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Abadi adviser confirms the launch of small loans a week ago and warnings from the acquisition of private banks 

Author: HH, ZJ   Editor: BK, HH 2015/12/15 11:01

Long-Presse / Baghdad   Economic Adviser to the Prime Minister Haider al-Abadi, on Tuesday, announced that the micro-credit project for citizens launched a week ago, and stressed that the central bank has introduced a private circle follow-up, and among economist that the project “has not been studied,” about an in-depth, warned of the possibility of acquisitions of private banks from During the “fake names.”

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), “The small loans to citizens which are estimated Petrleon and 500 billion dinars, launched a week ago,” noting that “the right of citizens who have small businesses obtained from the private banks, which holds the lending on behalf of the Bank Iraqi Central accordance with the conditions specified “.

Saleh added, “The lending process is subject to the supervision of the audit,” noting that “banks, which holds the base that will prepare information for each borrower to know the beneficiaries and to monitor any violation.”

He continued economic advisor to the prime minister, that “the Iraqi Central Bank introduced a competent circle small loans,” pointing out that it “will give policy implementation, supervision and checking on those loans.”

Expert warns of the potential downsides

For his part, counting an economist that “small loans involving cons about being not studied in depth,” warning of “the possibility of acquisitions by private banks through fictitious names.”

Said Hassan al-Asadi, said in an interview to the (long-Presse), “The economic sector was neglected in 2003 ago and even now, with plans or legislation enacted what encourages the private sector to promote Bdhor be required did not include”, he returned to “loans constitute a positive step to support the industrial and agricultural sectors. ”

And saw al-Asadi, that “small loans involve some drawbacks, because the state used to be pumped about random loans without in-depth study.”

He accused the economist, “the private banks which would grant small loans, to prepare lists of fake names, to pull the largest part of the $ trillion and 500 allotted billion dinars,” likely “not achieve the desired micro-credit as a result of the lack of data or in-depth studies for distribution base, along the lines of What happened in the agricultural initiative, and housing loans that have not achieved the desired ones. ”

And saw al-Asadi, that “the first state was careful to launch small loans until the preparation of studies on them.”

The Central Bank of Iraq, said in (the 23 of June 2015), the launch of loan amounts medium and small enterprises by the Iraqi private banks beginning in July 2015, while between that loan amounts of up to 50 million dinars, he stressed that banks benefit will not exceed 5.5 percent.

The Iraqi Association of private banks, announced in (the 13th of September 2015), the Central Bank announced the launch of an increase of half a trillion dinars, the budget allocated to the financing of small and medium enterprises, to stimulate the private sector and promote employment opportunities for young people.      LINK

tlm724] Economic Adviser to the Prime Minister Haider al-Abadi, on Tuesday, announced that the micro-credit project for citizens launched a week ago, and stressed that the central bank has introduced a private circle follow-up

[tlm724] *hallelujah* love it when they launch money !!!!!!!

[tlm724] “The small loans to citizens which are estimated Petrleon and 500 billion dinars, launched a week ago,” noting that “the right of citizens who have small businesses obtained from the private banks, which holds the lending on behalf of the Bank Iraqi Central accordance with the conditions specified

[tlm724] thats a nice chunk of change

Saleh added, “The lending process is subject to the supervision of the audit,” noting that “banks, which holds the base that will prepare information for each borrower to know the beneficiaries and to monitor any violation.” He continued economic advisor to the prime minister, that “the Iraqi Central Bank introduced a competent circle small loans,” pointing out that it “will give policy implementation, supervision and checking on those loans.

[tlm724] pointing out that it “will give policy implementation, supervision and checking on those loans.

[tlm724] it’s about time the CBI did their job, they gotta monitor the money, period !!

http://www.bondladyscorner.com/t158513-abadi-adviser-confirms-the-launch-of-small-loans-a-week-ago-and-warnings-from-the-acquisition-of-private-banks

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Baghdad Municipality announces the completion of the city, “Sinbad Land” Baghdadi
History of edits:: 2015/12/15 10:17

Chief Executive Officer of the company invested for the project Abbas Acialki said in a statement issued by the Secretariat received by the agency {Euphrates News} today, “he was the completion of the city {Sinbad Land} entertainment at the site of the former city of Rusafa games on Canal Street, one of the largest amusement parks in the capital Baghdad area { 100} thousand square meters and able to accommodate at least {25} a thousand people a day.

