Friday, April 17, 2015

IMF - Statement : On behalf of Bahrain, Arab Republic of Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syrian Arab Republic, United Arab Emirates, Republic of Yemen

April 18, 2015

New IMFC Statement by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, United Arab Emirates

On behalf of: United Arab Emirates, Kingdom of Bahrain, Arab Republic of Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syrian Arab Republic, Republic of Yemen. 

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Deal Reached on Fast-Track Authority for Obama on Trade Accord - Committee Votes Next Week


April 16, 2015

Deal Reached on Fast-Track Authority for Obama on Trade Accord

Key congressional leaders agreed on Thursday on legislation to give President Obama special authority to finish negotiating one of the world’s largest trade accords, opening a rare battle that aligns the president with Republicans against a broad coalition of Democrats.

In what is sure to be one of the toughest fights of Mr. Obama’s last 19 months in office, the “fast track” bill allowing the White House to pursue its planned Pacific trade deal also heralds a divisive fight within the Democratic Party, one that could spill into the 2016 presidential campaign.

With committee votes planned next week, liberal senators such as Sherrod Brown of Ohio are demanding to know Hillary Rodham Clinton’s position on the bill to give the president so-called trade promotion authority, or T.P.A.

Video .. Iraqi PM Abadi Statesmen's Forum


And ..

Abadi: reforms to attract investment; World Bank will contribute funding urgent projects liberated zones

Iraqi prime minister says committed to reforms (economic) to attract business

World Turmoil & Old Earth - Coast To Coast AM - April 16, 2015


Apr 17, 2015

Coast To Coast AM - April 16, 2015 World Turmoil & Old Earth

In the first half, analyst Craig Hulet offered commentary on current events, terrorism, and world conflicts. "It looks to me unbelievably clear that money is going to buy the presidency, and Jeb Bush will be the next president," he declared, adding that in about 10 years, "you and I will not recognize the domestic United States of America." The US, he suggested, has become a corporate regime, and there's an incredible amount of wealth and power in the hands of the very few. It isn't about the people voting any longer, as "every senator and congressman, and the president, is bought and paid for-- they're civilian contractors. It's an oligarchy...which means the money elite runs this country," bankrolling specific candidates that kowtow to their views, Hulet continued.

Iraqi Dinar: Iraq calls for a review of the dinar exchange rate (economic advisor "official price of the dinar against the dollar is unrealistic in the current circumstances")

Also read ..

IMF and Iraq: Minister of Finance, Central Bank Governor and senior finance officials participating in the IMF spring meetings April 17-18-2015


Friday, April 17, 2015

Iraq calls for a review of the dinar exchange rate

The CBI has issued resolutions aimed at raising the value of the dinar against the dollar, which included doubling the share of banking from companies, and allow banks «rational» and «Iraq» and «Government Commerce» open windows to sell the dollar for banking companies and small importers, reflected on the commercial market, which saw a significant decrease in the dollar's exchange rate after rising from 1228 to 1334 dinars to the dollar.

Citi Economist Argues for Abolishing Cash

18.04.2015

Citi Economist Argues for Abolishing Cash

Abolishing cash might be the way to solve the world’s central banks’ problem with negative interest rates, according to Citigroup Chief Economist Willem Buiter.

In dealing with a worsening economy, central banks usually lower interest rates as a means to stimulate spending. The problem with this method is that rates can eventually be driven to below zero, meaning that customers will be charged for keeping their money in a bank account.

So, what’s the solution?

According to Citi’s Willem Buiter, it’s abolishing cash.

European Central Banks Dumping Greek Assets Ahead Of The Greek Exit – Episode 644

 Episode 644 - European Central Banks Dumping Greek Assets Ahead Of The Greek Exit [ 39:08 ] Hide Player | Play in Popup | Download

Abadi: reforms to attract investment; World Bank will contribute funding urgent projects liberated zones

Related articles ..different sources ..

Iraqi prime minister says committed to reforms (economic) to attract business

Video .. Iraqi PM Abadi Statesmen's Forum


April  17, 2015

Abadi: reforms to attract investment

World Bank will contribute funding urgent projects liberated zones 

Prime Minister Haider al-Abadi said Iraq was committed said reforms difficult to apparatus administrative regulations for foreign companies in order to attract investments strongly needed. 

