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 "The World Wins" - Thurs. PM KTFA Thoughts/News 11/15/18 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Post by Ssmith on Fri Nov 16, 2018 9:07 am


Samson » November 15th, 2018

The Iraqi Stock Exchange decided to suspend its work next Tuesday

15th November, 2018

Iraq Stock Exchange decided to suspend its work next Tuesday, 20 November, on the occasion of the birth of the Prophet

The bourse said in a statement Thursday that trading sessions will resume on Wednesday 21 November

The Iraqi Stock Exchange suspended its work on October 30 last year on the occasion of the commemoration of the 40th anniversary of Imam Hussein LINK

Walkingstick » November 15th, 2018

Abdul-Mahdi aspires to meet Trump before the disaster comes after 45 days

6 hours ago Link

Purifiers » November 15th, 2018




Samson » November 15th, 2018

Can new PM make Iraq's grand plans a reality?

12th November, 2018

New Iraqi Prime Minister Adel Abdul Mahdi recently submitted an ambitious development and financial plan to parliament, but his proposals will face major challenges — namely a lack of revenues, spreading financial and administrative corruption, a weak administrative system and a struggling private sector.

Abdul Mahdi, who was sworn in Oct. 24, has held important economic positions in the past. He was Iraq's finance minister in 2004 and oil minister in 2014. In articles he published in his Al-Adala newspaper, he portrays himself as an economist capable of addressing the country's crises.

His ministerial platform focuses on 15 points to stimulate the investment environment, aid the market economy, develop the oil industry and find international sources of funding to support more than 100 national development projects.

Mahdi also hopes to achieve sustainable development in the tourism sector and reach self-sufficiency in the agriculture and livestock sectors. His plan calls for strengthening partnerships between the public and private sectors while also securing partnerships with international companies.

Other goals he outlined include increasing the electricity supply by 11,000 megawatts, exploiting associated gas and finishing the Karbala refinery by 2021.

However, the challenges lying in store for Abdul Mahdi are daunting. Iraq’s state institutions suffer from rampant financial and administrative corruption, which is why the country ranks 169th out of 180 countries in the Transparency International Corruption Perceptions Index.

What's more, political parties have been controlling some ministries through economic committees they have created in a bid to steer funds to their parties.Then there are major economic disagreements between Baghdad and the Kurdistan Region.

And then there's the budget.

The 2019 draft budget fails to address big Iraq’s problems, including electricity, agriculture and other major economic sectors. Some critics say Abdul Mahdi's plans don't take this lack of funding into consideration.

Al-Monitor attended a Nov. 6 news conference at which Majida al-Tamimi, a prominent economist and a parliament member with the Istiqama Party, said while parliament voted to approve Abdul Mahdi's platform, "This program was not reflected in the draft budget of 2019.”

"The philosophy and vision of the state should be conveyed by the financial budget, but this unfortunately was not the case," she said, also noting the lack of economic reforms to help the public directly. "Some people still get double and triple salaries amounting to 80 million dinars per month [$67,000], while many Iraqis struggle to earn $1 due to unemployment and poverty.”

Unemployment and poverty rates in Iraq are very high — more than 20% — and there are ongoing public demonstrations in the south to protest poor services and unemployment.
"Investment in Iraq suffers from a major imbalance. When investors embark on new projects, they tend to use the state funds as capital instead of their own, and they use plots of land belonging to the state," Tamimi said. “The 2019 draft budget cannot be passed without the government amending it in a way that fits the government program."

Meanwhile, the Sairoon and Fatah alliances, which support Abdul Mahdi, still believe he'll able to confront these economic challenges.

“Abdul Mahdi is a veteran economist capable of promoting the economy and solving the problems plaguing citizens, and his economic program is an ideal solution to the problems of the economy," Alaa al-Rabih, a member of the Sairoon bloc, told Al-Monitor. “If well-implemented, the economic program will create thousands of job opportunities, stimulate the industrial and agricultural sectors, and activate investment."

He added, “The main problem facing Abdul Mahdi is bureaucracy, and financial and administrative corruption."

Bassem Jamil Antoun, deputy chairman of the Iraqi Economists Association, told Al-Monitor, “Abdul Mahdi’s economic program will require effective tools, including an honest administrative body with a real will to bring about change.”

He added, “The new government program is part of the program of the previous government, which was headed by Haider al-Abadi. Abadi’s economic program had failed due to corruption, bureaucracy, the administrative structure of state employees, who total 4.5 million, and parliament’s weak oversight.”

