$30bn Pledged to Iraq – Time to Act!
Following the Kuwait International Conference for the Reconstruction of Iraq earlier this week, Iraq has so far received pledges of financing totalling around $30 billion to help with rebuilding the country after the devastating war against the Islamic State group.
While this is well short of the $88 billion in funding estimated to be needed, it is still a very significant boost for the country’s reconstruction programme, and will greatly improve the quality of life for millions of Iraqis.
Commenting on the outcome, UN Secretary-General António Guterres said:
“After the last three days in Kuwait, I feel hope for a new Iraq that is open for business and prepared to face the next challenge of rebuilding communities while reconstructing schools, roads, bridges, hospitals and public infrastructure.
“A prosperous Iraq will be a pillar for development and stability in the region.”
Many readers of Iraq Business News will play key roles in this reconstruction effort, and we would like to wish them every success in this important work.
(Special Thanks to Charles Bright)
BGG ~ I did say this was going to happen – didn’t I??
They were actually talking about 100 Billion in “grants” (all along)… not 88 billion and not a single “grant” in sight.
Looks like Iraq is gonna’ have to earn it. No one is giving it away today.
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Iraq receives nearly $ 11 billion from Arab and foreign countries for reconstruction
Baghdad Mawazine News – Iraq received nearly 11 billion dollars from Arab and foreign countries during the Kuwait International Conference for the Reconstruction of Iraq.
Saudi Arabia’s foreign minister, Adel al-Jubeir, said that “the kingdom has allocated $ 1.5 billion for reconstruction projects in Iraq and the financing of Saudi exports to it.”
While the Turkish Foreign Minister Mouloud Javishoglu, during the conference, to provide five billion dollars to support the reconstruction of Iraq.
Iraq also received $ 100 million as a contribution from Australia to reconstruction, while Britain pledged up to $ 1 billion a year to Iraq in the form of export credit over 10 years.
Germany announced at the Kuwait conference that it will provide aid to Iraq worth 350 million euros in 2018, and the UAE announced a pledge of 500 million dollars for the reconstruction of Iraqi cities.
Finland has donated $ 10 million to carry out humanitarian projects in Iraq and has pledged to train Iraqi forces.
While Qatar allocated one billion dollars in the form of loans and investments and export facilities for its products in Iraq.
The Amir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, announced at the Kuwait International Conference for the Reconstruction of Iraq, on Wednesday, that his country will allocate $ 2 billion in accordance with the mechanism of Kuwait Fund for the reconstruction of Iraq and encourage investment in it.
BGG ~ I keep hearing the complaints about Iraq getting all kinds of “welfare” as though they are living on these “pending grants” and IMF loans (instead of revaluing their currency).
I would be careful in assuming this is the situation or that any of this is any kind of “hold-up” to economic and monetary reform. I doubt so very much.
Everyone (as in – the investors and countries) wants to get close, be in on the beginning, but not so much so that they are just giving “hand-outs” with nothing in return. Iraq has to do their part. I get a little bit of the sense Iraq is kind of getting the cart before the horse with this latest conference.
It has long been speculated (and openly reported by Iraqi economists) Iraq would be hit with a “wall” of investment capitol when they truly started economic, monetary and governance reforms. However, it does not appear to me we are quite to this point yet. Everyone wants in – Iraq just don’t have the temperature quite right yet.
Keep in mind… these are “allocations”, “pledges” and “financing” and “projected exports” for projects. Basically these are all “feel good, sweet nothings” at a conference.
Next Monday we’ll see what’s what. Thus far they are well short of the 100 billion in give-aways (and grants) they were asking for.
On the other hand – why should they be given anything (for free)? If they would just pass corruption law(s) currently caught up in their Parliament’s legislative log-jam and then enforce them, their state treasury will swell by an estimated 500 billion (as they have plainly reported).
No need for anything from anyone.
Further, it is my opinion, Iraq should be held to account for (that means – PAY FOR) the military and humanitarian aid tab they’ve run up over the last few years.
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Central Bank of Iraq Auctions $198,173,094 on 15 February 2018
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on February 15 registered $198,173,094 in sales, a 8.69% volume increase from the US $182,320,645 sold by Iraqi Dinar, credit and transfer at the previous auction held on February 14.
The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on February 15 compared to the previous auction.
Data for the February 15 auction was made public by CBI Announcement Number 3636.
Dollar sales in the in the period January 1, 2018 to February 14, 2018 saw an increase of -1% compared to the sales of US $4.75 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.
An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to February 2018, sales of US dollars averaged US $1.81 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.
