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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Economic reform steps in Iraq: to see from the outside / c 2

    Rocky
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    Economic reform steps in Iraq: to see from the outside / c 2 Empty Economic reform steps in Iraq: to see from the outside / c 2

    Post by Rocky Sat 27 Feb 2016, 2:25 am

    Economic reform steps in Iraq: to see from the outside / c 2



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    [url=https://twitter.com/intent/tweet?text=%D8%AE%D8%B7%D9%88%D8%A7%D8%AA %D8%A7%D9%84%D8%A5%D8%B5%D9%84%D8%A7%D8%AD %D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A %D9%81%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82: %D8%B1%D8%A4%D9%8A%D8%A9 %D9%85%D9%86 %D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC/%D8%AC 2&url=http://http://annabaa.org/arabic/authorsarticles/5390]tweet[/url]



    On Iraq and the International Monetary Fund issued a report discussed the end of last year highlighted the consequences of the double shock facing Iraq. It was behind the sharp decline in oil prices and the war with al "Daash" among other challenges affected the economy and the budget since the late 2014 until now. The report also reviewed the major features of the financial and economic crisis in the country Marja on efforts in this context, the government's efforts. The first part of the article dealt with the International Monetary Fund to monitor the course of the financial situation in the country and ways to reform public finances. In this section devoted to the analysis of the vision of the International Monetary Fund to the direction of monetary policy and the most prominent threats to the banking activity in Iraq challenges.

    Monetary policy reform

    1. Provides a stable exchange rate nominal head of the foundation of the economy in an environment beset by uncertainties, which makes it imperative for the government authorities to maintain the exchange rate peg to the dollar system in spite of the deterioration of the external position of the country. In an effort to allay concerns about the cash flow of illegal emerging from the country, the Central Bank of Iraq to reduce the sales of coins amounts, imposing in early 2015, pre-filing requirement duration of 15 days for foreign exchange transactions. In addition to that, the government imposed a customs union in advance of 5% tax discretionary income increase of 3% both let loose at the request of foreign exchange to finance imports. However, authorities rushed in the month of June last to the cancellation of these procedures; due to the high difference between the official rate and the parallel market rate significantly. The difference has been shrinking rapidly to about 6% by the end of the same month.
    2. The CBI has intensified its efforts to strengthen the international reserves, which are still managing - despite a recent decline - beyond traditional indicators of the adequacy of reserves. As well as the Central Bank, with the support of technical assistance from the International Monetary Fund, to update the guidelines for 2008 on the management of reserves to bring them into line with the Central Bank of Iraq Law and fulfill quantify all the major strategic objectives of reserve management, including strategic asset allocation, and the limits of credit risk, and liquidity requirements. Central Bank of Iraq and works to achieve long-term goal for the transfer of international reserves to active management to Baghdad.
    3. Because of the financial sector negatively affected by shocks that afflict the Iraqi economy, expects the authorities to increase non-performing loans as a result of declining confidence among business circles, and low private sector activity, and physical destruction and robberies on some banking institutions. So, the authorities have intensified surveillance and supervision of the banking business and cooperate with the International Monetary Fund to improve the financial soundness indicators have even comparable to internationally accepted standards.
    4. The Central Bank of Iraq recently to renew his contract with the company (Ernst & Young), which works to improve the office and field control practices and participates in the training of observers. As well as the Central Bank of Iraq to appoint 35 new employees in the banking supervision department, which also intensify monitoring a bank Rafidain and Rasheed state-owned and influencers of the financial system.
    5. Government authorities intensify their efforts for the development of the banking sector, a key element in the long-term strategy to strengthen the non-oil economy and promote private sector activity. In order to achieve equal opportunities between private banks and state-owned banks, the authorities allowed public bodies to accept letters of credit and checks issued by the approved private banks. Can the Ministry of Finance to open letters of credit to the private banks by up to $ 10 million instead of $ 6 million previously. It was raising the limit for private banks to collect state fees. The government now allows for state-owned enterprises to open accounts, and retain deposits, and payment of salaries by the private banks. It is hoped that these initiatives will lead to new opportunities for private banks to provide services and compete with the state-owned banking sector. And works CBI Currently, the support of the United States Agency for International Development, to finalize regulations for the development of credit bureau information and consider establishing a system of deposit insurance.
    6. What the Iraqi Central Bank still has important safeguards, including annual external audits conducted by audit firms with a good reputation as well as publication of the audited financial disclosures. Since the authorities require to take advantage of the resources of the Fund under the "rapid financing instrument", it is committed to completing the updated evaluation of safeguards with the CBI.

    IMF collar dependency or lifeline

    Iraq is a very difficult historical period, where Tzafart political and security challenges with the economic to form a gasket hamper Iraq's chances of progress and well-being, and increase the risk of the country sliding in deep recession. In this context, the Iraqi government has recently sought to use the efforts of the International Monetary Fund in providing external financing, as well as to provide advice and consultation in order to maintain macroeconomic stability. Despite the caveats of the danger of dealing with the IMF and the threat that the loss of economic independence, most of the proposed policies (currently) consistent national and visions about economic reform.
    On the other hand, past experience has proved, and unequivocally, the weakness and corruption of the Iraqi government in the country's economy management without supervision and accountability, especially after swallowing most of the economic, financial and monetary institutions from the presence of parties in power, and the dominance of mafias policy on the country's resources and wealth. Thus, the longer the Iraqi government's efforts to use international institutions to monitor and opinion, and advice for a long step toward the economic and financial reform at the moment, and establish sustainable economic development, with accuracy and caution in maintaining national principles and freedom of economic decision and taking into account the social situation.
    It requires twice the state and the law on Iraq to deal cautiously with the international economic institutions and what they offer recipes ready-peer loans and financial facilities.
    In this context it should be noted a number of recommendations including:
    1. valuing the role of government in the implementation of economic reforms and the support of the Central Bank and Ministry of Finance policies to achieve fiscal and monetary stability of the country should not be a prelude to a package ready by exporting policies to Iraq (such as raising support and salary cuts and layoffs ... etc.), And tied for the continuation of funding and providing advice.
    2. incumbent on the Iraqi government if it was serious in maintaining the sovereignty of the economic and financial country, prepare a cadre of a national high of experts and specialists and a high degree of national experience in the Iraqi economy to achieve the greatest gains of rounds of negotiations with the International Monetary Fund and the adaptation of the proposed policies with the reality of the economic and social country.
    3. Adoption of the principle of transparency and disclosure of all agreements between the Iraqi government and the International Monetary Fund agreements in order to examine and discuss all the reports and studies agreed upon between the parties, and opinion, and advice from the presence of researchers and specialists in the Iraqi economic affairs.
    4. The use of the International Monetary Fund in the field of training and rehabilitation of the economic and financial cadres, and the adoption of the latest methods in the preparation of public budgets, reports and financial statements to reduce wastage and financial corruption outlets in the country, especially since the International Monetary Fund's long sold in this area.
    5. Cooperation with the International Monetary Fund for a statistical database configured to accommodate all economic, financial and monetary sectors, and be a tool of researchers to discuss economic problems and to find appropriate solutions and the reduction of the discrepancy in the accuracy and reliability of the data at the moment.

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