Speaking at a forum for the US Chamber of Commerce, Abadi, who is on his first Zaah said to Washington since he became prime minister, that «the government is committed to reforms necessary including reducing obstacles to business and tackle corruption». 

He added, «Our goal is to provide assistance and encourage the private sector and we have to remove the barriers of bureaucratic and administrative obstacles». 

And that «in Iraq, I think it's (bureaucracy) play a role in disrupting investment. Sometimes I can look at it as a crime such as terrorism ». 

He explained Abadi that «the reforms that have been taken so far include easing the terms of visas for investors and reduce the registration procedures for new projects and the use of the automated system in some administrative processes and give greater authority to the boards of governance in the provinces». 

He stressed that « the financial crisis in Iraq has made ​​officials are focusing on the need for a more robust private sector in the economy of Iraq ». 

and Iraq faces a deficit of $ 25 billion in the current year's budget because of falling oil prices. 

Ebadi said «I think this is the first time that we talk frankly in Iraq that we have to move on to the economy is controlled by the private sector ». 

said Finance Minister Hoshyar Zebari, last Wednesday, that Iraq is suffering from an administrative apparatus government bulked The monthly wage of workers in which about $ 3.5 billion, which feature a huge burden on public finances ». 

on Meanwhile, World Bank Group President Jim Yong Kim, yesterday, the full support of Bank of Iraq confirmed in the face of economic and financial challenges, as pointed out that the bank will contribute to the financing of urgent projects related to the liberated areas, during a meeting with Prime Minister Haider al-Abadi. 

Ebadi said office said in a statement , said that «the Prime Minister received at his residence in Washington, World Bank Group President Jim Yong Kim, and discussed with him the economic and financial realities and challenges facing Iraq and the support of the World Bank and its contribution to the financing of a number of projects». 

He Kim, according to the statement, about «support full bank attributed to Iraq and follow up personally to support Iraq in many sectors, pointing out that «the bank will contribute to the financing of several projects in the electricity, water and infrastructure sectors». 

He said Kim, the bank will also contribute funding «urgent projects related to the liberated areas, will also support economic reforms and financial challenges confronting Iraq is going through.

source

Iraqi prime minister says committed to reforms (economic) to attract business

Also .. Watch Prime Minister, Abadi's Speech In Washington .. 

Video .. Iraqi PM Abadi Statesmen's Forum


April/17/2015

Iraqi prime minister says committed to reforms to attract business

Iraq is committed to making difficult reforms to its bureaucracy and regulations for foreign companies in order to attract much-needed investment, Prime Minister Haidar al-Abadi said at a Washington forum on April 16. 

Abadi, on his first trip to Washington since becoming prime minister, also touted his government’s success in battling Islamic State insurgents over the last 10 months. 

He and other senior Iraqi officials are seeking weapons and aid from the U.S. government and international organizations as they fight the insurgents while facing a $25 billion budget deficit due to a drop in oil revenues. 

Speaking to a forum held by the U.S. Chamber of Commerce, Abadi said his government was committed to essential reforms, including reducing hurdles for business and tackling corruption. 

“It is our aim to provide help and encouragement to the private sector, and we have to remove bureaucracy and red tape,” Abadi said. 

“In Iraq I think it’s playing a role in delaying investment. Sometimes I can see it as criminal as terrorism.” 

Reforms undertaken so far, Abadi said, include easing visa requirements for investors, reducing registration procedures for new businesses, automating some bureaucratic processes, and granting greater authority to local governments. 

The fiscal crisis in Iraq had focused officials’ minds on the need for a stronger private sector in Iraq’s economy, he said. 

“I think this is the first time we are talking openly in Iraq (that) we have to move to a private sector-controlled economy,” he said. 

Iraq’s finance minister, Hoshyar Zebari, said on April 15 that Iraq suffers from a bloated government bureaucracy that is paid some $3.5 billion in monthly wages, which he called a huge burden on public finances. 

