits readable
{Baghdad: Euphrates News} said Governor of the Central Bank and the Agency on the Keywords on Saturday that the crisis cell has agreed to issue bonds worth five billion dinars sold to the public, with among other measures contribute to maintaining the exchange rate.
Current central bank problems as a result of the loss of independence
مشاكل البنك المركزي الحالية نتيجة لفقدان استقلاليته

Friday 19th June 2015

Sinan Mohammed Rida al-Shibibi -

Iraqi money market live in the present state of instability was the collapse of the market rate of the dinar, which amounted to 1340 dinars to the US dollar while the official price of about 1190 dinars to the dollar, although the size of the reserve is still great, which is considered a key factor in the stability of the currency.

The reason is due to this difference between the two prices to enter ministries (Finance) and other parties (House of Representatives) and Amlaihm policies and terms were not unrelated to monetary policy, and not the central bank's ability to defend his advisers about the bank by law.

The problem at present is that students have to pay a conversion secretariat equivalent to a certain percentage of taxes and customs when buying the dollar and at the request of the Ministry of Finance, and this is an important factor in the rise in the dollar price. These conditions have served the Ministry of Finance, but the principle that the purchase of foreign currency and selling it must be done fast and smooth and without any obstacles (except banking conditions and a commitment to capital) because the rapid movement of cash, and if there is a need for the central bank to take advantage of foreign currency sale for development was better to use it in the development process of bank credit, if given preference in the auction of the bank, who leads in the banking its credit.

So there is the intervention of the Ministry of Finance in the work of the central bank. This intervention is designed to collect the financial resources of the Ministry of nothing to do with monetary policy, although the central bank is that the collection of these resources. In other words, the central bank is the one who collects these resources for the Ministry of Finance. As the budget included the central bank to buy Treasury bonds and remittances to $ 6 billion and reduce the percentage of legal reserve held by banks at the Central Bank in half to provide budget resources. The seriousness of these measures GOES to reduce the effectiveness of monetary policy in the fight against inflation. Therefore, on the fiscal and monetary authorities to assess what you get compared to inflation of resources and instability, which can be a cause for the collapse in the real rate of the dinar.

Also restrict the sale by the House of Representatives means interference in the work of Parliament's central bank. Common among among economists and parliamentarians that the central bank continued to the House of Representatives, and this is a big mistake of the Central Bank is responsible to the House of Representatives and not subordinate to him, and here the Central Bank is no different from the rest of the ministries, but this responsibility (the responsibility of the central bank) explicitly mentioned in the Constitution.

Thus, the central bank has lost its independence and became a bow to the decisions of the government and parliament. The correct method is to put forward ideas as proposals in the House of Representatives and then be voted upon.

The government and parliament policies, and particularly in determining sales, led to a duplication of the exchange rate deceived enriched black market and some of them used by others in other funding terrorism may be one of them.

Loss of autonomy has several caveats most important that the central bank will be subject to the instructions of the government, which will be reflected in the Bank's policies and therefore, the central bank will not be able to adopt the goal of reducing inflation in earnest. To make matters worse, that government spending is inherently inflationary result of the delay in the implementation of projects.

And loss of independence would lead to the creditors to look to the central bank's money as government funds, becomes a target for creditors, and this is an important issue should be discussed with creditors and lawyers Iraq.

The loss of independence means that the central bank to adopt monetary policies in line with the policy of the government, but the government's policies may not fit with the Central Bank Law. In other words, it does not focus on the fight against inflation does not give due importance to the goal of economic stability.

The imposition of a financial nature policies on the central bank should be the subject of study and coordination by government and parliamentary bodies. The central bank has weakened administratively from the government, and often tried to governments to impose its policies on the central bank, including the former prime minister tried to borrow from the central bank which was rejected because the bank law prevents him from it, and ended up the attack on the central bank and the arrest of many of the finest staff .