Read More: http://www.dinarupdates.com/showthread.php?56268-Central-Bank-of-Iraq-Auctions-182-320-645-on-14-February-2018&p=181224#post181224
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Iraq is ready to reform the financial and economic sectors
Economy News Baghdad: UN Secretary-General Antonio Guterich said Iraq was ready to reform the financial and economic sectors.
Guterich said in his speech to the Iraq reconstruction conference held in Kuwait and followed by “Economy News,” that “the United Nations development programs operating in 25 areas of Iraq to help Iraqis and develop their reality of living.”
“The United Nations launches a grant program that helps repair infrastructure, improves daily life and helps improve economic reforms and revitalize areas that have been damaged,” he said.
(Special Thanks to Loopster for sharing)
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BGG (Dinar Guru) – Article: “Speaker Jabouri calls 2018 Iraqi budget bill ‘unconstitutional,’ rejects to pass it” Quote: “…Salim al-Jabouri said the parliament will not approve cutting the salaries of civil servants.” IMHO, this has very little to do with the actual budget they are trying to get passed and much more about political alliances being developed for the upcoming elections. Seriously?!? Jabouri cares at all about the KRG share?? No. I think not. All part of the process – it will happen.
Read more: http://www.dinarupdates.com/observer/
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sandyf (Dinar Guru) – I get the impression that many perceive currency coding as nothing more than window dressing, nothing could be further from the truth. Currency codes are the backbone of all financial systems. Every computerized accounting software operates on a base currency and once set that currency code cannot be altered. When a country needs to introduce a new currency, the code must first be issued by the ISO, accounting software needs to be amended and a new set of accounts created in the new currency. This is why I often remind people that a redenomination cannot happen overnight nor in secret. One thing you can be sure of is that Iraq, or any other country is not going to be introducing a new currency anytime soon. It should be noted that the introduction of alternative denominations is an addition to an existing currency and not a new currency.
Read more: http://www.dinarupdates.com/observer/
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World Bank: Iraq is the best place to invest in the world
The International Finance Corporation (IFC), the private sector arm of the World Bank, has urged international companies to overcome their concerns about financing reconstruction projects in Iraq and capitalize on high-yielding investment opportunities there.
“As the country emerges from a devastating three-year war against ISIS, I do not think anywhere in the world there are such opportunities for investment,” said Ziad Bader, head of the International Finance Corporation’s mission in Iraq, in a speech at Kuwait Chamber of Commerce and Industry.
“IFC has investments of about $ 1.2 billion in various projects in Iraq, including banks, cement factories and telecommunications companies, and is preparing to announce an investment of $ 250 million in a telecommunications project,” he said.
Read More: http://www.dinarupdates.com/showthread.php?56255-World-Bank-Iraq-is-the-best-place-to-invest-in-the-world
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Aggiedad77 (Dinar Guru) – Article: “The House of Representatives concludes reading and discussing the Federal Budget Bill of 2018 In policy February 13, 2018” WELL LET US SEE WHAT THURSDAY WILL BRING FOR PARLIAMENT…THINK ABOUT IT…THE DAY AFTER THE KW CONFERENCE…SO WILL THIS BUDGET HAVE AN IMPACT ON WHAT WAS DONE AT THE CONFERENCE…IFO…NO… IMO… NO… BUT WE KNOW/SUSPECT HIGHLY WHAT THE FINAL OUTCOME OF THE BUDGET WILL BE…LOADED WITH STARS…PRIMING IRAQ FOR A FRESH NEW START…A START THAT DOES NOT INCLUDE AN ACTIVE WAR AGAINST TERRORISM, BUT INSTEAD A FOCUS TOWARDS THE REBIRTH OF THEIR ECONOMY, THEIR COUNTRY AS A NATION TO BE RECKONED WITH BY THE WORLD…MAYBE THE LION WILL ROAR IN KUWAIT TOMORROW [WEDNESDAY]…IMO IT WAS CERTAINLY AWAKENED THERE TODAY WITH THE GOINGS-ON THAT WE’VE SEEN…OPTIMISTICALLY EXCITED…THAT BE ME…IMO…3…2…1…
Read more: http://www.dinarupdates.com/observer/
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Mike (Dinar Guru) – Article: “Corruption, bureaucracy and armed practices threaten 157 Iraqi projects at the donor conference” Parliament just passed a law protecting those in government from prosecution for corruption, their timing couldn’t have been worse. I realize the west doesn’t want to leave Iraq vulnerable to Iran’s influence, but at this point, Iraq is in Iran’s back pocket, losing them to Iran has already happened. These folks can’t even agree on a 2018 budget, how can they expect the world to donate billions when they can’t even balance their own checkbook? The world has stood up and done everything it can to help this country… These guys have got to put on their big boy pants and act like they care about the country and its citizens, if they don’t, the world won’t. IMO.
