question

claude which sat is the goi going to vote on finishing the cabinet?

Jayzze wrote:claude which sat is the goi going to vote on finishing the cabinet?

Sorry Jayzze, I'm trying to understand your question. the translation is not easy to understand, you ask me about the government, as long as the government is not complete, nothing will happen on a change, it extends their session by one month to complete their laws for the votes, the president puts pressure on the deputies for their presence in the room by cutting on their salary if they do not show up in parliament !!!


Claud  (Moose)

-----REMINDS ME OF THE OLD SAYING-----HERE I SIT BROKEN HEARTED--PAID A NICKEL---ONLY FARTED---- THIS IS THE DINAR------YOU PAID A LOW PRICE AND NOW YOU WANT YOUR RETURN-----SORRY----THEY FARTED ON YOU---- CHEER UP----YOU COULD HAVE BEEN IN THE SHITTER----WHEN THEY FARTED-----

Captain259 wrote:-----REMINDS ME OF THE OLD SAYING-----HERE I SIT BROKEN HEARTED--PAID A NICKEL---ONLY FARTED---- THIS IS THE DINAR------YOU PAID A LOW PRICE AND NOW YOU WANT YOUR RETURN-----SORRY----THEY FARTED ON YOU---- CHEER UP----YOU COULD HAVE BEEN IN THE SHITTER----WHEN THEY FARTED-----

Sorry I did not understand your comment, and that's fine like that! I will put you an article or two so that you are less negative on the dinars, good day to you !!


The first article was published in 2014, and if we calculate their 5 years this gives us 2019, good reading !!





[size=39]Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari[/size]


Oct 29, 2014,








A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari.











Baghdad (IraqiNews.com) A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq.
In an interview with IraqiNews.com al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.”
Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.

https://www.iraqinews.com/features/iraqi-dinars-project-postponed-5-years-says-central-bank/






[size=35]UN report on Iraq confirms improved security situation and encourages investment[/size]


2019-07-08 07:31



[size=35]
[/size]

On Monday, the United Nations published a report after its visit to Iraq, which showed that there was an improvement in the security situation in order to encourage investment and the continuation of the work of humanitarian organizations in Iraq.

"The security situation has improved to encourage investment and allows international organizations, the UN mission and other diplomatic missions to work widely," UN Secretary-General's Special Envoy Peter Drenan said during a visit to Iraq to assess the security situation.






The report praised "the role of the Iraqi government and the Prime Minister's Office through the National Operations Center in facilitating the functions of international agencies based on the Center's knowledge of the role of the United Nations in terms of political, humanitarian and development." 

The report pointed to "the emphasis on the role of the United Nations in the face of extremism, and the continuation of the work of humanitarian organizations in Iraq." 

"The goal of the Iraqi government is to work for the return of the displaced to their places of residence, to provide services and education, to rehabilitate the infrastructure of the liberated cities and the importance of the United Nations as a key partner in supporting those efforts," the report said.




https://www.alsumaria.tv/news/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9/310631/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%85-%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%A4%D9%83%D8%AF-%D8%AA%D8%AD%D8%B3%D9%86-%D8%A7%D9%84%D9%88%D8%B6%D8%B9-%D8%A7%D9%84?src=rss&utm_campaign=rss&utm_source=Rss-articles&utm_term=Rss&utm_medium=Rss-310631

[size=38]Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation[/size]




5/29/2019 

CBI: Project deletion of zeros from the currency still exists






Thursday 11 October 2018













The Central Bank of Iraq that the project to delete zeros from the Iraqi currency is still standing. 
The director of the issuance and cabinets Abdul Karim Hassan Shannon that the project to delete the zeros was supposed to start in 2014, but security events and the control of the state regulation on five provinces led to delay, pointing out that the project is to delete three zeros from the current currency with the introduction of large currencies and currencies Metal. 
Shannon confirmed that the current cash volume in the markets is large at 44 trillion dinars.





http://alrafidain.org/post/22705/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A3%D8%B5%D9%81%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D9%85%D8%A7-%D8%B2%D8%A7%D9%84-%D9%82%D8%A7%D8%A6%D9%85%D8%A7

International Monetary Fund


Iraq: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding March 3, 2011 The following item is a Letter of Intent of the government of Iraq, which describes the policies that Iraq intends to implement in the context of its request for financial support from the IMF. The document, which is the property of Iraq, is being made available on the IMF website by agreement with the member as a service to users of the IMF website


IRAQ: LETTER OF INTENT March 3, 2011 Mr. Dominique Strauss-Kahn Managing Director International Monetary Fund 700 19th Street, N.W. Washington, D.C. 20431 Dear Mr. Strauss-Kahn: The Stand-By Arrangement (SBA) for Iraq that was approved in February 2010 by the Executive Board of the International Monetary Fund (IMF) has continued to provide us with a valuable anchor for our economic policies during a period of political transition and considerable uncertainty with regard to the global economic outlook. The key objectives of the SBA remain the preservation of macroeconomic stability, and the adoption of policies and measures to ensure sustainable growth and poverty reduction. In this regard, the program offers a framework for our structural reform agenda, as we still face many challenges in the rebuilding of key economic institutions. Our reform efforts are particularly geared towards improving public financial management, including the management of our hydrocarbon resources, and developing a financial sector that can support private sector activity. Last but not least, the SBA provides us access to financial assistance to support the economic stability and reconstruction of Iraq in challenging times. We remain committed to implementing the policies described in our Letter of Intent dated February 8, 2010 and the Memorandum of Economic and Financial Policies attached to that letter, as well as to the policies described in our supplementary Letter of Intent of September 18, 2010. The attached Memorandum of Economic and Financial Policies provides information on our recent efforts and achievements, and outlines our economic program for 2011, the second year of the SBA. The policies and measures described in the attached Memorandum will continue to aim at maintaining macroeconomic stability, in particular by ensuring fiscal sustainability, and moving ahead with the implementation of our structural reform agenda. While we believe our fiscal and monetary policies were on track in 2010, fiscal end-year data are not yet available. We therefore request waivers of applicability for the end-December 2010 performance criteria for the central government fiscal deficit and the central government current spending bill, for which data are not yet available and for which there is no evidence that these were not observed. All other end-2010 performance criteria were met. As we reported at the time of the first review under the SBA, we met all the performance criteria for

end-June 2010, with the exception of the floor under the Central Bank of Iraq’s (CBI) net international reserves. We also met the end-June 2010 performance criterion related to the central government current spending bill for which data had not yet been available at the time of the completion of the first review. Furthermore, we request an extension of the SBA by five months, through July 24, 2012. This would allow time for an additional review based on end-December 2011 performance criteria, which underscores our commitment to the fiscal and monetary policies outlined in the attached MEFP, and also allow for more time for the implementation of the structural reform measures under the program. Linked to this, and as our financing needs have shifted to 2011, we request a rephasing of the remaining disbursements under the SBA, with two equal disbursements of SDR 297.10 million, equivalent to 25 percent of quota each, following the completion of the second and third reviews, a disbursement of SDR 891.30 million, equivalent to 75 percent of quota, following the fourth review, and a final disbursement of SDR 118.84 million, equivalent to 10 percent of quota, following the new fifth review in 2012. We understand that the SBA will continue to be subject to semi-annual reviews, semiannual performance criteria, and structural benchmarks, as set out in the attached Tables 1 and 2, and described in more detail in the attached Technical Memorandum of Understanding (TMU). In this regard, we understand that the completion of the third review under the SBA—expected to take place on or after May 31, 2011—will require observance of the quantitative performance criteria for end-December 2010 specified in Table 1, that completion of the fourth review—expected to take place on or after October 30, 2011—will require observance of the quantitative performance criteria for end-June 2011, and that the completion of the fifth review—expected to take place on or after May 31, 2012—will require observance of the quantitative performance criteria for end-December 2011. We remain firmly committed to maintaining the independence of the CBI, as well as to ensuring that all of Iraq’s oil exports are in accordance with international agreements and that all oil export revenues accrue to the central government. Given the large uncertainties and the high volatility of international oil prices, we continue to base our projections and the government’s budget for 2011 on conservative assumptions for oil export volumes (2.2 million barrel per day on average) and oil prices (an average price of $76.50 per barrel for Iraqi oil). As we also remain firmly committed to containing current government spending, in the event that by end-June 2011 our oil export revenues turn out to be higher than our projection of $30.5 billion, we plan to save half of the additional revenues to rebuild our financial buffers, while using the other half (up to a limit of $5 billion) to finance additional investment to improve the delivery of basic public services. Moreover, if by the time of the fourth program review we see that our oil export revenues in the first three quarters of 2011 have exceeded our projection of $46 billion for that period by more than $3 billion, we intend to treat the SBA as precautionary. Vice versa, should oil export receipts fall below our assumptions, we will reduce spending by half of the revenue shortfall and cover the remaining gap by further using our financial buffers and seeking additional external support, including from the IMF. If the revenue shortfall turns out to be sizable, or if the reserve position of the


CBI weakens below program targets in between test dates, we will consult on the policy response with IMF staff. Similarly, we also intend to treat the SBA as precautionary if by the time of consideration of the fourth review it is expected that the rate of execution of the government’s capital budget in 2011 will be less than 90 percent. Overall, our economic program continues to be on track and we believe that the policies set forth in the attached Memorandum of Economic and Financial Policies are adequate to achieve our objectives. In support of our policies, we request the Executive Board of the IMF to complete the second review and approve the third disbursement under the SBA of SDR 297.10 million. We remain fully aware of the many challenges ahead and we are prepared to take additional measures if necessary. We will consult with the IMF on the adoption of these measures and in advance of any revision to the policies contained in our economic program, in accordance with IMF policies on such consultation. The Iraqi government and the CBI will continue to provide the IMF with the necessary information for assessing progress in implementing our program, as specified in the attached TMU, and will maintain a close policy dialogue with IMF staff. We authorize the IMF to publish this Letter of Intent and its attachments, as well as the related staff report, on the IMF’s website following consideration of our request by the IMF’s Executive Board. Sincerely yours, /s/ /s/ Dr. Rafe Al-Essawi Dr. Sinan Al-Shabibi Minister of Finance of Iraq Governor of the Central Bank of Iraq 



IRAQ: MEMORANDUM OF ECONOMIC AND FINANCIAL POLICIES FOR 2011 March 3, 2011 I. INTRODUCTION 1. During 2010, and despite the political uncertainty following the long delay in reaching an agreement on the formation of a new government after the successful elections of March 7, 2010, the incumbent government continued to implement sound economic policies that were anchored by the Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). Macroeconomic stability has been maintained and structural reforms have progressed, albeit with some difficulty and some delays, reflecting the many challenges we face. 2. This memorandum supplements the Memorandum of Economic and Financial Policies for 2010–11 (MEFP), annexed to our Letter of Intent of February 8, 2010, and our Letter of Intent of September 18, 2010. It outlines our progress under the program, and describes the objectives and policies agreed in the context of the Second Review under the SBA for 2011. II. RECENT ECONOMIC DEVELOPMENTS 3. Overall macroeconomic performance in 2010 has been strong. The Central Bank of Iraq (CBI) has been successful in keeping inflation under control, by managing the exchange rate and by keeping the policy interest rate positive in real terms. Headline inflation and core inflation (excluding fuel and transportation) have remained in the low single digits. The CBI’s policy interest rate, which has been gradually reduced, is currently at 6 percent and positive in real terms. With low inflation, the exchange rate has been stable since the beginning of 2009. The CBI’s international reserves increased to $50 billion at end-December 2010, from $44 billion at end-2009. 4. Fiscal policy during 2010 has been tighter than we had planned, mainly reflecting the political uncertainties that caused delays in the execution of our capital budget. While the volumes of oil production and exports in 2010 have been lower than we had planned, mainly due to adverse weather conditions, attacks on pipelines, and political constraints that prevented an increase in exports from our northern fields, this was more than offset by higherthan-budgeted oil prices. Oil production averaged 2.35 million barrels per day (mbpd) in 2010, exports averaged 1.85 mbpd, and prices averaged about $74 per barrel. Thus, aided by higher-than-budgeted oil revenues and with a lower rate of execution of the capital budget, we expect that the government budget deficit in 2010 remained limited to about ID 10 trillion (IMF presentation), equivalent to about 11 percent of GDP. 5. With the lower level of oil production, we expect that overall real GDP growth in 2010 remained below 1 percent, although there are indications that the non-oil sector continues to recover, reflecting the improved security situation. 

