Maliki’s wealth estimated at $40 bln: sources
Iraqi former PM Nouri al-Maliki’s wealth is estimated at $40 billion, informed sources told The Baghdad Post on Thursday.
The sources revealed the 67-year-old has made his wealth through manipulating the Iraqi Central Bank’s accounts as well as his suspicious projects inside and outside Iraq.
They also confirmed he took over the 2014 state budget without releasing concluding statements.
The sources also accused al-Maliki’s son-in law, Yasser Abd Skheil, of gathering millions through suspicious deals.
Skhel, currently a member of the Iraqi parliament, exploited his ties with al-Maliki, the sources said, to seize state-owned lands.
Al-Maliki left his post as the house speaker in 2014, the same year in which he was elected one of three vice-presidents.
Read More: http://www.dinarupdates.com/showthread.php?47503-Maliki-s-wealth-estimated-at-40-bln-sources
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Statement at the End of an IMF Mission on Iraq
In 2016, real GDP growth was sustained at 11% supported by a large increase in oil output that benefitted from past oil investments.
In 2017, economic activity is expected to remain muted due to a 1.5% contraction in oil production and only a tepid recovery of the non-oil sector.
Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy.
International Monetary Fund (IMF) held discussions in Amman from March 5–17, 2017 on the 2017 Article IV Consultation and the second review of Iraq’s 36-month Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321). The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending. The first review under the SBA was completed on December 5, 2016 ( See Press Release No. 16/540).
Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:
“Iraq has been hard hit by the conflict with ISIS and the plunge in global oil prices since 2014. The government has responded to the fiscal and balance of payments crisis with a large but necessary fiscal adjustment supported by financial assistance from the international community. In 2016, real GDP growth was sustained at 11 percent supported by a large increase in oil output that benefitted from past oil investments. Nevertheless, the non-oil economy experienced an 8 percent contraction due to the conflict and the fiscal consolidation. In 2017, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production under the agreement reached by the Organization for Petroleum Exporting Countries, and only a tepid recovery of the non-oil sector.
“The plunge in oil prices has driven the decline of Iraq’s gross international reserves from $53.7 billion at end 2015 to the still comfortable level of $46.5 billion at the end of December, 2016. Fiscal pressures remain significant with the government deficit remaining at 12 percent of GDP in 2016, due to continuing weak oil prices and rising humanitarian and security spending. Total public debt increased from 32 to 64 percent of GDP during 2014-16. Credit growth decelerated and non-performing loans in state-owned and private banks increased significantly in 2016.
“The authorities have maintained the exchange rate peg which remains a key nominal anchor. Medium term growth prospects remain modest driven by projected flat oil production and investments in the face of the revenue constraint and modest pickup in non-oil growth supported by the expected improvement in security and implementation of structural reform. Further reforms to create fiscal space for inclusive growth, strengthen the business environment, reduce corruption and repair the banking sector are needed to support private sector-led growth and diversification of the economy once post- ISIS reconstruction is underway. Risks remain high, arising primarily from uncertainty in the oil price outlook, security and political uncertainties, and administrative weaknesses.
“The Iraqi authorities and IMF staff started discussions on the second review of the SBA. These discussions will continue during the upcoming IMF and World Bank Spring Meetings from April 21–23, 2017 in Washington, DC.
“During the visit, the team met with the Acting Minister of Finance Prof. Abdulrazzaq A. Jaleel Essa, Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministries of finance, oil, planning, the State Oil Marketing Organization, the Central Statistical Office, the Central Bank of Iraq, and representatives from the Kurdistan Regional Government, and the Board of Supreme Audit. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
Read More: http://www.dinarupdates.com/showthread.php?47496-Statement-at-the-End-of-an-IMF-Mission-on-Iraq
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BGG (Dinar Guru) – Article: “(Reuters) Iraqi Prime Minister Haider al-Abadi said the government offensive to recapture the city of Mosul from Islamic State militants was in its final stages.” Mosul moving to an end soon. Boom. [Whats your thoughts…that an rv happen could happen before april or during april. Being info. out of Iraq is usually already happened so mosul prob closer to done sooner than later!] Not sure – but I’m very excited I’m still in this thing!!
Read More: http://www.dinarupdates.com/observer/
Eat Well – Lose Weight!!
Peace is liberty in tranquillity. – Marcus Tullius Cicero
Kaperoni (Dinar Guru) – Article: “Saleh: Iraq is still within safe levels for loans” Quote: “…Iraq is not going to borrow the next budgets but on the contrary will be able to start paying the current loan incurred by him” Better get that market economy going and open the banking system if that is the plan.