Read more: http://www.dinarupdates.com/observer/
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The @IraqiGovt is implementing reforms
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Some interesting headlines…
Interview: Iraq hopes to start new chapter after Kuwait conference
Tilerson begins a regional tour of Iraq reconstruction conference
Businessmen seek guarantees against bureaucracy to invest in Iraq
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Trump called an Iraqi delegation visiting him ‘thieves’, report
WASHINGTON, United States – The US President Donald Trump has reportedly called an Iraqi delegation visiting him in the Oval Office last year “thieves,” according to a report by Washington Post published earlier this week.
Following a meeting with an Iraqi delegation last year, a former US official told the newspaper, Trump jokingly referred to them as “the most accomplished group of thieves he’d ever met.”
Last year in March, Trump received an Iraqi delegation headed by the Iraqi Prime Minister Haider al-Abadi who also included Fuad Hussein, the chief of staff to the then Kurdish President Masoud Barzani.
The US has led a global coalition against the ISIS group in Iraq and Syria since 2014 that helped the country to regain the territories lost to the extremist group such as Mosul, Iraq’s second-largest city.
Iraqi and Kurdish officials including PM Abadi said then that they were satisfied that the US promised to continue their support under Trump to Iraq including in the war against the ISIS group.
A joint readout of the meeting in particular hailed “unprecedented cooperation” between the two countries.
No Iraqi or Kurdish official commented on the alleged Trump accusation as of yet.
BGG ~ Here’s my take on this article…
This came out in a different version a few days ago. It quoted “…a former White House Official…” – like, who?? One from the last term, this term, from the beginning of this one – what?!? I am most dubious. I have a suspicion this is “planted” and spread to hurt both our current US Admin and the current Iraq administration or even the relationship between the two.
Think about it – who does this “info” benefit?? This is good for neither of the two main characters in the meeting. No current officials have commented on it. This speaks volumes.
Both characters stand to threaten the corrupt.
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A timeline synopsis of the debate over Iraq elections
Feb 9 – Iraq elections commission has extended deadline for registering candidates for May’s parliament election to 15 Feb
Feb 5 – Iraq parliament today decided to postpone PROVINCIAL elections until Dec 2018 at latest
The House of Representatives begins the discussion of the budget law and votes on the decision on provincial council elections
The House of Representatives began its ordinary session of the second legislative term of the second legislative year, which was held under the chairmanship of Dr. Salim Jubouri, Speaker of the House of Representatives and the presence of 173 deputies on Monday 5/2/2018 to discuss the draft federal budget law for the year 2018, and voted on a parliamentary resolution on provincial elections.
At the beginning of the session, the Council voted on its decision (due to the logistical difficulties and to take into account the conditions of some provinces and to give citizens the opportunity to exercise their constitutional right to elect, the House of Representatives decides to call the Council of Ministers to set a new date for the provincial council elections that does not exceed the maximum of this month of December of 2018) .
The Council began reading the report and discussion of the draft federal budget law for the year 2018 submitted by the Finance Committee…
See full read-out here: http://www.dinarupdates.com/showthread.php?56260-A-timeline-synopsis-of-the-debate-over-Iraq-elections
Feb 4 – Iraq elections commission says parties must submit candidate lists for May parliament elections by 10 Feb. Some parties want more time
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Jan 22 – Iraq parliament finally passed changes to national elections law today. Among other things it fixes the election date to 12 May and adopts a modified St Lague seat distribution formula with a 1.7 first divisor slightly favouring big parties
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Jan 21 – Iraq parliament met Sat but still no agreement on election date. Options under consideration involve parliament elections in May, provincial ones at later date
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Jan 19 – Worth noting that 149 of 260 Iraqi MPs present in parliament challenged dominant Shia Islamist parties to demand secret vote on election date
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Jan 19 – 123 Iraqi MPs voted to postpone parliamentary elections yesterday. Not enough to win the vote. New vote Saturday on 12 May proposal
Read More: http://www.dinarupdates.com/showthread.php?56260-A-timeline-synopsis-of-the-debate-over-Iraq-elections
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Click this link to join the DU “private” FaceBook Group…
https://www.facebook.com/groups/571383766355188/
(go here and ask to join… then add some Dinar Friends!!)
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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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