Since taking over as premier from Nuri al-Maliki in September, Abadi has pledged to root out corruption. An investigation launched by Abadi, the results of which were announced last year, found 50,000 “ghost soldiers” who received army salaries without showing up for work.

source

U.S. Iraq .. Abadi Meetings In Washington: We will stand with the people of Anbar to edit their wallets

4/18/2015 

Abadi from Washington: We will stand with the people of Anbar to edit their wallets

Met with members of Congress and the Senate and representatives of the international coalition 

BAGHDAD - topped security and the economy files, talks the last two days of the visit of Dr. Haider Abadi Prime Minister to Washington, during which US President Barack Obama met, and a number of members of the US Congress and Senate, as well as a meeting with Director General of the International Monetary Fund, and the sons of the Iraqi community in the United States.

No meetings Prime Minister limited to US officials, but exceeded for more than that, when he participated in a meeting of representatives of 62 countries of the members participating in the ongoing operations against terrorism in Iraq and the international coalition, in When reviewed by a panel discussion hosted by the US Institute of Peace and included 25 experts and scholars from specialists on Iraq, the situation in the whole country and developments in the security and political sides. 

Abadi, during his participation in a meeting of the representatives of the international coalition against terrorism, said that «the risk Daash not include Iraq only but beyond the region and the world, especially to those gangs do not recognize borders »warned« the presence of sleeper cells of terrorists Daash in all countries 

He continued the Prime Minister, that the current government is interested in human rights and rejects any violations occur, referring to the possibility of some violations, but it individual.

source

Iraq recaptures 2 towns from IS

Saturday 18 April 2015

Iraq recaptures 2 towns from IS

BAGHDAD: Iraqi security forces have gained full control over a contested area south of the country’s largest oil refinery Friday as part of ongoing operations to secure the rest of Salahuddin province following the recapturing of Tikrit, a senior Iraqi military official said.

Gen. Ayad Al-Lahabi, a commander with the Salahuddin Command Center, said the military, backed by coalition airstrikes and Shiite and Sunni militias dubbed the Popular Mobilization Forces, gained control of the towns of Al-Malha and Al-Mazraah, located 3 km south of the Beiji oil refinery, killing at least 160 militants with the Islamic State group.

Al-Lahabi said security forces are trying to secure two corridors around the refinery itself after the militants launched a large-scale attack on the complex earlier this week, hitting the refinery walls with explosive-laced Humvees.

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G20 to sidestep US on IMF reforms; G20 ministers said they remained “deeply disappointed” the 2010 reforms had not been approved by U.S.

April 17, 2015

G20 to sidestep US on IMF reforms

Leading economies to agree to plan that will raise voting rights of emerging countries at IMF, an attempt to move past US foot-dragging on reforms

Washington: The Group of 20 (G20) leading economies was set on Friday to agree to a proposal that would raise the voting rights of emerging countries at the International monetary Fund (IMF), an attempt to move past US foot-dragging on reforms to the institution.

The IMF’s member countries agreed in 2010 to reform the institution to give more voting power to countries such as China and India, double the Fund’s resources, and reduce the dominance of Western Europe on its 24-member board.

But the Obama administration so far has been unable to persuade the US Congress to pass funding changes necessary for the agreement. The US can block the IMF reforms because it holds a controlling share of votes.

To get around the US, the IMF’s board had proposed one “interim” plan to raise the voting rights of some emerging countries under an “ad hoc” increase without touching US veto power.
“We stand ready to pursue an interim allocation that will converge quota shares, to the maximum extent possible, to the levels agreed under the (2010) review,” G20 finance ministers and central bankers said in a draft communique.
“This should deliver a substantive shift of voting power to dynamic emerging market and developing countries, and to underrepresented countries,” they said.
But countries such as China would only get a small bump in their shares under this option, which requires all changes to allow the US to keep at least 15% of the votes.
The interim plans also would not resolve the IMF’s financial crush, as it increasingly relies on temporary arrangements approved during the height of the 2007-2009 financial crisis to fund major loan programmes in countries such as Greece and Ukraine.

Some other countries, including Brazil and Russia, also had pushed a second proposal, known as “de-linking”, in which the IMF board would detach the doubling of resources from changes to the board structure, and the US would be asked to temporarily give up its veto power until it ratified the reforms.
But the US would have to agree to do so, which most Fund officials admitted was unlikely.

In the draft, the G20 ministers said they remained “deeply disappointed” the 2010 reforms had not been approved, and urged the US to ratify them as soon as possible.

source