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Dinar Updates Thursday Early PM Chat 12-22-16 Part 1 of 3
_firefly_ says():World Bank Approves $1.4b for Iraq
WB Approves $1.4b for IraqThursday, December 22, 2016
The World Bank announced an additional $1.5 billion aid package for Iraq, to help the war-torn country implement reforms, improve public services and boost its economy, AFP reported. The package includes loan guarantees from the UK for about $372 million, and from Canada for about $72 million.
“Despite an ongoing war and low oil prices, Iraq is undertaking bold transformational reforms that will safeguard economic stability and lay the foundations for longer term private sector development and inclusive growth for all Iraqis,” said Ferid Belhaj, World Bank director for the Middle East.
The reforms also will help to expand social safety nets “to reach the most vulnerable segments of the population,” he said in a statement. The bank also approved $41.5 million for a program to improve management of the country’s public funds. With the new package, the World Bank engagement in Iraq rises to nearly $3.4 billion, including support for reconstruction of areas
_firefly_ says():Monument biggest Christmas tree in Iraq
Monument biggest Christmas tree in Iraq22/12/2016 14:00
Announced that the secretariat of Baghdad, on Thursday, set up the biggest Christmas tree in Iraq, it reaches a height of 30 meters to celebrate the New Year on the land of the city of Zora games.
According to a statement of the secretariat received by all of Iraq [where] a copy of it today, " The city of Zora games company erected the biggest Christmas tree exceeded a height of 30 meters with al - Qaeda in coordination with the secretariat of Baghdad in the city of games to celebrate the Christmas and New Year."
He pointed out, " The company has also decorated the Olive Street erected bulletins light and toys and Christmas trees along the street to give a kind of aesthetic to mark the occasion." He pointed out that "this event is part of the activities prepared by the Baghdad Municipality of Citizens ceremonies celebrating Christmas and New Year 's Day that."
The statement continued that " the Baghdad Municipality has prepared a plan for receiving families Baghdadi in recreational facilities during the holidays of Christmas , including the creation of dozens of games and monument bulletins decorations and create fireworks launched during the occasion in a number of areas of Baghdad , including in Mansour, Karrada, and Cornish Adhamiya, gardens Abi Nawas.
_firefly_ says():So Iraq now celebrates Christmas in full force? Nice (y)
_firefly_ says():This is a different Iraq than what you have been used to seeing folks
Buckaroo says to _firefly_():yes and apparantly with less blow back then we get here lol
Okie Dinar says to _firefly_():(y)
david334 says():Hello all I hope you are having a great day. Just read the articles in todays Forum which are great but frankly I have the hardest time getting the key points of these annoucements.
SRW says to _firefly_():National Reconcilliation in its infancy.. (y)
_firefly_ says to SRW():Judiciary: the release of more than nine thousand detainees not found guilty
Judiciary: the release of more than nine thousand detainees not found guilty 22/12/2016 10:53
According to the federal judiciary, said Thursday that the country 's courts freed during the last month of the 9344 detainees were not proven guilty , including ratios to them, as pointed out that 599 of them indicted terrorist.
The spokesman for the judiciary Judge Abdul Sattar Bayraktar said in a statement received by all of Iraq [where] a copy of it today that " the courts of the country has released in the past month about 9344 detainees were not proven guilty."
Bayraktar said that "of the 599 detainees released were indicted terrorist The rest it between felonies and misdemeanors and simple offenses."
He explained that " the total who have been resolving their cases for various cases during the investigation phase was suspended for 8382, but the bug has been resolved their claims during the trial phase."
Bayraktar said that " the sum of the unresolved cases by about a year, including those released was 13 thousand and 354 suspended.
david334 says to _firefly_():I agree you have been doing a great job all around. Please keep your leadership input rolling.(v)
_firefly_ says to david334():TY my friend :)
_firefly_ says to david334():WE are oh so close my friends !
Okie Dinar says to david334():Good afternoon :)
_firefly_ says():Egypt is seeking an agreement with Iraq on oil imports beginning in 2017
22/12/2016 15:51 Egyptian Oil Minister Tariq Al - Mulla said on Thursday his country is seeking to reach an agreement with Iraq to import crude from him directly during the first quarter of 2017.
Al Mulla said in remarks to reporters on the sidelines of the Arab countries of the Organization of Petroleum Exporting Conference [OAPEC] held in Cairo today that the "imported from Iraq target quantities ranging between one million and two million barrels a month."
