Iraq and The World Bank



World Bank approves $350m Iraq Aid

July 9, 2015 

A new World Bank project in Iraq will support the reconstruction of the country’s conflict-wrecked infrastructure and restore public services in municipal areas under Government control.

The US$350 million financial assistance package, approved by the World Bank Board of Directors, will contribute to Iraq’s efforts to rebuild state institutions and put the economy on the path to recovery in areas where conflict has subsided.

The Iraq Emergency Operation for Development aims to respond to the crisis caused by the security situation and the sharp decrease in global oil prices. It is part of a larger program to be carried out over a five-year period in two conflict-affected governorates, Salah Al-Din and Diyala, covering seven cities: Tikrit, Dour, Al Dalooeyya, Al-Alam, Jalula, As-Sadiya and Al-AAzeeam.

In its first year, the project will support the repair and reconstruction of damaged power, water and sanitation networks as well roads and bridges. It would improve healthcare services by supporting mobile hospitals and clinics, medical equipment and ambulances.

Separately, a scheme will be designed for rebuilding houses damaged in the conflict. These activities should help promote trust between citizens and the state, and generate local jobs.

Ferid Belhaj (pictured), World Bank Country Director for the Mashreq region, said:

“This is a challenging, extremely important operation for which the Bank is playing its role fully by accepting to take on the risks associated to any engagement in fragile settings.

“The project focuses on immediate needs by improving critical services in areas that had been distressed by conflict, but also builds on the medium term sustainability that strengthened institutions can secure, and aims at improving the relationship between citizens and the state through dynamic engagement.”

http://www.iraq-businessnews.com/2015/07/09/world-bank-approves-350m-iraq-aid/
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Expert calls for the government to cooperate with the World Bank and the IMF to "adjust the Iraqi economy."

Expert calls for the government to cooperate with the World Bank and the IMF to "adjust the Iraqi economy."
07/04/2015 (00:01 pm)

BAGHDAD / Amer Mohi
Confirmed the investment committee and the economy parliamentary, on Friday that Iraq is forced to borrow money from international institutions because of the financial crisis as a result of lower oil prices, while confirming that the investment projects will be completed only by borrowing, an expert in the matter of economic called on the Iraqi government to " Go to the international community and a commitment to its criteria out of the crisis, noting that "cooperation with the World Bank and the IMF provides an opportunity to adjust the economy and the general budget and external account.

He said committee member economy parliamentary Najiba Najib told the "term" that "the Ministry of Finance took the legitimacy to take loans from the International Monetary Fund and the World Bank under the federal budget for 2015, but it has the right in this matter," asserting that "Iraq choosers him only borrow to be able to implementation of its projects. " 


Najib said that "borrowing is happening in Iraq now two types, the first order of borrowing for investment projects which got through to borrow $ 1.7 billion by the Ministry of Finance and this is done for the benefit of the Iraqi economy because it would be beneficial in the future."  It showed that "Iraq sometimes borrow for consumption and this is not useful, because the money Almkarodh go without any interest, and this thing is with the drop in oil prices and the need for Iraq to money to cover the war expenses and salaries."  She pointed out that "the problem is the need for Iraq to $ 5 billion a month for staff salaries, as well as employment in every year, amounting to 60 thousand appointments degree at the Oil Ministry, with the knowledge that there is a large surplus in most of the ministries." 

Committee member confirmed that "other problems facing Iraq, the battle against al-Daash, as well as the control of the organization Daash the Baiji refinery, which constitutes a large percentage of Iraqi oil and this. Things that made Iraq borrow to fill the need for projects or consumption"  Najib suggested that "there is a real Iraqi economy plans Unlike previous years, which saw lethargic in energy projects or the economy, because in case Iraq does not have such projects, the economy would go down and continue to borrow as oil prices remain at this price."  For his part, says an expert on economic affairs Maitham coffee in a statement to the "long", "World Bank loans are usually soft in terms of benefits and times of payment, in addition to it be Grod development and for the reconstruction and construction."
He Laibi by saying that "in Iraq under the budget crisis it need such resources, especially as the investment budget semi parked, and that these loans are usually conditioned to conduct a series of reforms in the field of rationalization of expenditure and financial management." 

He continued, head of banking and finance at the University of Mustansiriya that "Iraq needs to go back to the international community and a commitment to its criteria to get rid of emergency crises, especially as the Bank and the Fund and cooperation with them provides an opportunity for Iraq to adjust its economy and its budget and account external, as the bank has the expertise and allows the provision of studies represent a warning system early for the economy. "  The Ministry of Finance, the first of Thursday, the World Bank's intention to provide a loan to Iraq worth $ 1.7 billion, as pointed out the allocation of $ 350 million of the loan within the reconstruction of the liberated areas of the organization "Daash operations,". The ministry said in a statement that "the Finance Minister Hoshyar Zebari discussed with Iraq program manager Robert existence and the World Bank team of experts and specialists in the economy and the implementation of development programs, plans and programs of the bank to provide a loan to Iraq for humanitarian and development aid proposed." 