“He added that” the project which was implemented in two stages featuring {30} game {15} of them for adults and {15} game medium and small reconstruction along Aquatics The Mall of Sinbad which represents the character of the heritage of the capital Baghdad with the added touches of modernity in the field of colors and architectural designs that are set up in coordination with the British and Italian two Mtakhtsh cities Games and revitalize green areas.

“He explained that” the lake located within an area of {250} thousand square meters project will be invested to organize tours for families Baghdadi by quiet boat from the southern side near Palestine Street to the north side near the road the army channel to enjoy watching the beautiful scenery and spend the most enjoyable times, “pointing out that” the company invested for the project embarked on the implementation of the new development projects of water for the city and the walkway water and Yacht Club ” .

He said the “project also includes an air-conditioned hall for electronic games with a series of restaurants, cafes and shops refreshments and juices, along with a special parking spaces for more than {1000} car.”

He noted that “Entertainment City will adopt a new technology is the electronic card system for payment which means that the customer will not use the currency and citizen could walk around in the city and enjoy the breathtaking views and enjoy the games available, including other public services “.anthy
http://alforatnews.com/modules/news/article.php?storyid=103403

[tlm724] per BondLady = ((electronic card system for payment which means that the customer will not use the currency ))

[tlm724]  Very Happy

[cat] hmmmm

[cstacy] cat yes

[tlm724] He noted that “Entertainment City will adopt a new technology is the electronic card system for payment which means that the customer will not use the currency and citizen could walk around in the city and enjoy the breathtaking views and enjoy the games available, including other public services ”

[tlm724] thats nice

http://www.bondladyscorner.com/t158522-baghdad-municipality-announces-the-completion-of-the-city-sinbad-land-baghdadi-electronic-card-system-for-payment-which-means-that-the-customer-will-not-use-the-currency
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Legal reveals the formation of a council to combat money laundering and the freezing of funds fleeing
Economy and Tenders
Since 12/15/2015 13:14 pm (Baghdad time)

BAGHDAD – scales News   Legal expert Tareq Harb, Tuesday, revealed that the new anti-money laundering law form a council to combat money laundering and the Commission to freeze the funds fugitives.

He said the war in a statement received / scales News / copy, “pursuant to the provisions of Article 129 of the Constitution which necessitated the labor laws after its publication in the Official Gazette, has been published Law No. 39 of 2015, the new anti

He explained that “the previous law was decided by a higher penalty can be imposed is imprisonment for a period not exceeding four years, while the new law brought the punishment to life imprisonment and through him note the considerable difference between the two laws.”

War, he said, “If the value of money of ten million dollars the previous law decides penalty of not more than this amount, while the new law can be up punishment it to $ 60 million as five times the money subject of the crime, and thus note the considerable difference introduced by the new law the criminal punishment and financial penalty as set out in Article 36 et seq. of the new law. ”

He pointed out the war to be “This new law covers everyone, including Chairman and Commissioner of the bank manager as well as financial institutions such as banks and companies, including up to 250 million dinars, in addition to the new law establishes the criminal and financial responsibility determined by the possibility of knowing where that responsibility on the possibility of science has not unscheduled in the previous law, but he shall be punished upon knowing that the funds obtained from a crime. ”

He pointed out that “the new law form a council to combat money laundering and the Commission to freeze the fugitives money did not exist in the previous law, headed by Central Bank Governor Multiple destinations interior, finance, justice, trade, foreign affairs and the Secretariat of the Council of Ministers and the National Intelligence and Security and the fight against terrorism, such as ministries”

He said the “new law decided to many legal obligations on financial institutions such as banks, companies and the Business and Professional non It ended 29 quarters e     LINK 

[tlm724] Legal reveals the formation of a council to combat money laundering and the freezing of funds fleeing

[tlm724] perfect they need this oversight !

[tlm724] “the previous law was decided by a higher penalty can be imposed is imprisonment for a period not exceeding four years, while the new law brought the punishment to life imprisonment and through him note the considerable difference between the two laws.”

[tlm724] yep we did a chat about the penal system and how the old Saddam laws would give a fine of 100 k dinars etc… which back then would be like $300,000.00 but today would be like a hundred bucks, this needed to be changed

[tlm724] *hallelujah* Iraq is putting on their big boy panties

http://www.bondladyscorner.com/t158527-legal-reveals-the-formation-of-a-council-to-combat-money-laundering-and-the-freezing-of-funds-fleeing
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Parliamentary Finance: Central Bank is subject to quotas partisan

Economy and Tenders
Since 12/15/2015 13:19 pm (Baghdad time)

​Special – scales News  —  He said the parliamentary finance committee member Ahmed Sarhan Sarhan, Tuesday, that the lack of controls in the sale of the dollar in the foreign exchange auction of the Central Bank would have a negative impact on the Iraqi economy, while noting undergo Bank of partisan quotas.

