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Thread: July 2019 to Aug 2019

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    July 2019 to Aug 2019

    Instructions and criteria for circulation and replacement of banknotes and counting mechanisms
    July 25, 2019

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    26/07/2019



    Special – Trend Press

    BAGHDAD (Reuters) – Iraq’s central bank is “critically linked” to the US Treasury and the International Monetary Fund (IMF), a member of the parliamentary finance committee said on Friday.

    Mohan said in an interview with the channel “direction” space, “The Central Bank of Iraq is administratively linked to the government.”

    Mohan added that the Central Bank of Iraq “is linked in cash with the US Treasury and the International Monetary Fund.”

    The Central Bank of Iraq directed, on Thursday, the official banks to freeze the accounts of four Iraqi figures.

    On Thursday (July 18, 2019), the US Treasury Department imposed sanctions on four Iraqis: Ahmad al-Jubouri, Rayyan al-Chaldani, Nawfal al-Aqoub and Abu Jaafar al-Hatti.

    aletejahtv.com

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    IMF: Reconstruction in liberated cities is slow

    [...]




    Economy News Baghdad
    The International Monetary Fund (IMF) said that reconstruction in Iraqi cities liberated from Da'ash is proceeding at a slow pace.
    The IMF said in a press release after the conclusion of the Executive Council Article IV consultations for 2019 with Iraq and viewed by the "economy News", the non-oil GDP rose by 0.8% year on year in 2018, referring to "weak implementation of reconstruction And other public investments. "
    The IMF stressed that "the gross domestic product (GDP) shrank by about 0.6 percent with the reduction of oil production under the OPEC + agreement," and predicted that "the budget will return to a deficit of 4% of GDP in 2019."
    Growth in non-oil GDP is also expected to reach 5.5% in 2019, but will decline again in the medium term.
    The IMF warned of two things: "the main risk to the prospects of falling oil prices, which could reduce exports and reduce budget revenues, and thus lead to a sharper decline in reserves or a sharper rise in public debt" and "risks stemming from tensions And the possibility of social unrest in the context of weak public services and lack of progress in the fight against corruption.
    The IMF stressed that the Iraqi authorities should "seize the opportunity to improve the security situation and increase oil prices to implement structural policies and reforms aimed at ensuring macroeconomic and financial stability, addressing long-standing social problems and promoting sustainable and inclusive growth."

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    The International Monetary Fund warns Iraq of financial waste





    Baghdad - the new morning
    The International Monetary Fund (IMF) on Tuesday warned the Iraqi government against continuing financial waste, adding that continued spending in its current form would eliminate any economic progress made by Iraq.
    "Iraq's current budget for 2019, if current spending continues as it is, will eliminate any progress Iraq has made economically over the past years," the IMF said in a report quoted by Babel Finance International.
    He pointed out that "the expectations indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and balance sheet items," describing the Iraqi economic situation as "facing serious challenges, social conditions in the low and still severe." He noted that "post-war reconstruction is slow, growth requirements are very large, institutional weakness is very clear, in addition to the fluctuating oil prices and geopolitical relations have a significant role on the conditions of the Iraqi economy

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    The Central Bank sets the criteria for rejection of banknotes of the dollar and euro
    [...]

    The Central Bank of Iraq announced the criteria that are relied upon to reject banknotes of the dollar and euro during the counting and sorting operations.
    The bank pointed out that the most important criteria are: -

    1 - If it was cut in one corner or was oppressed or lost any part of the paper area.

    2 - If it is torn and repaired with a transparent adhesive tape from any side.

    3 - If it contains a seal of large size or several small seals to affect their features.

    4- If the effects of trading and use appear to be "smug" in order to affect their form or features.

    5 - If strange substances are stuck and affected in the features such as inks, dyes, glues, materials, grinded, cooked or boiled or fat or oils.

    6 - if stored in the conditions of storage is incorrect, which leads to break or smell of mold.

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    Nusseiri: Calls on the government to activate its decisions to support private banks

    [...]


