Harvesttime: So everything appears to be done done done!! Can they continue hiding the rate from the public?

Please don’t get mad at me. I’m just trying to figure out how they can say Iraq is stable and secure; signing contracts; inviting all these investors into their country…..without having a public monetary rate of exchange.

Hazen:  The conferences are now over…..how much longer can this ride go?

Will:  hopefully not much longer.  not sure what could possibly be the next target.  maybe end of first quarter for the sake of the books?

Don961:  Iraq signs two projects with $ 510 million with the World Bank

2/14/2018 11:37:19 AM

BAGHDAD (Reuters) – Iraq and the World Bank signed on Wednesday (February 14, 2018) two projects worth $ 510 million to improve the living conditions of Iraqis, increase water distribution and create jobs.

The two projects were signed in the framework of the International Conference on Iraq Reconstruction, which ended Wednesday in Kuwait, the World Bank said in a statement from its headquarters in Washington .

The two projects are added to a $ 750 million World Bank-financed development program .
The World Bank’s funding in Iraq has risen to 4.7 billion dollars from 600 million dollars four years ago .

In addition, the bank explained that these funds will provide immediate support to rehabilitate the education sector, health services, reconstruction of roads and bridges, and the restoration of electricity networks and water systems.

On the third and final day of the Iraq Reconstruction Conference, the promises of donations, loans and investments to help rebuild the country beyond three years of war with the US $ 30 billion .  link


Don961:  40 politicians convicted of embezzlement included the amnesty law and began to pay the treasury

2018/02/14 (00:01 PM) – Number of readings: 24 – Issue (4135)

o Baghdad / Mohammed Sabah

The amnesty law passed by the House last August included more than 40 politicians convicted of embezzlement of public funds after stealing more than $ 4 billion over the past few years.

According to the Parliamentary Integrity Committee that some of those convicted began to pay their money to the state treasury, relying on paragraphs in the law of amnesty requires the release of those who lost public money after payment of their funds. 

Deputies revealed that the amount of money paid by those convicted amounted to nearly (500) million dollars.

They confirm the inclusion of former trade minister Falah al-Sudani in the amnesty law procedures if he paid the money. 

The head of the Parliamentary Integrity Committee, Talal Al-Zobaie, said in a statement to Al-Mada that “more than forty politicians have been convicted of waste and misappropriation of public funds in the procedures of the general amnesty law enacted by the House of Representatives.” These procedures require payment of their public funds In exchange for their release. ” 

At the end of August 2016, the Parliament voted on the amnesty law which excluded 13 categories of crimes, including: the terrorist crime that resulted in permanent killing or disability, and human trafficking crimes, but included embezzlement provided that the embezzled funds were paid.

Zobaie said that “there are a number of politicians convicted of embezzlement included in the amnesty law and returned the sum of public funds of more than (500) million dollars,” revealing that “the funds that will return to the treasury of the state of these losers ranging between 3/4 billion dollars” . 

The head of the Integrity Commission, Hassan al-Yasiri, expressed his regret over the amnesty law caused by the release of many of those sentenced to corruption, noting that the law caused “our death” after the inclusion of 3542 accused and sentenced to 113 cases.

Al-Zobaie justified the inclusion of the amnesty law in paragraphs that allow the release of public money brokers saying that “there is no way for us after the failure of all institutions of the Iraqi state to recover more than a thousand files recovery,” asserting that “these politicians and the misappropriated are not entitled to participate in the elections yet Criminal record against them “.

The Integrity Commission published its annual report for 2017 and included “the recovery of more than 132 billion to the state treasury in 2017.” Stressing that “the activities of the departments of the Commission resulted in the preservation of more than trillion and 300 billion dinars of loss and waste.”

The MP of the Union of Iraqi forces that “the law of amnesty includes the former Minister of Commerce convicted Falah al-Sudani in the event of payment of the amount of funds in accordance with the provisions of the law of amnesty.”

On the other hand, recalls a member of the parliamentary legal committee how the “parliamentary blocs in force to conclude deals between them ended with the inclusion of the amnesty law articles and paragraphs that allow the release of the elected public funds after payment of their funds,” pointing out that “the amendments included not requiring the assignment of legal representative To the damaged department for public money crimes only once the damage has been paid. ”

Article (2) of the amendment stipulates that: – The legal representative’s waiver of the public right is not required if the following proves the payment of the consequences of the provisions of the amnesty law from money that resulted in the offenses listed in Chapter 5 of Penal Code No. (111) 1969 The rate of public confidence.