One manifestation of overtaking on independence is to waive it on the Central Bank reserves. Some repeating that this could be justified because the reserve exceeds the currency in circulation and in bank one and a half times. These justifications for the government to gradually dominate the central bank resources. The economy - such as the Iraqi economy - largely open on the outside needs to be significant resources to compensate for the results of any crisis, and if they are borrowing from the central bank would respond when will this money? What is the capacity owned by the bank towards the government to recover the money that?.

The bubble and the high price of the dollar is a result of the policy of the government and the House of Representatives and it ought to be to remove obstacles for the foreign exchange market where you should not be given greater importance of fiscal policy, monetary policy is determine the exchange rate and help to manage the money and functions.

The central bank does not lend to the government but it helps the economy as a whole through price stability and credit regulation and supervision of the banking and financial sector regulation and payments and maintaining the country's reserve. Lama speak much echoed by the government and the Finance Committee in the House of Representatives on "foreign currency auction", this auction is a monetary policy which pulls dinars from the market and bought by foreign currency and here Thread ends for the central bank, we have a cash discharge process direct and simple. And if there is no import of "auction" For parliamentarians to inquire about the reasons for this in the customs or the Ministry of Commerce import process does not fall within the monetary process. That the central bank must be matched each dollar demand and this is one of the fundamentals of price stability as the demand that has not saturated by the bank will go and creates another market prices and the other, which is contrary to the central bank law and creates a state of economic instability.

I chose the Finance Committee put an upper limit on the sale of foreign currency (75 million dollars a day) thereby contributing to instability in and create multiple exchange rates for real because the demand was higher. In any case, this request does not ask about the central bank, but ask for all sectors of the economy, why the Finance Committee in the Parliament and practiced legislation and supervision question to sectors of the economy which are supervised by and to the private sector, especially not go and it's supposed to meet all corners of the economy. We do not doubt that there are irregularities, which requires follow-up with the relevant commercial banks, but we stress that the central bank is in front of the discharge process, but not cash, either by the imports is outside the scope of work of the Central Bank.

On the other hand the money to go abroad because the state did not provide suitable opportunities to invest at home. Also, a section of which is a kind of external savings (within the concept of the national accounts of a country) will return to Iraq in appropriate circumstances that must be provided by the State. As for the extra money must be sure of their sources and legitimacy of the banks and the circles in which anti-money laundering that should be strengthened, the majority of sources may be derived from money laundering or simply that the subject is big operations out of capital.

We must not forget that Iraq falls within the group of countries which are in transition from totalitarian regimes to open democratic systems provide the free economy. This group of countries undergoing many changes in the economy opens up (as states formerly the Soviet Union), but a lot of these countries, its economy was characterized by the transfer of capital abroad. In the case of Iraq also encourages this transition because of the conditions of violence and instability experienced by the country. This situation may explain the large amounts that are being converted to Aforeig.anha go abroad in order to spare, then we are in front of the case of capital flight and not smuggled. The situation in Iraq at the present time encourage capital flight, and if it does not allow for capital that moves the dollar exchange rate in the market will rise significantly hampering economic decision-making.

Iraq has not yet become a safe place brings investment, we need large national efforts to ensure stability and attract investment.

Loss billion dollars a month in light of the retreat of the Iraqi dinar against the dollar due to speculation

Fri Jun 19 2015 13:28 | (Voice of Iraq) - Basra

Professor of economics at the University of Basra, Dr. Nabil Jaafar explained that the rise in the dollar against the Iraqi dinar is one of the wars faced by the Iraqi economy Valmdharbh suffered by the Iraqi dinar will later collapse against the US dollar through depletion of the great reserves of the Central Bank of Iraq being a weapon last used in defense of the Iraqi currency exchange rate and expressed fears of speculation by Iraqi funds to pay the depletion or foreign financing to buy the US dollar from local markets and smuggled abroad and this is very dangerous, he said.