    The economic and banking adviser to the Association of Iraqi private banks, Samir Nusairi, on Thursday, to activate its decisions on government support for private banks, which issued earlier but did not implement what was intended by these decisions.
    Al-Nusairi said in an interview with "Economy News" that the structure of the Iraqi banking sector consists of 7 government banks, which account for 86% of the total deposits of the government and the public and 78% of the total assets and private banks constitute 70 commercial and Islamic banks and invest 78% of the capital of the banking sector "He pointed out that the objectives set for the banking sector in the fourth axis (strengthening the economy) in the government curriculum focused on achieving lending for development, considering banks as a lever for development and building bridges of trust with the public and achieve financial coverage in the sense of expansion and spread Presented by Ntjat and banking services and the practice of real banking and digital transformation of the banking sector in accordance with the time limits specified in the government program.
    Al-Nusairi stressed the importance of stimulating and revitalizing the economy with banking finance and banking facilities in the face of its implementation at present. Despite the great efforts exerted by the Central Bank since 2016 to implement the objectives of its strategy for the years (2016-2020) The most important of which are the structural, structural and technical developments in banks, increasing the proportion of financial coverage and investment in human capital, and moving towards stability in the monetary system and stability in the exchange rate. Y year and a half.
    He pointed out that the banks also need government support for the purpose of achieving what is stated in the governmental curricula, taking into consideration the following: The nature of the activities of the banks depends on the nature of the activities of the economic sectors. As long as the economic activity is concentrated in trade (imports), the activity of banks remains concentrated on foreign transfer and related Therefore, unless the other sectors (industry, agriculture, tourism) and others move to predict the diversity of banking activity, the legal environment and the extension of the rule of law should be provided to eliminate the phenomenon of default in the repayment of loans. Form a large proportion of total credit granted and thus reluctance of banks to provide loans and banking facilities.
    Without the control of imports, these sectors will not rise, which explains the lack of progress on serious loans through the initiative of the Central Bank.
    He added that the non-activation of the decisions of the Council of Ministers and the Committee on Economic Affairs in the Council of Ministers, which had previously been issued to support the banking sector, especially private banks, have impeded the activities and activities of private banks and significantly affected the liquidity and revenues and deposits for that and for the purpose of implementation of the government program to ensure the transition The role of banks from banking to the developmental role and the revitalization of the banking business requires the government and in particular the Council of Ministers and the Committee on economic Affairs to activate the decisions that have already been issued by the Council of Ministers and the Committee on economic Affairs and is also documented in numbers and the following dates: -
    a 1-
    Not to accept the Ministry of Finance to open bank accounts for ministries and state departments in private banks and to reserve them in government banks under its book 207 dated 31/1/2019.
    2 - Activate the decision to allow ministries and government departments to open documentary credits in private banks up to 50 million dollars without going through the Iraqi Bank for Trade.
    3 - Activation of the Council of Ministers Resolution No. 110 of 2009 and the decision of the Committee on Economic Affairs 141 on 20/02/2012 regarding the transfer of government documentary bank credit up to 30 million dollars to private banks through the Iraqi Bank for Trade.
    4- Activating the decision of the Committee of Economic Affairs No. 253 of 2015.
    Regarding the acceptance of instruments ratified by private banks to pay insurance and customs fees and taxes.
    Second: Activating the Cabinet Resolution No. 378 of 2018 concerning the collection of government fees in the government departments through electronic payment.
    Third: Activating the financial services court formed in accordance with the Central Bank Law No. 56 of 2004, and the court may refer cases that require referral to the competent courts in accordance with the applicable penal law.
    4 - to consider the debts of troubled banks customers in the private banks urgent claims and excellent debt like government debt.
    Fifth, in addition to the efforts of the Central Bank requires the government also to work to provide conditions and take measures to help private banks to obtain the credit rating adopted internationally and thus strengthen international banking relations with correspondent banks.
    VI - The Ministry of Finance to compensate for the damage to the monetary assets and fixed lost by the branches of private banks, which amounted to (37) branches in the provinces occupied by the terrorist advocate and documented with the Central Bank of Iraq.
    VII. Activating the decisions of the Council of Ministers No. 313 of 2016 and 218 of 2017 regarding the settlement of salaries of employees and the demand from government departments to settle their salaries as they wish and not to direct them to settle salaries in government banks exclusively.

