Iraq Articles
Kurdistan Parliament Deputy revealed that a significant number of fictitious companies in the Kurdistan region which holds oil companies sell petroleum exports without the knowledge of the local Parliament,
One of the tools of monetary policy, with remittances, auction by the Central Bank to redirect some $ 3 trillion dinars on track planned by withdrawing cash from non-banking sectors and forwarded to banks for the purpose of launching the loans and advances as well as other banking business.
The aim of selling money orders to block absorption of cash outside the banking sector and transformed and routed to the banking system for credit granted by banks to serve the country’s economy and contribute effectively in the development process and the service economy of Iraq.
In this context economic researcher said no just: Central Bank regulates good auctions to sell his drafts for term 19 days $ 200 & billion dinars for the purpose of withdrawing the money supply from non-bank entities to return it to the banking sector to support financing of different projects and investments of a number of companies or citizens, cash circulating in the market of 35 trillion dinars, this amount is very large by Economist Dr. Hilal altaian.
Economic researcher noted that the purchase money orders by governmental authorities as retirement services and minors, social security is an excellent investment and risk-free pay them to play an active role in the secondary market.
She said the sale transfers section Nick Central Government departments and banks, one monetary policy tools that excite her Yen to deal with central planning and control liquidity levels rates p bent, c tweaked financial gains for government departments in this shared pain responded through interest rates and discount on those drafts.
As the Central Bank sold his drafts to private banks by amounts ranging from 100 to 150 billion dinars per week or more than that in a multiple interest rate the highest discount rate has reached 5 percent months ago for the purpose of controlling liquidity levels.
Banking expert was Dr Issam almhaoili said earlier in an interview for “morning”: that transfers a duration of bonds due for repayment between three months and one year, and are not charged interest but are sold at a discount to face value and the Government gives them a cash benefit is relatively low compared to the prevailing interest rate on bank loans due to high liquidity of these cases stemming from the possibility of withholding advance due to the commercial banks.
The governor of the Central Bank on the Keywords, Saturday, that Iraq needs economic renaissance able to achieve the country’s resources, while noting that the launch of project loans will be in the coming days.
Keywords and said in his speech at the annual economic conference of the Iraqi Council of businesswomen that “Iraq before the financial crisis and should prevent a real planning through to achieve economic stability”, calling for “fundamental reform of successful and effective base situation.”
Long-Presse / Erbil
The Ministry of Agriculture in the Kurdistan region, on Saturday, the imposition of taxes on imported agricultural products, but pointed out that the purpose of it, “activate” the local market and support of agricultural crops, while formed a committee to determine the amount of taxes.
The ministry said in a statement received (range Press), a copy of it, that “Agriculture Minister Abdul Sattar Majeed and the Governor of Erbil, met today to agree on a mechanism to stimulate the domestic market and the preservation of local products.”
The statement pointed out that “the export offices would stop working and be seized for a period of time in the event of non-payment of taxes on entering the territory products,” stressing that “The ministry will form a committee to determine the customs taxes on imported products up to get a crop in the region within the agricultural seasons “.
08/15/2015 17:30
Long-Presse / Baghdad
Said Governor of the Central Bank of Iraq on the Keywords, on Saturday, the central bank allocated proportion of its loans to women to set up projects, among that this project is the largest program to stimulate the economic reality in the country, head of the Iraqi Council of Businesswomen morning Tamimi confirmed that a woman is capable of decision-making It is a real partner in the creation of an economic renaissance in Iraq.
He said on the Keywords in an interview with the (long-Presse) on the sidelines of the establishment of Women Business Council Ishtar Sheraton Hotel in Baghdad, that “the Central Bank of Iraq launched projects loans through the largest funding program in Iraqi history after the allocated six trillion Iraqi dinars,” noting that ” The central bank will make women part of these loans and will gain share for the establishment of projects. “
For his part, head of the Iraqi Council of Business Women Sabah al-Tamimi said in an interview with the (long-Presse), that “this Council has terms of reference that deal with the field of Business Women of economists and labor as well as capital,” asserting that “women capable of decision-making, a real partner in creating economic development renaissance as a lesson to the world, especially in Iraq. “
Tamimi said, that “today there were a number of recommendations for businesswomen economies and investors and workers will be an important eight points the way for investment and lending and customs exemptions for women to be able to start economic life.”
