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November 28, 2016 in the [You must be registered and logged in to see this link.] on the International Monetary Fund ... between the development of economy and finance of corruption in Iraq closed
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November 28, 2016 in the [You must be registered and logged in to see this link.] on the International Monetary Fund ... between the development of economy and finance of corruption in Iraq closed
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Corruption and economic disarray practiced by successive governments in Iraq since 2003 , in all its forms and fields is more greedy and deadly and spread the country 's economy from the direct physical occupation.
Highlights the seriousness of this corruption Iraq 's request to borrow from the International Monetary Fund; to address the deficit in the balance of payments on the one hand and dumping the Iraqi economy , debt and dependency an economic endless other hand; forcing Iraq to open the doors of its economy wide for interventions, and controlled by a subsidiary of the international Monetary Fund ,major companies, who will bear the future generations the burden of debt.
In the same context , the Iraqi government signed the so - called agreement warm -measures with the Fund ; because of acute shortages and balance of payments deficit of Iraq in light of the financial crisis, and corruption , stifling the economy and waste of public money to the state, and these measures represent a program overseen by the Fund with the help of the World Bank; to help their member countries, which are facing such crises.
originated the international Monetary Fund by the end of the war second World which claimed the lives of tens of millions, as it met in 1944 , representatives of 44 countries at a conference in Bretton Woods , USA, where they put the plans in order to stabilize the global financial system and encourage the development of trade, remove obstacles in the long term on lending and international trade, and the reconstruction of Europe.
and came out of the conference Bretton Woods, whose primary mission overseeing the international monetary system and strengthen and to provide advice to its members on economic policies, and provide loans to the Member States, and control of recycled Convention. the
fund gets its funds from the member countries, and depending on the size of the quota is determined by the number allocated to each country votes in the fund member, and the limits of borrowing provided by his fund, the greater the size of the country 's economy in terms of output, increased its stake in the fund, the United States of America, which is the largest economy in the world, and contribute the lion's share in the international Monetary Fund and a share of the 17.6% of the total quotas,
can not be separated World Bank action which works on the development of developing countries, the fight against poverty and the development of financial systems of the Member States for the work of the international Monetary Fund, they are working in parallel and cooperation, and are linked organically, and to any State that becomes a member of the World Bank requires her to be a member IMF first.
and that 's where the international Monetary Fund works as an umbrella safety and the protection of international financiers , as they can be Akarzoa their money without caution or concern at will when the liquidity they have, the fund repayment to them and ensures that no matter what the conditions are , and the results, note that this is contrary to the principle of a free market, which states: "borne by the lender and the borrower 's part of the responsibility because of making lending decision"; which means that the financiers are making gains and profits under all circumstances, while the borrower pays high prices in the cases of right and wrong, (vow of globalization / Abdul Hai Yahya Zaloom).
in May / May 2016 and the IMF agreed to give Iraq a loan of $ 5.4 billion over three years, and was the first value of a batch of the loan of $ 600 million, and the unfortunate fact that are lending to the oil country program application, so how about if this is the state of the world 's richest nations like Iraq; and it raises doubts about the issue of borrowing.
the financial and administrative corruption and financial crises in Iraq sapped its economy because of lower oil prices , Iraq has lost 85% of the strength of its economy; for adoption mainly on oil, causing paralysis of the economic movement init, "because the rentier mentality government works depends on the sale of crude oil, and the principle of maximizing financial returns far from achieving sustainable development , growth rates, and this is a deficiency and clear to the political system and a lack of experience on how economic life management and reforms and management of crises, and do not keep up with developments in the economic and political environment and revolution technological locally and abroad; the creation ofthese crises, so it was necessary , the relevant macroeconomic management, a series of actions which is evaluating the reserves of the state of the foreign public debt ,currencies, after the general financial evaluation and availability of financial resources for investment, as there must be an order of priority that would achieve economic reforms, and all of these reasons and the absence of economic decision to address the crises reflected negatively on the economic situation of the government and brought it to borrow money from the international Monetary Fund.
economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh , said that the loan was worth $ 5.4 billion.
and that the interest rate on this loan does not exceed 1.5% per annum.