SUIT.....

III. ECONOMIC AND FINANCIAL POLICIES IN 2011 6. In 2011, we plan to build upon the successes of our economic policies of the past few years and to accelerate the reconstruction and rehabilitation process. Most notably, the agreements we have reached in the past one-and-a-half years with the international oil companies to assist us in the development of Iraq’s oil fields will start to bear fruit, although the pace of increase in production will be slower than we originally expected, given the scope of auxiliary investment still needed in the sector. We expect that oil production will increase to an average level of 2.75 mbpd in 2011 and that oil exports will average 2.2 mbpd. Oil production and exports will continue to accelerate in the following years, although we recognize that this will need to be accompanied by large investments in our oil infrastructure, to address bottlenecks and ensure that the incremental production can reach international markets. 7. The increase in oil exports will allow us to limit our government budget deficit in 2011, while making additional room for investment. We continue to follow a cautious approach in budgeting oil revenues, as the volatility in international oil prices remains high and uncertainties are many, and we have therefore based our 2011 budget on an average export price for Iraqi oil of $76.50 per barrel. In addition, reflecting our commitment to transparent government finances, we have reflected in our budget the estimated payments to the international oil companies for cost recovery and remuneration, which we expect the companies to request to be paid in-kind. The 2011 government budget aims to limit the deficit to ID 15.7 trillion (Ministry of Finance as well as IMF presentation), or about 13½ percent of GDP. To achieve this, we are strictly containing current spending to ID 66.7 trillion (Ministry of Finance presentation; ID 64 trillion in IMF presentation), a level only somewhat higher than the expected outcome of 2010, to make room for a substantial increase in capital spending. We will use part of the financing resources we planned to use in 2010 to help finance the 2011 deficit. In case oil exports or prices in 2011 turn out higher than budgeted, we will use half of the additional revenues to further increase investment, while the other half will be used to rebuild our financial buffers. As the levels of oil production and exports will increase further in 2012 and the years thereafter, we will aim to gradually reduce the budget deficit further in 2012 and return to a surplus position in the following years, with a view to place government finances on a sustainable footing and rebuild the government’s financial buffers. To ensure integrity in our payment and budget systems, we will refrain from accumulating domestic expenditure arrears. In addition, the Ministry of Finance will refrain from issuing guarantees on any loans extended by domestic banks. 8. The CBI will continue to be independent in the pursuit of its policy objectives. The CBI’s monetary and exchange rate policies will continue to be aimed at keeping inflation in the low single digits and safeguarding international reserves. We believe that the policy of maintaining a stable exchange rate continues to be appropriate, as it provides a solid anchor for the public’s expectations in an otherwise uncertain environment and in an economy with a still very low level of financial intermediation. The policy interest rate will be kept positive in 


real terms (measured against core inflation) to signal the CBI’s firm commitment to maintain a low rate of inflation. 9. As a result of the increases in oil production in 2011, we expect real GDP growth to pick up to 12 percent in 2011. With oil production continuing to rise in the following years and with a steady further increase in security, economic growth will remain strong over the medium term. IV. STRUCTURAL REFORMS Public Financial Management 10. In the past few years, we have embarked on a program to transform and modernize our public financial management (PFM) system. While we faced serious obstacles, including due to repeated attacks on the Ministry of Finance, we have made important progress in 2010 and we will continue in 2011 with our efforts to improve the allocation, execution, transparency, and accountability of the mobilization and use of public resources:  We convened a medium-term budget strategy workshop in the spring of 2010, with the help of the World Bank, where all the major ministries were represented. These ministries identified their priorities and their sectoral strategies to achieve them. In discussions with the Ministry of Finance, budget ceilings for both current and capital spending were established for the line ministries for the preparation of the 2011 budget. These ceilings helped with the formulation of the 2011 budget. We will work with the World Bank to further improve upon this process in 2011 for the formulation of the 2012 budget.  We prepared a new accounting manual and will circulate it to all spending units as soon as comments by the Board of Supreme Audit (BSA) have been addressed (a structural benchmark for end-December 2010). This manual will for the first time provide the spending units with a comprehensive set of accounting and reporting instructions, which will improve implementation of the new Chart of Accounts and fiscal reporting.  To strengthen reporting and cash management, we have also been enforcing the requirement that spending units submit reports on all spending including investment, advances, and letters of credit no later than two months after the end of each month, and we will reconcile these amounts with the cash balances at the beginning and end of the reporting period. In this context, we have issued a circular to spending units to submit additional information on advances and letters of credits. Cash releases will be approved only after the Ministry of Finance has reviewed the report from three months before, reducing the idle balances in spending units’ accounts to the minimum required to ensure the continuity of government operations.


We conducted a review of all the bank accounts that were classified as belonging to the central government (a benchmark that had originally been envisaged for endMarch 2010). Due to the very large number of accounts involved, this review took much longer than we had anticipated. We have nearly completed the review, which has enabled us to reclassify about ID3.2 dinar in accounts mistakenly classified as belonging to self-funded agencies as central government investment accounts. The bulk of the accounts, however, were found not to belong to the central government. Of the ID 29.1 trillion reported as of end-June 2010 as belonging to the public sector, only ID 11 trillion was found to belong to the central government and reconciled with Treasury records. Of the ID 16.1 trillion that were classified as public sector deposits, ID 3.4 trillion belonged to the pension fund; ID 6.1 trillion belonged to state-owned enterprises, and the remainder belonged to other public agencies and institutions that operate outside the central government. We will continue to investigate the largest accounts of enterprises and self-funded agencies to determine whether these may include outstanding advances extended by spending units that should be closed and recovered.  At the same time, we are compiling an inventory of the outstanding stock of advances (part of a delayed benchmark for end-September). We aim to submit the complete inventory report to the BSA by end-May 2011, which will work with the line ministries to identify those advances that should be settled. In doing so, the BSA will assess which advances are recoverable and set a timetable for their recovery. Advances deemed irrecoverable will need to be written off once authorized by the BSA, and the BSA and line ministries will inform the Ministry of Finance accordingly. The Ministry of Finance will continue to provide the BSA with quarterly updates on the stock of outstanding advances. We expect that the BSA will complete an initial review of the stock of advances by end-September 2011 (a new deadline for the full completion of this structural benchmark originally envisaged for endSeptember 2010).  The review of the public sector deposits and advances made it clear that large improvements in cash management and fiscal controls and reporting can be made with the eventual introduction of a Single Treasury Account (STA). While we are committed to introduce a STA, this will be a challenging process that will take several years to complete. As an important intermediate step, we are aiming to establish a Financial Management and Information System (FMIS). Despite considerable efforts, the assistance we have received in this area has not resulted yet in the introduction of such a system. Therefore, we will develop, in close consultation with the IMF and the World Bank, a set of core functional requirements for a financial management and information system that is consistent with internationally accepted good practice in this area, including the ability to produce regular comprehensive reports; the inclusion of a commitment control system; and a decision on the envisaged payments system and associated banking arrangement (a new structural benchmark for end-May 2011). 


Following this, we will assess whether Freebalance is able to at least provide the indentified core functionalities, which would allow us to introduce a financial management and information system more quickly and set the stage for migrating to a more comprehensive system at a later stage as the business processes are further reviewed to support planned reforms and maximize the potential workflow efficiencies in a computerized environment.  In the meantime, also as part of a move towards a Single Treasury Account, we will rationalize the arrangements for funding spending units’ (SUs) accounts with a view toward consolidating government cash balances by: (i) having the CBI act as the clearing house for government payments; and (ii) restricting pre-funding (i.e., transferring cash in advance) of SUs’ bank accounts at the commercial banks (Rasheed and Rafidain) to the bare minimum. Only a small cash balance (required for day-to-day petty cash needs) will be allowed to be retained at the SUs’ bank accounts, while for all other transactions the timing of movement of cash from the Ministry of Finance’s main account at the CBI will be aligned with the timing of actual payment by the SUs. This will be achieved in two steps: (i) for salary payments, cash transfer from the Ministry of Finance’s main account at the CBI to the SUs’ bank accounts will be made on fixed dates (2–3 days before the date for salary payments) on a monthly basis based on payroll details received from SUs by the Ministry of Finance; and (ii) cash transfer for high value payments related to capital expenditures and goods and services expenditures by SUs will be made only at the payment stage, i.e., at the stage when the payment order has already been prepared by the respective SU on receipt of invoices/claims from the supplier. The ministries/SUs will maintain sub-accounts (which would essentially be ledger accounts to be maintained by the CBI in its internal system) of the Ministry of Finance’s main account at the CBI. The MoF will set cash limits for each SU (equivalent to the amount of cash authorized by the Ministry of Finance for transfer to the SUs’ commercial bank accounts) against its respective subaccount, which would be enforced by the CBI through its SU-specific ledger system. Thus, the Ministry of Finance’s main account at the CBI will be supplemented by subsidiary ledger accounts to record and control payments attributable to individual SUs. Each of these SU-specific sub-accounts of the Ministry of Finance’s main account will not hold cash (the total available government cash balance will be shown against the Ministry of Finance’s main account only), but will act as an individual ledger account for the respective SU in the CBI’s internal ledger system. When a payment is to be made by a SU, it will issue the respective payment order (after verifying that the payment is within the authorized cash limit issued by the Ministry of Finance) to its banker (either Rasheed or Rafidain), which then makes the payment after clearing it from the CBI. As part of the process of clearing the payment, the CBI will enforce the authorized cash limit against the respective SU (through its SUspecific ledger system) and make the equivalent amount of cash available to the 


respective commercial bank (either Rasheed or Rafidain) for onward payment to the supplier (a new structural benchmark for end-June 2011).  We plan to submit shortly to the BSA (and for information to the Council of Representatives) the final fiscal accounts for 2009 (a benchmark for end-September 2010). Publication of the completed audit of the final accounts of the federal budget for 2005–07 is pending parliamentary consideration, and the BSA is currently reviewing the 2008 accounts.  As our investment needs will continue to be large, we need to ensure the quality of our investment spending. We will proceed with a review of the largest investment projects financed with 2008 budget allocations. This review will be conducted by the BSA with the assistance of the World Bank. However, to be consistent with the BSA’s mandate, this review will be limited to assess the implementation and effectiveness of the projects, with a view to distill lessons on how to enhance the quality of investment projects in the future. This review by the BSA will be completed by end-October, 2011 (a new deadline for this benchmark originally envisaged for end-September 2010).  The census of civil service employees continued to be plagued by difficulties in obtaining information from some line ministries. With the installation of the new government, we plan to bring this project to a completion by mid-2011. Following the completion of the census, we plan to develop a computerized human resource database and a computerized payroll system. In parallel to the census, the BSA continues to verify the personnel records in the line ministries in order to clean up the existing payroll.  We will continue to improve our scope to mobilize domestic financing through the Treasury bill market. To that end, we will conduct regular auctions, and refrain from cancellations, while allowing interest rates to be fully determined by the market. This will have additional benefits by determining a benchmark interest rate, while the development of a secondary market for treasury bills will allow banks to improve their liquidity management. The CBI will no longer limit the amounts state-owned banks can invest in Treasury bills and the pension fund and other large financial institutions will be allowed to participate directly in the primary market. Oil Sector 11. With the hydrocarbon sector representing Iraq’s main economic asset, we remain committed to ensuring transparency and accountability of the utilization of this important resource. To this effect: 


SUIT....