He said Jaafar during an interview with Radio tow in career morning program that it means that the US dollar is not up to Iraqi traders who sell the central bank and this is what he described as paradoxical meaning that the trader buys the dollar from the local market at the exchange rate parallel to the free market and this leads to higher overall level prices and thus harm the lives of citizens of this side, on the other hand it means that the US dollar smuggling out a speculative process have economic repercussions already applied foreign funds and caused economic crises, the countries of the Asian growth in 1997, the makers of political and economic decision.

He added that the Central Bank of Iraq today is trying to increase the money supply of the US dollar, where sales were yesterday the first $ 235 million, a large sum goes to a few banks or offices or companies money transfer in the process of speculation perhaps behind a stand of some Iraqi politicians to sabotage the economy Iraq is a very serious issue for not concerned only harming the Iraqi economy, but the Iraqi national security.

And between Jaafar that this time is the first in which Iraqi dinar breaks down this way, and this is what he described as serial scary decline in the price of the dinar exchange where approximately twenty percent lost from the price in the free market and install the exchange rate takes place within only the Central Bank and have no effects on the parallel market, a paradox strange compared to other countries that prove its national currency exchange rate against foreign currencies which put banks, offices and companies electronic score boards to determine the selling price and the purchase but Iraq is losing approximately one billion dollars a month at the price difference between the official exchange rate of the Central Bank rate and what is the free market and this significant economic damage and this Maakhcy if it continues without taking effective measures.

I suggest Jaafar solutions of them to conduct banking in Iraq offices selling directly and increase their share and forcing it in accordance with the law to put electronic score boards to determine exchange rates also sells the central bank or the State to distribute part of the staff to the dollar salaries in order to increase display and reduced its price or the state resort to improve the exchange rate US dollar to take advantage of the difference between the official price and the price in the parallel market.

He pointed Jaafar in his speech that the Central Bank of Iraq has an independent policy has nothing to do government also is traded, there is no central bank in the world, but is part of the economic policy of the governments, but in Iraq In Iraq, trying to make the central bank works in an isolated island, as he .

He added that Iraq today is draining more than $ 30 billion a year in order to stabilize the exchange rate and without stabilizing the exchange rate is not the levels of inflation control and therefore this means that the monetary policy failed in Iraq.

The dollar may have seen over the past months an increasing rise, reaching $ 100 exchange rate against the Iraqi dinar two days before to 143 thousand Iraqi dinars, while the former was modified over the past few years, ranging from 118 thousand to 120 thousand dinars per $ 100.

Shammari warns of mafias working to pull import fake dollar bills

June 17, 2015 12:15
Kadhim al-Shammari

(Independent) .. student member of parliament for the National Coalition MP Kazem al-Shammari, Wednesday, the Central Bank of Iraq to stop the sale of hard currency to private banks and turn them into government banks, warning of the existence of mafias working to pull the dollar from the central bank bills import goods forged was the cause in the burning of the market and the decline of the local currency's exchange rate.

Al-Shammari said in a press statement by his press office, "During our visit to the Iraqi General Authority for Customs stunned the existence of cases of corruption and fraud get you through the transfer of funds from private banks and the central bank to buy goods traders under the title of operations."

"The mechanism used is going about the need to go a trader wishing to import goods to private banks to buy foreign currency and offers banks a bill of goods that are supposed to be purchased, where the National Bank in turn collects a number of invoices and sent to the Central Bank to receive the amounts of those invoices."

"The supposed within this context that approached the Central Bank of customs body effecting import goods process whether or not to add to the knowledge of the tax shall be refunded from the import of those goods to be the proceeds of the Central Bank of value, but what is happening that the central bank does not approached customs, and this creates Baba serious of the doors of the withdrawal of foreign currency and traded in markets. "

He said "there are some bills bearing strange figures including import 60 million refrigerated air and this means Mbrdtin each Iraqi citizen in addition to bills import rebar used in construction and that she had actually entered it constitutes a cloud of iron covered the skies of Iraq from north to south, not to mention that there are some traders sends every day to pull the bill buy hard currency without follow-up of the central bank and we are convinced that all these bills are forged. "

He said Shammari said "there is serious mafias burned the market and on the central bank to stop sell the currency to domestic banks to save the domestic market from the ignition and sold to banks and government and are taking swift measures of the Integrity Commission and the Board of Supreme Audit to follow up on such cases was the cause of the local currency deterioration."

