Masoum stresses Iraq’s urgent need for a solid and open economy
{Baghdad: Al-Furat News} President Fuad Masum, stressed the urgent need of Iraq to build a solid economy.
“The great victory that our people have achieved on the organization of the terrorist advocate has strengthened Iraq’s regional and international standing,” Masoum said during a speech at a conference of ambassadors and heads of missions in Iraq held by the Foreign Ministry on Friday, adding that international respect for Iraq’s strategic status as a force of terrorism Because it gives him a valuable opportunity to strengthen and multiply the possibilities of progress and construction and achieve security and peace. ”
He stressed “the importance of redrawing Iraq’s current and future ambitions in the diplomatic field, considering that the activities of our embassies vital and effective will inevitably contribute to encourage friendly countries to provide more moral and material support for Iraq.”
He also stressed the urgent need for Iraq to build a strong and open economy based on the recent economic and technological development, stressing that this requires attracting the largest international investments, the best technical achievements and the latest industrial, agricultural and tourism projects.
Abadi: optimistic about economic growth in a short period of time
![Abadi: optimistic about economic growth in a short period of time [extended]](https://www.alliraqnews.com/uploads/news/image/medium/story_img_5a74403123f8c.jpg)
[Ayna-Baghdad] Prime Minister Haider al-Abadi expressed his “optimism about the future of Iraq and the growth of its economy in a short period of time under the procedures followed and investment and the right and proper expenditure and public money.”
“The Iraqis have achieved the impossible by sacrificing and defeating,” he said. “Iraq has emerged as a united and victorious nation against terrorism despite the challenges of declining financial resources and difficult economic conditions.”
He added that “the response to citizens is a source of strength for us and not a fault to listen to our citizens,” calling on ambassadors and missions abroad to serve citizens and facilitate their transactions and consider the interests of the citizen number one and break the routine disrupting the interests of people and the country and stay away from regional and factionalism, praising Iraqi diplomacy for its role in strengthening relations Iraq and extinguish the differences and their contribution to the national effort. ”
“We can not isolate ourselves from the world in a time of communication, but we can protect ourselves by our unity and cohesion,” Abadi said. “We seek normal relations with all neighboring countries without compromising the interests of our people, our country and our national constants.
Alliraqnews.com
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Specialist: The government has started steps to revive the economy
Baghdad / A financial expert said the increase in non-oil revenues is “clear evidence” of the start of the revival of the Iraqi economy, calling for the generalization of these trends in all productive sectors. Thamer al-Azzawi told Al-Sabah: “What the Ministry of Transport announced about the increase in imports of airports, ports and private transport should be an example for its application in other sectors.” “The government has succeeded in the last three years in ensuring the stability of the markets, despite the financial crisis, the war on terrorism and corruption,” he said.
Noting that “the year 2018 will be a year to take steps to the prosperity of the Iraqi economy, which has suffered over the past 35 years,” stressing that “the solution is to diversify revenues, and move to a real market economy, and fight corruption, and enter into partnerships between the public and private sectors, As well as attract domestic and foreign investors. ” Transport Minister Kazem al-Hamami said Saturday that “the Iraqi airspace is witnessing a great overcrowding of transit aircraft.” He pointed out that “this shows that Iraq today is a link and communication with various countries of the world, making it an important station for Arab airlines “He added that” Iraqi airspace today is a stepping stone to move between the continents of the world, especially after the great victories achieved by Iraq on the gangs, “calling” criminal and the consolidation of security stability witnessed by what helped to open many
air passages . ”
Al-Hamami pointed out that “this will increase the import revenues for the transit of aircraft significantly as a result of the unprecedented preparation, as it will go to the treasury of the federal state and the budget of the country.” The General Company for Private Transport Management also announced that “the revenues of the Salahuddin Transport Department doubled by 200% in 2017 compared to the year before 2016. The Director of the Department of Salahuddin Ahmed Hassan Mohammed said that” the commitment of the employees in the department under the direction of the Minister and the General Manager of the company And make them double the efforts compared to previous years – the reason for these successes, “stressing that” these efforts have borne fruit with an unprecedented increase in revenues. ”
(Thanks to Loopster for this find)
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Al-Abbadi financial advisor: Agreement with the IMF forces the government to “adhere to the exchange”
The Financial Advisor to the Prime Minister said that the vision of the International Monetary Fund is forcing the government to “adhere to the exchange” after Iraq was exposed to a financial crisis since 2014, which resulted in internal and external debt, which must be paid on a long-term basis.
“Iraq has an agreement with the International Monetary Fund (IMF), which has been in effect since July 2016, under which Iraq will receive international support from the IMF, the World Bank, or from member states of the IMF, .