 Iraq became a candidate member in the Extractive Industries Transparency Initiative (EITI) in February 2010. We plan to publish the EITI report which would include reconciled oil flows and payments for the oil sector by end-2011, in advance of February 2012, which is the deadline for us to become EITI compliant.  We remain committed to establishing a successor framework for the Development Fund for Iraq (DFI) that would come into effect once the current arrangement ends. The successor arrangement will include a single account for all oil export proceeds that will adhere to the same strict transparency and accountability principles that currently govern the DFI. Thus, the successor arrangement will be subject to an independent external audit, and to the oversight of the Committee of Financial Experts (COFE).  We will agree the modalities for in-kind payments to the international oil companies with the International Advisory and Monitoring Board (IAMB) to ensure full compliance with UN Security Council Resolution 1483.  In cooperation with the IMF, we will produce medium- and long-term projections of flows to and from the government budget, and including auxiliary investments, stemming from the service agreements signed with the international oil companies. These projections will feed into our Medium-Term Budget Framework.  We are in the final stages of completing the export metering projects and the certification of the export metering systems. Considerable progress has also been made in completing the installation of a comprehensive domestic custody-transfer metering system and almost 50 percent of the envisaged metering points have been installed. We expect the entire project to be completed by end-2011 (a new date for this structural benchmark initially envisaged for end-December 2010). These systems will also allow us to move ahead with the planned full review of the domestic oil sector to reconcile the flows of oil and oil products with the financial flows between the state-owned oil companies and the budget (a structural benchmark for end-June 2011). In this connection, we also plan to conduct a streamlined Public Expenditure Review of the oil ministry, together with the ministries of health, education, and public works, with the assistance of the World Bank.  We will continue to ensure that no direct subsidy is placed on any fuel products in Iraq. To eliminate hidden subsidies, we will ensure that all ministries, governmental agencies, and public enterprises will pay domestic market prices for fuel purchases starting in 2011. 


Financial Sector 12. Financial intermediation is at a very low level in Iraq. A functioning banking sector is essential for the development of a strong private sector. We have begun to embark on our banking sector reform strategy:  A critical step will be to complete the financial restructuring of the two largest stateowned banks, Rafidain and Rasheed, based on their completed financial and operational audits. In this regard, we formed a Bank Reconciliation Unit that comprises technical level staff from the banks, the CBI and the Ministry of Finance, and with the assistance of Ernst and Young (who were the agents of the Ministry of Finance in the external debt restructuring process) to: (i) deal with all legacy external liabilities taking into account the government’s actions in the context of Iraq’s external debt restructuring (ii) indentify and propose to write-off non-performing loans to defunct state-owned enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue the remaining foreign currency denominated balance sheet items. The BRU will work under the supervision of the Restructuring Oversight Committee (ROC), consisting of the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The BRU will send its recommendations for final approval to the respective boards of the two banks. Through this process, we aim to complete the restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).  Meanwhile, the Ministry of Finance will continue to work closely with the World Bank under its banking sector project to modernize these banks by moving ahead with the plans for their operational restructuring. These banks will operate on a fully commercial basis, on market terms, and the government will refrain from directing any lending. Decisions on the recapitalization of Rafidain and Rasheed will not be made until the restructuring of their balance sheets has been completed and adequate progress has been made in their operational restructuring, especially by establishing an appropriate governance structure and strengthening risk management and control functions. More generally, given the vulnerabilities these (and other) banks face due to operational risks, the CBI will continue to improve its oversight systems and monitor closely the activities of the banks, particularly during the transition process.  The new set of prudential regulations for commercial banks, including those related to minimum capital requirements, liquidity risk, and anti-money laundering, are being implemented. Work on the relevant reporting tables for the banks will be completed soon in consultation with the IMF and other technical assistance providers. Under the auspices of the World Bank banking sector project, we have conducted a full assessment of the banking supervision department, and this report will form the basis of improving this department. 


 The CBI will continue to strengthen the management of its international reserves in line with the adopted reserves management guidelines. The CBI will follow the guidelines to diversify currency composition and establish an appropriate duration and credit risk profile, and build capacity for risk analysis. We will continue to provide monthly reports to the CBI board (and to the IMF) based on the investment criteria established in the guidelines. V. PROGRAM SAFEGUARDS AND MONITORING, DEBT AND DATA ISSUES 13. As we did for the program approval and first review disbursements, we intend to continue to use the domestic counterpart of IMF resources for budget support. As before, the CBI—which is the fiscal agent—will request the IMF to disburse the resources directly into a government account at the CBI. To buttress program safeguards risks we have already taken or will take the following measures:  The CBI appointed an external auditor to conduct special audits of its net international reserves and net domestic assets as of end-June 2010 and this work was completed by mid-January 2011 (a benchmark for end-October 2010). We have also already appointed an international audit firm to conduct the audit of the 2010 CBI financial accounts. In addition, we will request the auditor to also complete special audits of the CBI’s net international reserves and net domestic assets as of December 31, 2010 (a new benchmark for end-May 2011); and provide staff with the draft 2010 audited CBI financial statements and draft management letter (also a new benchmark for end-May 2011).  The recently completed safeguards assessment update made a few recommendations that we will implement: (i) we took a decision and have changed the composition of the CBI’s internal audit committee to have a majority non-executive membership and to operate with a terms of reference in line with Fund recommendations (a benchmark for end-October 2010); (ii) we have appointed an external audit expert to help us assess our internal audit needs; and (iii) we are in the process of selecting a reputable accounting firm to conduct an internal audit of the CBI and to provide assistance to strengthen the CBI’s internal audit function (a benchmark for end-December 2010).  We have amended the Memorandum of Understanding between the CBI and the Ministry of Finance to provide the CBI with the authority to appoint its external auditors and to include a provision that requires the Ministry of Finance to issue promissory notes payable on demand to the Fund promptly following each disbursement under the SBA and to deposit these promissory notes in the IMF securities account with the CBI. 14. Progress has been made in moving toward accepting the obligations of Article VIII, Sections 2(a), 3, and 4, of the IMF’s Articles of Agreement. We have worked with IMF staff to complete the review of exchange laws and regulations and are considering measures to remove the identified exchange restrictions on current international transactions. We remain 


committed to avoid imposing any restrictions on the making of payments and transfers for current international transactions or introducing any multiple currency practices. 15. We will continue our efforts to resolve outstanding external claims under terms that are consistent with the 2004 Paris Club agreement. Bilateral agreements with thirteen nonParis Club official creditors have already been signed and are being implemented. Regarding private creditors, most of the commercial debt has been restructured and is serviced as agreed. We also are close to finalizing an agreement with the United States government to settle claims of private US citizens and the Oil-for-Food program has been brought to a close. We expect that the proceeds of the liquidation of the London branch of Rafidain bank will be distributed shortly. 16. Recognizing that the Ministry of Finance and the Central Bank of Iraq have exclusive responsibility for settling Saddam era claims against Iraqi public sector obligors, the Ministry of Finance and the CBI shall appoint a reputable international law firm to perform the following tasks including: monitor the filing of lawsuits in foreign courts against Iraqi defendants seeking recovery of Saddam era claims or the enforcement against Iraqi assets of outstanding court judgments or arbitral awards rendered in respect of such claims; recommend the appointment of competent local counsel to defend such actions in the relevant jurisdictions; coordinate and supervise the activities of such local counsel; act as a central source for information on litigation defenses and strategies in these cases and make this information available to local counsel defending the actions; report regularly to the Ministry of Finance and the CBI on the status of these matters. 17. We will also continue our efforts to improve Iraq’s statistical database. We have recently updated the weights used for calculating the consumer price index using more recent household survey data. Efforts for further improvement will focus especially on government finance statistics, balance of payments statistics, and the sectoral classification in the monetary statistics. 18. Performance under the program will be monitored through twice-yearly reviews, with macroeconomic policy performance monitored through semi-annual quantitative performance criteria (Table 1). Progress in structural reforms will be monitored through benchmarks (Table 2).



Table1. Iraq: Quantitative Performance Criteria Under the Stand-By Arrangement, 2009–11 1/ (In billions of Iraqi dinars, unless otherwise indicated) Amount at 12/31/09 3/31/10 6/30/10 12/31/10 6/30/11 12/31/11 Est. Program Adjusted Est. Program Adjusted Est. Program Program Stock of net international reserves of the CBI (floor; eop stock, in millions of U.S. dollars) 44,337 43,895 44,178 44,178 41,388 44,019 44,019 50,632 50,580 50,529 Net domestic assets of the CBI 2/ (ceiling; eop stock) -1,243 -4,117 38 38 -1,085 1,320 1,320 582 1,554 2,527 Development Fund for Iraq balances (DFI) 9.9 11.9 4.5 6.0 9.8 2.6 3.7 7.4 5.2 2.9 (floor; eop stock; in billions of U.S. dollars, excl. FMS) Cumulative flow from beginning of calendar year Central government fiscal deficit (CGFD, ceiling) 3/ 4/ 5/ ... -3,584 9,149 7,378 -2,575 17,939 16,670 ... 7,855 15,711 Central government current spending bill (ceiling) 3/ 5/ ... 4,854 14,926 14,926 9,964 27,138 27,138 ... 14,991 29,981 Direct government subsidies to the fuel sector 6/ ... 0 0 0 0 0 0 0 0 0 New medium-and long-term nonconcessional external debt (with original maturities of one year or more) contracted or guaranteed by the government (in millions of U.S. dollars; ceiling) 6/ 7/ ... 0 2,000 2,000 0 2,000 2,000 500 2,000 2,000 External arrears on existing/rescheduled debt and new borrowing (in millions of U.S. dollars; ceiling) 6/ ... 0 0 0 0 0 0 0 0 0 2/ Excluding other items net. 4/ The fiscal balance will be measured via the sources of financing. See TMU for details. 6/ To be monitored on a continuous basis. 7/ Concessionality is defined as loans with a grant element of 35 percent or higher. See TMU for details. 1/ The Technical Memorandum of Understanding (TMU) provides for precise definitions of all performance variables. 3/ End-March, end-June, and end-December performance criteria are cumulative from January 1. 5/ The current spending bill includes wages (excluding ministries of defense and interior), public distribution system, and transfers to state owned- enterprises. See TMU for details.

