We will not allow investing in Iraqi airspace more than 5 years

The parliament’s services committee Sabah al – Tamimi, said on Sunday that the committee would not allow an investment of Iraqi airspace, stressed the need not to exceed the five – year investment period if necessary to do so.

According to Al – Tamimi in a statement Economy News received a copy of it, that the services Parliamentary commission would not allow an investment of Iraqi airspace, indicating that it is not against the private sector and investment, but the country’s interest above all and that the cabinet certainly supports reform and that this work jointly with the House of Representatives.

Tamimi explained that, in the worst case if necessary to investment or co – operation must be established by the International Air Transport Association IATA International Law and that the period be as needed and not more than five years.

She explained that the Committee on Parliamentary Services hosted by the Minister of Transport several times has been asked verbally week ago about this, but are reasons vague not in the House of Representatives as well as a visit to the Office of the Inspector General with members of the Services Committee for their actions during the meeting which was present all specialists censorship flights.

Tamimi wondered why he did not adjust the salaries of the Ministry of Transport and local air traffic controllers in previous years note that the salary of $600, salary of foreign company employees 17 thousand dollars.

Many Arab and foreign airlines have shown their willingness to return and pass through Iraq, this saves them time and fuel because of the geographical location of Iraq outstanding.


Encyclopedia of this Day News

World Bank supports Iraq’s approach to an integrated financial management system

The World Bank on Saturday confirmed its support for Iraq’s economic reforms and development through an integrated financial management system, while welcoming the steps taken by the Iraqi government in the area of ​​resource management and the crystallization of reform visions.

The Ministry of Finance said in a statement on the sidelines of a joint meeting between an Iraqi delegation headed by Finance Minister Abdul Razzaq al-Issa in the presence of Prime Minister’s Adviser, Mohammed Saleh, a number of officials of the Ministry of Finance, the World Bank team and its representatives in Baghdad in the spring meetings of the IMF and the World Bank in Washington, “Alsumaria News, a copy of it,” The representatives of the World Bank have pointed out that economic reforms are a key need to reach an integrated system to manage the financial process of the state at the federal and local levels.”

The ministry added that “the participants explained that the percentage of the task achieved by Iraqi institutions in this area, which gives the appropriate room for the World Bank to support the budget and reconstruction projects within the limits of time to achieve its objectives required.”

“The World Bank welcomed the steps of the Iraqi government in the field of resource management and crystallization of reform visions in coordination with international financial organizations and institutions.”

Finance Minister Abdul Razzaq al-Issa said on Friday that the World Bank has indicated its readiness to allocate nine million dollars to support the investment of associated gas in Iraq.



The Central Bank announces the sale of 802 billion dinars of national bonds

The central bank announced on Tuesday the sale of 802 billion dinars of national bonds launched in early April, indicating that the bonds are paid in annual coupons for two years.

The bank said in a statement received “the sale of the amount of 802 billion and 150 million dinars of national bonds that were launched on behalf of the Ministry of Finance at nominal value beginning of April,” noting that “the remaining of the issuances is 197 billion and 850 Million dinars the end of the sale period will be until the second of May.”

“The issued bonds have five categories, including 100,000, 250,000, 500,000, 1,000,000, 5,000,000 dinars and one trillion dinars at an interest rate of 8%,” the bank said. “The bonds are paid in annual coupons for two years and are payable from Before the Ministry of Finance on the second of April 2019. ”

On April 2, 2017, the Central Bank issued national bonds on behalf of the Ministry of Finance in the amount of one trillion dinars in order to finance the deficit in Iraq’s general budget due to the drop in oil prices globally.


Economy News.net

Rafidain Bank declares its readiness to cooperate with investment companies for the establishment of residential complexes in Iraq

Rafidain Bank on Tuesday announced its readiness to cooperate with investment companies for the purpose of establishing residential complexes in the country and the granting of loans to citizens to purchase housing units in those projects executed by them so as to contribute to solving the housing crisis.

The Information Office of the bank called in a statement, it was reported to Twilight News, investment companies to provide all the investment project, which is intended to establish housing requirements and then make disclosure on the project by the General Administration of the Bank and to make sure then that there is no sign mortgage or reservation on the project to anyone he said, adding that the bank will be allocated to certain branches of the granting of loans to citizens to buy those housing units.


Twilight News

Rasheed Bank announces the opening of its branch in Wasit

Alsumaria News / Baghdad
Rasheed Bank announced on Monday the opening of a branch in Wasit province, adding that the number of branches rose to 152.