​[rtl] Safi said at a news conference the House of Representatives attended / JD /: “The House of Representatives will vote tomorrow on the draft general budget of the federal law after putting the finishing touches before the parliamentary Finance Committee, which said its members that the priority in transfers will be to support the popular crowd and displaced persons and the province of Basra,”Sarhan said L / scales News / “The central bank is subject to quotas and partisan consensus”, adding that “the central dimensions from quotas are not only the existence of a strong government able to manage the helm of the country without quotas and consensus.”

He added that the “hard currency auction has a negative impact on the current financial crisis in the country”, calling for a “no


He stressed “the importance of determining the amount of the sale of hard currency, making it easier to control the movement of the dollar and the need for Iraq him”, adding that “the lack of controls and lawlessness in the sale of the dollar will affect the Iraqi economy as a dollar of hard currency” .anthy 29 quarters e  LINK

[tlm724] someday we’ll all have a pile of money like that ^^^*mission*  Wink

[cat] I hope soon

[tlm724] me too

[tlm724] that the lack of controls in the sale of the dollar in the foreign exchange auction of the Central Bank would have a negative impact on the Iraqi economy,

[tlm724] stressed “the importance of determining the amount of the sale of hard currency, making it easier to control the movement of the dollar and the need for Iraq him”, adding that “the lack of controls and lawlessness in the sale of the dollar will affect the Iraqi economy as a dollar of hard currency”

[tlm724] yep I agree , get rid of the dollar dayum it . It’s more trouble then it’s worth to Iraq .

http://www.bondladyscorner.com/t158528-parliamentary-finance-central-bank-is-subject-to-quotas-partisan

noting that “all the political blocs to support these three sectors increased allocations in the new General Budget Law.”[/rtl]

[rtl]He also called for the National, the Finance Committee “to deal with the poor provinces of private Muthanna, Diwaniyah and Dhi Qar, the same priority that supported the popular crowd and displaced persons and the province of Basra within the budget,”

noting that “these provinces experiencing a complete halt to projects of service to the lack of financial cover as well as corporate debt and Contractors edema in local government. ” / End / 22     http://www.dananernews.com/News_Details.php?ID=6430[/rtl]
http://www.dananernews.com/News_Details.php?ID=6430

[tlm724] gonna see a lil budget action tomorrow

http://www.bondladyscorner.com/t158564-diff-source-tomorrow-vote-on-the-budget-in-the-parliament-session-agenda

Corruption is eating away “the Iraqi currency auction”

BAGHDAD – A peace Zidane   December 14, 2015

“The money they looted from currency auction at the Central Bank since 2012 and so far more than $ 100 billion.”

Also read: Iraqis punishment: cut dinar instead of stopping corruption (see below from November 30, 2015)

LINK

Iraqis punishment: cut dinar instead of stopping corruption

BAGHDAD – A peace Zidane   November 30, 2015   (ONLY PARTIAL ARTICLE)

It rolled on Economic Iraqi decision-making numerous proposals for crossing the country’s economy to safety from the suffocating crisis that is currently exposed to a result of relying almost entirely on oil rooms, most notably reducing the value of the dinar against the dollar,

which was welcomed by policy makers because it provides the state more than seven billion dollars during 2016, which is the easiest solution, even at the expense of the people.

The country depends heavily on imports and this procedure will lead to higher inflation means the escalation of prices on the market, but that it serves the Government time now because he suffers from a deficit in closing costs. ” and added that “the second option to stay on the current situation and therefore the government will be unable to provide funds for expenditures,”

pointing out that “the devaluation of the dinar will be forced the central bank to spend a billion dollars a month from the cash reserve to control on the market. ” “The central bank issued new currency worth five trillion dinars (4.1 billion dollars) in order to reduce the fiscal deficit. LINK
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The International Monetary Fund does not support the reduction in the value of the Iraqi dinar

International Monetary Fund signed an agreement with Iraq to monitor the economy

Author: AR, HAA, HH    Editor: AR, HH 2015/12/15 13:37

Long-Presse / Baghdad  – The International Monetary Fund on Tuesday signed an agreement with Iraq in the coming days about the program to monitor the economy and establishment of a track record of administrative performance and effective for the country, as he emphasized that the program aims to cut spending and reduce the deficit to consolidate the financial program to be agreed upon next year in 2016.