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Table 2. Iraq: Structural Benchmarks Under the Stand-By Arrangement Date Status Program Safeguards and Central Banking 1. Completion by an external auditor of the audit of the CBI 2008 financial statements in accordance with International Standards on Auditing. March 31, 2010 Met 2. Prepare and submit to the Governor of the CBI monthly reports on the status of the CBI's investment portfolio, in light of the investment criteria established in the reserve management guidelines. March 31, 2010 Met 3. Provide to IMF staff: (i) the completed special audit data as of December 31, 2009, including on the CBI’s net international reserves and net domestic assets, and (ii) the draft 2009 audited financial statements and draft management letter. March 31, 2010 Largely met 4. Completion by an external auditor of special audits of the CBI’s net international reserves and net domestic assets as of June 30, 2010 October 30,2010 Met 5. Put into effect the changes to the CBI Internal Audit Committee, including majority non-executive membership and a terms of reference establishing mandate and independence October 30, 2010 Met 6. Contract an external audit firm to assist the CBI with strengthening its internal audit function December 31, 2010 Underway 7. Completion by an external auditor of special audits of the CBI’s net international reserves and net domestic assets as of December 31, 2010 May 31, 2011 8. Provide to IMF staff the draft audited CBI 2010 financial statements and draft management letter. May 31, 2011 9. The Ministry of Finance and the CBI to retain reputable legal counsel to: monitor the filing of lawsuits in foreign courts against Iraqi defendants seeking recovery of Saddam era claims or the enforcement against Iraqi assets of outstanding court judgments or arbitral awards rendered in respect of such claims; recommend the appointment of competent local counsel to defend such actions in the relevant jurisdictions; coordinate and supervise the activities of such local counsel; act as a central source for information on litigation defenses and strategies in these cases and make this information available to local counsel defending the actions; report regularly to the Ministry of Finance and the CBI on the status of these matters. Continuous as of May 1, 2011 Bank Restructuring 10. Completion of the restructuring of the balance sheets of Rasheed and Rafidain banks. June 30, 2011 Underway Public Financial Management 11. Complete review of all accounts in the banking system that are classified as central government accounts and reconcile them with Treasury records, returning any idle balances received from the budget to the central Treasury. March 31, 2010 Partially met 12. Submit  to the Board of Supreme Audit and to the Council of Representatives the final accounts of the Federal Budget for the year ending December 31, 2008;  to the Council of Representatives and publish the audited accounts of the Federal Budget for the years ending December 31, 2005 and December 31, 2006; and  to the Board of Supreme Audit and to the Council of Representatives the final accounts of the Federal Budget for the year ending December 31, 2009. March 31, 2010 March 31, 2010 September 30, 2010 Met Largely met Underway 13. To strengthen reporting and cash management: (i) start receiving monthly reports from spending units on spending, including investment, advances, and letters of credit, no later than two months after the end of each month and reconcile these amounts with the cash balances at the beginning and end of the reporting period; and (ii) approve cash releases only after the Ministry of Finance has Continuous from April 30, 2010 Partially met 



reviewed the report from three months before. 14. To improve budget preparation for 2011, set ceilings in the budget circular for current and investment spending, in line with a sustainable medium term budget strategy. June 30, 2010 Largely met 15. Prepare a detailed report documenting a review of the outstanding stock of advances to identify those that are recoverable; on the basis of the review, classify the debts as recoverable or irrecoverable; set a time schedule for their recovery, and for writing off irrecoverable advances based on appropriate authorization at a high level. Once actions have been taken to recover doubtful amounts, recommend that they be written-off. September 30, 2010 (full inventory by May 31, 2011, review by September 30, 2011) Partially met 16. Complete an audited review of the largest investment projects initiated in 2008. The review, conducted by the BSA, should discuss the criteria used for approving the projects; the procurement process and the project management process. September 30, 2010 (October 31, 2011) Not met 17. Completion of census of all central government employees (excluding those employed in the security area). September 30, 2010 Not met 18. Complete and distribute to all spending units a new, comprehensive accounting manual. December 31, 2010 Underway 19. Develop, in consultation with the IMF and World Bank, a set of core functional requirements for a financial management system that is consistent with international good practice, including the ability to produce regular comprehensive reports; the inclusion of a commitment control system; and a decision on the envisaged payments system and associated banking arrangement. May 31, 2011 20. Rationalize the arrangements for spending units’ accounts with a view toward consolidating government cash balances. June 30, 2011 Oil Sector 21. Complete the process of becoming a candidate for membership in the EITI. March 31, 2010 Met 22. Complete the installation of all domestic metering systems to allow accurate measurement of domestic oil flows. December 31, 2010 (December 31, 2011) Partially met 23. Conduct an audited review of the domestic oil sector to reconcile the flows of oil and oil products at key points in the national system with the financial flows between the various state-owned companies and the budget. June 30, 2011 24. Maintain a single account for oil export proceeds, subject to the strict transparency and accountability rules that govern the DFI, including an independent external audit, and the oversight of the Committee of Financial Experts (COFE). Continuous Met 



IRAQ: TECHNICAL MEMORANDUM OF UNDERSTANDING March 3, 2011 1. This memorandum describes the quantitative and structural performance criteria, benchmarks, and indicators for the third Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). It also specifies the periodicity and deadlines for transmission of data to the staff of the IMF for program monitoring purposes. I. QUANTITATIVE PERFORMANCE CRITERIA AND INDICATORS 2. The quantitative performance criteria are the following: (i) a floor on net international reserves of the Central Bank of Iraq (CBI); (ii) a ceiling on net domestic assets of the CBI; (iii) a ceiling on the central government fiscal deficit; (iv) a ceiling on the central government current spending bill; (v) a floor under the balance in the Development Fund for Iraq (DFI); (vi) a ceiling on direct government subsidies to the fuel sector; (vii) a ceiling on contracting and guaranteeing of new medium- and long-term nonconcessional external debt contracted or guaranteed by the central government and/or the CBI; and (viii) a ceiling on external payments arrears on any rescheduled and new debt of the central government and/or the CBI. II. DEFINITIONS 3. For purposes of monitoring under the program, a program exchange rate will be used. This program exchange rate will be set at ID 1,170 per U.S. dollar. The program exchange rate will be used to convert into Iraqi dinars the U.S. dollar value of all CBI foreign assets and liabilities denominated in U.S. dollars, as required. For CBI assets and liabilities denominated in SDRs and in foreign currencies other than the U.S. dollar, they will be converted in U.S. dollars at their respective SDR-exchange rates prevailing as of December 31, 2010, as published on the IMF’s website. 4. For the purpose of this program, the international or world oil price is understood to be the Average Petroleum Spot Price (APSP) used in the IMF’s World Economic Outlook 


(WEO), which is the simple average of UK Brent, Dubai Fateh, and West Texas Intermediate spot prices reflecting world exports of light, medium, and heavy crude oil. The projected international or world price for a particular year is the latest WEO price projection for that year as released by the IMF’s Research Department to IMF staff. IMF staff will provide these oil price projections to the Iraqi authorities. For purposes of making projections, the projected Iraqi oil price will be calculated as the difference between the relevant projected international or world price (as defined above) and the average differential between the international price and the actual price at which Iraqi crude has been sold in the preceding 18-tmonth period. 5. For the purpose of assessing whether the SBA will be treated as precautionary, the relevant revenue variable will be the actual monthly revenues as reported by the Central Bank of Iraq when the payments for oil are deposited into the Development Fund for Iraq. 6. For program purposes, central government is defined to include the central administration, the Kurdish government, as well as agencies included under Section 6 (the local boards, Iraqi media network, Iraqi national Olympic committee, Bait-Al-Hikma, Ammant Baghdad, Municipality institutions, as well as the General directorates of sewerage and water). 7. Net international reserves (NIR) are defined as gross usable reserves minus reserverelated liabilities of the CBI. Gross usable reserves of the CBI are claims of the CBI on nonresidents that are controlled by the CBI, denominated in foreign convertible currencies, and are immediately and unconditionally available to the CBI for meeting balance of payments needs or for intervention in foreign exchange markets, and are not earmarked by the CBI for meeting specific payments. They include CBI holdings of monetary gold, SDRs, Iraq’s reserve position in the IMF, foreign currency cash, and deposits abroad, except for the resources of the DFI but including the CBI DFI sub-account. Excluded from reserve assets are any assets that are pledged, collateralized, or otherwise encumbered; claims on residents; precious metals other than monetary gold; assets in non-convertible currencies; illiquid assets; and claims on foreign exchange arising from derivatives in foreign currencies vis-à-vis domestic currency (such as futures, forwards, swaps, and options). Reserve-related liabilities shall be defined as foreign currency denominated liabilities of the CBI to non-residents with original maturity of one year or less, and all liabilities to the Fund, but excluding the liabilities represented by SDR allocations. They include: foreign currency reserves of commercial banks held at the CBI; commitments to sell foreign currency arising from derivatives (such as futures, forwards, swaps, and options); and all arrears on principal or interest payments to commercial banks, suppliers, or official export credit agencies. As of December 31, 2009, (net) international reserves amounted to US$44.34 billion, all comprising of reserve assets. The program floors on the net international reserves of the CBI are reported in Table 1. 8. Net domestic assets of the CBI include (i) net claims on the general government, comprising of gross claims on the general government minus general government domestic 




and foreign currency deposits at the CBI; (ii) gross claims on commercial banks; (iii) monetary policy instruments, including dinar and foreign currency denominated term deposits and CBI bills; and (iv) gross claims on non-bank, non-government entities. For the purpose of this arrangement, net domestic assets of the CBI excludes other items net, comprising of net fixed and other assets, minus revaluation accounts and capital and reserve accounts. As of end-December 2009, net claims on the general government amounted to ID 2,740 billion; gross claims on commercial banks stood at ID 4 billion; monetary policy instruments amounted to ID -3,988 billion; and gross claims on non-bank, non-government entities were nil, resulting in a stock of the CBI’s net domestic assets of ID -1,243 billion. As of end-December 2009, OIN amounted to ID -1,040 billion. The program ceilings of the net domestic assets of the CBI are reported in Table 1. 9. The central government fiscal deficit will be calculated as the sum of domestic and external financing of the central government balance, adjusted for any deviations in the amounts of (i) donor financing for projects and (ii) “other financing” in excess of program projections. Domestic financing includes any form of resident financing of the consolidated budget from (i) the central bank; (ii) commercial banks; (iii) non-bank financial institutions; (iv) non-financial enterprises; (v) privatization proceeds; (vi) changes in arrears; (vii) households; and (viii) all other domestic financing not elsewhere classified. External financing includes financing from (i) the Development Fund for Iraq, (ii) donor financing for projects, (iii) other financing not elsewhere classified, and net of (iv) the amortization of external debt. The ceilings for end-June 2011, and end-December 2011 will be measured on a cumulative basis from January 1, 2011. The program ceilings of the central government fiscal deficit are reported in Table 1. 10. The central government current spending bill includes the wage and pension bill, the in-kind transfers under the Public Distribution System (PDS), and transfers to state-owned enterprises (SOEs). The wage and pension bill includes all wage and pension payments made by the central government, excluding wage payments made by the ministries of defense and interior. Specifically, with reference to the 2009 budget classification, it includes expenditures under Section 1 (except those for the ministries of defense and interior) and Section 6, subsection 1, items 2(1), 3(1, 3, 5, and 7), 4(1), 5(1), 7(1), 8(1), 9(1), 10(1), 11(1), 12(1), and 13(1). The Public Distribution System bill includes the spending reported under Section 7, sub-section 2, item 1(1). The transfers to the SOEs bill covers expenditures covered in Section 5, net items covered under subsection 2, items 1(1 to 6). The ceilings on the government current spending bill for end-June 2011, and end-December 2011 will be measured on a cumulative basis from January 1, 2011. The program ceilings of the central government current spending bill are reported in Table 1. 11. The balance in the DFI consists of: (i) the main account held at the Federal Reserve Bank of New York that consolidates all receipts from export sales of petroleum and petroleum products; proceeds from frozen assets in foreign countries; balances related to the United Nations Oil for Food Program; interest or other revenue accrued from income investments



