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[ltr]Economic Council released a report on the benefits companies and contractors "Extended"[/ltr]
Since 06/03/2016 15:18 pm (Baghdad time)
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[ltr] Baghdad balances News[/ltr]
[ltr]Resulted in the convening of a symposium of the Iraqi Economic Council last Tuesday 31/5 and under the title ( themechanism of reimbursement of private sector companies through government bonds) the first report on the symposium and of the opinion of the sector of the Ministry of Finance which was represented by Fadhil Nabi Othman, Deputy Minister of Finance and the Central Bank of Ihsan Yasiri Director General of banking and credit and the sectoral parliamentary Bhaitham of al - Jubouri , a member of the parliamentary finance committee , and Abdul Karim al - Naqib member of the Committee of economy and investment parliamentary Furat al - Tamimi andthe chairman of the Committee on Agriculture, water and marsh parliamentary.[/ltr]
[ltr]The symposium began with a welcoming speech delivered by Ibrahim al - Baghdadi (Masoudi) head of the Iraqi Economic Council , reminding the seminar held by the Iraqi Economic Council on Saturday day on 28/5 in Palestine Meridien Hotel under the same title, which addressed the issue of government bonds, which was attended byAttorney Haitham al - Jubouri , a member of the parliamentary finance committee and the Governor of Bank Iraqi Central and Deputy Minister of planning and Director - General of the Department of government contracts and alarge number of economic organizations and contractors.[/ltr]
[ltr]Baghdadi said that the seminar today complement the symposium on Saturday, crowning her as an important party did not attend the executive side (the Finance Ministry) in the discussions has not been touched on practical measures in the purchase and deduct those bonds and to support and encourage the Ministry of Finance as the topof the pyramid in the financial power and the support of the Bank CBI , which supports the purchase of these bonds as representing the top of the pyramid in monetary policy.[/ltr]
[ltr]Governor of the Central Bank has promised that it will purchase a percentage of these bonds and encourage thegovernment banks to do something similar in coordination with the Ministry of Finance and the creditors of theIraqi private sector do not want to only bonds without the possibility of liquidated cash amounts so as to fulfill their obligations towards others ..vkd damaged businessman and contractor and investor in his name and his reputation and his money and was forced to sell his property in order to meet its obligations as well as the state 'sreputation has been damaged because of their inability to pay the rights of contractors and companies as the domestic and foreign investor has lost confidence in the investment because of the lack of trust between thecontractors in accordance with the formal contracts , how the investor who must use head his own money to implement the project and we are here we hope that there will be realistic solutions to receive a percentage of these dues payments in cash rather than paid through bonds only.[/ltr]
[ltr]And spoke Fadel Abdul Nabi Othman, Deputy Minister of Finance , thanking the capacity of the private sector wasissued as a creditor luck did not hurt the state , despite his suffering and you know that the development of thecountry is very difficult financially , despite reassurances launched by the officials and we like the Ministry ofFinance as well as the House of Representatives and all state agencies part of the problem because of the lack the existence of good coordination and regulation of the financial situation because the nature of government actionand the political situation did not let the Ministry of Finance is working in the field of technical competence and thesituation is so bad that the salary was difficult disbursed in the second half of 2015 and some of the measures takenby the Ministry of Finance with the Central Bank and the World Bank where she was the country 's imports a month less than two billion dollars, while salaries were only four trillion dinars in the best case, and imports amounted to 2.5 billion dollars , and all of you know , the war against Daash and expenses and expenditures exorbitant have would have liked to pay 10% of the dues as a down payment in cash again but the circumstances of the country It prevented that due to lack of imports and the large number of expenses and the security and political situation has weakened the confidence of the people the government making the process of issuing bonds to the public a failed process, and so came the idea of issuing bonds for contractors and all the people who are asking the state from themerchants and displaced people we have met with the Central Bank , who was interacting dramatically with us and we have identified the amount of Almtalobah was the amount of 7.5 trillion dinars therefore must be issued treasury bonds for half that amount at a rate of 50% , and the problem was in the mechanism by which to resolve this issue and were the practical steps required by the Ministry of planning and collect information from the provinces on projects executed in detail and audited and submitted to the Central Bank was supposed to be the Contractor shall review the central bank directly in order to avoid red tape and administrative corruption , which can be exposed and the presence of information concerning the contractor and his company and the amount of the amount that can be exposed and the presence of information concerning the contractor and his company and the amount of theamount requested under menus sent by the Ministry of planning in order to receive its own bonds this idea is technically easy but financial terms were tough because the Ministry of Finance must be registered with this process any securities delivered as funding for the Ministry of the process or the party that carried out thecontractor projects to their advantage as well as the Aljhyh carried out in their favor projects must to register asa paid contractor dues so was this idea difficult from an accounting point, we asked the central bank for the periodin which we can through the issuance of these bonds Vokhpruna it three months a long time and in the last meeting we thought to issue a temporary bond but will get a problem where some have suggested the issuance of theelectronic bond and ideas another was tough but we found another mechanism which is to send the Ministry ofplanning Contractors claims to the Finance Ministry , as the central bank is not liable for the payment of contractors were met with bank managers Rafidain and Rasheed , and we agreed with them that they open accounts for each contractor by bonds that deserve contractor.[/ltr]