It is assumed that this loan helps to strengthen the creditworthiness of Iraq, with the parliamentary finance committee criticized the borrowing Iraq from the IMF and the legacy of corruption gnaws circles of the state. (the compare news)
has developed a number of IMF conditions on lending to Iraq , including oversight ofthe auditing Iraqi financial institutions, and the reduction of social benefits, and not compromising the salaries of young staff, with the exception of second - class staff and first who are the rank of director general or above, and to impose a tax on them account.
premium Fund loan granted to Iraq to 17 , payment on the watch after each batch bridge the economic gaps by Iraq mechanism, what is so obvious evidence that the IMF questioned the credibility of the policies pursued by successive Iraqi governments over the past years after 2003.
as a result of this corruption fell proceeds; what contributed to the high number of poor people in Iraq for more than 10 million people while the country is witnessing a big wave of displacement exceeded 4 million Iraqis are suffering a lack of services or any chance to live decent, and the widening financial gap between expenditures and revenues to $ 50 billion , according to Iraqi government sources.
and the balance of payments recorded a deficit is financed sections of it by using reserve foreign , which shrank by 13% at the end of September 2015 , according to the international Monetary Fund and approval of the Iraqi government to do so.
He noted the IMF experts the following observations on the economic policies in Iraq:
1-lack of discipline in the public finances of the Iraqi state , expressing disappointment that the resource allocation process oil made on the basis of political considerations, rather than economic scientific.
2. the large banks in the name, size suffer according to the IMF experts severe shortage in the capital, Fmsrv Rasheed has half of the minimum capital requirements of 250 billion Iraqi dinars, or 214 million dollars. The Rafidain Bank , it has a minimum of five, while Islamic banks and the number of 6 banks operate without its own Islamic banking law. Although the number of banks in Iraq of 56 banks , there is no exchange of information among themselves about what the terms of existing borrowers or potential.
It is strange that the Iraqi banks do not apply the most basic assets of banking, because after thirteen years of change that took place in Iraq, they do not have a record internationally tariff, (IBAN), which is an essential and important in the global banking deal, because the corrupt do not want to link the Iraqi banking system with the global banking system to facilitate money laundering operations and the financing of suspicious transactions; what does this impact negatively on the development of the banking sector , dip the flow of foreign investment.
3. the presence of a large neglected in macroeconomic statistics, which suffer neglect and poor experience; therefore, most of the accounts that are prepared lacked quality, as a result of the comprehensive source of data on the activities shortage, the categories of spending in the gross domestic product, and according to the Fund 's expectations Iraq 's oil revenues will amount to 5 trillion dinars in the current year, and 12 trillion dinars in 2017, while public debt , it will rise to 66% of gross domestic product this year actually retarded the Iraqi economy and lack of confidence of international institutions and government departments that came to Iraq after 2003, not to mention Photo future is encouraging the Iraqi economy for these reasons that the imposition of several conditions the Fund to give Iraq any loans, and agreed with the Iraqi government on a number of measures, namely:
1-application of the "one treasury account", to prepare a list of accounts of all banks that are under the control of the Ministry of Finance, and identifying all sub -expenditures in the federal government.
2. disclose the size of dues to local contractors, and provide detailed accounts of social welfare, and the ration card.
3. stop any new appointments, with the exception of health, education and security sectors.
4. tighten controls on money laundering, demanding integrity Commission to investigate the financial assets of senior officials; to improve anti - corruption efforts, and promotion.
5. World Bank assistance to the Ministry of planning to carry out the reform of the"General investment management"; therefore face Fund experts to establish a central unit for the management of public investment to examine the projects based on the female students of the feasibility of the establishment of the so- called "integrated projects bank" management of the Ministry of planning, in order to increase investment spending, growth and achievement outside the oil sector.
6. supervision of Iraq 's debt and censored in addition to audit employees ' salaries to prevent manipulation, frequent payment or payment for so - called "aliens".
