Iraq News and Highlights Friday AM 7-3-20

Iraq News and Highlights Friday AM 7-3-20

TLM 724 Administrator BondLady’s Corner

Stability Of The Dollar Exchange Rate Against The Iraqi Dinar

Economie| 12:05 - 02/07/2020  Baghdad - Mawazine News

The exchange rates of the dollar stabilized on the Kifah Stock Exchange and local markets, on Thursday, (2 July 2020).

The prices of the Kifah Stock Exchange - Baghdad recorded 122,550 dinars per 100 dollars.

Buying and selling prices in banking shops:

The selling price of the dollar = 123,000 dinars per 100 dollars.

The purchase price of the dollar = 122.000 dinars per 100 dollars. End /

https://www.mawazin.net/Details.aspx?jimare=107972

Oil Continues To Rise

Time: 7/2/2020 10:58:55 Read: 4,680 times  {International: Al Furat News} Oil prices continued their rise today, Thursday, after US data showed a sharp drop in crude stocks more than expected.

By 07:40 Moscow time, Brent crude futures rose 0.21% to $ 42.12 a barrel.

Whereas, US West Texas Intermediate crude futures increased 0.13% to $ 39.87 a barrel.

The US Energy Information Administration yesterday, said that crude stocks in the United States fell by 7.2 million barrels last week to reach 533.5 million barrels, compared with analysts forecasts indicated a decrease of 710 thousand Brmel.anthy

https://alforatnews.com/news/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D9%88%D8%A7%D8%B5%D9%84-%D8%A7%D9%84%D8%B5%D8%B9%D9%88%D8%AF

Iraq Is Moving To Get A Loan From The IMF And To Attract Saudi Investments

Reports| 01:26 - 02/07/2020   Baghdad - Mawazine News, a US report revealed that Iraq is seeking a loan from the International Monetary Fund and attracting Saudi investments.

The report of the US Bloomberg Agency, that "Iraq is in talks with the International Monetary Fund to obtain a loan, while seeking to attract Saudi investments to its fields of natural gas."

The report quoted the Iraqi Finance Minister Ali Allawi as saying that "the International Monetary Fund and Iraq are conducting intensive negotiations on a loan that may reach a maximum limit of $ 5 billion."

He added, "There is no official proposal from the Iraqi government and there is no official response from the International Monetary Fund, but we are moving in this direction."

Allawi said that "the Iraqi government also suggested that the Saudis put money in the crutch field for gas in the west of the country or Mansourieh in the east," noting that "

Allawi added that "Saudi Arabia is very ready to support our energy projects. At the end of the day, they will choose one field. They are also interested in solar energy."

It is noteworthy that Allawi had made a tour to Saudi Arabia and Kuwait in late May, and observers ruled out that Iraq would receive financial support from Kuwait, or perhaps alleviate the burden of its debts owed to Kuwait, which amounted to about $ 2 billion in compensation for the 1990-1991 Gulf War.

The IMF and Saudi Arabia talks come at a time when Iraq is trying to support its financial resources. Allawi said that the economy will likely shrink from 7 percent to 9 percent in 2020. This is more than the expectations of the International Monetary Fund by 4.7 percent.

Riyadh is pressing Iraq to sharply cut oil production to meet its share in OPEC, placing more pressure on Prime Minister Mustafa al-Kazemi, who came to power in May.

Baghdad had initially refused to limit production, like other OPEC members, but retreated after intense pressure from Saudi Arabia and Russia.

Allawi said that Iraq’s monthly oil revenues are about 2.7 billion dollars. This is less than the $ 7 billion Iraq earned in 2019. The budget deficit will reach 22 percent of GDP this year, which is higher than anywhere else in the Middle East and North Africa, according to the International Monetary Fund.

Allawi ruled out that the Iraqi government would resort to issuing new Eurobonds to finance the gap, arguing that it was too expensive.

And yields of Iraqi bonds, worth a billion dollars, fell about 60 basis points on Wednesday, after news of a possible International Monetary Fund loan. And the interest rate of these bonds is estimated at 10 percent, which is the highest of any issuer of Eurobonds in the Middle East, with the exception of the defaulting Lebanon.