[ltr]And the calculation of the bond goes automatically from the Ministry of Finance to the contractor in the bankers 'account and so got rid of temporary bonds that may be exposed to fraud and the contractor can be taken advantage of bonds account for the issuance of a letter of guarantee and credit which can take against the bond loan and could open a letter of credit to take advantage of the bond account existing in the bank , and three months later issued permanent bonds from the central bank and under open accounts in the Rafidain and Rasheed will send financial bonds for bankers if received contractor bonds entire Ooncefha or percentage needed descend from his account in the bank by the ratio that takes on the new bonds, as for cash payments has We agreed with theRafidain and Rasheed on the work of the discount for the bonds to be liquidated was talking with private banks aswell as we have made clear to them that they Sestphadon twice the first interest rate on the bond is no interest (5%)in interest and the second that the bank will take the bond at a discount can receive a 3 or 5% of the value of Sindh therefore, most banks have welcomed this idea and that the parties will be comfortable with this process Valmquaol wants cash , and the bank will trade his job and benefit at the same time, the central bank graciously expressed his willingness to re - bond _khasmtha all banks discount or a large part of this mechanism expect to succeed The project by 90% because all parties cooperative and help each other but there was a problem whereyou told us the Ministry of planning that they had approached all the ministries for the purpose of providing information but had not driven back the answer only eight or nine ministries . However, we thought another mechanism which is to start the information on to come Bakayh requests.[/ltr]
[ltr]Then spoke MP Haitham al - Jubouri said we talked about this topic in a seminar on Saturday, 28/5/2016 attendedby Governor of the Central Bank and the Undersecretary of the Minister of Planning and we we will not rejoice if this process the application on the ground because the suffering of hundreds of companies and contractors whohave been laid off thousands of workers from their factories and their companies still exist and most important point is that we doubt the possibility of banks and their ability to carry out this operation only scientific there are indebted to banks on the Iraqi government estimated (28 trillion Iraqi dinars) If the government banks unable todo so , and I doubt it , how civil banks that lack liquidity and I think it was the collection of private banks and the 45 Bank believe that he does not have the cash Akt R.anthy 29[/ltr]
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Since 06/03/2016 15:18 pm (Baghdad time)
[ltr][You must be registered and logged in to see this image.][/ltr]
[ltr] Baghdad balances News[/ltr]
[ltr]Resulted in the convening of a symposium of the Iraqi Economic Council last Tuesday 31/5 and under the title ( themechanism of reimbursement of private sector companies through government bonds) the first report on the symposium and of the opinion of the sector of the Ministry of Finance which was represented by Fadhil Nabi Othman, Deputy Minister of Finance and the Central Bank of Ihsan Yasiri Director General of banking and credit and the sectoral parliamentary Bhaitham of al - Jubouri , a member of the parliamentary finance committee , and Abdul Karim al - Naqib member of the Committee of economy and investment parliamentary Furat al - Tamimi andthe chairman of the Committee on Agriculture, water and marsh parliamentary.[/ltr]
[ltr]The symposium began with a welcoming speech delivered by Ibrahim al - Baghdadi (Masoudi) head of the Iraqi Economic Council , reminding the seminar held by the Iraqi Economic Council on Saturday day on 28/5 in Palestine Meridien Hotel under the same title, which addressed the issue of government bonds, which was attended byAttorney Haitham al - Jubouri , a member of the parliamentary finance committee and the Governor of Bank Iraqi Central and Deputy Minister of planning and Director - General of the Department of government contracts and alarge number of economic organizations and contractors.[/ltr]
[ltr]Baghdadi said that the seminar today complement the symposium on Saturday, crowning her as an important party did not attend the executive side (the Finance Ministry) in the discussions has not been touched on practical measures in the purchase and deduct those bonds and to support and encourage the Ministry of Finance as the topof the pyramid in the financial power and the support of the Bank CBI , which supports the purchase of these bonds as representing the top of the pyramid in monetary policy.[/ltr]
[ltr]Governor of the Central Bank has promised that it will purchase a percentage of these bonds and encourage thegovernment banks to do something similar in coordination with the Ministry of Finance and the creditors of theIraqi private sector do not want to only bonds without the possibility of liquidated cash amounts so as to fulfill their obligations towards others ..vkd damaged businessman and contractor and investor in his name and his reputation and his money and was forced to sell his property in order to meet its obligations as well as the state 'sreputation has been damaged because of their inability to pay the rights of contractors and companies as the domestic and foreign investor has lost confidence in the investment because of the lack of trust between thecontractors in accordance with the formal contracts , how the investor who must use head his own money to implement the project and we are here we hope that there will be realistic solutions to receive a percentage of these dues payments in cash rather than paid through bonds only.[/ltr]