The bank said in a statement received by Alsumaria News, a copy of it, that “opened the branch of Mashreq in Al-Ahrar district of Wasit province to provide banking services and services to citizens.”

He added that “the number of bank branches rose to 152 branches spread in all Iraqi provinces.”

Al-Rasheed Bank is the second largest government bank in Iraq. It was established in 1988 and became a public company under the Public Companies Law No. 22 of 1997 and is subject to the supervision of the Central Bank of Iraq and the Financial Control Bureau.



Private banks decide to establish a local fund to finance projects in liberated areas

The Association of Private Banks decided on Monday to set up a local fund to finance large projects and infrastructure in liberated areas.

“The association is working with the Central Bank of Iraq to establish a fund to finance large projects and infrastructure in the liberated areas,” said the Executive Director of the Association Ali Tariq in a statement to the newspaper “Al Sabah” official informed by the information that “the Central Bank will contribute a large amount with banks Fund financing”.

Tariq added that “the Association and the Central Bank aspire to be loans and large development projects financed by private banks, there should be mechanisms to ensure the right of banks on the one hand and targeting real projects on the other,” noting that “the purpose of the establishment of this fund is The development of projects with significant impact and effectiveness and implemented correctly. ”

“The dialogue is now on the priority of the projects to be funded by the Fund, stressing the agreement in the first instance to support the projects of electricity, transport and hospitals.”

Tariq pointed out that “the central bank directed private banks to open branches in Salah al-Din and Anbar and actually got it,” explaining that “these banks are waiting to direct the bank regarding the opening of its branches in Mosul after the liberation of the city from drowning terrorism.”


Information Agency

Association of private banks roll out new banking cycle as part of its ambitious plan for human skills in Iraqi banks

Iraqi private banks in Baghdad concluded training course on the subject of comprehensive banking operations with the participation of 96 employees in various Iraqi banks.

The organization of this session by the Iraqi Association of private banks in the training human ambitious operating in Iraqi banks, which included so far more than 600 employees.

Participants at the session of the three – day theoretical lectures on how to improve the banking work so as to enhance citizens ‘ public banks confidence and contribute to the fight against money laundering and terrorism, as well as access to all activities of cognitive banking pertaining to their work, including raising the Iraqi banks level to the ranks of advanced banks in the world.

In his speech to the graduates reviewed the President of the Association of private banks, Association plans in the field of training of human resources in Iraqi banks since its inception, experts and lecturers academia Arabs and foreigners in different terms of reference of the banking business.

Success of the Association in this area as evidenced by their access to many encouragement and praise from the Iraqi, Arab and foreign bodies certificates, the last representative of the US Treasury in Iraq, John Sullivan who presented during his visit to the headquarters days before the medal John F. Kennedy, which are usually given to establishments and organizations submitted pursuant to the initiative successful and distinguished.

He noted that in the field of training, in order to supplement the workers in the Iraqi banking sector with all the required skills, training in the Association to the success of these courses and workshops that number reached during the first quarter of 2017, eight in various financial and banking terms of reference, in the forefront of workshop workers on commercial fraud 20 judges specialized in which these crimes from the resumption of the Rusafa Court, also plans to organize a similar association course for twenty judges the subject of money laundering and combating terrorism in the framework of cooperation and coordination with the judiciary in the fight against crime by Forms differ.

The aspiring Association to achieve a record in organizing training courses with the end of this year, ambitious banking and industrial modern, exploring the banking in the development of the national economy and achieve sustainable development, upgrading the level of workers in this sector within the strategy of awareness comprehensive include all private banks and the government.

The training plan adopted by the Association for the current year which aims in 2017 to keep up with technical banking and scientific developments in the world, including citizens in banks, contribute to encouraging them to deposit cash savings, contribute to speed up the implementation of employees ‘ salaries in private banks, a decision passed by the Central Bank of Iraq.

It is noted that the association has seen in Baghdad early this year a qualitative leap in training services in the various terms of reference of the banking business, especially in the area financial management and compliance with international banking rules and anti – money laundering and terrorism, main concern for all banks in the world at present.


Encyclopedia of the Day News

Association of private banks succeed training 521 during the first quarter

Association of private banks, revealed it has developed expertise in 521 employees in private and government banks during the first quarter of this year through eight training courses in the capital Baghdad.

The Association of private banks in a press release, said that the Association is keen to develop the banking sector and to strengthen the capacity of workers in it, especially in the field of combating money laundering and terrorism, adding that the Association of private banks succeeded in the first quarter of this year, the establishment of eight training courses for workers in the banking sector regarding the protection of customers staff education role in building banks and stimulate the economy as well as anti – money laundering and the financing of terrorism and risk management.