And stopped Aramco largest oil company in the world for the supply of petroleum substances Egypt since last October despite the existence of a contract the company is required suppliers to Saudi Arabia for five years, because of the different views of the two countries on the Syrian crisis.
Saudi Arabia was agreed to Egypt 's supply of petroleum products refined by 700 thousand tons per month for five years under a $ agreement of $ 23 billion between Aramco and the Egyptian General Petroleum Corporation was signed during an official visit of the Saudi King Salman bin Abdul Aziz to Egypt this year.
The Egyptian Petroleum Minister Tariq Mulla visited Baghdad early last November , leading a high - level delegation from the Egyptian Ministry of Petroleum on an official three - day visit, was signed during the Iraqi Oil Minister Abdul squid Ali Allaibi memorandum of understanding for joint cooperation in the field of development of the oil and gas industry.
david334 says to _firefly_():The National Reconciliation Document driven by the head of the National Alliance program al Hakim (?) is close to passing post Jan. 7th ? It just seems that is such a big step, but I just don't understand the execution nuances .
_firefly_ says():LUKOIL TO DRILL SECOND WELL IN IRAQ
22nd December, 2016 Having successfully completed the drilling of the first well in Block 10 in Iraq, the Russian oil giant Lukoil is planning to drill a second well.
Lukoil plans to drill the second well sometime during the end of 2017 to early 2018, announced the head of the company Vagit Alekperov.
The promising oil-bearing block 10 which covers an area of 5.6 sq. km. is located in the provinces of Dhi Qar and Muthanna. Block 10 is approximately 100 km. from the company's West Qurna-2 field. Lukoil started production from West Qurna-2 oil field in early 2015.
The company was granted the right to conduct geologic exploration, development and production operations at Block 10 in June 2012. Later that year a 25-year contract with a possible 5-year extension was signed with the Iraqi government.
The work on this block was initiated through the company's subsidiary Lukoil Overseas in partnership with Japan's Inpex. Shares of Lukoil and Inpex are 60% and 40% respectively. Iraq's contract holder is state-owned South Oil Company.
_firefly_ says():KRG MEETS WITH KURDISH BLOCS IN IRAQI PARLIAMENT TO DISCUSS STATE BUDGET
22nd December, 2016 The Kurdistan Regional Government (KRG) began a meeting with the five Kurdish blocs in the Iraqi Parliament to discuss the Iraqi budget approved by parliament on December 7.
The head of the Kurdistan Islamic Group (KIG) bloc in the Iraqi Parliament, Ahmed Haji Rashid, told NRT the blocs of the Patriotic Union of Kurdistan (PUK), the Change Movement (Gorran), the Kurdistan Islamic Union (KIU) and the KIG participated in the meeting with a joint agenda.
The Secretary of the KRG Council of Ministers, Amanj Rahim, said the meeting was held to prepare a joint project leading to find solutions and create understanding for an option which would be in the interest of the public in the Kurdistan Region.
The KRG and the Kurdish factions will need to have an agenda to find solutions regarding the terms of the Iraqi budget related to the Kurdistan Region and wage earners.
According to information obtained by NRT, Deputy Iraqi Parliament Speaker Aram Sheikh Mohammed, KRG Prime Minister Nechirvan Barzani and Deputy Premier Qubad Talabani will attend the meeting.
The KRG officially invited the Kurdish factions on December 12 to hold a meeting to discuss Iraq’s budget.
The Iraqi Parliament passed the country’s 2017 draft budget after a second round of sessions took place on December 7 which put the draft’s remaining articles to a vote.
Terms set out in Iraq’s 2017 budget will have the KRG commit to exporting 550,000 barrels of oil per day (bpd) through the Iraqi State Organization for Marketing Oil (SOMO).
According to the budget terms, the KRG must hand over Kirkuk’s 300,000 bpd and another 250,000 bpd from the region’s oil fields to Baghdad.
The KRG said in a statement on December 6 that Iraq’s budget was a “political and dangerous plot” against the Kurdistan Region.
_firefly_ says():According to information obtained by NRT, Deputy Iraqi Parliament Speaker Aram Sheikh Mohammed, KRG Prime Minister Nechirvan Barzani and Deputy Premier Qubad Talabani will attend the meeting.
david334 says to _firefly_():My guess Firefly is that the probable reserves will keep growing and in the Iraq will be #1 in proven
_firefly_ says to david334():(y)
david334 says to _firefly_():The language always seems so imflamatory but a monthago Abadi and Barzani were hugging each other.