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    Abadi: 2020 budget is serious .. The government offers the interests of other countries


    Baghdad
    President of the coalition of victory Haidar Abadi, a serious expansion of government spending in the draft government to draft the budget bill 2020, pointing out that the government's behavior in opening the ports without supervision to provide for the interests of other countries.
    "The government spending was huge between 2010-2014 because of the rise in oil prices, but we have cut this unnecessary spending, which is important for the development of the country in terms of reconstruction and services and job creation," Abbadi said in an interview.
    "The current government is spending dangerously on the 2020 budget," he said. "There is a big shortage and uncontrolled spending like a destruction of the context we have done."
    He pointed out that "the current government has inherited a stable security, and assumed from the beginning of its work to complete the process of rebuilding the security forces, and that these forces belong to the leadership of the state absolutely and there is no weapon outside the state, and we note that there is a decline in this file, .
    On the trade agreements, Abbadi pointed out that "the current government has opened the gates wide, and affected the industry and agriculture, and there are complaints that the opening of markets and ports without control will harm the local industry and agriculture, and this is to serve the interests of others in the interest of Iraq."
    "We must deal with the neighboring countries, but we must not respond to everything they ask us," stressed Abadi, stressing that "the government should cooperate with neighboring countries, and agree with them according to common interests."
    And the 2020 budget is witnessing strong objections from many of the political blocs, including these objections are the share of Kurdistan and the oil agreement between Baghdad and the region.
    It is noteworthy that the victory coalition has held the government full responsibility for what he described as "legal breach" of the federal budget law regarding the failure of the authorities of the Kurdistan region to pay oil imports to the federal authorities.
    The member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi described the 2020 budget as "the worst in the history of Iraq," because of the deficit that will exceed 70 trillion dinars, while the government may declare its inability to provide the necessary services.

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    From my contact RV month will be on October or November 2019

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    Economists and deputies warn of the seriousness and catastrophic budget 2020 because of the wasteful expenses
    [...]

    Despite the optimism shown by the Parliamentary Finance Committee, by its member Haneen al-Qaddu on the budget next year and confirmed that this budget will bring a qualitative boom in the Iraqi economy, but this optimism seems fragile against the warnings of the [...] Monetary Fund that the continuation of financial spending in its current form will eliminate any economic progress in Iraq.

    Last week, the International Monetary Fund (IMF) issued a warning to the Iraqi government against the consequences of continuing what it described as "financial waste", pointing out that the continuation of this spending in its current form would eliminate any economic progress achieved by Iraq.

    This warning was not limited to the International Monetary Fund, but the economist, Hisham Al-Mana warned of the increase in current spending because it will negatively affect the Iraqi economy, noting that a large part of the budget goes as operating expenses of the government,

    He said immunization: that more than 70 to 75% of the budget goes as operating expenses of the government.

    He added that the IMF [...] is aware that these wasteful expenditures are not offset by the production, noting: that the government sector , which receives this income has no parallel contribution to GDP, so all revenues from the oil sector goes to consumption Albzkha and wasteful ,.
    He pointed out that this presents the [...] economy to disasters in the future, especially as oil prices are not guaranteed to remain at these levels, as a result of the increasing congestion in the oil market and increase production and competition between oil producers.

    Al-Mana'a said oil prices will fall to low levels and fall further over the next 10 or 15 years due to the emergence of multiple alternatives to oil. The oil age is about to end, which threatens the Iraqi economy.

    He said the IMF's warning that current spending would threaten Iraq's future was because the government was not working to find alternatives to the crude oil sector, but was increasingly dependent on the sector.