The central bank, announced on Saturday (the eighth of August 2015), the launch of an initiative to support the agricultural, industrial, real estate and housing fund sector banks with loans amounting to five trillion dinars, with the exception of the initiative “a good step” for the recovery of the economic situation and liquidity, he confirmed they come to avoid foreign loans.
The World Bank in (July 9, 2015) approved, a new project for Iraq aimed at the reconstruction and rehabilitation of infrastructure destroyed by conflict in the country and restoration of services in the government-controlled areas, and among the assistance program of $ 350 million, confirmed that the program is part of a larger program will be implemented over five years in the provinces of Salahuddin and Diyala. source
BAGHDAD / JD / .. it seems that government reforms issued by the Council of Ministers which is voted on by the House package would fill a large part of the federal budget being include reducing its number of ministries and the abolition of some bodies and reduce the large number of protections officials as well and the abolition of positions of major Congress of the Republic and the Minister, where He favored a number of experts and specialists in the financial and economic that these reforms matter if applied in a practical and effective will provide about 30% of imports in 2016 budget, which means that there are no major concerns on the Iraqi economy in the event of continuing decline in world oil prices.
He says economist Maitham coffee, that government reforms issued by the prime minister and approved by the Council of Ministers and the House of Representatives have positive Anaskat on the Iraqi economy in terms of availability of funds.
He Laibi Agency / JD / that these reforms will provide about 30% of the federal budget for 2016 revenues, noting that world oil prices will continue to decline and thus would be its effect little because of the low level of expenditure.
The sari told / JD /: “Government reforms will provide the budget Iraqi approximately 7 to 10 billion dollars a year as it provides the amounts were paid without providing any service to the Iraqi people. “
He added that “these reforms were the result of an invitation supreme religious authority and full support to the government in order to provide better services to the Iraqi people.”
For his part, expert explained Economic enhancer that “decisions reform its dimensions political, economic, results and social as well.”
said Ali told / JD /: “These reforms will provide a lot of money it is possible to provide funds to segments of a community need support and at least in the field of small projects.”
He said “This package of reforms represent the beginning largest private project in relation to the adoption of efficiency away from the political quota system,” noting that “there are many reform projects that await announced.”
The Council of Ministers approved the reforms presented by the Prime Minister Haider al-Abadi, which sound package it is also the House of Representatives unanimously, which include reducing its number of ministries and the integration of some of them and the abolition of positions of some officials, including the Vice-President and Minister solving some bodies squad and open the files of corruption and to bring the corrupt to justice.
It comes reforms having seen the capital Baghdad and several provinces large demonstrations to protest the poor services and corruption in the state. / end / 8 /
http://www.dananernews.com/News_Details.php?ID=6011
Rebaz Mohammed Hamlan reiterated on the need for boosting economic ties with the Islamic Republic of Iran and the use of Tehran’s experiences in this regard.
In a meeting with Iran’s Consul General to Erbil, Morteza Ebadi, Hamlan stated that the KRG is planning to develop borders with the Islamic Republic of Iran, the KRG Ministry of Finance and Economy said in a statement later on Thursday.
We, economically, need Iran’s experience and to develop trade relations between the two sides, Mehr News Agency reported
Hamlan also stated that the Erbil and Tehran should boost tourism cooperation in the future.
Ebadi, for his part, expressed gratitude for the warm and sincere welcome of KRG Ministry of Finance and Economy and emphasized the need to develop economic relations between the two sides.
News Code: 11110 | Date: 2015/08/15 | Time: 13 : 1
http://www.kurdpress.com/En/NSite/FullStory/?Id=11110
“I am deeply concerned by the Administration’s decision to transfer to the Kurdistan Regional Government in Iraq Nasrin Asa’d Ibrahim, also known as Umm Sayyaf, who was captured by U.S. forces in Syria on May 15 during the operation that killed her husband, Abu Sayyaf, a senior leader in the Islamic State (IS),” said Senator McCain in a letter posted on his website on Thursday.
Senator McCain asked Secretary of Defense Ashton Carter to provide “detailed explanation in writing for why Umm Sayyaf was not extradited to the United States to stand trial.”
The US Department of Defense announced last week that it had transferred Iraqi citizen Umm Sayyaf, 25, to the KRG, citing “legal, diplomatic, intelligence, security, and law enforcement considerations,”
Following Umm Sayyaf’s handover, KRG Judicial Council Spokesman Umed Mohsin said, “We will sentence her based on fair and legal measures,” adding that she will be tried according to KRG’s anti-terrorism law, and all her due process rights will be protected.