Iraqi Finance Minister Ali Allawi said, "We are not ready to pay 10 percent," interest on new bonds in Iraq.

https://www.mawazin.net/Details.aspx?jimare=107988

Iraq Turns To The Saudi Arabian Monetary Fund To "Tackle Its Economy"

Time: 7/2/2020 23:54:10 Read: 7,878 times

{International: Al Furat News} A report by the American Bloomberg Agency, highlighted the efforts made by Iraq to tackle the suffocating crisis that is ravaging the country’s economy, due to the drop in oil prices and the worsening of the incidence of the emerging Corona virus.

The report, published on Wednesday, indicated that Iraq is in talks with the International Monetary Fund to obtain a loan, while seeking to attract Saudi investments to its natural gas fields.

The report quoted Finance Minister Ali Allawi as saying that the International Monetary Fund and Iraq are conducting "intensive" negotiations on a loan that could reach a maximum of $ 5 billion. But he did not specify, in an interview in Baghdad on Tuesday evening, additional details on the nature of the loan and said, "There is no official proposal from the Iraqi government and there is no official response from the International Monetary Fund, but we are moving in this direction."

Allawi said that the Iraqi government also suggested that the Saudis put money in a crutch gas field in the west of the country or Mansourieh in the east. Allawi said that they can also invest in extracting gas from Ratawi's oil stocks in the south.

Allawi added that "Saudi Arabia is very willing to support our energy projects, at the end of the day, they will choose one field, and they are also interested in solar energy."

It is noteworthy that Allawi had made a tour to Saudi Arabia and Kuwait in late May, and observers ruled out that Iraq would get financial support from Kuwait, or perhaps alleviate the burden of its debts owed to Kuwait, which amounted to about two billion dollars in compensation for the 1990-1991 Gulf War.

The IMF and Saudi Arabia talks come at a time when Iraq is trying to support its financial resources.

Allawi said that the economy will likely shrink from 7 percent to 9 percent in 2020. This is more than the expectations of the International Monetary Fund by 4.7 percent.

Riyadh is pressing Iraq to cut oil production sharply to meet its share in OPEC, placing more pressure on Prime Minister Mustafa al-Kazemi, who came to power in May.

Baghdad had initially refused to limit production, like other OPEC members, but declined after heavy pressure from Saudi Arabia and Russia.

Allawi said that Iraq’s monthly oil revenues are about 2.7 billion dollars. This is less than the $ 7 billion Iraq earned in 2019. The budget deficit will reach 22 percent of GDP this year, which is higher than anywhere else in the Middle East and North Africa, according to the International Monetary Fund.

Allawi ruled out that the Iraqi government would resort to issuing new Eurobonds to finance the gap, arguing that it was too expensive.

And the returns of bonds worth one billion dollars, nearly 60 basis points on Wednesday, after news of a possible International Monetary Fund loan.

And the interest rate of these bonds is estimated at 10 percent, which is the highest of any issuer of Eurobonds in the Middle East, with the exception of the defaulting Lebanon.

Finance Minister Ali Allawi said, "We are not ready to pay 10 percent" interest on new bonds in Iraq.

https://alforatnews.com/news/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D9%84%D8%AC%D8%A3-%D8%A5%D9%84%D9%89-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D9%88%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%84%D9%85%D8%B9%D8%A7%D9%84%D8%AC%D8%A9-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%87-%D8%A7%D9%84%D9%85%D8%B9%D9%84%D9%88%D9%84

Labor Announces An Increase In The Poverty Rate From 22 To 34 Percent In The Country

Money and Business  Economy News _ Baghdad  The Ministry of Labor and Social Affairs revealed the increasing poverty rate in the country due to the Corona pandemic and low oil prices.

The Minister of Labor and Social Affairs, Adel Al-Rikabi, said in a statement to government media and seen by "Al-Iqtisad News" that "after the spread of the Corona virus in all countries of the world, which led to a drop in oil prices globally, the matter reflected negatively on increasing the poverty rate in the country, as it increased From 22 to 34 percent, it is likely that this will lead to economic and health crises. "

And Al-Rikabi said, "The ministry seeks to overcome the crisis by cooperating with various international bodies to find quick solutions to increase poverty and unemployment rates, in addition to the measures provided by the state to the sectors sponsored by the ministry through the distribution of grants between citizens of low-income people who have been affected by the procedures of imposing Preventing curfews.