The director of the Middle East office of the IMF Masood Ahmed said in a statement on the sidelines of a conference in Dubai and I followed (range Press) that “the IMF is seeking to sign an agreement with Iraq on the economy of the monitoring program.”

Ahmed added that “this program will be established to record the follow-up and monitor the effective performance of the Iraqi financial authorities, which will lead to the introduction of a financial program to be agreed upon next year 2016”.

It is said that Iraq had agreed last month, on the IMF to monitor the economic policies of Baghdad, where the program aims to cut spending and reduce the deficit in the Iraqi budget.

The International Monetary Fund predicted on Wednesday the (19 August 2015), to witness the Iraqi economy “improved modestly” during the current 2015 by 0.5 percent due to the increase of oil production, with incidence more contraction in activity the non-oil sector, and with the exception of that outlook the rate of growth in the medium term, is still positive,

although it is less than the required rates before the crisis, he stressed that the growth will be determined by the desired increase oil production and recovery rates of growth in other sectors as well as the expected improvements to the security situation and the implementation of structural reforms.

It is noteworthy that Iraq complain of weak financial revenues due to declining oil prices and increased expenses, which the military side came on her head, which made the government resort to austerity as one of the solutions adopted to meet the country’s economic situation started.

The International Monetary Fund, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945, to work on enhancing the safety of the global economy, and is located Fund headquarters in Washington, DC, and managed by its members who include almost their number of 188 countries all countries of the world. LINK

[tlm724] this is from another article, link below

[tlm724] Parliamentary economy outweigh the survival of the economic recession and austerity to the post-2016 15/12/2015 10:10 | Direction Press / Baghdad Suggested the economic and investment commission, on Tuesday, the survival of the economic recession and austerity to the post in 2016, citing the need to “convene an international economic conference to revive the Iraqi economy.”

Committee member, said Burhan Almamori in a press statement today, said, “Do not search for alternatives to oil in the budget of 2016 shows that the economic recession and austerity will continue until post-2016,” noting that “the government has no strategic plans for economic side.”

http://www.bondladyscorner.com/t158506-parliamentary-economy-outweigh-the-survival-of-the-economic-recession-and-austerity-to-the-post-2016

[tlm724] ok I call BS on this ” said, “Do not search for alternatives to oil in the budget of 2016 shows that the economic recession and austerity will continue until post-2016,” noting that “the government has no strategic plans for economic side.”

[tlm724] and I’ll show you why

The International Monetary Fund does not support the reduction in the value of the Iraqi dinar International Monetary Fund signed an agreement with Iraq to monitor the economy Author: AR, HAA, HH Editor: AR, HH 2015/12/15 13:37 Long-Presse / Baghdad

The International Monetary Fund on Tuesday signed an agreement with Iraq in the coming days about the program to monitor the economy and establishment of a track record of administrative performance and effective for the country, as he emphasized that the program aims to cut spending and reduce the deficit to consolidate the financial program to be agreed upon next year in 2016.

The director of the Middle East office of the IMF Masood Ahmed said in a statement on the sidelines of a conference in Dubai and I followed (range Press) that “the IMF is seeking to sign an agreement with Iraq on the economy of the monitoring program.”

Ahmed added that “this program will be established to record the follow-up and monitor the effective performance of the Iraqi financial authorities, which will lead to the introduction of a financial program to be agreed upon next year 2016”.

It is said that Iraq had agreed last month, on the IMF to monitor the economic policies of Baghdad, where the program aims to cut spending and reduce the deficit in the Iraqi budget

[tlm724] The International Monetary Fund does not support the reduction in the value of the Iraqi dinar

[tlm724] see that line ^^^^ it is right under the IMF symbol in the article

[cstacy] tlm724 thanks

[tlm724] IMF doesn’t support the recent reduction in the dinar, think it’s at 1182 right now

[tlm724] IMF says *slap* your going the wrong way Nelson

[tlm724] “this program will be established to record the follow-up and monitor the effective performance of the Iraqi financial authorities

[tlm724] heres what the IMF said on Nov 10th

IMF Mission Reaches Agreement on Staff-Monitored Program with Iraq Press Release No. 15/509 November 10, 2015 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. An International Monetary Fund (IMF) mission led by Christian Josz visited Amman from November 1–10, 2015 to discuss a Staff-Monitored Program (SMP) with the Iraqi authorities.