News Code: 11108 | Date: 2015/08/15 | Time: 11 : 52
In a Friday statement, the Iraqi premier called on “the judicial authority to undertake a series of drastic measures to guarantee judicial prestige and independence and allow it to fight corruption.”
Abadi said the measures are needed to secure the judiciary’s impartiality and fairness in implementing his proposed reforms aimed at uprooting corruption and reducing government costs, Press TV reported.
In a Friday statement, the Iraqi premier called on “the judicial authority to undertake a series of drastic measures to guarantee judicial prestige and independence and allow it to fight corruption.”
Abadi said the measures are needed to secure the judiciary’s impartiality and fairness in implementing his proposed reforms aimed at uprooting corruption and reducing government costs, Press TV reported.
“The wide reforms I called for require a just and impartial and firm judiciary to support these reforms,” he noted.
The premier’s statement came in response to a call by Ayatollah Sistani, who had demanded changes in the judiciary.
“We would like to point out that one of the most important requirements of the reform process… is reforming the judiciary, as it is an important pillar in completing the package of reforms,” said Ayatollah Sistani, in remarks delivered by his representative Abdul Mahdi al-Karbalai duringFriday prayers in the holy city of Najaf.
Ayatollah Sistani further welcomed political reforms announced by Abadi and expressed hope for their full implementation in the near future.
The prime minister’s reforms, which were approved by the Iraqi parliament on Tuesday, also aim to improve the administration’s performance in the face of a wave of dissatisfaction with government services.
Abadi’s proposals are based on a plea by Ayatollah Sistani, who urged the premier on August 7 to resolve internal issues in the government. Ayatollah Sistani’s statement was made after thousands took to the streets in various Iraqi cities demanding that the government tackle corruption and improve the quality of water and electricity services.
On Wednesday, Abadi warned that the process of carrying out reforms “will not be easy; it will be painful,” and that corrupt individuals would struggle to prevent change.
News Code: 11106 | Date: 2015/08/15 | Time: 10 : 29
ERBIL, Kurdistan Region — A Kurdish official has said in a live Rudaw TV program that the Garmiyan bloc has 5 to 8 billion barrels of oil that have yet to be drilled, and claimed that his region’s oil wealth should be rewarded with financial incentives.
Speaking live on the Rudaw TV program Legel Ranj, Ghalib Mohammed, a member of the Sulaimani provincial council, made the claim that Kormor oilfield in the Garmiyan district, close to Chamchamal, contains the untapped amount.
“The Kormor oilfield is capable of providing energy for 100 years for the Kurdistan region, and overall there are 15 oilfields in the region, including mainly, Sangawi Xwarw and Sangawi Sarw, containing 3 to 4 billion barrels of oil,” Mohammed said.
Mohammed then used his appearance to call for more government investment in Sulaimani.
“It is a treachery against the Sulaimani province, since 60 percent of the Kurdistan region’s oil production is in this province, but it has not been provided with the petrodollar, and from this percentage the Garmiyan bloc constitutes 35 percent to 40 percent of the oil production in the Kurdistan region,” Mohammed said.
In an earlier TV appearance on the Rudaw TV program Nwroj, or “New Day,” Mohammed claimed the KRG should improve the quality of life for the people of Garmiyan because it has huge oil wealth.
On Legel Ranj he claimed the seven oilfields in the Garmiyan block alone contain 20 billion proven barrels of oil, adding that at present only a few oilfields have been operated to extract oil from only some of its available stock, mainly in the Hasra oilfield.
“The Garmiyan administration, along with Chamchamal in Sulaimani province, together have 15 oilfields, which have a reserve of 30 billion barrels of oil. This is twice as big as Qatar’s oil reserves,” Mohammed said.
The Kurdistan region ranks eighth in the world in terms of oil and gas reserves, according to a recent report by the DOR Organization.
ERBIL, Kurdistan Region — A Kurdish official has said in a live Rudaw TV program that the Garmiyan bloc has 5 to 8 billion barrels of oil that have yet to be drilled, and claimed that his region’s oil wealth should be rewarded with financial incentives.
Speaking live on the Rudaw TV program Legel Ranj, Ghalib Mohammed, a member of the Sulaimani provincial council, made the claim that Kormor oilfield in the Garmiyan district, close to Chamchamal, contains the untapped amount.