He stated that "he previously submitted a request to the Council of Ministers to raise the ceiling of social aid and expand the coverage of those entitled to social benefits by including additional numbers of beneficiaries and people with disabilities, in addition to the ministry launching an expanded inspection campaign for investment companies to register data for Iraqi and foreign workers so that local employment is covered by the Social Security Law." .

Al-Rikabi pointed out, "Coordination with international bodies, such as the World Bank and the International Labor Organization, to implement programs in the country to overcome the current crisis, such as financing loans, training, qualification and completion of the emergency project, which aims to provide support to the liberated areas, as well as creating a database for all departments of the ministry and its agencies to achieve Transparency in the service of the concerned segments of the citizens sponsored by the ministry, "noting that" the ministry is directed to care and support the segment of the blind and persons with disabilities and achieve all their legitimate rights established by law to provide a decent life for them and their families. "

Al-Rikabi noted that "the traffic number granted to people with disabilities does not contradict the social protection salary because the car is exempt from fees and taxes is a legal right established for the disabled, in addition to the social protection salary."  http://economy-news.net/content.php?id=20909

Lebanese Banks Apply To The Central Bank To Settle Their Branches In Iraq

Economy  Thursday 2 July 2020 | 09:38 AM| Views: 333

Baghdad / .. the bank of Francebank and the Lebanese credit came to the central bank to liquidate their branches in Iraq. The Lebanese newspaper, An-Nahar, reported that, in light of the economic conditions in Iraq, the 10 Lebanese banks in Iraq decided to re-evaluate the future of their existence, and a number of them found that there is no benefit in remaining in the Iraqi market.

In this context, the newspaper said that the banks of "Fransabank" and "Lebanese Credit" applied to the Central Bank of Iraq to liquidate their branches in Iraq. In the details, the Banking Supervision Department informed the Commercial Banks Control Section in the Central Bank of Iraq of the decision of the two boards of directors of the Fransabank Bank and the Lebanese Credit Bank, which was taken on June 21 to liquidate and close the branches of these two banks in Iraq.

On 28 of it the response came from the Central Bank of Iraq in two books, "An-Nahar" obtained a copy of them, addressed to the two banks' departments. Ended 3

https://aynaliraqnews.com/index.php?aa=news&id22=135783

Central Bank: Re-Discounting Financial Securities To Secure Salaries For Three Months

Economie| 09:02 - 02/07/2020   Baghdad - Mawazine News  , the Central Bank of Iraq announced, Thursday, the details of its contribution in the face of the financial crisis, while stressing the re-deduction of bonds to the Ministry of Finance to secure salaries for a period of three months, it is likely to be disbursed at the beginning of next week.

"The central bank has a great role to play in the face of the current financial crisis," said Ihsan Shamran, the director general of accounting at the central bank, in an interview with government media.

He added, "These bonds will enable the ministry to secure the salaries of employees for the months of July and August," noting that "the bank has made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years."

He indicated to me that "the Ministry of Finance held discussions with the Central Bank and some banks to re-discount these bonds," noting that "

He pointed out, "Depositing 4 trillion and 300 billion dinars in bank accounts since last Wednesday," noting that "the finance can receive the money from the banks," suggesting that "the salaries of employees be paid at the beginning of next week."

And that "the central bank stands with the government to support the public finances from any crisis that it may face," noting that "the size of banks' cooperation is relatively limited except for Rafidain, Al-Rasheed and the Iraqi Bank for Trade."

Shamran said, "The financial crisis will ease with the recovery of oil prices and the global economy," noting that "the state is working towards improving public financial resources through the activation of taxes and customs in addition to oil resources."   https://www.mawazin.net/Details.aspx?jimare=107930

Central Bank: Staff Salaries Are Secure For The Next Two Months

Banks  Economy News - Baghdad:  On Thursday, the central bank announced the details of its contribution to facing the financial crisis, while it expected to pay the salaries of employees early next week .

Ihsan Shamran, Director General of Accounting at the bank, told the official agency that "the central bank has a big role in facing the current financial crisis, confirming the re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars ."

He added that "these bonds will enable the ministry to secure the salaries of employees for the months of July and August," noting that "the bank has made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years ."