“The ministers and officials convicted of embezzlement of public funds, mostly from large blocs that insisted on passing the paragraph of embezzlement in the amnesty law to ensure the release of corrupt members,” confirms the member of the legal committee, requesting anonymity.

In August, the House of Representatives voted on the second amendment to the amnesty law that exempted abductions and some of the beneficiaries of the previous amnesties.

The amendment also included the terrorist crimes that took place before the fall of Mosul, and the replacement of the certificates of forgery of the certificates with financial allowances. The amendments also include ministers and governors involved in financial and administrative corruption issues.

The House of Representatives corrected a serious mistake after the introduction of some items did not vote in the copy of the amnesty law published in the newspaper facts, led to the error to include 200 sentenced to pardon.

The parliamentary legal committee recently raised a second amendment to the amnesty law to the Presidency of the House of Representatives, which includes addressing some of the mistakes that occurred in the first amendment and passing it during the next parliamentary sessions after studying them.

A member of the Legal Committee Zana Said said in a statement to (the extent) that “the second amendment will address the misdemeanors and irregularities of those included in the law in 2008 has not resolved their cases,” pointing out that “the previous law focused on the inclusion of resolved their cases and sentenced them less than two years.”

He notes that “some of the beggars did not resolve their cases because they were detained then and were deprived of the benefit of the law of 2016.”   link


Don961:  Tuesday, February 13, 2018

Iranian Banks Link Up With More Int’l Peers

Iran has established banking relations with close to 300 foreign banks two years after the landmark nuclear deal with world powers, the Central Bank of Iran announced.

In its latest series of reports published on its website to mark the 39th anniversary of the Islamic Revolution, the bank said that by Jan. 20, Iranian banks established 818 correspondent banking relations with 284 foreign peers.

Iranian banks have linked up with Oman’s Bank Sohar, Russia’s VTB Bank, Bank Sepah’s Frankfurt branch, Austria’s Raiffeisen Bank International AG, the Qatar National Bank and Russia’s Swiss-registered Gazprombank in recent months.

As to other openings in Iran’s international financial network, CBI points to the fact that it has signed several foreign finance deals worth $45 billion in addition to signing bilateral deals with sovereign guarantors, especially European export credit agencies, since the implementation of the nuclear deal.

Those institutions include Italy’s SACE, Austria’s OeKB, South Korea’s KEXIM and KDB, Russia’s Exiar and Vnesheconombank, Exim Bank of India and China’s CDB.

Iran’s high-profile deals were mostly clinched in the last fiscal year (ended March 20, 2017), including those with South Korea, a consortium of Chinese banks represented by the investment management company CITIC Trust, and two European lenders, namely Austria’s Oberbank and Denmark’s Danske Bank.

In addition to the €2.2 billion deal signed as part of Russia’s agreement with Iran that will bankroll two state-owned projects, a “short-term contract” worth about $35 million has reportedly been signed between Japan’s SMBC and Bank Mellat.

CBI has begun the process of integrating the bank card systems of Iran and Russia, which is currently undergoing trials, but its finalization would allow citizens to use their bank cards in each other’s countries.

“What is more, preliminary efforts have been made to link up with the bank card system of Oman,” CBI reported.

This is while Iran and Turkey have reached a currency swap agreement worth 5 billion lira ($1.4 billion) and its equivalent in rial, which has been entrusted to their respective agent banks –Bank Melli Iran and Turkey’s Ziraat Bank–for financing bilateral trade and investment in their national currencies.

In addition to clearing the debts of Iranian banks to ECAs of Germany, Italy, France and Austria, the Central Bank of Iran says it has repaid debts to Denmark’s EKF, Spain’s CESE and Switzerland’s SERV through Bank Saderat.

As to other measures, CBI points to its management of the foreign exchange market and “market intervention ” as well as short-term financing of manufacturing units to provide them with raw materials.

The regulator also points to opening Usance letters of credit, boosting LC issuance by the banking system and establishing a mechanized interbank foreign exchange system for increasing the scope of deals in the market.   https://goo.gl/tSXEne