She noted that the eight sessions held in cooperation with an international company managed through the training of 521 employees in private and government banks and that the coming days will witness the establishment of several training courses for bankers, which will be reflected positively on the banking sector, indicating that private banks are very keen to train employees on the latest technology used by international banks in order to provide better services to citizens and enhance confidence in banks.

The Association of Banks will continue its activities to promote and enhance the skills of workers in the banking sector through contract agreements with international companies.


Encyclopedia of this Day News

International Monetary Fund calls for freezing of employment in Iraq

Demanded raising the tax rate to 30%

The head of the International Monetary Fund to Iraq called the need to freeze recruitment until the development of the administration in Iraq, indicating that the high proportion of civil servants was a means to satisfy some and employ them without regard to efficiency.

At a meeting in Baghdad, representatives of the Iraqi private sector discussed with an IMF delegation the latter’s agreement to provide a loan to Iraq to pay back arrears to Iraqi contractors, processors and farmers by means of the government and ways to resolve the problem because of its importance to the stability of the economy.

The head of the Fund’s mission to Iraq, Christian Gosz, asked about the possibilities that increase the revenues of the state, including the activation of direct and indirect taxes, including those imposed on non-oil products.

He pointed out that customs duties «ranged between 5 and 10 percent, which is not the right way to collect customs revenues». He stressed the need to «change this method to reach 30 percent».

He said that «the fastest gains and revenues come from the organization of the unit of tax payers and these are generating large revenues as they are imposed on the segment of large traders».

He called for “freezing recruitment until the development of the administration, because the increase in the proportion of civil servants was a means to satisfy some and employ them without regard to efficiency will lead to a deficit in the next ten years.”

He stressed the «importance of limiting the support ration to the poor», while describing the «business environment in Iraq «as more complex than other countries is slowed by the loss of security and insufficient electricity and non-collection of dues».

“The weakness of the banking sector and the importance of strengthening the business through the restructuring of the government” Rafidain “and” Rashid “, opening a large space for private banks with the need to assess the weaknesses and the establishment of the right foundations to combat money laundering, can be recourse to the Integrity Commission and specialized organizations such as International Finance Corporation.

“We have started to collect the customs tariff, which doubled its resources in some customs outlets to more than 30 times, while the electricity charge increased by 20 times. The Ministry of Electricity also referred to the points that contribute to improving the economy. To collect the wages of electric power on companies under investment contracts, began to show positive results”.

The head of the Iraqi Contractors Union Ali Sanafi, in an interview quoted by «life» international, «the release of arrears of transactions audited by the Office of Financial Supervision».

He pointed out that the Contractors Union «includes 34 thousand contractors, a large part of their suffering occurs at the stage of tax accounting, because the amounts of tax deduction reserved by the provinces, and demanding the tax departments to achieve tax accounting».

Economic researcher Lubna al-Shammari stressed the importance of “accelerating the implementation of reforms to their obvious impact on the economy and supporting the opportunities to strengthen the infrastructure.”
“Reforming the banking sector is a gateway to diversifying into Iraq,” she said.


New Sabah

101 billion dinars customs revenues for the month of February

Port of Umm Qasr

General Administration of Customs announced the opening near port East four berths to receive commercial vessels, while confirming that the financial revenue for the month of February amounted to more than 101 billion dinars, an increase of 58 billion dinars compared with the same month of the last year. Director General of the Customs Service Kazim Ali «morning»: The «Commission in connection with the opening of the port of Umm Qasr East four berths to receive ships and commercial vessels, especially the giant ones» indicating that « the biggest immersion will be located within the port of berth No. 15» noting that He added, that the body provided advanced cranes along with the use of the latest specialized customs work world – class technologies.

And the Director of Customs, said «the Commission has made a big leap procuring customs revenue levied on goods entering the country during the month of February,» adding that «those revenues exceeded 101 billion dinars, an increase of up to 58 billion dinars compared to February of last year,» expected «high revenue during the current month of March over the last month, so as to intensify control over the ports and reduce financial and administrative corruption »He explained the Director General of the Commission, that the current trend for prime minister, serving accounting staff in the Commission staff in the event of their involvement in the practice of administrative, financial corruption noting that «sanctions up to the insulation or transport outside the body and that the regulatory inspection at the ministry proceeded to transfer more than 25 employees outside the body because of their involvement with corruption.»

Tariq al-Araji