It should be noted that the International Monetary Fund suspended negotiations with the Iraqi government for more than a year as it awaited the new vision of Iraq's next government, which has turned out to be Abdul Mahdi’s. Negotiations to address the Iraqi economy are to resume in the coming months in Washington and Amman, Jordan.

Asked to comment on Abdul Mahdi’s economic program, economic researcher Salam Adel told Al-Monitor, “The aspects of the new government program have started to surface and are no different than those of previous governments.”

He said, “The problem in Iraq lies in the public sector, which siphons 90% of the country’s oil proceeds and creates obstacles for the private sector. ... Iraq needs to get rid of [some] public sector employees, because it's not reasonable for the state to pay more than $35 billion a year in salaries to employees with very poor productivity.” LINK

The launch of the annual conference of the Union of Arab Banks in Beirut in the presence of a large Iraqi banker

15th November, 2018

The Arab Banking Conference, sponsored by Lebanese Prime Minister Saad al-Hariri, started in Beirut on Wednesday morning with a broad Arab banking participation, including the presence of a prominent Iraqi banker, represented by a delegation comprising representatives of state and private banks and the Association of Iraqi Private Banks

A delegation representing the Central Bank of Iraq, led by Deputy Governor Munther Al-Shaikhli, will participate in the conference

The conference will be held this year under the theme "Public-Private Partnerships to Achieve Development Goals" in conjunction with the 45th anniversary of the Union of Arab Banks

The conference was launched by the President of the Association of Banks in Lebanon, Joseph Tarabi, who stressed that the partnership between the private sector and the private sector is the economic lever for any sustained economic growth and ensuring decent living

The opening ceremony was held on behalf of Lebanese Prime Minister Fouad Siniora, former prime minister LINK

The word is right ... you should say

15th November, 2018 by Samir Nusairi

Central banks in the countries of the world are mainly aimed at achieving monetary and financial stability through their programs and strategy aimed at maintaining stability in the exchange of their local currencies against other foreign currencies and building foreign reserves in accordance with international standards issued by the International Monetary Fund.

Economic and political shocks in their countries, controlling stable rates of inflation and interest rates, implementing compliance regulations and rules, combating money laundering and financing terrorism

And the strict adherence to international financial and banking standards has proved the march of the Central Bank of Iraq during the past four years that it is progressing steadily to achieve the above goals and all this spoke by the Governor of the Central Bank during the hosting and members of the Board of Directors of the Bank by the Iraqi Council of Representatives and prove that the exit of Iraq from the monitoring area And follow-up to the regular follow-up area every two years like the rest of the banks of the world according to the FATF.

As well as honoring the Central Bank of the person of the best conservative Arab in 2018 and occupy a global position ahead of the annual report for the year 2018 of the American magazine specialized and recognized the assessments and ratings WorldInternational Finance

This is reflected in the efforts exerted by the Central Bank and the Association of Banks and Banks to restore international banking relations with correspondent banks. And improved Iraq's credit rating.

In order for the economic analysis to be accurate and non-radical to the reality of financial stability in Iraq and to overcome this important stage and give the opportunity to Mr. Prime Minister Dr. Adel Abdul-Mahdi to complete his cabinet to begin implementing the ambitious government approach and to meet the challenges of international economic changes and effects (US sanctions imposed on Iran ) And the political and the re-examination of the budget of 2019 was required to be looked forward to support the steps of the Central Bank during the shocks of financial and security, which contributed to the strengthening of the state treasury by 16 trillion dinars to In order to support the economic steadfastness of Iraq in the face of urging and pay the salaries of employees and the entitlements of contractors and farmers and maintain the political system from the collapse of the circumstances under the circumstances of Iraq

So that expectations are not taken in an extreme and create a state of confusion and confusion in the public. And to thwart shady media campaigns led by some satellite channels and channels of social communication known trends, purposes and objectives. From an economic and analytical perspective of the state of stability in the exchange rate and from a neutral and transparent point of view, we note that the high independence of the Central Bank and the availability of foreign reserves at an average and for determining the adequacy to cover the cash mass in circulation and to cover imports according to the standards of the International Monetary Fund as the foreign reserve is fully insured and occupies Iraq is ranked third in the Arab world and is currently more than 61 billion dollars and grows day after day and will be up to $ 76 billion in the case of the return of the government for the amounts of support provided by the bank in the difficult circumstances of the past, especially after the rise

Therefore, we must preserve our national economic cadres and assess their good efforts in the service of Iraq and its people. I call upon representatives of the people and our national media to support our national economy and refute campaigns of disinformation LINK

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