The cabinet announced the decisions of the fifty-first regular meeting of 2013

The cabinet announced the decisions of the fifty-first regular meeting of 2013

The Council of Ministers held its fifty-first routine in Baghdad on Tuesday morning, 10 December 2013, headed by Prime Minister Nouri Kamel al-Maliki, issued by Council decisions:
1. authorize the Finance Ministry the power to challenge the laws and commands listed below before the Federal Supreme Court, in coordination with the Legal Department of the General Secretariat of the Council of Ministers to abolish the pensions of members of the disbanded Governing Council, deputies and members of the interim National Council, members of the National Assembly and provincial Council members and districts and all, as follows:

1. order No. (9) of 2005 disbursement of pensions, published in Official Gazette No.: 3993 on 13/2/2005 (Amendment) Ordinance No. (31) of 2005, published in Official Gazette No.: 4003 on 17/3/2005, regarding the pensions of members of the Governing Council and their alternates.

2. Act No. 3 of 2005 the National Assembly law, published in Official Gazette No.: 4002 on 16/8/2005.

3. Law No. 14 of 2005 law on pension rights for members of the interim National Council, published in Official Gazette No.: 4010 on 23/11/2005.

4. law of the governorates that are not organized in a region in respect of pension rights for members of local councils (provinces, districts and sub-districts) and members of the municipal councils.

2. confirm the Cabinet's earlier decision on approval of the draft law amending the law of commercial agencies sent to the House by giving the private sector a priority in grant agencies, and ministries urged contracting private companies to grant the private sector a priority in commercial agency rather than a foreign agent and don't mind hiring foreign franchisers in the present to approve the Bill.

3. to accept undergraduates from the Yezidi Community universities in Kurdistan as well as accept some in Kirkuk University, as this year for those who cannot move to other provinces, in never fail and the postponement of their studies this year, Mosul University expenses their interior if accommodated in the universities of the region.

4. pursuant to Cabinet of Ministers decision No. 374 in 2013, except for the Ministry of health approval of contracts on the purchase of medicine elevators on the origin of the strong Western European or Japanese and incorporated into the projects of the Ministry of health of the investment budget for 2013.

5. approval of the Ministry of finance to pay the contribution of the Republic of Iraq on the increase (14) for the resources of the International Monetary Fund in accordance with the following mechanism:

1/25% of (118850000) one hundred and eighteen million eight hundred and fifty thousand dollar special drawing rights.

2/75% of (356550000) three hundred and fifty-six million five hundred and fifty thousand special drawing rights deposits in local currency in the Fund's account at the Central Bank of Iraq.

3/the Central Bank tells IMF to increase its official quota.

6. to approve the extension of the work of employees assigned to work in the Kurdistan region of Christians for another year, until 31/12/2014.

7. transfer of $ 20 billion from the budget surplus to the national implementation of the business crowd mandated in 2013.

8. approval of the draft law on cancellation of the dissolved Revolution Command Council decision No. (959) of 1978, the State Auditor, and submitted it to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.

9. approve third amendment Bill to the law on the Ministry of Finance No. 50 of 2008, Checker by the State Council and submitted to the Council of representatives, based on the provisions of articles (61/item) and (80/item 2) of the Constitution.

10. approval of the draft law of the first amendment to the law on remuneration of trainees in vocational training centres of the Ministry of labour and Social Affairs, and submitted it to the Parliament on the basis of the provisions of articles (61/item) and (80/item 2) of the Constitution.

11. sale of residential land area (200 m2) to the imams of mosques in the Sunni endowment and the Shiite and Christian sites in their installed permanent price (100) 100 dinars per square meter.


IMF Executive Board Reviews Noncomplying Purchase by Iraq and Breach of Obligations Under Article VIII, Section 5

Press Release No. 13/464
November 21, 2013

The Executive Board of the International Monetary Fund (IMF) has reviewed a noncomplying disbursement by Iraq totaling SDR 297.1 million (about $453.7 million) that was made on March 22, 2011, following the completion of the second review under the 2010 Stand-By Arrangement (SBA) (see Press Release 11/90), and a breach of obligations under Article VIII, Section 5 of the IMF’s Articles of Agreement. The SBA was approved in February 2010 for a total amount of SDR 2.38 billion (about $3.63 billion) to cover Iraq’s balance of payments needs (see Press Release 10/60). Iraq received disbursements amounting to the equivalent of SDR 1,069.56 million (about $1.63 billion). The SBA expired in February 2013.

As the authorities have taken appropriate corrective measures since the purchase in March 2011, the Executive Board granted a waiver for the nonobservance of one continuous performance criterion (PC) and determined that no further remedial action is required in connection with its obligation to provide information under Article VIII, Section 5.

The noncompliant disbursement arose as a result of misreporting on the observance of the standard continuous PC for the nonimposition or intensification of restrictions on the making of payments and transfers for current international transactions. In October 2012, staff learned that during the last quarter of 2010 the Central Bank of Iraq (CBI) issued three circulars on the daily foreign exchange auctions that gave rise to exchange restrictions subject to IMF jurisdiction. The circulars: (a) introduced maximum limits on the availability of foreign currency cash for individuals, (b) introduced limits on the availability of foreign currency cash through the CBI foreign exchange auctions to money transfer companies and exchange bureaus, and (c) introduced and (d) later intensified a requirement to present a tax clearance certificate for firms to transfer funds in excess of certain amounts purchased through the CBI auctions.

The restriction on the availability of foreign currency cash for individuals was temporary, as the CBI repealed it in August 2011. The authorities have taken appropriate corrective action by removing the remaining restrictions in the course of 2013. On this basis, the Executive Board granted a waiver for the nonobservance of the PC.

The Executive Board also found that the inaccurate reporting on the observance of the PC also gave rise to Iraq’s breach of its obligations under Article VIII, Section 5, of the IMF’s Articles of Agreement, which requires member countries to furnish such information as the Fund deems necessary for its activities, including information that is necessary to assess observance of PCs. The CBI introduced the necessary changes in its procedures in order to share circulars with the IMF in a timely manner and regularly publish the circulars on the CBI website. In view of the commitment by Iraq to provide timely and accurate data to the IMF on the exchange system in the future, the Executive Board decided not to require any further remedial action in connection with the breach of obligations under Article VIII, Section 5.

http://www.imf.org/external/np/sec/pr/2013/pr13464.htm