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(i.e., overnight deposits and repos, interests derived from the PCO, FMS and TBI balances) and T-bills; returned Letters of Credit; and other deposits and revenue covered under the UNSCR 1483 (2003) resolution; and (ii) the balance in the PCO account. For program purposes, the balance in the FMS account is excluded from the balance in the DFI. The program floors on the balance in the DFI are reported in Table 1. 12. Direct government subsidies to the fuel sector shall comprise of any financial assistance rendered by the Ministry of Finance to fuel-related enterprises. The ceilings for end-June 2011, and end-December 2011 will be measured on a cumulative basis from January 1, 2011. The program ceilings of the direct government subsidies to the fuel sector are reported in Table 1. 13. A continuous ceiling applies to the non-accumulation of external payments arrears on rescheduled debt and new external debt contracted or guaranteed by the central government and/or the CBI. External payment arrears consist of external debt service obligations (principal and interest) falling due after December 31, 2009 and that have not been paid at the time they are due, as specified in the contractual agreements. The program ceilings of the external payments arrears are reported in Table 1. 14. As set forth in point No. 9 of the Guidelines on Performance Criteria with Respect to Foreign Debt (Decision No. 12274-(00/85), August 24, 2000), the term “debt” will be understood to mean a current liability (i.e., not contingent), created under a contractual arrangement through the provision of value in the form of assets (including currency) or services, and which requires the obligor to make one or more payments in the form of assets (including currency) or services, at some future point(s) in time; these payments will discharge the principal and/or interest liabilities incurred under the contract. Debts can take a number of forms, the primary ones being: (i) loans, i.e., advances of money to the obligor by the lender made on the basis of an undertaking that the obligor will repay the funds in the future (including deposits, bonds, debentures, commercial loans, and buyers’ credits), and temporary exchanges of assets that are equivalent to fully collateralized loans, under which the obligor is required to repay the funds, and usually pay interest, by repurchasing the collateral from the buyer in the future (such as repurchase agreements and official swap arrangements); (ii) suppliers' credits, i.e., contracts where the supplier permits the obligor to defer payments until sometime after the date on which the goods are delivered or services are provided; and (iii) leases, i.e., arrangements under which property is provided which the lessee has the right to use for one or more specified period(s) of time that are usually shorter than the total expected service life of the property, while the lessor retains the title to the property. For the purpose of the guideline, the debt is the present value (at the inception of the lease) of all lease payments expected to be made during the period of the agreement, excluding those payments that cover the operation, repair or maintenance of the property. Arrears, penalties, and judicially awarded damages arising from the failure to make payment under a contractual obligation that constitutes debt are debt. Failure to make payment on an



obligation that is not considered debt under this definition (e.g., payment on delivery) will not give rise to debt. 15. For purposes of the program, the guarantee of a debt arises from any explicit legal obligation of the government or CBI or any other agency acting on behalf of the government to service such a debt in the event of non-payment by the recipient (involving payments in cash or in kind), or indirectly through any other obligation of the government or CBI to cover a shortfall incurred by the loan recipient. 16. The limits on medium- and long-term external debt apply to the contracting or guaranteeing by the government and/or the CBI of new, non-concessional external debt with an original maturity of more than one year. This limit applies not only to debt as defined in point No. 9 of the Guidelines on Performance Criteria with Respect to Foreign Debt in Fund Arrangements (Decision No. 6230-(79/140), August 3, 1979, as amended by Decision Nos. 11096-(95/100), October 25, 1995, and 12274-(00/85), August 24, 2000), but also to commitments contracted or guaranteed for which value has not been received. External debt will be considered to have been contracted at the point the loan agreement or guarantee is ratified by the Iraqi parliament. Excluded from this limit are leases of real property by Iraqi embassies or other foreign representations. External debts will be expressed in U.S. dollar terms, with debts in currencies other than the U.S. dollar converted into U.S. dollars at the market rates of the respective currencies prevailing on December 31, 2010, as published on the IMF’s website. The program ceilings of the contracting or guaranteeing of medium- and long-term external debt are reported in Table 1. These limits are applied on a continuous basis to the contracting and guaranteeing of external debt on or after January 1, 2010 and the limit during the period preceding each test date will be the ceiling set for that particular test date. 17. Concessionality will be based on currency-specific discount rates based on the Organization for Economic Co-operation Development (OECD) commercial interest reference rates (CIRRs). For loans of an original maturity of at least 15 years, the average of CIRRs over the last 10 years will be used as the discount rate for assessing the concessionality of these loans, while the average of CIRRs of the preceding six-month period will be used to assess the concessionality of loans with original maturities of less than 15 years. To the ten-year and six-month averages of CIRRs, the following margins will be added: 0.75 percent for repayment periods of less than 15 years; 1 percent for 15–19 years; 1.15 percent for 20–30 years; and 1.25 percent for over 29 years. Under this definition of concessionality, only loans with grant element equivalent to 35 percent or more will be excluded from the debt limits. The debt limits also will not apply to loans contracted for debt rescheduling or refinancing (including the deferral of interest in commercial debt), and credits extended by the IMF and the World Bank. 



VI. PROGRAM ADJUSTORS 18. If oil revenues exceed the amounts projected under the program ($30.5 billion in the first half of 2011; and $61 billion for the entire year 2011), half of the additional revenues up to a maximum of $5 billion can be used to finance additional capital spending. In this case, the ceilings on the central government fiscal deficit for end-June 2011, and endDecember 2011 will be adjusted downwards by half of the excess as compared to the respective projected amounts, multiplied by the program exchange rate. 19. If oil revenues fall short of the amounts projected under the program (as in paragraph 17), spending will be reduced by half of the shortfall, while the remaining gap of revenues will be financed by drawing down financial buffers built up in the DFI or government deposits in the CBI or commercial banks. In this case, the ceilings on the central government fiscal deficit will be adjusted upwards by half of the shortfall. 20. The floors under the balance in the DFI for end-June 2011, and endDecember 2011 will be adjusted upwards/downwards by half of the excess/shortfall in oil revenues as compared to the projected amounts as described in paragraph 17. VII. PROVISION OF INFORMATION TO THE FUND STAFF A. Data 21. To monitor developments under the SBA, the authorities agree to provide the Fund, the information specified below after SBA approval. The program is designed with semester quantitative performance criteria and the actual outcome should be provided within eight weeks following the end of the semester. However, in order to facilitate regular monitoring, many of the indicators should be provided with higher frequencies, as indicated below.  CBI gross foreign exchange reserves (weekly) and balances of the DFI held at the FRBNY. This should be reported no longer than 2 weeks after the end of the reference week.  The monthly balance sheet of the CBI, with a month lag.  The monthly consolidated balance sheet of the other depository corporations (commercial banks), with an eight week lag.  The depository corporations (monetary) survey of all commercial banks and the CBI (quarterly), with an eight weeks lag.  Weekly preliminary monetary and financial aggregates as in “Key Financial Indicators”, including exchange rate data (daily), currency in circulation, transferable and other deposits held at commercial banks, balances on government accounts at the CBI, interest rates on loans and on deposits at commercial banks, holdings of government securities, and credit 


outstanding to the public and private sectors. The data, excluding exchange rates, should be reported no longer than three weeks after the end of the reference period.  Consumer price index (CPI), including indices for main cities (monthly). These should be reported no longer than a month after the end of the relevant month.  Detailed revenues, operating and capital expenditure, and financing items of consolidated fiscal and oil operations, and overall fiscal balance. These data should include the execution of the Iraqi budget, operations and deposits of the oil-related state-owned enterprises, disbursements of external assistance and loans, execution of letters of credit financed under the UN oil-for-food program, all operations of the DFI and its sub-accounts, balances of all government accounts held at the CBI and the commercial banks, and outstanding stock of government securities (including treasury bills). These data should be reported on a monthly basis and no later than eight weeks after the end of the reference month.  Amount of total imports of petroleum products financed from the budget on a quarterly basis starting with the first quarter of 2009. These data should be reported no later than eight weeks after the end of the reference quarter.  Indicators of oil activity on crude oil and gas production and use, production and sales (export and domestic) of refined petroleum products, including heavy residuals (monthly). These data should be reported no longer than eight weeks after the end of the reference quarter.  Indicators of non-oil real economic activity (quarterly), including production of cement, fertilizers, and electricity, reported no longer than eight weeks after the end of the reference quarter.  Detailed data on disbursement of external assistance (both project and budget financing) from the U.S. and other donors, including by recipient sector; foreign debt amortization and interest payments made; and total outstanding domestic and external debt. These data should be reported on a monthly basis no more than eight weeks after the end of the reference month.  List of short, medium, and long-term government or government-guaranteed external loans contracted during each quarter, identifying for each loan: the creditor, the borrower (ultimate obligor), the amount and currency, the maturity and grace period, repayment terms, and interest rate arrangements (monthly).  Details on new debt rescheduling and debt relief agreements with bilateral, multilateral, and commercial creditors, including new outstanding amount and currency, schedule of payments (principal and interest), terms of agreement, repayment terms, and interest rate arrangements. 



 Foreign trade statistics (imports, exports, re-exports) (quarterly). This should be reported no longer than eight weeks after the end of the reference quarter.  The balance sheet of the Trade Bank of Iraq (TBI) as well as data on issued, implemented and outstanding Letters of Credit, with no more than an eight weeks lag.  The amount and terms of concessional loans contracted and their grant element, on a quarterly basis, with no more than eight weeks lag. B. Structural Reforms 22. The authorities will prepare and send to the IMF reports, with appropriate documentation, indicating progress achieved, explaining any deviations relative to the initial planning, and specifying expected revised completion dates. C. Other Information 23. Other details on major economic and social measures taken by the government that are expected to have an impact on program sequencing (such as changes in legislation, regulations, or any other pertinent document) will be sent in a timely manner to IMF staff, for consultation or information. 



https://www.imf.org/external/np/loi/2011/irq/030311.pdf


END..

claud39 wrote:

Captain259 wrote:-----REMINDS ME OF THE OLD SAYING-----HERE I SIT BROKEN HEARTED--PAID A NICKEL---ONLY FARTED---- THIS IS THE DINAR------YOU PAID A LOW PRICE AND NOW YOU WANT YOUR RETURN-----SORRY----THEY FARTED ON YOU---- CHEER UP----YOU COULD HAVE BEEN IN THE SHITTER----WHEN THEY FARTED-----

Sorry I did not understand your comment, and that's fine like that! I will put you an article or two so that you are less negative on the dinars, good day to you !!