Virtue calls for activating the economic role of the police and strictly control the currency auction sale

Editor Mustafa Saad - Wednesday June 17 2015 13:01

Alsumaria News / Baghdad
Virtue demanded parliamentary bloc, Wednesday, activating the economic role of the police and the adoption of strict control measures in the currency auction sale of the Central Bank, to prevent "policy traders" of system tampering Iraq economic.

The leader of the Bloc MP Abdul-Hussein al-Musawi said in a statement received Alsumaria News , a copy of it, that "the government is required today strict control limits at auction the central bank selling the dollar prevents the policy traders from tampering with the economic system in the country," and urged the government to "forming and activating the role economic police. "

Musawi called for "the need for the federal government to urgently intervene to curb the unprecedented rise in the dollar exchange rate and minimize the negative effects on the prices of food and consumer, especially as we are at the gates of the holy month of God."

Al-Moussawi said, that "the absence of accurate economic vision for the state and the lack of harmony between the case of monetary policy formulated by the Central Bank of Iraq and the political and financial painted by the Iraqi Ministry of Finance contributed significantly to reach the situation where we are today."

The prime minister Haider al-Abadi stressed on Wednesday that the Iraqi currency backed strongly there is no fear on the dinar exchange rate against the dollar, as he pointed to the existence of "manipulation" and "conspiracy" to influence the current situation.

Abadi: We will strike with an iron fist on currency manipulators prices and strengthened the Iraqi people

Wednesday, June 17, 2015 12:36

Abadi: We will strike with an iron fist on currency manipulators prices and strengthened the Iraqi people

BAGHDAD / Baghdadi News / ... stressed the Prime Minister Haider al-Abadi, on Wednesday, beating on an iron hand on currency manipulators prices and strengthened the Iraqi people.

Ebadi said in statements to the media before leaving for Tehran on an official visit, he said that "the Iraqi currency backed strongly there is no fear on the dinar exchange rate against the dollar," revealing that "the cash reserve with the Central Bank weakened the currency bloc Iraqi Baldnyar".

He added: "We will strike with an iron fist on currency manipulators prices and strengthened the Iraqi people."

The Prime Minister emphasized that "the amnesty law does not allow the release of any of the criminals and the terrorists."

He explained that "the Council of Ministers voted on the general amnesty law, and the law will be sent during the next two days to the parliament."

He indicated that the Prime Minister and Commander in Chief of the Armed Forces Haider al-Abadi, arrived in the Iranian capital Tehran on an official one-day visit and Ahadda.

Private banks to support the central bank decisions and stresses: will contribute to reducing the price of the dollar

06/16/2015 18:02

Long-Presse / Baghdad

He expressed Association of private banks in Iraq, on Tuesday, support for the decisions of the central bank cut the deposit amounts and special consideration, regular Saturday work day, while confirming that these measures will contribute to reducing the dollar's exchange rate.

The head of the Association of private banks in Iraq and Wadih Handal, in a statement received (range Press), a copy of it, that "the Central Bank of Iraq is trying through the procedures and mechanisms in place to support the Iraqi dinar and create suitable for the banking business and in cooperation with private banks as a team solidarity atmosphere."

Handal added, that "the central bank's recent decision to increase the auction business days on Saturday and considered normal business day for banks to meet the requests of foreign currency, came in tune with the banks to meet the need of the dollar in foreign currency and facilitate the work of the banks."

The Handal, that "other decision to reduce the period of deposit for amounts from ten days to five will contribute directly to reducing the dollar's exchange rate against the dinar and this is what Senlahza during the next few days," noting that "the Association will be supportive of the decision to serve the public interest."