“The Kormor oilfield is capable of providing energy for 100 years for the Kurdistan region, and overall there are 15 oilfields in the region, including mainly, Sangawi Xwarw and Sangawi Sarw, containing 3 to 4 billion barrels of oil,” Mohammed said.
Mohammed then used his appearance to call for more government investment in Sulaimani.
“It is a treachery against the Sulaimani province, since 60 percent of the Kurdistan region’s oil production is in this province, but it has not been provided with the petrodollar, and from this percentage the Garmiyan bloc constitutes 35 percent to 40 percent of the oil production in the Kurdistan region,” Mohammed said.
In an earlier TV appearance on the Rudaw TV program Nwroj, or “New Day,” Mohammed claimed the KRG should improve the quality of life for the people of Garmiyan because it has huge oil wealth.
On Legel Ranj he claimed the seven oilfields in the Garmiyan block alone contain 20 billion proven barrels of oil, adding that at present only a few oilfields have been operated to extract oil from only some of its available stock, mainly in the Hasra oilfield.
“The Garmiyan administration, along with Chamchamal in Sulaimani province, together have 15 oilfields, which have a reserve of 30 billion barrels of oil. This is twice as big as Qatar’s oil reserves,” Mohammed said.
The Kurdistan region ranks eighth in the world in terms of oil and gas reserves, according to a recent report by the DOR Organization.
Turkey’s Minister of Energy and Natural Resources Taner Yildiz. AA photo
ANKARA, Turkey— The export from Kurdish-controlled oil fields in Iraq has exceeded an average of 600,000 barrels per day (bpd), Turkey’s Minister of Energy and Natural Resources Taner Yildiz recently told a select group of journalists from the Kurdistan region.
Yildiz said last week that 66 million barrels of crude oil from the Kurdistan region have been exported through Turkey’s Ceyhan port on the Mediterranean Sea over the last 15 months. He predicts daily export to soon reach one million bdp.
“For the moment, the Kurdistan Regional Government [KRG] sells its oil independently and does not deliver the revenues to Baghdad because Iraq does not pay Erbil due to its own financial problems,” Yildiz said, referring to the ongoing Erbil-Baghdad budget dispute.
Erbil has accused Baghdad of not living up to the December agreement that would give KRG a monthly payment of $1 billion. The Iraqi government has said declining oil prices, coupled with the KRG’s failure to fully honor the agreement, have made the deal untenable.
The current price of a barrel of crude oil is hovering below $50, reduced drastically from previous years.
“It is in the best interest of the Kurdistan region that Erbil and Baghdad are in agreement, because without stability you can never make use of natural resources,” Yildiz said.
Relations between Ankara and Baghdad have improved after years of diplomatic tensions. In the past, Turkey had accused Iraq’s Shiite government of sectarianism and supporting the Shiite government of Syria’s Bashar al-Assad, which Ankara views as a regional foe.
Yildiz was bullish on improved ties with Baghdad, saying Turkey had plans for a long-term partnership in Iraq’s energy sector.
The Turkish minister said Ankara will be part of a $41 billion oil and gas project in Iraq which he said is advantageous for both countries.
“Turkey supports all the components of Iraq and wants to cooperate with them to use the country’s natural resources equally in the best interest of all of Iraq,” he said.
Yildiz rejected any deal that would have negative impacts on Ankara’s relations with KRG in terms of oil agreements.
Apart from a 50-year-old oil deal with Ankara, the Kurdistan region will from 2017 be a major exporter of natural gas to Turkey. The minister said the gas deal will be beneficial for both sides.
Yildiz said Baghdad’s energy laws and regulations allow for gas from other parts of Iraq to be sold in order to provide for people’s necessities and the region’s electricity.
“Because of the proximity, I think we can buy KRG gas at a lower price, but not half the price as some people have suggested,” he said.
Another focus of the meeting was the recent PKK-linked sabotage attack on the Kirkuk-Ceyhan oil pipeline. The PKK said it was carried out by a splinter group without consulting the party’s leadership.
“What PKK is doing is enormously detrimental to the Kurds,” said Yildiz, pointing to the KRG’s claim that the sabotage cast the KRG some $250 million in losses.
Yildiz also denied claims that Turkey is benefiting from the sale of oil from areas controlled by the Islamic State, or ISIS.
“Daesh [ISIS] is a terrorist group for us and we have no contact with them. These [allegations] are all propaganda without evidence. Once someone came to me and told me they have evidence, I told him to bring it. I have now been waiting for 15 months and he still hasn’t brought it.”