The first article was published in 2014, and if we calculate their 5 years this gives us 2019, good reading !!





[size=39]Iraqi Dinar revaluation postponed by Central Bank for 5 years says MP Noura al-Bajari[/size]


Oct 29, 2014,








A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari.











Baghdad (IraqiNews.com) A member of the Parliamentary Economic and Investment Commission, MP Noura al-Bajari, confirmed on Wednesday that the initiative to revalue and delete zeros from the Iraqi Dinar is ready for implementation by the Central Bank although it will be delayed by five years given the political and security situation of Iraq.
In an interview with IraqiNews.com al-Bajari said “The policy to delete zeros from the Iraqi currency is ready to be executed by the Central Bank, however, its implementation will be delayed by 5 years on the basis of the extreme security and political situation of the country.”
Al-Bajari said that the head of the Central Bank of Iraq had previously said that this policy from parliament was accepted and that the zeros will be deleted from the Iraqi currency in the next 5 years.

https://www.iraqinews.com/features/iraqi-dinars-project-postponed-5-years-says-central-bank/






[size=35]UN report on Iraq confirms improved security situation and encourages investment[/size]


2019-07-08 07:31



[size=35]
[/size]

On Monday, the United Nations published a report after its visit to Iraq, which showed that there was an improvement in the security situation in order to encourage investment and the continuation of the work of humanitarian organizations in Iraq.

"The security situation has improved to encourage investment and allows international organizations, the UN mission and other diplomatic missions to work widely," UN Secretary-General's Special Envoy Peter Drenan said during a visit to Iraq to assess the security situation.






The report praised "the role of the Iraqi government and the Prime Minister's Office through the National Operations Center in facilitating the functions of international agencies based on the Center's knowledge of the role of the United Nations in terms of political, humanitarian and development." 

The report pointed to "the emphasis on the role of the United Nations in the face of extremism, and the continuation of the work of humanitarian organizations in Iraq." 

"The goal of the Iraqi government is to work for the return of the displaced to their places of residence, to provide services and education, to rehabilitate the infrastructure of the liberated cities and the importance of the United Nations as a key partner in supporting those efforts," the report said.




https://www.alsumaria.tv/news/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9/310631/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%85-%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%A4%D9%83%D8%AF-%D8%AA%D8%AD%D8%B3%D9%86-%D8%A7%D9%84%D9%88%D8%B6%D8%B9-%D8%A7%D9%84?src=rss&utm_campaign=rss&utm_source=Rss-articles&utm_term=Rss&utm_medium=Rss-310631

You must be wondering what is the link between the 2 security articles in the first place in 2014 they have to delay the project why ?? first and foremost security, and what we see on yesterday's news is the UN report to talk about security, which is now correct for the UN, and invites investors to come to the country, and what is the policy, the world bank signed an agreement with Iraq for the financing of the reconstruction of the country on the condition that the government is complete, and presently these the moment that I wait for the government to be complete . the government should be complete since June 30th and this is not over yet, and this will give them problems with the budget for this year by not having the government complete, but the speaker is putting pressure on them now! ! good night !!




Deputy: Parliament decides to withhold the salaries of deputies absent from the session


07/07/2019















Follow the obelisk





http://almasalah.com/ar/news/174383/%D9%86%D8%A7%D8%A6%D8%A8-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D9%82%D8%B1%D8%B1-%D8%A7%D8%B3%D8%AA%D9%82%D8%B7%D8%A7%D8%B9-%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D8%A7%D9%84%D9%85%D8%AA%D8%BA%D9%8A%D8%A8%D9%8A%D9%86-%D8%B9%D9%86-%D8%A7%D9%84%D8%AC%D9%84%D8%B3%D8%A9

I know you take a lot of time posting and pasting which is great. the simple question I asked was which sat is the goi supposed to vote on to fill the cabinet . I hope this is clear now. I do not spend much time anymore on the rv since its one big joke and I sold most of my dinar except for 3 notes so I can have a good laugh when I go to my garage. I would like to give you a hint with no way to make fun of you. most people do not want to spend ten to 15 minutes reading each article but would rather read a short paragraph about each article thanks

Jayzze wrote:I know you take a lot of time posting and pasting which is great. the simple question I asked was which sat is the goi supposed to vote on to fill the cabinet . I hope this is clear now. I do not spend much time anymore on the rv since its one big joke and I sold most of my dinar except for 3 notes so I can have a good laugh when I go to my garage. I would like to give you a hint with no way to make fun of you. most people do not want to spend ten to 15 minutes reading each article but would rather read a short paragraph about each article thanks

To answer your first question it is the Minister of Education for the next vote !! You know it's not always easy to pass from French, and I specify French Québécois, from Canada and not from France, you know that I am American by birth and with all the papers, and I could have returned to the country, but I do not master the language enough, I left the country at the age of 4 to be raised in a francophone environment, at home when I hear English because we have visitors like Americans by For example, we have to prepare to translate to understand you, I still have family in the United States, and make a stop every year at my parents' home, but the opportunity to talk in English is very minimal in my case, I hope you understand this, to answer the articles I put a lot of time to follow the news, I do not read any article related to gurus I find it a big waste of time, I am a person like 99% of world on the forum that is not an econ omiste, a politician, ect ... a person who has invested in the dinar like all of you, but I look at the news about iraq by reading and posting the news of the day on iraq, and you noticed that I do not post any news of the gurus, but the news about the reality of the country, I share the news that I read every day, I prefer to trust myself that to rely on gurus, now it is the member of the forum to take the time to follow the news of the country, and make their own opinion on what is happening on the dinars, and the reconstruction of Iraq, following the news and have seen very well what's going to happen, lately the united states supported iraq for their return to the WTO, so how to market on the WTO without having a value as before their sanction in 2003, i give you an example either basically they sort of their punishment with the UN, and it is Iran that is suffering the same fate econically as e Iraq, Now I wish you a good evening !!


Claud (Moose)

claud39 wrote:

Jayzze wrote:I know you take a lot of time posting and pasting which is great. the simple question I asked was which sat is the goi supposed to vote on to fill the cabinet . I hope this is clear now. I do not spend much time anymore on the rv since its one big joke and I sold most of my dinar except for 3 notes so I can have a good laugh when I go to my garage. I would like to give you a hint with no way to make fun of you. most people do not want to spend ten to 15 minutes reading each article but would rather read a short paragraph about each article thanks

To answer your first question it is the Minister of Education for the next vote !! You know it's not always easy to pass from French, and I specify French Québécois, from Canada and not from France, you know that I am American by birth and with all the papers, and I could have returned to the country, but I do not master the language enough, I left the country at the age of 4 to be raised in a francophone environment, at home when I hear English because we have visitors like Americans by For example, we have to prepare to translate to understand you, I still have family in the United States, and make a stop every year at my parents' home, but the opportunity to talk in English is very minimal in my case, I hope you understand this, to answer the articles I put a lot of time to follow the news, I do not read any article related to gurus I find it a big waste of time, I am a person like 99% of world on the forum that is not an econ omiste, a politician, ect ... a person who has invested in the dinar like all of you, but I look at the news about iraq by reading and posting the news of the day on iraq, and you noticed that I do not post any news of the gurus, but the news about the reality of the country, I share the news that I read every day, I prefer to trust myself that to rely on gurus, now it is the member of the forum to take the time to follow the news of the country, and make their own opinion on what is happening on the dinars, and the reconstruction of Iraq, following the news and have seen very well what's going to happen, lately the united states supported iraq for their return to the WTO, so how to market on the WTO without having a value as before their sanction in 2003, i give you an example either basically they sort of their punishment with the UN, and it is Iran that is suffering the same fate econically as e Iraq, Now I wish you a good evening !!


Claud (Moose)

[size=35]Parliament Speaker: Intensified sessions of the House of Representatives this month to resolve three important files[/size]


2019-07-06



[size=35]
[/size]

[size=18]The decision of the House of Representatives Khadija Ali, Saturday, that the parliament decided to intensify its meetings during the month to complete three files, "important and necessary," including the amendment of the budget law.

In an interview with Alsumaria News, Ali said that "the House of Representatives decided during this month to intensify its sessions by two sessions every week for Monday and Thursday, including two days for the work of parliamentary committees," indicating that "the intensification of parliamentary meetings during this month came to resolve three files are important and necessary."






"The first file concerns the amendment of the draft budget law in order to give the legal cover to extend the work of agencies and special grades to reach the government's resolution of this important and vital file," she said, adding that "the other file is to resolve the candidate of the Ministry of Education being an important ministry and linked to a large segment of Iraqis Which is the student segment. " 

Ali pointed out that "the third file is no less important than the two previous files, which is the service laws and laws related to the work of the Iraqi state, including the Federal Court Act and a number of other laws that need to work to complete them.


The legislative recess was due to begin on Wednesday, but the speaker of the House of Representatives decided to extend the second legislative term for one month in order to complete the "important" laws.


https://www.alsumaria.tv/news/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9/310322/%D9%85%D9%82%D8%B1%D8%B1%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%AA%D9%83%D8%AB%D9%8A%D9%81-%D8%AC%D9%84%D8%B3%D8%A7%D8%AA-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B4%D9%87%D8%B1-%D9%84
[/size]

---------------------Claude39----------------------------BULLSHIT--------------------------------------------------

Captain259 wrote:---------------------Claude39----------------------------BULLSHIT--------------------------------------------------

Maybe you're right, we'll see what will happen in the coming weeks, and especially that I do not have the taste to persist with you! But to market on the WTO you must have a value to market with the international, no more complicate than that, if you want to attract investors gives him a good reason to invest, the value of the dinar compared with the dollard , why take risks if it is not worth investing in Iraq, they had a value before the sanctions, they will have a value following their return on the international to market on the WTO !! I gave you my opinion we will see who will be reasons, I am not a guru, but someone who to invest like you on the dinars, good evening to all!


Claud (Moose)

claude you will have to wait until the end of dec if Iraq ever stops kicking the can down the road. to join the wto only 2 times a year in dec and june. can you join the wto. I would put your dinar in a box with moth balls. btw if you want to have foreign investors  you need a stable gov a courency of more then toilet paper investment laws passed and safety for foreign employees who will be working there. does this sound like Iraq now?

Jayzze wrote:claude you will have to wait until the end of dec if Iraq ever stops kicking the can down the road. to join the wto only 2 times a year in dec and june. can you join the wto. I would put your dinar in a box with moth balls. btw if you want to have foreign investors  you need a stable gov a courency of more then toilet paper investment laws passed and safety for foreign employees who will be working there. does this sound like Iraq now?

Let's say you're right for the WTO is 2 times a year, the month of December is still in the year 2019 in my opinion, and only 5 months to wait, I'd better have to wait 5 months than years , and we see very well that the United States pushes Iraq for their return on the WTO, and for the safety I refer you this article which has been postulated on this post, and lately by the UN for your comprehension on security, I wish you a good day to you !!




[size=35]UN report on Iraq confirms improved security situation and encourages investment[/size]


2019-07-08

[size=35]
[/size]

On Monday, the United Nations published a report after its visit to Iraq, which showed that there was an improvement in the security situation in order to encourage investment and the continuation of the work of humanitarian organizations in Iraq.

"The security situation has improved to encourage investment and allows international organizations, the UN mission and other diplomatic missions to work widely," UN Secretary-General's Special Envoy Peter Drenan said during a visit to Iraq to assess the security situation.