Economists attributed, on Tuesday, rising dollar exchange rate against the dinar to the floundering economic policy, and the neglect of the productive sector, while the Parliamentary Finance Committee confirmed that the concerned state has taken action to support the value of the dinar, including increasing the supply of dollars in the market and acceptance of all purchase applications submitted from the pack Traders and banking companies and banks, and the abolition of tax and customs secretariats that were collected in advance by eight percent.

And it decided the Central Bank of Iraq, Tuesday, (June 16, 2015), considered Saturday formally durable, to meet the need of banks currency, noting that it reduced the duration of the special deposit amounts from ten to five days.

And it saw the dollar exchange rate steady rise in the local markets, from about 1200 dinars to the dollar, the beginning of the current 2015 to 1400 dinars currently.
Tuesday, June 16, 2015 18:00

Private banks: Central bank decisions will contribute to reducing the price of the dollar

Private banks: Central bank decisions will contribute to reducing the price of the dollar

BAGHDAD / Baghdadi News / .. confirmed Association of private banks in Iraq, on Tuesday, the central bank decisions will contribute to reduce the dollar exchange rate.

The head of the Association of private banks and depositary Handal in a statement received / Baghdadi News / copy of it, "the Iraqi Central Bank is trying through the procedures and mechanisms in place to support the Iraqi dinar and create suitable to work in cooperation with the banking and private banks as a team atmosphere of solidarity."

Handal said that "the Central Bank's recent decision to increase the auction business days on Saturday and considered normal business day for banks to meet the requests of foreign currency, came in tune with the banks to meet the need of the dollar in foreign currency and facilitate the work of the banks."

He explained that "the decision the other to reduce the period of deposit for amounts from ten days to five will contribute directly to reducing the dollar's exchange rate against the dinar and this is what Senlahza during the next few days," pointing out that "the Association will be supportive of the decision to serve the public interest" .
Iraq looking version banks with a potential for bonds worth six billion dollars
Editor Mustafa Saad - Tuesday 3 March 2015 20:05

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Alsumaria News / Baghdad

Finance Minister Hoshyar Zebari , Tuesday, that Iraq looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars to cover the budget deficit, and as pointed out conversion of 250 trillion dinars for the province of Kurdistan by the federal government since the beginning of the year, he considered it a " a small part "of the amount expected.

Zebari said in an interview carried by " Reuters "," The Ministry of Finance is considering measures including issuing bonds and borrowing from state banks and the conversion of some of the Iraqi banking assets at the Central Bank to bonds, "noting that" The ministry may also considering raising funds through sales of futures oil if Council of Ministers rejected plans to issue bonds for ten years. "

Zebari said, that "Iraq is looking with Deutsche Bank and Citibank version potential for bonds worth about six billion dollars to cover the expected huge budget deficit this year," noting that by saying, "I think people now realize that this budget realistic."

He said Zebari, that "a proposal to transfer 50% of the assets of state banks with the central bank into bonds Seder about five billion dollars to get a $ 1.8 billion through the International Monetary Fund and Iraq also will use special drawing rights".

He said Zebari, "In general we are trying projected deficit through our own resources to cover."

And on the oil agreement between Baghdad and Erbil, said the Minister of Finance, that "the authorities in the capital and the Kurdistan Regional Government is still committed to the agreement despite differences over the amount of exports and payments", stressing said "we are dealing with different expectations and a lack of confidence, but the agreement coherent and talks were continuing."

He said Zebari, that "the government has turned 250 trillion dinars for the Kurdistan region since the beginning of the year, a small portion of the amount originally expected," and expressed hope "pay another part soon and a new round of talks."

The House of Representatives voted in (January 29, 2015), on the draft federal budget law for the current year worth in excess of Al119 trillion dinars and a deficit of about 25 trillion, and select the price of a barrel of oil at $ 56.

June 17th 2015  Rev - 1