[ltr]And spoke Fadel Abdul Nabi Othman, Deputy Minister of Finance , thanking the capacity of the private sector wasissued as a creditor luck did not hurt the state , despite his suffering and you know that the development of thecountry is very difficult financially , despite reassurances launched by the officials and we like the Ministry ofFinance as well as the House of Representatives and all state agencies part of the problem because of the lack the existence of good coordination and regulation of the financial situation because the nature of government actionand the political situation did not let the Ministry of Finance is working in the field of technical competence and thesituation is so bad that the salary was difficult disbursed in the second half of 2015 and some of the measures takenby the Ministry of Finance with the Central Bank and the World Bank where she was the country 's imports a month less than two billion dollars, while salaries were only four trillion dinars in the best case, and imports amounted to 2.5 billion dollars , and all of you know , the war against Daash and expenses and expenditures exorbitant have would have liked to pay 10% of the dues as a down payment in cash again but the circumstances of the country It prevented that due to lack of imports and the large number of expenses and the security and political situation has weakened the confidence of the people the government making the process of issuing bonds to the public a failed process, and so came the idea of issuing bonds for contractors and all the people who are asking the state from themerchants and displaced people we have met with the Central Bank , who was interacting dramatically with us and we have identified the amount of Almtalobah was the amount of 7.5 trillion dinars therefore must be issued treasury bonds for half that amount at a rate of 50% , and the problem was in the mechanism by which to resolve this issue and were the practical steps required by the Ministry of planning and collect information from the provinces on projects executed in detail and audited and submitted to the Central Bank was supposed to be the Contractor shall review the central bank directly in order to avoid red tape and administrative corruption , which can be exposed and the presence of information concerning the contractor and his company and the amount of the amount that can be exposed and the presence of information concerning the contractor and his company and the amount of theamount requested under menus sent by the Ministry of planning in order to receive its own bonds this idea is technically easy but financial terms were tough because the Ministry of Finance must be registered with this process any securities delivered as funding for the Ministry of the process or the party that carried out thecontractor projects to their advantage as well as the Aljhyh carried out in their favor projects must to register asa paid contractor dues so was this idea difficult from an accounting point, we asked the central bank for the periodin which we can through the issuance of these bonds Vokhpruna it three months a long time and in the last meeting we thought to issue a temporary bond but will get a problem where some have suggested the issuance of theelectronic bond and ideas another was tough but we found another mechanism which is to send the Ministry ofplanning Contractors claims to the Finance Ministry , as the central bank is not liable for the payment of contractors were met with bank managers Rafidain and Rasheed , and we agreed with them that they open accounts for each contractor by bonds that deserve contractor.[/ltr]
[ltr]And the calculation of the bond goes automatically from the Ministry of Finance to the contractor in the bankers 'account and so got rid of temporary bonds that may be exposed to fraud and the contractor can be taken advantage of bonds account for the issuance of a letter of guarantee and credit which can take against the bond loan and could open a letter of credit to take advantage of the bond account existing in the bank , and three months later issued permanent bonds from the central bank and under open accounts in the Rafidain and Rasheed will send financial bonds for bankers if received contractor bonds entire Ooncefha or percentage needed descend from his account in the bank by the ratio that takes on the new bonds, as for cash payments has We agreed with theRafidain and Rasheed on the work of the discount for the bonds to be liquidated was talking with private banks aswell as we have made clear to them that they Sestphadon twice the first interest rate on the bond is no interest (5%)in interest and the second that the bank will take the bond at a discount can receive a 3 or 5% of the value of Sindh therefore, most banks have welcomed this idea and that the parties will be comfortable with this process Valmquaol wants cash , and the bank will trade his job and benefit at the same time, the central bank graciously expressed his willingness to re - bond _khasmtha all banks discount or a large part of this mechanism expect to succeed The project by 90% because all parties cooperative and help each other but there was a problem whereyou told us the Ministry of planning that they had approached all the ministries for the purpose of providing information but had not driven back the answer only eight or nine ministries . However, we thought another mechanism which is to start the information on to come Bakayh requests.[/ltr]
[ltr]Then spoke MP Haitham al - Jubouri said we talked about this topic in a seminar on Saturday, 28/5/2016 attendedby Governor of the Central Bank and the Undersecretary of the Minister of Planning and we we will not rejoice if this process the application on the ground because the suffering of hundreds of companies and contractors whohave been laid off thousands of workers from their factories and their companies still exist and most important point is that we doubt the possibility of banks and their ability to carry out this operation only scientific there are indebted to banks on the Iraqi government estimated (28 trillion Iraqi dinars) If the government banks unable todo so , and I doubt it , how civil banks that lack liquidity and I think it was the collection of private banks and the 45 Bank believe that he does not have the cash Akt R.anthy 29[/ltr]
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