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.KTFA Members News Updates Monday AM 10-2-17

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 .KTFA Members News Updates Monday AM 10-2-17  Empty .KTFA Members News Updates Monday AM 10-2-17

Post  Admin Mon Oct 02, 2017 11:38 am

10/2/2017

Sheila:  IMF Staff Concludes Visit on Iraq

September 28, 2017

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from September 17 to 28, 2017 on the third review of Iraq’s 36-month Stand-By Arrangement (SBA). The IMF Executive Board approved the SBA on July 7, 2016 (See Press Release No. 16/321), and completed the second review on August 1, 2017 (See Press Release No. 17/311).
....



At the end of the mission, Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:

“The Iraqi authorities and IMF staff started discussions on the third review of the SBA and made good progress towards reaching agreement on a draft 2018 budget in line with the SBA. These discussions will continue during the upcoming IMF and World Bank Annual Meetings from October 13–15, 2017 in Washington, DC.”

“During the visit, the team met with the Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Acting Deputy Minister of Finance, Dr. Maher Johan, , and officials from the Prime Minister’s office, ministries of finance, oil, planning, and electricity, the State Oil Marketing Organization, the Central Statistical Organization, the Central Bank of Iraq, and the Board of Supreme Audit. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: Wafa Amr

htthttp://www.imf.org/en/News/Articles/2017/09/28/pr17377-imf-staff-concludes-visit-on-iraqp://www.imf.org/en/News/Articles/2017/09/28/pr17377-imf-staff-concludes-visit-on-iraq

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Samson:  Re-opening of Rafidain Bank in Fallujah

 2nd October, 2017

A member of the Fallujah District Council in Anbar province (west of Iraq) Salam Ajami on Monday, the opening of the Rafidain Bank after three years of its involvement as a result of terrorist operations.

"The Rafidain Bank in Fallujah was reopened by the Ministry of Finance after the rehabilitation of the building and equipped with all the offices of banking and modern computers to provide what the citizen needs of advanced banking services." Ajami told the Journal News.

He added that "the bank began its work from now in the payment of salaries of state employees and the network of social welfare and provide internal and external banking services to the citizens of Fallujah."

http://bit.ly/2fJgVbZ

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Samson:  Salary Localization Project

 2nd October, 2017

Project of the reform of the mechanism of payment of salaries of employees of institutions and state departments

This project aims to pay salaries to state employees through cards issued by banks operating in Iraq. The project aims to reduce the total cost of paying salaries and maintaining cash within the banking system.

Employees benefit from obtaining a bank account that enables them to deal with all ATM machines and points of sale inside the country. As well as the benefit of all other banking services offered by banks such as access to loans and others, in addition to the use of cards from safety rather than keeping cash, and that the strategy of this bank in creating a competitive environment safe for banks to provide And that the employee has the right to choose the bank according to the best financial and banking services and the most suitable prices .
 
Banks contributing to the project of settling salaries:

(Bank of Baghdad, Byblos Bank, Middle East Bank, Credit Libanais Bank, Gulf Bank), Bank of Iraq, .

https://cbi.iq/news/view/418

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Walkingstick:  Re-opening of Rafidain Bank in Fallujah for the first time in three years

BAGHDAD (Reuters) - The re-opening of the Rafidain Bank building in Falluja has been reopened for the first time in more than three years, a spokesman for the provincial council said on Monday.

"The governor of the Central Bank of Iraq approved the reopening of Rafidain Bank in the city of Falluja, for the first time in more than three years after the reconstruction of parts damaged by military operations and terrorist and secured by the local police forces fully."

He added that "the local government in Anbar in cooperation with the security forces and the support forces have provided all the requirements for security measures for the building," noting that "the opening of the building came against the backdrop of the stability of the security situation in the city of Fallujah and the return of normal life in conjunction with the return of thousands of displaced families to areas inhabited Edited ".

"The bank will provide liquidity to the city's employees and nearby areas," Ajami said.

http://sngiq.net/wordpress/?p=88225

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Samson:  IMF: IRAQ 2018 BUDGET NEARING AGREEMENT

2nd October, 2017

Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from September 17 to 28, 2017, on the third review of the country’s 36-month Stand-By Arrangement (SBA).

The Iraqi delegation was headed by Acting Governor of the Central Bank of Iraq (CBI), Dr Ali Mohsen Ismail Al-Allaq, and Acting Deputy Minister of Finance, Dr Maher Johan, and also comprised top representatives from the Prime Minister’s office, ministries of finance, oil, planning, and electricity.