She added that "due to the World Bank offers a loan of $ 1.7 billion," indicating that it is "within the amount billion dollars as international policy and $ 350 million for reconstruction and stability to the liberated areas of Daash, and $ 350 million loan for the project through Umm Qasr - Basra ".
She pointed out that "the government will take a series of reform measures in a number of economic facilities to avoid wastage and the rationalization of expenditure."
The World Bank Group President Jim Yong Kim has said, in the (April 17, 2015), the full Bank of Iraq support in the face of economic and financial challenges, as pointed out that the bank will contribute to the financing of urgent projects related to the liberated areas, during a meeting with Prime Minister Haider al-Abadi.

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World Bank Launches Loan in Iraq next July
07/05/2015 10:40:00

The World Bank announced that it will provide a loan to Iraq repaid over 35 years at an interest rate of up to 1.5% expected that the loan will contribute to assist him in the current fiscal stayed with him, among the loan will be launched by next July.
He said the World Bank for the Middle East and Asia adviser Shban charity, the World Bank seeks to help Iraq in its current crisis, which caused big losses to him, hoping that the bank provides loans that will be of great financial and economic interest.
He added that the bank is considering providing a loan for Iraq be repaid in 35 years with an additional five years with interest to allow up to only 1.5%, making it one of the soft loans in terms of the conditions and facilities compared to what provided by banks and private institutions.
He pointed out that the loan will be devoted to the reconstruction and provision of services to the liberated areas and encourage investors to work in Iraq after the availability of those loans, expected to be the launch of this loan by next July and WAP.
Shban confirmed that the loan would help Iraq to cross its financial crisis this year and the next two years that can be played by and recover a record time.

PUKmedia for New Morning

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World Bank: We will give a loan for Iraq let loose during the 35-year-old


  
06/05/2015

Tomorrow Press / Baghdad: World Bank revealed, on Wednesday, he will present to Iraq a loan repaid over 35 years at an interest rate well, and expected to contribute to the loan to help Iraq financially.

He said the World Bank for the Middle East adviser and Asia charity Shban for "tomorrow Press", "The World Bank seeks to help Iraq in its current crisis, which has caused great his loss," and expressed his hope that "the Bank provides loans that will be of great financial and economic benefit." .

"The bank is considering providing a loan for Iraq is repaid in 35 years with an additional five years with interest to allow up to only 1.5%, making it one of the soft loans in terms of the conditions and facilities compared to what provided by banks and private institutions."

He pointed out that "the loan will be devoted to the reconstruction and provision of services to the liberated areas and encourage investors to work in Iraq after the availability of these loans," expected to "be the launch of this loan by next July and father."

Shban and stressed that "the loan would help Iraq to cross its financial crisis this year and the next two years that can be played by and recover in record time."

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World Bank is providing two loans to support Iraq

Economic Dated: May 2, 2015

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BAGHDAD / News Network Iraq centered economic seminar held by the World Bank in Baghdad about overcome the current liquidity crisis and how they can from which to provide support for Iraq and attention to priority reconstruction of the liberated areas experiencing a shortage of services, held in the presence of World Bank Vice President for the Middle East and North Africa Hafez Ghanem, a large number of experts, researchers and those concerned with Alaguetsada.wachar World Bank Vice President to the desire of the bank to work with Iraq to support the budget, explaining this support mechanism through the provision of loan is repaid during 35 years with five additional permit-year interest rate of up to 1.5 percent only What makes it of soft loans in terms of the conditions and facilities compared to what banks and institutions offer Acialh.oadav Ghanem said the agreement concluded to give Iraq two loans, the first of its loans to support the rapid reconstruction and provision of services to areas liberated process.

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Zebari review the World Bank's projects in Iraq




Wednesday
29
April
2015
| 21:01
Zebari review the World Bank's projects in Iraq


It is scheduled to pay a team of World Bank visit the country next month


















Minister of Finance of the Federal received Hoshyar Zebari, World Bank Vice President Hafez Ghanem and his accompanying delegation, During the meeting, the review of projects of the World Bank in Iraq and discuss the possibility that the World Bank provides the amount of two billion dollars allocated half to support the budget and the other half in the field of stabilization in the liberated areas, which will be edited Daash of the terrorist entity.

It is scheduled to pay a team from the World Bank visit the country next month to start implementing the projects.

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Abadi, head of the World Bank and discuss the government's efforts to restructure and reform the Iraqi economy

Sat, 24 January 2 / January 2015 00:47

[Baghdad-where]

Search Prime Minister Haider al-Abadi at his residence in the Swiss city of Davos, with Jim Yong Kim, President of the World Bank on the sidelines of the World Economic Forum, the government's efforts to re-Iraqi economic restructuring.

A statement by the Prime Minister's Office received by all of Iraq [where] a copy of which was "The meeting discussed the challenges faced by Iraq by the decline in global oil prices and increased military spending as a result of the war against terror Daash gangs."