At the end of the visit, Mr. Josz issued the following statement: “Iraq continues to face a number of challenges. Key among those is the ongoing armed conflict with ISIS, which continues to strain the country’s resources and results in new waves of internally displaced people, reaching over 4 million in June 2015.

The other key challenge is the fall in oil prices, causing a large external shock to the balance of payments and the budget revenue, which depends predominantly on oil export receipts.

“In that difficult environment, real GDP should grow by 1.5 percent in 2015 owing to the increase in oil production, which is located in areas under control of the Iraqi government and the Kurdistan Regional Government.

The current account deficit of the balance of payments should increase to 7 percent of GDP in 2015, and the foreign exchange reserves, which amounted to US$59 billion at end-October 2015, should decline but still amount to 9 months of imports of goods and services at the end of 2015.

“The Iraqi authorities are committed to addressing the fiscal pressures caused by the dual shocks related to oil prices and the ISIS attack.

They have reached a staff-level agreement with the mission on an SMP starting at the end of 2015. Under the SMP, the authorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing, and aim to reduce the non-oil primary deficit by 4 percent of non-oil GDP between 2014 and 2016.

Under the SMP, agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism (AML/CFT), and financial sector stability. “The SMP will be submitted to IMF management for its consideration by the beginning of next year. It will allow the Iraqi authorities to build a track record for a possible Fund financing arrangement.

[tlm724] They have reached a staff-level agreement with the mission on an SMP starting at the end of 2015.

[tlm724] the authorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing

[tlm724] agreement has also been reached on measures to strengthen public financial management, anti-money laundering and countering the financing of terrorism (AML/CFT), and financial sector stability.

[tlm724] The SMP will be submitted to IMF management for its consideration by the beginning of next year.

[tlm724] SMP = Staff-Monitored Program

[tlm724] that means the IMF has the con to an extent as I mentioned the other day

[cstacy] tlm724 great thanks

[tlm724] Staff = IMF

“During the mission the team met with Minister of Finance Hoshyar Zebari, Acting Governor of the Central Bank of Iraq (CBI) Ali Allaq and officials from the ministries of finance, planning, oil, the CBI, the Board of Supreme Audit and representatives from state-owned banks. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

[tlm724] They met with everyone that matters !

[tlm724] heres the link if you need it

http://www.imf.org/external/np/sec/pr/2015/pr15509.htm

[tlm724] now thats what I’m talkin about
~~~~~~ ​

diff source

International Monetary Fund signed an agreement with Iraq to monitor the economy

23:31:10 2015-12-15 | (Voice of Iraq) – Baghdad announced that the International Monetary Fund on Tuesday signed an agreement with Iraq in the coming days about the program to monitor the economy and establishment of a track record of administrative performance and effective for the country, as he emphasized that the program aims to cut spending and reduce the deficit to consolidate the financial program to be agreed upon next year, 2016.

The director of the Middle East office of the IMF Masood Ahmed said in a statement on the sidelines of a conference in Dubai and I followed (range Press) that “the IMF is seeking to sign an agreement with Iraq on the economy monitoring program.”

Ahmed said that “this program will establish to record the follow-up and monitor the effective performance of the Iraqi financial authorities, which will lead to the introduction of a financial program to be agreed upon next year 2016 “. It is said that Iraq had agreed last month, on the IMF to monitor the economic policies of Baghdad, where the program aims to cut spending and reduce the deficit in the Iraqi budget .

The International Monetary Fund predicted on Wednesday the (19 August 2015), to witness the Iraqi economy “improved modestly” during the current 2015 by 0.5 percent due to the increase of oil production, with incidence more contraction in activity the non-oil sector, and with the exception that expectations of the rate of growth in the medium term, is still positive,

although it is less than the required rates before the crisis, he stressed that the growth will be determined by the desired increase oil production and recovery of growth rates in other sectors as well as the expected improvements to the security situation and the implementation of structural reforms.

It is noteworthy that Iraq complain of weak revenues Finance due to declining oil prices and increased expenses, which the military side came on her head, which made ​​the government resort to austerity as one of the solutions adopted to cope with the economic situation of the country which.

and the International Monetary Fund, a specialized agency of the Bretton Woods system of the United Nations, was established under an international treaty in 1945 , to work on enhancing the safety of the global economy, and the fund’s headquarters is located in Washington, DC, and managed by its members who include almost all countries of the world their number of 188 countries.

http://www.sotaliraq.com/newsitem.php?id=310716#ixzz3uQPV35PW

http://www.bondladyscorner.com/t158512-international-monetary-fund-signed-an-agreement-with-iraq-to-monitor-the-economy

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