“The international financial community estimated the financial gap in Iraq between 2016-2019 at about $ 18 billion, funded from external sources, and the International Monetary Fund is responsible for bridging the deficit gap,” he said.
The International Monetary Fund decided to grant Iraq a loan (STAND BY), which grants it in case of actual need, but within several requirements and conditions, most agree with the reform program of the government, according to the source who confirmed that «the Fund conducts reviews (3 to date) Months, and until the last review before the Executive Board of the Fund, must approve the budget for 2018 ».
“The IMF has a vision on the budget, including setting the spending ceiling, by preparing a long-term (financial sustainability) plan for Iraq, including two directions; to address any drop in revenues, whether oil or non-oil, Accumulation of debt ».
Saleh pointed out that «there is an international financial incubator to protect Iraq, as the international coalition (military), which provided assistance to Iraq», stressing the importance of «Iraq does not lose the respect of the international community us, through demands do not lead to a result, , Is the Kuwait conference, how can Iraq go to the conference and understand with donor countries and he was unable to approve his budget? This is a very negative signal, and therefore the budget must be approved before the Kuwait Conference ».
SOURCE
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mike (Dinar Guru) – Article: “Washington reaffirms its support for the Iraqi economy” Iraq’s leadership just don’t get it, the US is ready and chomping at the bit to get the TIFA side of the the project moving and all Iraq has to do is pass the legislation for the banks and the economy and get out of the way. But they don’t and then complain about it. We’re not going to: “give a signal to US companies that Iraq is open for business.”It’s not true, Iraq still has some heavy lifting to do before the country is open for outside investment. Property rights, business ownership, the currency, the banks and the economy are not attractive to US investment on a large scale if it doesn’t pertain to oil, it’s just too risky. Your move Abadi.
Read more: http://www.dinarupdates.com/observer/
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G-Lin (Dinar Guru) – Article: “CBI Signature of the deposit guarantee company” Quote: “In accordance with the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, “the contract of establishment of the bank deposit guarantee company was signed with the founding body“. This is CBI taking action on a law that was already in place. I have to assume that by the signing of this Doc between the banks and the company providing the insurance for the deposits, this was implemented today. Very much like our FDIC. This is huge news. Investors and the public will now feel safer with their money in the banks. Iraq needed to do this before the Kuwait extravaganza and also it will pull that mattress money out of hiding.
Read more: http://www.dinarupdates.com/observer/
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9 countries imposed conditions on Iraq for their participation in the donor conference
Fearing that money would go into pockets of corruption whales … 9 countries imposed conditions on Iraq
Baghdad News – Al-Hayat newspaper reported Saturday that nine countries imposed conditions on Iraq to contribute more than $ 100 billion in financial aid to the Kuwait conference.
The newspaper said that “the conference will be attended by 70 countries, in addition to international organizations, including the World Bank, and will be dedicated the first day to present investment opportunities in Iraq, while allocating the other days to collect $ 100 billion for the reconstruction of liberated cities,” noting that “nine countries demanded Iraq guarantees for its participation in the donor conference. ”
The newspaper quoted an Iraqi official as saying that “there is reluctance among a large number of Western countries on the approval to participate in the conference, including members of the military alliance against a Washington-led advocacy organization,” noting that “official invitations were extended to 80 countries , But more than 32 countries, including important countries and known for their significant contributions to such conferences, did not inform us of their consent to attend so far. ”
A government source, who declined to be identified, said there was real concern by companies that the amounts of grants earmarked for the reconstruction of Iraq would go into pockets of corruption whales, and demanded that she supervise the reconstruction process because she was not convinced of the integrity of the government.
Baghdadnews.info
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Enorrste (Dinar Guru) – Article: “Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks” I sense that the IMF is still in the background pushing Iraq forward slowly. Like KAP I’m reluctant to get too excited until we see this actually implemented and deposits start to flow into the banks.
Read more: http://www.dinarupdates.com/observer/
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Adam Montana (Dinar Guru) – Not sure if anyone noticed, but this has been a great week for Dinar. I know, the price didn’t move. We’re not at our “Post RV” destination right now, and that’s a bummer for some people. But let’s get real… back to the basics. Did you see anything BAD about IQD this week? I didn’t think so. How many weeks in a row is it possible that I can say that? More importantly… how many weeks in a row can that be said without something breaking?!! We’re close. It’s only a matter of time, a practice in patience, and some sweet sweet victory soon…It’s going to happen, and no amount of analyzation or hypothesizing on my part will change it.
Read more: http://www.dinarupdates.com/observer/
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Former minister: $ 500 billion will return to the state by applying the law “Where do you get this”
Baghdad – Mawazine News – Former Minister of Water Resources Mohsen Al-Shammari revealed that 500 billion dollars will be returned to the State Treasury in the event that a law is applied where you come from (better translated “Where did you get this”).
