Don961: Tamimi: Budget law will be published during the next two days in the facts
BAGHDAD (Reuters) –
A member of parliament’s finance committee Majida al-Tamimi announced on Saturday the ministry’s intention to publish the budget law in the official newspaper of the next two days, pointing out that the law will be effective from the date of its publication in the facts.
Tamimi said in a statement received by the ‘news” the law of the federal budget will be published in the newspaper (facts) Iraqi mid-week ‘, indicating that’ the law will enter into force after the publication. link
Jeanette: I really like this article. I think there’s some real treasures here. “the law will enter into force after publication” that could be, also, the article we are looking for to be published along with the law. IMO
Shade: Do I have this correct? They can publish it all day long but they still need to actually open it. I don’t think they’ve ever opened it have they? Yes it looks like they will but …. ?
Iobey777: isn’t it interesting how one person/negotiator(Trump) and ONE currency RV can change the entire outlook for a region!!!IMO Just sayin’ (smile)
Samson: Short version of one posted yesterday
IMF warns of rising Arab public debt
9th February, 2019 The International Monetary Fund (IMF) has warned Arab countries of a rapid increase in public debt due to the continued rise in the budget deficit since the global financial crisis in 2008.
“Unfortunately, the region has not yet fully recovered from the global financial crisis and other major economic turmoil of the last decade,” IMF Director Christine Lagarde said on Saturday at the Fourth Public Finance Forum in Dubai.
Lagarde added that “economic growth has improved among oil-importing countries only, but it is still below pre-crisis levels.” Public debt in Arab oil importing countries rose from 64 percent of GDP in 2008 to 85 percent in 2018.
Lagarde stressed that public debt in about half the Arab countries currently exceeds 90% of GDP, noting that “the next economic path of the region is fraught with challenges.”
And called on oil-exporting countries to use renewable energy in the coming period in line with the Paris Climate Convention, which provides for reducing emissions harmful to the environment.
Lagarde called on countries in the region to achieve greater transparency, reforms and anti-corruption measures.
Last month, the International Monetary Fund cut its forecast for economic growth for Saudi Arabia, the world’s largest oil exporter, and for the Middle East and North Africa region due to falling oil prices, declining production and geopolitical tensions. LINK
Iobey777: Interesting how they are again talking about all their achievements! However, there is that 202 date again…wonder if Trump is not putting a “crimp” in that projection by telling them to do it NOW? JMO!!! They have everything ready to go amd as they said, they are waiting for the “higher ups” to tell them WHEN!! IMO, they have been told when and they know it!!!
Samson: Association of Banks organizes a seminar “Managing monetary policy in the current economic conditions”
9th February, 2019
The Association of Iraqi Private Banks held a seminar on “Managing Monetary Policy in the Current Economic Conditions” on Saturday, the third day of the Baghdad International Book Fair under the theme “One book more than life
The symposium began with the participation of the Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq and the President of the Association of Iraqi Private Banks Wadih al-Hanal, and was interviewed by banking expert Samir Nusairi
The symposium was attended by a distinguished audience from the Deanship of the Faculty of Information and a number of academics from the University of Baghdad and the University of Mustansiriya and a number of those interested in the economic and banking affairs and a distinguished presence of local and Arab media.
The Council of the Faculty of Business Economics also participated in this scientific symposium represented by the Dean of the College Wafaa Jafar Amin and her assistants. The Dean also extended her thanks and appreciation to the Governor of the financial grant granted to the College to expand the classrooms and the library of the College
The symposium began with a question by the Governor of the Central Bank about how the bank faced the challenges after the events of 2014, between the Governor that the economic side is significantly affected by the economic, social and political events, the most affected by others, as Iraq was subjected to a war with ” Oil to 50 or 70%, and there was also another challenge to the exposure of the Central Bank and the banking sector in the provinces that entered, calling for the loss of its total existence of human and material resources, for example branch of Nineveh and branches of banks amounted to loss of about 2 trillion dinars
“The other challenge is the fear of the country being in a state of recession and instability,”he said. “The other challenge concerns the security aspect by controlling the movement of funds and preventing them from subverting terrorists. So the central bank has taken measures to prevent this
The governor also said during the seminar that the bank had to maintain the exchange rate, because the dinar’s decline against the dollar is a blow to citizens. We succeeded in this challenge and maintained the exchange rate
The governor said that in these difficult circumstances, the bank launched lending initiatives,including real estate and housing, for 2 trillion dinars in order to move the economic situation in the country, considering that these policies were no less important than confrontations in the battlefields
Asked about the achievements achieved by the bank within the strategies for the years 2016 to 2020, the governor said that the strategy that was developed is the first that received the exact timing and was focused from the reality to reality, the transfer of the Central Bank from one era to another horizontal and vertical development is the expansion of tasks The Central Bank , and the development of units and formations within its organizational structure and training its employees in order to keep abreast of development
The bank has established the National Payments Board and has introduced new sections that are in line with the strategic development, such as TQM as well as other departments such as risk management and compliance management. The strategy has also worked to combat financial crimes, terrorism financing and money laundering
After that, the axes moved to the President of the Association of Iraqi Private Banks Wadih al-Hanalal asking him about the goals achieved by the Association during the past years. He answered the goals of the Association at the Baghdad International Book Fair is to promote the project of financial coverage to be launched by the Central Bank.
Dissemination of legal concepts. One of the achievements of the Association is our focus on training and development of human resources, and here it must be lame that the US Treasury provided a shield for the first time in the training area of the Association of Private Banks
He continued by saying that there are three things we focus on are human resources, operational risks and auditing, because if these factors converge, the institutions will take their natural and effective role in all parts of the state. The important factor that helped us is the confidence of the central bank
He said that the good partners are the basis for funding community initiatives. The Association has worked on many social initiatives such as rehabilitation of bridges, Baghdad initiative, providing study trips to schools and supporting many projects such as the Academy of Cancer Warriors Basra, as well as the project of the station, which won the approval of international bodies LINK