The statement added, "also touched on tireless efforts to restructure Iraq's economy and government efforts to turn these challenges into opportunities for direct real and effective program of reform in the field of economy and governance."

And through the World Bank president, according to the statement, "the bank's full support for the vision put forward by Prime Minister Haider al-Abadi at the World Economic Forum in Davos and praise the steps initiated by Iraq in the field of administrative reform" .anthy

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World Bank warns Iraqi government from interfering in the work of the CBI

Posted: March 25, 2014 in Iraqi Dinar/Politics

World trade bankAraji: The World Bank warned the Iraqi government from interfering in the work of the Central Bank

25/03/2014

The World Bank warned the Iraqi government from interfering in the work of the Central Bank
{Baghdad: Euphrates News} said Liberal MP from the parliamentary bloc Bahaa al-Araji, that the “international student Nabek reform policies and non-interference by the Iraqi government in the political CBI especially with regard to the subject of borrowing.”

He said al-Araji, said in a statement received by the Euphrates News Agency {} a copy of it on Tuesday, “We had already warned of the deteriorating economic and financial situation in the country because of the failure to take policies professional and overlapping powers and interference in the work of the central bank by the Iraqi government.”

and added that ” The World Bank in Amman and attended by representatives of Iraq has demanded reform of those policies and stop government interference in the work of the central bank and private borrowing it and otherwise, Iraq will be put on the blacklist, “noting that” this reminds us of the same sanctions imposed on the former regime and led to the the deterioration of the Iraqi dinar and its negative effects on the development of the Iraqi economy. “

and called on the government to “non-interference and a fiscal policy and economic avoid through which Iraq this crisis.” The traders buy and sell the dollar criticized the way in which the Iraqi Central Bank to sell the dollar and according to opinion Some specialists in economic affairs, the CBI did not follow the policy foundations of the legal and monetary, financial and economic right in the process of selling the dollar, where the process of selling of the dollar must be carried out to bid, or at least selling price installer from the state.

For its part, says the speaker of the acts of the ladies in Iraq Amal Hussein that “Powered By IP.Board of problems and concerns are considered obstacles in front of the banking business, and especially the issue of granting licenses banking offices, while there is big money frozen in the Central Bank of Iraq, and must find solutions to the launch of these amounts must be determined period of time to take advantage of this money in the achievements of help to the advancement of reality the country’s economic. “

http://bit.ly/1h5ZQQX

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Iraq stands ready to fully cooperate with the World Bank

Posted: July 16, 2012

Monday, July 16, 2012 15:10

Iraq confirmed its full readiness to cooperate with the World Bank.

The Foreign Ministry statement received by all of Iraq [where] a copy of it today that “Abbawi received this morning, Lake Brunnen, Deputy Assistant Treasury Secretary for the fight against terrorism, money laundering and his accompanying delegation and discussed with him Iraq’s international obligations towards the World Bank.”

He added that “Brunnen, praised the positive role during the meeting and the progress made in the financial field and they are always ready to support Iraq and support it with expertise to develop the financial expertise.”

The statement continued that “Abawi said that the Iraq Foundation is always ready for cooperation with the World Bank and that Iraq is looking for financial and development expertise is very keen on fighting corruption and money laundering crimes.”

http://bit.ly/Q1QtpWTheCurrencyNewshound


Iraq: Proposed 2012 budget redrafted after pressure pressed by World Bank

Posted: November 14, 2011 by THE CURRENCY NEWSHOUND 

Financial re-drafting the budget 2012

Implementation of the agreements with the World Bank pressure expenditures
BAGHDAD – Wafaa Amer
Restored and the Ministry of Finance drafting the budget next year 2012 in light of the Convention concluded with the World Bank and the financial ceiling of up to about 130 trillion dinars, it is hoped to submit its final form to the Council of Ministers in the coming days.

An official source at the Finance Ministry said in a statement singled out the “morning”: The ministry formed a committee comprising representatives from the Ministries of Finance, Planning and the General Secretariat of the Council of Ministers, shall review the budget next year that has already been submitted to the General Secretariat of the Council of Ministers during September.

He said the move came in the light of the request made by the ministry to the General Secretariat of the Council of Ministers which was in the process of reading the budget, including restored to the ministry in order to re-formulated in harmony and agreement with the World Bank which requires the support of the investment budget compared to reducing the increase in operating expenses.

The source noted that this request came during visits and repeated meetings recently implemented between the Minister of Finance Dr. Rafie al-Issawi and World Bank officials who stressed the importance of the review of the agreements concluded between the two sides and evaluate the extent of compliance, as it demanded the World Bank need to rewrite the budget commitment to support investment allocations and pressure increase in operating expenses.

The source said that the committee was keen to re-drafting of going forward in ensure the optimum exploitation of the increase occurring by the amount of about 30 trillion dinars for the budget year 2011 amounting to 97 trillion dinars, pointing out that the draft budget submitted to the Council of Ministers within the next few days with a view to the completion of the read and approved by parliament before the end of this year.

http://bit.ly/svSvXm

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