The House of Representatives on Saturday, during the session of the House of Representatives first reading of the proposed law on graft “Where you get this.”
“Former Minister of Water Resources Mohsen al-Shammari, it is likely to recover 500 billion dollars to the state treasury if the law applies” Where do you get this? ”
“According to the statement,” in line with the first reading of the law “where you have this” by the Iraqi parliament, it should include two paragraphs are essential, “noting that” these paragraphs are where you have this retrospective since 1979 and hold everyone accountable for what they have Of movable and immovable property without exception and large and small alike. ”
The former minister pointed out that “we must not forget that the legislative imbalance in Iraq has been addressed, we have the executive institutions of such legislation and decisions, which need the independence and expertise and efficiency to implement legislation.”
Al-Shammari said: According to preliminary estimates, the value of the amounts to be returned to the state treasury exceeds the value of (500) billion dollars, which is sufficient to remove the accumulated concerns on the chest of Iraqis and raise the value of the credit rating of the Iraqi economy to a high level and thus the global capital flows to work in Iraq, Our jobs have a record period.
Mawazin.net
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Some interesting headlines…
Hundreds protest in Tahrir Square, call for eliminating corruption
MP: Abadi wants to exclude Halabja from 2018 federal budget
Parliamentary Finance: Things are moving quickly towards the adoption of the budget
Iraq ‘s economy is witnessing a significant growth in the capital of Islamic banks
Abadi: We want to build our relations with states without waiving our rights
“…Iraq is seeking to build relations with neighboring countries and the world without waiving the rights of its people, pointing out that Iraq will be within a short period in the ranks of the major economic countries if it continues unified…”
US urges agreement on reopening Kurdish airports, paying salaries
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Al-Abbadi returned disappointed with Davos after hearing harsh words
LONDON (Reuters) – Prime Minister Haider al-Abadi has returned disappointed after hearing harsh words from donors and presumed investors when he offered to help Iraq, the London-based Arabic newspaper Al-Arab reported on Monday.
The newspaper said today that Abadi faces a great challenge in persuading foreign donors and investors to work in Iraq in light of the spread of corruption and lack of political and economic guarantees.
Abadi seeks to provide international funding in two directions, the first in the form of grants and international grants, and is directed towards the reconstruction of basic infrastructure in the liberated areas, and the second in the form of investment opportunities, to establish residential, commercial and recreational projects.
The newspaper said that ‘leaks from the hall of the Davos conference, held in Switzerland recently, indicated that Abadi’ heard harsh words, from donors and investors presumed, when he offered them assistance to Iraq ‘.
She added that donors are afraid to waste their money in the reconstruction and investment assumed, in a country competing at the top of the list of failed states, because of the spread of corruption.
State institutions suffer from a severe bureaucracy, and administrative transactions can only be accomplished by paying bribes to corrupt officials who control the decision.
Many of the special grade employees in the Iraqi government belong to political parties, with whom they share the commissions they provide.
Despite many legislative reforms introduced by Iraq on investment laws, the legal environment appears hostile to foreign investment, observers say.
They say that many legal contracts are still being put in the way of foreign investors contemplating coming to Iraq, with the aim of forcing them to pay commissions to facilitate their contracts. Sometimes commissions are about half of the expected profits. According to the newspaper.
“It has become widely known that Baghdad’s reputation does not encourage investors to venture with their money in a country that is still classified as the most dangerous country in the world. And there are those who firmly believe that the donations will not go for the reconstruction of cities destroyed by the war on the Dahesh, in light of the dominance of armed parties and organizations on the street and a large part of the joints of the state.
She explained that in the absence of confidence in the Iraqi government, the figures put forward by that government seems a kind of imagination that will not strengthen the global investment market to turn it into reality. The convening of the donor conference in Kuwait may seem a bad message to some Kuwaitis who still insist on not canceling the remaining compensation. Which will be an additional obstacle to dealing with investors and donors with Iraqi demands.
Economic and financial experts do not expect the conference to produce miraculous results and miracles in light of the inability of the Iraqi government to provide realistic guarantees to those seeking to help Iraq, making hopes on the conference closer to dreams.
Abadi is betting on persuading the international community to provide a fair portion of the funds Iraq needs. But first he needs to gain his trust. International donors are expected to meet on February 12-14 in Kuwait to discuss opportunities to help Iraq.
Baghdad is counting on this conference to launch a massive reconstruction campaign in the country, drawing on a series of pledges and actions it will take to convince donors to provide their money.