The report praised "the role of the Iraqi government and the Prime Minister's Office through the National Operations Center in facilitating the functions of international agencies based on the Center's knowledge of the role of the United Nations in terms of political, humanitarian and development." 

The report pointed to "the emphasis on the role of the United Nations in the face of extremism, and the continuation of the work of humanitarian organizations in Iraq." 

"The goal of the Iraqi government is to work for the return of the displaced to their places of residence, to provide services and education, to rehabilitate the infrastructure of the liberated cities and the importance of the United Nations as a key partner in supporting those efforts," the report said.

https://www.alsumaria.tv/news/%D8%B3%D9%8A%D8%A7%D8%B3%D8%A9/310631/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%85-%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%A4%D9%83%D8%AF-%D8%AA%D8%AD%D8%B3%D9%86-%D8%A7%D9%84%D9%88%D8%B6%D8%B9-%D8%A7%D9%84?src=rss&utm_campaign=rss&utm_source=Rss-articles&utm_term=Rss&utm_medium=Rss-310631

Iraq issues investment facilities for US companies

2019/06/18



[size=18]BAGHDAD / The obelisk: The US Embassy announced on Tuesday, June 18, 2019, the issuance of Iraq investment facilities for US companies and citizens, while confirming support and Washington to enter Iraq to the World Trade Organization.
The embassy said in a statement to the "obelisk" that "the capital Washington hosted the second session of the meeting of the Council of Trade and Investment Framework Agreement between Iraq and the United States, which stems from the framework of trade and investment signed between the two countries in 2005."
"Iraq and the United States discussed a number of bilateral issues on trade and investment during the meeting," she said. "The aim of the meeting is to enhance Iraq's entry into the world economy and find ways to enhance greater opportunities for mutual exchanges between the two countries."
"The United States expressed its support for Iraq's decision to re-enter the WTO accession process and to ensure local reforms required to meet the Organization's obligations, as well as tariff liberalization and trade in services. The United States expressed its support for Iraq's decision to accept tax returns International financial standards ".
She pointed out that "Iraq through the National Investment Authority facilitate the visits of US investors through granting them multiple entry visas for 6 months issued by a special office for issuing visas working at the airport, as well as the implementation of a single window system to facilitate and facilitate procedures, as well as work with the Ministry of Finance and the Bank In addition to that Iraq will issue 12-month entry visas to US citizens. "
"The United States encouraged Iraq to reduce the tariff imposed on poultry, and Iraq and the United States also discussed the import of rice and wheat and transparency of the tender procedures for grain in Iraq under two memorandums of understanding."


http://almasalah.com/ar/news/173168/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%B5%D8% AF% D8% B1% D8% AA% D8% B3% D9% 87% D9% 8A% D9% 84% D8% A7% D8% AA% D8% A7% D8% B3% D8% AA% D8% AB% D9% 85% D8% A7% D8% B1% D9% 8A% D8 D9% A9-%% 84%% 84% D9 D8% B4% D8% B1% D9% 83% D8% A7% D8% AA -% D8% A7% D9% 84% D8% A7% D9% 85% D8% B1% D9% 8A% D9% 83% D9% 8A% D8% A9

Claud (Moose)






[/size]

Jayzze wrote:claude you will have to wait until the end of dec if Iraq ever stops kicking the can down the road. to join the wto only 2 times a year in dec and june. can you join the wto. I would put your dinar in a box with moth balls. btw if you want to have foreign investors  you need a stable gov a courency of more then toilet paper investment laws passed and safety for foreign employees who will be working there. does this sound like Iraq now?

I give you another example that was announced this morning on security in Iraq, good day to all!





[size=32]Chairman of the Committee on Foreign Relations meets a delegation from the United Nations Mission in Iraq (UNAMI)[/size]




 07/10/2019



The chairman of the Foreign Relations Committee, Mirkoj, met on Wednesday 10/7-2019 a delegation from the United Nations Mission in Iraq (UNAMI) headed by Mr. Manoj Mathieu. 

At the start of the meeting held at the headquarters of the Committee MP Mirwais pointed out that the Committee on Foreign Relations works through committees of friendship with the world parliaments to support the work of international organizations through their oversight and legislative role and follow the level of diplomatic missions abroad.
 
"The stability of the situation in Iraq is stable, which represents an opportunity for all representatives working in Iraq to support the reconstruction of the areas affected by the terrorist gangs," he said, referring to the serious efforts to counter the remaining terrorist ideology in the country. Witnessed conflicts and anti-corruption efforts and the service sector.
Commenting on the possibility that Iraq could play a role in easing the crisis between Iran and the United States, MP Mirwais said that Iraq would not be part of any conflict taking place in the region between Iran and the United States as two allies. 

During the meeting, they discussed the issue of the disputed areas, the water issue and Iraq's need for UNAMI's cooperation in coordination with neighboring countries and studying the needs of Iraq in the future as well as discussing the issue of borders and the need to support Iraq in ensuring its preservation.


Media Department 
House of Representatives 
10/7/2019












http://ar.parliament.iq/2019/07/10/%d8%b1%d8%a6%d9%8a%d8%b3-%d9%84%d8%ac%d9%86%d8%a9-%d8%a7%d9%84%d8%b9%d9%84%d8%a7%d9%82%d8%a7%d8%aa-%d8%a7%d9%84%d8%ae%d8%a7%d8%b1%d8%ac%d9%8a%d8%a9-%d9%8a%d9%84%d8%aa%d9%82%d9%8a-%d9%88%d9%81%d8%af/

claude I see security they claim is good really. people are afraid to  walk down the street for fear of getting shot  killed or stepping on live land mines in many proviences . real safe unless you are a camel

Jayzze wrote:claude I see security they claim is good really. people are afraid to  walk down the street for fear of getting shot  killed or stepping on live land mines in many proviences . real safe unless you are a camel

You know Jayzze, I do not want to go on a big debate, and this is my personal opinion, do you sincerely believe that the UN will endanger the investors who will go to Iraq, they will start construction in the places which are sure, that there is no mine on the ground, like Mosul for example !! the police who control the scene, we see very well the training that is given by other countries to train the Iraqi police in this country! All of this will not happen all of a sudden, but they're getting better now !!


Claud (Moose)

Watch I put you 3 articles to give you an idea of what I tell you !! Good evening to you !!


Claud (Moose)


[size=39]Denmark provides an additional $4 million to Security Sector Reform in Iraq[/size]


March 5, 2019












Baghdad, 4 March 2019 – The Government of Denmark will contribute an additional 27 million Danish Kroner (approx. USD 4 million) to advance Security and Justice Sector Reform in Iraq in the coming years. This support will be managed and facilitated by UnitedNations Development Programme (UNDP).

UNDP Security Sector Reform/ Rule of Law Programme provides advice and assistance
to Government of Iraq's Security Sector Reform Programme through partnerships with the Office of the National Security Advisor, Ministry of Interior, Higher Judicial Council, Ministry of Justice, Parliamentary Security and Defense Committee, Iraqi civil society organizations and, other international donors.

The Danish grant will, among others, be used to support implementation of the Local Police Road Map, for development of quick impact projects to improve police - public partnerships, and for mid-level management and, related specialized trainings to Iraqi police officers in close collaboration between Danish National Police, UNDP and the Ministry of Interior. Denmark has supported Iraq's security and justice sector reform efforts since 2015.

Danish Ambassador Gert Meinecke said "Denmark maintains its commitment to supporting Iraq's transition to stability, security and recovery".

While visiting a mid-level management training course at the Ministry of Interior, the Danish Ambassador expressed hope that the trained Iraqi Police Officers will provide a safer and more secure day-to-day environment for the people of Iraq. "The strengthening of local police is important in the transition from 'green to blue' security”. added Ambassador Meinecke.

Mr. Vakhtang Svanidze, Officer in Charge of UNDP Iraq said “I would like to thank the Government of Denmark for its generous contribution of 27 Million Danish Kroner which comes in addition to the in- kind support of the Danish police advisor and, expert trainers". "Improving key public security services such as policing and justice services in the liberated and, other areas will be a key determiner to Iraq's transition to stability and, maintain safe returns" added Mr. Svanidze.

UNDP is very grateful to the Government of Denmark's committed and generous contributions to UNDP Security Sector Reform/ Rule of Law Programme in Iraq.
 

For additional information, please contact:

Ms. Chamila Hemmathagama, Programme Manager, Rule of Law
(m): +964 (0) 751 184 3529


http://www.iq.undp.org/content/iraq/en/home/presscenter/pressreleases/2019/03/05/denmark-provides-an-additional--4-million-to-security-sector-ref.html

[size=39]Germany provides an additional USD 1.14 million to advance Criminal Investigations and Local Police Service in Iraq[/size]

April 21, 2019









Baghdad, 21 April 2019 – The Government of Germany will contribute an additional USD 1.14 million to advance criminal investigations and local policing, that are identified key priorities within the Government of Iraqi's on-going Security Sector Reform Programme. This support will be managed and facilitated by United Nations Development Programme (UNDP).


UNDP Security Sector Reform/ Rule of Law Programme provides advice and technical assistance to Government of Iraq's Security Sector Reform Programme through partnerships with the Office of the National Security Advisor, Ministry of Interior, Higher Judicial Council, Ministry of Justice, Parliamentary Security and Defense Committee, Iraqi civil society organizations and, other international donors. UNDP is grateful to Germany for its generous funding to carry out this important work in Iraq.
The German Federal Foreign Ministry grant will, among others, be used to support implementation of the Standard Operating Procedures for Criminal Investigations and Local Police Service Road Map and, support civil society organizations to improve police - publicpartnerships at local level. Germany has supported Iraq's security and justice sector reform efforts since 2017.
German Ambassador Dr. Cyrill Jean Nunn said: "Security Sector Reform is one of the key pillars in Germany’s support to Iraq. In that context, capacities for professional criminal investigations and local policing are of high importance. We appreciate the close collaboration of UNDP with all relevant Iraqi authorities with the aim of improving public security services for the Iraqi people”.
Officer in Charge of UNDP Iraq Mr. Vakhtang Svanidze said: “I would like to thank the Government of Germany for its generous contribution and, we are grateful to Germany for its continuing commitment to improve security and justice services in post- ISIL Iraq".  "Improving key public security services such as policing and justice service provision in the liberated and other areas is a pre- requisite for Iraq's transition to stability and, maintain safe returns" added Mr. Svanidze.
UNDP is very grateful to the Government of Germany for its committed and generous contributions to Security Sector Reform/ Rule of Law Programme in Iraq.
 
For additional information, please contact:
Ms. Chamila Hemmathagama, Programme Manager – Rule of Law /Security Sector Reform
(m): +964 773 642 1530


http://www.iq.undp.org/content/iraq/en/home/presscenter/pressreleases/2019/04/21/germany-provides-an-additional-usd-1-14-million-to-advance-crimi.html

[size=39]Improving the Effectiveness of Local Police in Iraq[/size]



July 3, 2019







In June 2019, The United Nations Development Programme (UNDP) and the Ministry of Inteirior's (MoI) Training and Qualification Directorate jointly delivered an advanced course on training of trainers (ToT) on the topic of ‘Improving the Effectiveness of Local Police (IELP)’.