    The International Monetary Fund has warned that [...] current budget for 2019, if current spending continues as it is, will eliminate any progress achieved by [...] economically during the past years.

    He pointed out that the expectations indicate an increase in Iraqi spending by 25% per year, unless the authorities amend their financial laws and budget items, describing the Iraqi economic situation as (facing serious challenges).

    For his part, warned member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi that the budget next year will be the worst in Iraq, because of the deficit included will exceed 70 trillion dinars.

    The Saadawi: The federal budget for 2020 will be the worst in the history of Iraq, adding: The initial reports talk about a significant increase in the proportion of the deficit expected to reach 72 trillion dinars.

    Al-Saadawi pointed out that this is the first time in the budgets of [...]which caused a major setback in the deficit rates, considering that this decline caused by the current government, which followed a financial policy did not take into account planning or knowledge in the disbursement of funds.

    He said: Many of the money spent by the current government as allocations and privileges of some ministries without reference to the treasury of the state.

    The total deficit of the federal budget for 2019, voted by the House of Representatives in January last (27.5) trillion dinars (23 billion dollars), while the estimated revenues (106 trillion dinars) (88.5 billion dollars), and expenditures (133 trillion dinars) ($ 111.5 billion). The Ministry of Finance announced in a statement last month that the date of lifting the draft federal budget law for 2020 to the Council of Ministers will be in September next

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    2019/08/04 12:45


    [...]

    Understandings Abdul Mahdi and Fuad Hussein lead to the worst budget since 2003 .. Does the state sell its properties for rescue?
    [/left]


    BAGHDAD (AP) - Political forces and parliamentary blocs are moving to question Finance Minister Fouad Hussein and dismiss him on the backdrop of a high deficit in the next year's budget to 72 trillion dinars, which was a great shock to the government of Adel Abdul Mahdi, because it put the views of Abdul Mahdi, In this budget confusion that has not happened since 2003.

    The Finance Committee in the House of Representatives described the budget being prepared as "the worst in history and represents a setback in the economic reality."

    It does not know exactly how the state can deal with this crisis, while ideas that do not seem practical, such as the sale of a number of state properties, the adjustment of the dinar exchange rate to the new circumstances, and the activation of tax collection and taxes to reduce the deficit rates.

    A source familiar with the "Reports that have reached indicate an increase in the federal budget deficit for 2020 to 72 trillion dinars."

    According to the source, the reasons for the growing deficit in the budget next year is due to security spending, the issue of fixing contracts, daily wages in all ministries, and the return of the separation of the security services, but the main reason is to grant the region a large sum of money by the Minister of Finance, and by order of Prime Minister Adel Abdul Mahdi.

    "There is a significant increase in the expected deficit of up to 72 trillion dinars," says a member of the Finance Committee in the House of Representatives Abdul Hadi al-Saadawi, adding that "this decline was caused by the current government, which followed a fiscal policy that will not take into consideration planning or knowledge of disbursement of funds."

    The Finance Committee in the House of Representatives, after the adoption of the budget law of 2019 deliberately conceal the detailed budgets of most of its ministries and sub-departments.

    In an attempt to deter the deficit in the budget, MP Hoda Sajjad revealed on Thursday, 1 August 2019 on the collection of parliamentary signatures on the claim of the Integrity Commission to open an investigation on the number of employees in the Kurdistan region of Iraq and the falsification of the budget law for the year 2019 Article 10 on the share of the region.

    And revealed the deputies of the wisdom of huge sums spent for the Kurdistan region, the recognition of the President of the Office of Financial Supervision, and the order of Prime Minister Adel Abdul Mahdi, which supports the courtesy of the Prime Minister of the region at the expense of the budget, which must be divided fairly on the Iraqi people, at a time delaying the region in the payment of dues To export the region's oil.

    As revealed on 31 July, 2019 deputies on the "serious fraud" in the general budget, which was approved within the House of Representatives, because of the "catastrophic paper" was added to the budget items relating to Kurdistan without going through the members of parliament.

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