Christian Josz, Mission Chief for Iraq, praised the open and productive discussions and later issued a statement saying: “The Iraqi authorities and IMF staff started discussions on the third review of the SBA and made good progress towards reaching agreement on a draft 2018 budget in line with the SBA. These discussions will continue during the upcoming IMF and World Bank Annual Meetings from October 13 to 15, 2017 in Washington, DC.”

Recent payments history

The IMF Executive Board had approved a three-year $5.34 billion (AED19.6bn) SBA on July 7, 2016, a sign that the Fund was willing to back the Iraqi government’s economic reform agenda.

That 2016 announcement had followed a previous payment exactly one year earlier, when Iraq received approximately $1.24bn (AED4.5bn) under the IMF’s Rapid Financing Instrument.

Crisis calling

Iraq, like many MENA/GCC oil producing countries, is feeling the effect of lower global oil prices.

It current average production is 4.5 million barrels per day, according to US based Trading Economics, which provides historical data for more than 20 million economic indicators worldwide.

Iraq has the world’s fifth largest proven petroleum reserves after Venezuela, Saudi Arabia, Canada, and Iran.

What’s stopping development?

The country has large potential for further oil field development and as such more proven reserves may not have yet been discovered, but Iraq is hampered by high levels of corruption keeping it from moving forward with robust economic aganda.

The country is positioned a low 166 out of 176 nations, according to a corruption index by Transparency International.

Iraqi Prime Minister Haider Al Abadi recently announced: “Corruption is a scourge and we will work to combat it and to defend justice and prevent corruption from creeping in.”

Kurdish referendum

Kirkuk, located in the Kurdish Regional Government (KRG) region of Iraq can produce more than 1m barrels a day and is believed to have nearly 9bn barrels of reserves. However, Iraq is currently fighting a referendum by the KRG to seek independence from Iraq.

Iraq is also coming out from a fierce and costly battle with ISIS to liberate major cities the terrorist group had taken control of.

“Iraq’s economic reform program, supported by the SBA, aims to address the urgent balance of payments need, bring spending in line with lower global oil prices and ensure debt sustainability,” said the IMF when it approved the SBA.

http://iraqdailyjournal.com/story-z15976498

Samson:  Law Commission and elections in the agenda of the House of Representatives for tomorrow

 2nd October, 2017

The House of Representatives announced on Monday the agenda of the session tomorrow, which included voting on the proposed law to amend the law of the High Commission Independent Electoral Commission, and complete the vote on the draft amendment to the third law of provinces not organized in a region, in addition to voting In principle on the proposed law to amend the law of the elections of the House of Representatives.
 
"The agenda of the session of the House of Representatives for tomorrow includes: the vote on the proposed law to amend the law of the High Commission Independent Electoral Commission No. (11) for the year 2007, the report of the work of the Committee of Experts to select the members of the Electoral Commission for elections "He said. 

The statement added that "the meeting also includes a vote on the proposed law of the second amendment to the law of the Independent High Electoral Commission No. (11) for the year 2007, and complete the vote on the draft amendment to the third law of provinces not organized in the region No. (21) for 2008, and vote in principle on Proposed a law to amend the law of elections of the House of Representatives No. (45) for the year 2013.

"The schedule also includes voting in principle on the proposed amendment of the Personal Status Law No. (188) for the year 1959 and voting on the draft law for the ratification of the mutual encouragement and protection of investments between the Government of the Republic of Iraq and the Government of the Islamic Republic of Iran, Law of the Association of Accountants and Auditors ". 

According to the statement,
"the table also includes a vote on the draft law of the second amendment to the law of the Central Bank of Iraq issued by Order No. (65) for the year 2004 on the Coalition Provisional Authority (dissolved)," and vote on the proposed law of the Information and Communications Authority "   He pointed out that"The statement added that "another table, a report and discussion of the draft law on the accession of the Republic of Iraq to the Grain Trade Agreement of 1995".  

https://www.alghadpress.com/news/%D8%A7%D8%AE%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9/121060/%D9%82%D8%A7%D9%86%D9%88%D9%86%D8%A7-%D8%A7%D9%84%D9%85%D9%81%D9%88%D8%B6%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D8%AE%D8%A7%D8%A8%D8%A7%D8%AA-%D8%B6%D9%85%D9%86-%D8%AC%D8%AF%D9%88%D9%84-%D8%A7%D8%B9%D9%85%D8%A7%D9%84-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84

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