_firefly_ says to david334():The reality of the banking system in Iraq
Over the Iraqi banking system through several stages it started from 1867, and was the oldest Ottoman Bank, Bank of the Shah of Iran origination, eastern British Bank, and then I started to Iraqi national banking stage in 1935 , which saw the creation of the agro - industrial bank that became after 1940 two banks: the Agricultural Bank , industrial Bank.
In 1941 , Rafidain Bank was established as a banker government and commercial single, then the Central Bank of Iraq in 1947, has been established the Land Bank in 1948 , Cooperative Bank and the Bank of mortgages, and many of the Iraqi private banks as a bank credit and United Bank and Rasheed Bank, in addition to branches of foreign banks , which exceeded the 15 bank , mostly belonging to the Lebanese banks, and Jordan.
At the present time the Iraqi banking system consists of 54 banks , including 7 - governmental organization, and one newly established Islamic, and 23 commercial banks , a special 0.9 Islamic banks and 15 branches of foreign banks. As well as a representative office of a foreign bank and one.
There are many institutions that do some banking, of which 34 money transfer company, and about 2,000 affiliated banks foreign exchange company, with the loan guarantee, Inc. for the financing of small and medium enterprises, and the two companies for services electronic banking and smart card, in addition to about 800 branch belonging to the banks and spread over All of Iraq 's provinces.
To understand the depth of the banking system of work must be identified to the fiscal and monetary policy and the functions of the Central Bank,
The functions of the bank are coined and printed the national currency and to support the national currency and the consolidation and install the internal and external value, in addition to strengthening the cash cover,
and managing state reserves of Alojunba.osm cash and management of monetary policy to maintain the stability of prices and exchange rates, and to encourage the growth of the financial system and ensure its safety, control of banks, commercial banks and engaged in acts of currency swap.
_firefly_ says to david334():Fiscal policy is the approach of the government expenditure and revenue planning. As monetary policy is the process by which the government can control the supply of money, often targeting the rate of inflation, and interest rates to ensure price stability and public confidence in the currency, which contribute to economic growth, reduce unemployment and maintain the exchange rates that could to predict with other currencies.
It can be noted that monetary policy expansionary or contractionary process; as the expansion increases the overall policy listings of money in the economy is greater than the usual fast, deflationary expanding the money supply more slowly than usual;
that it is shrinking, although expansionary used to combat unemployment in the recession by reducing the interest rates in the hope that the ease of access to loans will entice companies to expand,
It owns monetary policy decisions in the hands of executive power in fees seigniorage, and determine the price of gold and silver, the price of the local currency against foreign currencies.
After the Iraqi Central Bank Law No. 56 of 2004 and the Banking Act No. 94 of 2004, according to the methodology of the market economy is interest rate liberalization, and the abolition of credit plans, opening the door to work for foreign banks either through participation in local banks,
without putting any limits on the participation rate or open branches in Iraq, without specifying the capital, in addition to the possibility of opening offices to represent them,
and the launch of freedom of foreign exchange and the abolition of restrictions on the transfer of money, except for the requirements of anti - money laundering and terrorism financing law, ensure that all banks, including banks specialized to one law means the commercial banking activity only.
After April 2003 the Iraqi economy collapsed and the banking system is underdeveloped in all administrative, financial and service areas, because of the wars , economic blockade and the militarization of production, and the involvement of government banks external and internal financial relationships are complex and confusing to her, in addition to Iraq , disruption of economic and activities for global developments in all intellectual, scientific and material fields .
Which led to the weakness of international confidence in Iraqi banks, and the weakness of the Iraqi role in the economic activity and development activity.
Hence the need to reconsider the status of the banking system in Iraq, the organization of work and the laws, and improve its performance, and its role in the economic and development activity and the strengthening of international relations.
Since mid - 2014, Iraq is going through an economic and financial suffocating crisis began to escalate and worsen both objective and subjective , including financial mismanagement and financial and administrative corruption in the country 's economic institutions, and act indiscriminate and unplanned oil resources generated in previous years and the lack of government 's Reserve,
for reasons falling oil prices in the global market by 65 % of the prices and the costs and requirements of the war on terrorism and the occupation of Daesh up to 40% of the area of Aera s, and the lack of a systematic or a clear strategy for the Iraqi economy and the lack of visibility and coordination between fiscal and monetary policies,
relying entirely and exclusively on oil resources and the failure of successive governments to develop plans and programs to diversify resources and encourage other such as agriculture, industry, tourism and other sectors and other sectors of the economy,
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