Read More: http://www.dinarupdates.com/observer/
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Mosul battle reaching final stages: Abadi
(Reuters) Iraqi Prime Minister Haider al-Abadi said the government offensive to recapture the city of Mosul from Islamic State militants was in its final stages.
Speaking at a news conference on Tuesday night, he warned the insurgents that they must surrender or be killed.
Since launching the offensive on October, government forces have driven IS from eastern Mosul and are now making advances in the western sector.
The city on the Tigris river is the last urban stronghold in Iraq of the militants, who declared a caliphate in parts of Iraq and Syria after they captured it in 2014.
“The battle now is in the final stages. Daesh become day after day surrounded inside a tight area and they are in their final days,” Abadi said, using an Arab acronym for Islamic State.
He also pledged to treat the families of IS fighters fairly.
“Let me be very clear, we will preserve families of Daesh who are civilians but we will punish the terrorists and bring them to justice if they surrender,” he said.
“They are cornered and if they will not surrender they will definitely get killed.”Abadi said he would visit Washington next week and meet U.S. President Donald Trump to discuss the war. The United States is providing air and artillery support in the offensive.
Iraqinews.com
Loop (Dinar Guru) – Article: “TBI launches new producer certificate of deposit” Quote: “He added that this certificate has launched with the approval and blessing of the Iraqi Central Bank and is guaranteed payment at the moment of the citizen request to withdraw amounts.” This is beyond huge IMO. In the past this is the main complaint that the citizens have had. This is saying that if you deposit your money with us and invest it into these CD you are guaranteed to be able to access your funds when you need to. Getting the citizens to deposit their money into the banks is a critical component of moving to a free market economy. When the banks have liquidity they can loan the money needed to fuel the private sector, which will lead to explosive economic growth the likes that we have not seeing in our lifetime… IMO.
Read More: http://www.dinarupdates.com/observer/
PM Abadi and Kurdistan Region Representative to Meet US President
Erbil (BasNews) The US President Donald Trump will meet with the Iraqi delegation consisting of Prime Minister Haidar al-Abadi and Kurdistan Region representative next week.
A senior official source in Kurdistan Region confirmed to BasNews that PM Abadi and a representative of Kurdistan Region, who are set to take part in the global coalition’s meeting, will also meet the US President in Washington.
Minister Falah Mustafa, head of the Kurdistan Regional Government (KRG) Department of Foreign Relations told BasNews on Monday that Kurdistan Region will officially take part in the meeting of the coalition members after it complained about its exclusion from the previous sessions.
He revealed that Fuad Hussein, Chief of Staff to the Kurdistan Region presidency, will represent the Kurdistan Region in the meeting and he is also expected to address the meeting about the war on IS and the post-IS era.
On March 22, the United States of America will host a major meeting of the 68 member states of the coalition against IS and the US Secretary of State, Rex Tillerson, will chair the talks, the State Department said on Thursday.
Iraqinews.com
Iraqi Dinar/Dollar auction 03-16-17 (most recent listing)
Currency Auctions Announcement No. 3403
This daily currency auction was held in the Central Bank of Iraq on the 03-16-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 36 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | 1182 |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 163,486,588 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 161,486,588 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Iraqi Forces Tracking Down IS Leader Al-Baghdadi in Mosul
Nineveh (BasNews) Iraqi forces are preparing to attack the leader of the so-called Islamic State (IS) as soon as his exact location is uncovered, the Iraqi Joint Special Operations Command said on Wednesday.
The Spokesperson for the Iraqi Special Operations Command, Yahya Rasul Zubaidi, who spoke to Sputnik on Wednesday, said the forces are currently trying to track down the exact location of the IS leader, Abu Bakir al-Baghdadi.
Zubaidi explained that the intelligence units are tracking the movements of Baghdadi and as soon as they detect his exact location, they will immediately conduct an attack to eliminate him.
However, the Iraqi official pointed out that Baghdadi’s location is a confidential information and whether he is in Mosul or not is something that can not be revealed publicly to the media.
IraqiNews.com
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
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| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1257.645 | 1257.016 |
| British pound | GBP | 1443.414 | 1442.693 |
| Canadian dollar | CAD | 881.740 | 881.299 |
| Swiss franc | CHF | 1173.555 | 1172.969 |
| Swedish krona | SEK | 132.025 | 131.959 |
| Norwegian krone | NOK | 137.668 | 137.599 |
| Danish krone | DKK | 169.177 | 169.092 |
| Japanese yen | JPY | 10.314 | 10.308 |
| Special Drawing Rights |
SDR | 1597.926 | 1597.127 |