Ebadi’s Baghdad office seems confident of its ability to convince donors at the Kuwait conference, but diplomatic sources say the Iraqi government does not have enough arguments to gain the confidence of foreign capitalists. In devastated provinces such as Nineveh and Anbar, the work of foreign companies appears to be a source of political competition amid the chaos that prevailed there after the liberation. The newspaper reported.
Mosul, Nineveh, and Ramadi, the center of Anbar, have suffered extensive damage to the infrastructure and homes of residents, turning into two large fronts during the war against an oppressive organization. Political unrest prevails, and their administration is competing for power, most of whom are accused of corruption.
Diplomats say donors and investors may choose to channel limited funding to specific projects in Iraq to test the possibility of success. Anbar province appears to be a candidate for this experiment.
Anbar is bordered by three countries – Syria, Jordan and Saudi Arabia – which makes it easy for companies to access.
The Iraqi government believes that the international community will help it provide a normal living environment, prevent the emergence of violent extremism linked to authoritarian policies involving previous governments and characterized by poor distribution of wealth.
Iraq has suffered a large deficit in its financial budget, forcing the country to undergo austerity measures during the past three years, which also witnessed the control of an organization on a large part of its territory. Iraq was unable to recover its territory, except by spending billions of dollars on military operations, which subsequently destroyed entire cities.
Iraq was forced to seek international loans, constrained government spending on difficult terms, and raised fuel prices, which the state subsidizes production.
According to Iraqi estimates, the country needs about $ 100 billion to fund large-scale reconstruction, in areas that have been restored from a hasty organization.
Read More: http://www.dinarupdates.com/showthread.php?56120-Al-Abbadi-returned-disappointed-with-Davos-after-hearing-harsh-words
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Abadi’s war against corruption must begin with Maliki and his henchmen
Corruption is the most dangerous obstacle against Iraq’s development. As the country enjoys many natural resources like minerals and oil, the international community is concerned with Iraq’s high level of corruption.
Corruption in Iraq has caused severe poverty in Iraq, which led to civil and sectarian strife that caused the extreme damages to the country’s infrastructure.
Shia parties lead corruption
After the US invasion to Iraq in 2003, Shia parties seized all the important posts in the government and led a widespread corruption campaign, which analysts assert that Iraq’s losses have reached over 1,000 billion dollars during the last ten years.
The most prominent entity that led this campaign was the ruling Dawa party, led by the former prime minister Nouri al-Maliki, who was described by experts as the “Godfather of Corruption” as he is implicit in numerous corruption, graft and embezzlement cases.
Recently, the Iraqi Prime Minister Haider al-Abadi launched a campaign against corruption in Iraq, but analysts told The Baghdad Post that until now Abadi didn’t dare to press any charges against Maliki.
They added that as Abadi’s popularity increased after the victory against ISIS, the prime minister seeks to increase his popularity ahead of the elections by pretending to fight corruption, describing this campaign as an “electoral propaganda”.
Politicians are also skeptical from Abadi’s actions, after Abadi extradited the former trade minister Abdul Falah al-Sudany from Lebanon after cooperating with the Interpol, and the son of the Luai al-Yasiri the governor of Najaf in a drug trafficking case.
They fear that these actions are just a show ahead of the elections and the Iraq’s reconstruction conference that will be held in Kuwait in February. His actions just aim at ensuring investors that their donations and investments won’t be embezzled by corrupt officials and politicians.
The Iraqi people wish to see the anti-corruption slogans practiced on the ground, away from the occasion of elections or the upcoming Kuwait conference, and away from personal and electoral gains to include all corrupt politicians no matter how strong or influential they are.
Analysts say, during his tenure from 2006 to 2014, Maliki accumulated power and influence that surpassed the incumbent Abadi, stressing that this is the reason why the PM can’t hold him accountable for his crimes that led to the bankruptcy of Iraq after his embezzlement of Iraq’s oil profits and the country’s destruction in the war against ISIS.
They added that If Abadi is serious in his war against corruption then he must begin with Maliki and his henchmen.
Read More: http://www.dinarupdates.com/showthread.php?56102-Abadi-s-war-against-corruption-must-begin-with-Maliki-and-his-henchmen&p=181032#post181032
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Post RV Checklist (it’s getting to be that time!! Listen up!!)
Dos and Don’ts of Windfall Wealth:
Treat it like a PowerBall win
– Tell no one, not even family. If you must talk, do so with one who is already in the know.
– Don’t run out & buy new “stuff”. People notice.
– Get an unpublished number and give it out very sparingly.
– Get a tax accountant you can trust to make sure the IRS is satisfied (Certified Opinion is something to look into) and pursue asset protection…
Read Complete List: http://www.dinarupdates.com/showthread.php?18519-The-Post-RV-Checklist-and-Flashback-documents&p=128477#post128477
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