  The course took place from 23 -27 June in Istanbul and was attended by 26 mid-level Iraqi police trainers. Improving the Effectiveness of Local Police (IELP) is also known as Knowledge Led Policing and, primarily focuses on improving the skills and techniques of local police on how to collect, validate, analyze and prioritize information to ensure effective and timely use of information in the police operational context. It also focuses on building effective partnerships with relevant stakeholders at local level to improve public safety and security while also building trust and confidence between the police and the local communities. Furthermore, the MoI’s Police Affairs Agency has identified IELP as a core- police function in its Local Police Service Road Map that directs its efforts to transform Iraqi police from a fighting force against ISIL to a more service-oriented police service in post-war Iraq.

Further to the four IELP TOT courses conducted in 2018, an advanced course for a pool of 26 IELP trained Iraqi police trainers was identified by MoI, UNDP and, Danish National Police as a way to establish a qualified and, skilled pool of Iraqi trainers who could start to deliver IELP basic trainings to Iraqi police with on- going mentoring from UNDP and Danish Instructors in the coming months. The 26 selected participants were the high performers of the IELP ToT courses conducted in 2018 in terms of their ability to understand the concept and, their ability to impart transferable skills and knowledge to their peers/ fellow officers from the Iraqi Local Police.

The overall objective of the advanced course was to up skill this selected pool of Iraqi trainers on advanced training theories and techniques with emphasis on adult learning and, motivation techniques highly relevant in the design and delivery of IELP basic trainings and subsequent evaluation of all aspects of training process. The participants were from the police training centers in Anbar, Baghdad, Kirkuk, Karbala, Missan, Salah al-Din, Diyala and other specialized training institutions within MoI's Police Affairs Agency, Federal Security Affairs Agency, Federal Intelligence and Investigations Agency and the Administrative and Financial Affairs Agency.

“This pool of 26 advance trainers will be the key drivers of taking forward the future IELP trainings to Iraqi Police in close collaboration with UNDP and Danish National Police” said Major General Ziyad Ali Taha, Director Training and Qualification Directorate, MoI congratulating the course participants in the successful completion of the advanced course. He also expressed his gratitude to UNDP and Danish Police for on going efforts to strengthen the capacity of Iraqi Police and Interior Ministry.

Course participants expressed that the course content imparted useful learnings both in terms of new knowledge and skills, that will help to establish themselves as skilled and confident trainers within Iraqi Police and, to deliver trainings to their peers active in the operational context.  One of the female participants said, “as a female officer, the course provided a useful reflection to the valuable role female police officers can play in Iraq, specifically in maintaining trusted relations/ partnerships with communities that is critical to crime prevention”.

UNDP Senior Police Advisor, Finn Bernth Andersen, congratulating the advance course participants said, “they will be a precursor to the IELP rollout nationwide in the coming months and, UNDP looks forward to continue its collaboration with MoI in this important work, that will allow a gradual handing over of delivery of training courses to qualified Iraqi trainers”. He also emphasized that this approach is critical to ensure Iraqi ownership and sustainability of this important work for the longer term.

UNDP is grateful to Denmark for their generous funding in efforts to improve local Police in Iraq. UNDP is also grateful to the high caliber Danish National Police Instructors who helped design and deliver the course.


For additional information, contact:

Ms. Chamila Hemmathagama, Rule of Law/SSR Programme Manager: (m) +964 751 184 3529.
Finn Bernth Andersen, Senior Police Advisor: (m) +964 770 811 7308.
Mohammed Al-Bahbahanee, Communications Specialist, (m) +964 770 439 9222.


http://www.iq.undp.org/content/iraq/en/home/presscenter/articles/2019/06/27/improving-the-effectiveness-of-local-police-in-iraq.html

This article gives you a good idea about mine clearance happening in Iraq, good evening to you !!!


Claud (Moose)

[size=36]UK’s Department for International Development Continues to Support Explosive Hazard Management and Risk Education Activities in Iraq[/size]

Sunday, 09 June 2019











Baghdad, 9 June 2019 – The United Nations Mine Action Service (UNMAS) in Iraq would like to highlight the role of the United Kingdom’s Department for International Development (DFID) as a key facilitator of stabilization and humanitarian efforts through the support of explosive hazard management and risk education activities in the retaken areas of Iraq.


More than two years after the Iraqi Security Forces (ISF) retook areas previously under Da’esh control, the presence of explosive hazards continues to act as one of the primary inhibitors for the safe, dignified, and voluntary return of internally displaced persons (IDPs) back to their homes. The scale, density, and complexity of explosive hazards is unprecedented, making Iraq one of the most contaminated countries in the world.

Support from the United Kingdom through DFID has a significant impact on clearance efforts in the country, allowing for the continuation and expansion of UNMAS activities in the retaken areas of Iraq. In collaboration with its implementing partners and the Government of Iraq, UNMAS has coordinated a humanitarian response framework that tackles explosive hazard contamination through three different strategies: direct explosive hazard management through clearance measures, enhancement of government capacity through advanced trainings, and provision of risk education to vulnerable and displaced communities.

Risk education is a key activity supported by the United Kingdom since inception. Life-saving messages are delivered to affected communities via sessions mostly organized in IDP camps, schools and community centers. To extend the reach of risk education messages, creative tools such as the screening of TV clips, the printing of life-saving messages on taxis, date packages, water bottles and gloves as well as the use of virtual reality goggles have also recently been developed and used. These initiatives are essential to avoid accidents caused by explosive hazards.

British Chargé d’Affaires in Baghdad John Tucknott said: “The UK is the largest contributor to the Voluntary Trust Fund for Mine Action in Iraq. UK aid supports UNMAS in clearing explosive hazards, educating vulnerable communities on how to stay safe and helping to train Iraq’s National Demining Authority. It also supports search and clearance teams clearing important infrastructure such as schools, hospitals and roads, enabling Iraqis to safely return to their homes. We are particularly pleased that in Sinjar these teams are gender-balanced and include members belonging to different religions and ethnicities.”

“Explosive hazards continue to have an adverse effect on afflicted communities in Iraq. Our primary mandate is to facilitate the safe and voluntary return of IDPs to their homes. We cannot do that when an estimated 70 per cent of explosive hazards still lie underneath the rubble,” said Pehr Lodhammar, Senior Programme Manager of UNMAS in Iraq. “Risk education and the clearance of explosive hazards always come together. To avoid accidents, it is crucial to teach affected communities which behaviours to adopt when encountering explosive hazards.” added Pehr Lodhammar.


Contact 
Pehr Lodhammar, UNMAS Iraq Program, Senior Program Manager lodhammar@un.org



http://www.uniraq.org/index.php?option=com_k2&view=item&id=11182:uk-s-department-for-international-development-continues-to-support-explosive-hazard-management-and-risk-education-activities-in-iraq&Itemid=605&lang=en

Listen to the next to last caller today on Ray and Tony's call-in--She tells the story about calling her bank and the person say's to her "Do you know Ray and his brother Tony? The caller say's because the Dinar is the biggest SCAM. REMEMBER THE NEXT TO LAST CALL ON RAY AND TONY'S CALL TODAY 7/10. SURPRISED THEY LET HER ON.

Captain259 wrote:Listen to the next to last caller today on Ray and Tony's call-in--She tells the story about calling her bank and the person say's to her "Do you know Ray and his brother Tony? The caller say's because the Dinar is the biggest SCAM. REMEMBER THE NEXT TO LAST CALL ON RAY AND TONY'S CALL TODAY 7/10. SURPRISED THEY LET HER ON.

You see Jayzze the difference of not always understanding the comments in English, it forces you to follow your own news, and not to follow the gurus, and above all to make your own opinion on the subject of dinars, no need for a gurus to follow the news of the country, just do your own research to follow the news, it is not more complicated than that, I wish you a good evening to all!



Claud (Moose)

so claude lets forget the book you just wrote. the un has to help Iraq in education and stability just as I said. why has oil and other busisness been pulling out of Iraq? it is not safe for the oil pipelines the people who work there and the threat of kidnaping of executives. is that clear claude. btw I heard a rumor that Disney is thing of building a park in Canada if true that would be great since dreams do happen there. sleep tight

Jayzze wrote:so claude lets forget the book you just wrote. the un has to help Iraq in education and stability just as I said. why has oil and other busisness been pulling out of Iraq? it is not safe for the oil pipelines the people who work there and the threat of kidnaping of executives. is that clear claude. btw I heard a rumor that Disney is thing of building a park in Canada if true that would be great since dreams do happen there. sleep tight

Well you want to be right, and I do not want to start a debate, so I will continue to apply on the forum, and make your own opinions on the articles I'm applying for, you know I have no intention of convincing anyone on the rate changes, read the news and make your own opinion, I'm wasting my time discussing on the subject !! I told you I read no comment on the gurus, only the news of the day, and I'm not a guru no longer, I wish you a good evening to all!

Claud (Moose)

All of those "delete the zeros" articles are talking about redenomination or "a lop". I doubt that they will enact it this year but if they do the only affect it will have on your IQD is to start the clock ticking until it is demonetized. The purchasing power will not be affected at all. I actually hope they do it this year so that this whole farce will come to an end.

Iraq would never do this.  It would throw the entire financial system of Iraq into chaos after they just spent years stabilizing it and building confidence. Use your head a little bit.

Use my head? People like you who are holding onto hope that an unprecedented economic event is somehow going to happen and make them rich despite all evidence to the contrary including people going to prison for promoting said unprecedented event don't need to be telling level headed people to "use your head". You've been scammed dude. The IQD will never be worth more than 1/10 of a penny despite thousands of failed guru predictions. You'll be worm food before anybody gets rich from owning dinar. Put your money where it actually has a chance to grow, because that's not gonna happen with the dinar.

Your going to look silly when the dinar appreciates.  Iraq will not leave it weak and your idea of LOP will never happen.  That is just fake news to curb speculation.  Iraq's banking system is stable and about to open to the world.  When it does, the dinar will rise.

CURB SPECULATION???? Are you serious? They've been talking about deleting the zeros for eight years, Muskie. During that time trillions of dinar have been exported from Iraq to the speculators that they're supposedly trying to discourage. LOL! That's a pretty shabby effort if you ask me. I suspect that you're right about the lop never happening because Iraq probably doesn't want to have to fork over billions of dollars for the dinar coming back to their country. But "deleting the zeros" has ALWAYS meant redenomination. It did when they deleted zeros in Turkey, in Romania, in Russia, in Zimbabwe, in Brazil, and in Mexico. Nobody got rich in any of those countries and they won't in Iraq either. It's a neutral exchange, IF you can find somebody to exchange your dinar once it's scheduled for demonetization. If I'm wrong I agree I'll look silly. However, I've been telling people since 2011 that they won't get rich from owning dinar and every year people have told me exactly what you told me. So far I have zero eggs on my face.

heres more for you . abadi recently resigned from the dawa party. Malaki just just appointed to run the dawa party. mahdi is on the verge of being replaced for doing bascily nothing.here is probably what will happen. abadi becomes the pm and in the near future Malaki returns to his old job as pm and along with iran screws over Iraq and your dream is over

I don't have high "pie in the sky" aspirations for the dinar. But I do know they would be cutting their own throats after spending years building a banking system and stabilizing the currency to demonize it or delete zeros off the notes.  Never going to happen with the IMF overseeing reforms.  Anyone can say they can win the Indy 500 if all you do is sit in the car at the starting line, but how many would drive 200 mph for 4 hours?  This takes time and never was a a single event.