He continued, "The Ministry of Finance held talks with the Central Bank and some banks to re-discount these bonds," noting that "the bank met with the finance and banks and deducted these amounts and deposited them in the Rafidain and Al-Rasheed accounts and the retirement board ."

He suggested that "the salaries of employees be paid at the beginning of next week," noting that "the central bank stands with the government to support the public finances from any crisis that it may face ."

Shamran predicted, "the financial crisis will ease with the recovery of world oil prices," noting that "the state is working towards improving public financial resources through the activation of taxes and customs in addition to oil resources ."   http://economy-news.net/content.php?id=20904

The Central Bank Is Likely To Exchange Employee Salaries Early Next Week

09:51 - 02/07/2020  Information / Baghdad ..  The Central Bank of Iraq, Thursday, likely to pay the salaries of employees at the beginning of next week, while referring to the insurance of employee salaries for the months of July and August and September.

The Director General of Accounting at the Central Bank, Ihsan Shamran, said in a statement reported by the official Iraqi News Agency “conscious” and reviewed by him / the information / that “re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars”, indicating that “the bonds will enable the Ministry of Finance to secure employee salaries For the months of July, August and September.

Shamran added, "The Central Bank made it easy for the Ministry of Finance to process the debt repayment for a period of 10 years," noting that "the Ministry of Finance can receive money from banks."

He suggested, "Paying employees salaries at the beginning of next week," pointing out that "there is a large role for the central bank in facing the current financial crisis."

https://www.almaalomah.com/2020/07/02/482876/

Erbil Informs Baghdad To Agree To Hand Over Oil For Two Issues

Posted On 2020-07-02 BY SOTALIRAQ

Yesterday, the Kurdistan Regional Government announced that it had informed the federal government of its willingness to hand over the proceeds of the sale of oil, provided that they agreed first on two issues.

"The territorial government has informed Baghdad of its willingness to hand over the proceeds of the sale of oil after agreeing first to the dues of companies investing in oil fields as well as export expenditures," Adel said, adding that "the delegation of the territorial government will return soon to Baghdad to resume the talks." On the outstanding differences. "

He continued, "The Kurdistan Regional Government is working to unify the retirement directorates in the region," explaining that "the competent bodies and committees are working to implement reforms in the region."

Adel affirmed that "the regional government continues the reform process, and works to reduce the salaries of high and special degrees, as one of the reform measures."

Adel praised the "efforts of health personnel and employees of the Ministry of Interior in the success of the procedures to prevent corona virus," praising "the tolerance of the people of the Kurdistan Region for the curfew and its commitment to the special instructions to prevent the epidemic."

The Prime Minister of Kurdistan, Masroor Barzani, had confirmed on Tuesday that the region will continue discussions with Baghdad to reach an agreement that guarantees its constitutional entitlements, saying that the Kurdistan region "will not waive its legitimate rights."

Barzani's office said in a statement that "the president of the Kurdistan Regional Government, Masroor Barzani, met a delegation of discussions with the federal government, through a closed-circuit television system (video conferencing)."

The statement added, "Deputy Prime Minister Qubad Talabani, at the beginning of the meeting, shed light on the visit made by the Kurdistan Region delegation to Baghdad last week, and the results of discussions with the federal government and the proposals put forward to resolve outstanding problems between the two sides."

The statement quoted Barzani as saying that "the Kurdistan region will continue its discussions with Baghdad with the aim of reaching an agreement that guarantees its constitutional rights and entitlements," noting that "the Kurdistan region is determined to defend its legitimate rights within the framework of the Iraqi constitution, and will not waive it at all."

https://www.sotaliraq.com/2020/07/02/%d8%a3%d8%b1%d8%a8%d9%8a%d9%84-%d8%aa%d8%a8%d9%84%d8%ba-%d8%a8%d8%ba%d8%af%d8%a7%d8%af-%d8%a7%d9%84%d9%85%d9%88%d8%a7%d9%81%d9%82%d8%a9-%d8%b9%d9%84%d9%89-%d8%aa%d8%b3%d9%84%d9%8a%d9%85-%d8%a7%d9%84/

 

To read more current and reliable Iraqi news please visit BondLady’s Corner:   https://www.bondladyscorner.com/

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