7. in a time when Iraq is suffering a severe shortage of services, especially electricity and water will increase the price of electricity for those who consume more than 600 kilowatts per month, and the Ministry of Finance has proposed taxing the salaries of employees of the second - class upwards, (Middle East online).
so it was better for the Iraqi government , rather than borrowing a process that will inevitably have negative effects on Iraq 's economic future and the dependence of the Fund, to be treated wounds itself by relying on their own resources, to stop the bleeding of corruption and procrastination law enforcement on the one hand, and reduce expenditures on the other hand, because the attempt serious to address the main causes of the problem, instead of seeking treatment results, states and governments when available has a real resolve crises and problems will, heading directly toward the real reasons for it, without any wrapping, sometimes no matter what, and at other times trying to process the results without the introduction of the reasons, the application of the argument "diagnosis of half medicine", the government should be more transparent in the diagnosis of the situation, and more procedural in traffic on the right track in processors, bearing interest of Iraq 's sovereign, and the national mind.
Highlights the seriousness of this corruption Iraq 's request to borrow from the International Monetary Fund; to address the deficit in the balance of payments on the one hand and dumping the Iraqi economy , debt and dependency an economic endless other hand; forcing Iraq to open the doors of its economy wide for interventions, and controlled by a subsidiary of the international Monetary Fund ,major companies, who will bear the future generations the burden of debt.
In the same context , the Iraqi government signed the so - called agreement warm -measures with the Fund ; because of acute shortages and balance of payments deficit of Iraq in light of the financial crisis, and corruption , stifling the economy and waste of public money to the state, and these measures represent a program overseen by the Fund with the help of the World Bank; to help their member countries, which are facing such crises.
originated the international Monetary Fund by the end of the war second World which claimed the lives of tens of millions, as it met in 1944 , representatives of 44 countries at a conference in Bretton Woods , USA, where they put the plans in order to stabilize the global financial system and encourage the development of trade, remove obstacles in the long term on lending and international trade, and the reconstruction of Europe.
and came out of the conference Bretton Woods, whose primary mission overseeing the international monetary system and strengthen and to provide advice to its members on economic policies, and provide loans to the Member States, and control of recycled Convention. the
fund gets its funds from the member countries, and depending on the size of the quota is determined by the number allocated to each country votes in the fund member, and the limits of borrowing provided by his fund, the greater the size of the country 's economy in terms of output, increased its stake in the fund, the United States of America, which is the largest economy in the world, and contribute the lion's share in the international Monetary Fund and a share of the 17.6% of the total quotas,
can not be separated World Bank action which works on the development of developing countries, the fight against poverty and the development of financial systems of the Member States for the work of the international Monetary Fund, they are working in parallel and cooperation, and are linked organically, and to any State that becomes a member of the World Bank requires her to be a member IMF first.
and that 's where the international Monetary Fund works as an umbrella safety and the protection of international financiers , as they can be Akarzoa their money without caution or concern at will when the liquidity they have, the fund repayment to them and ensures that no matter what the conditions are , and the results, note that this is contrary to the principle of a free market, which states: "borne by the lender and the borrower 's part of the responsibility because of making lending decision"; which means that the financiers are making gains and profits under all circumstances, while the borrower pays high prices in the cases of right and wrong, (vow of globalization / Abdul Hai Yahya Zaloom).
in May / May 2016 and the IMF agreed to give Iraq a loan of $ 5.4 billion over three years, and was the first value of a batch of the loan of $ 600 million, and the unfortunate fact that are lending to the oil country program application, so how about if this is the state of the world 's richest nations like Iraq; and it raises doubts about the issue of borrowing.
the financial and administrative corruption and financial crises in Iraq sapped its economy because of lower oil prices , Iraq has lost 85% of the strength of its economy; for adoption mainly on oil, causing paralysis of the economic movement init, "because the rentier mentality government works depends on the sale of crude oil, and the principle of maximizing financial returns far from achieving sustainable development , growth rates, and this is a deficiency and clear to the political system and a lack of experience on how economic life management and reforms and management of crises, and do not keep up with developments in the economic and political environment and revolution technological locally and abroad; the creation ofthese crises, so it was necessary , the relevant macroeconomic management, a series of actions which is evaluating the reserves of the state of the foreign public debt ,currencies, after the general financial evaluation and availability of financial resources for investment, as there must be an order of priority that would achieve economic reforms, and all of these reasons and the absence of economic decision to address the crises reflected negatively on the economic situation of the government and brought it to borrow money from the international Monetary Fund.
economic Adviser to the Prime Minister revealed the appearance of Mohammed Saleh , said that the loan was worth $ 5.4 billion.
and that the interest rate on this loan does not exceed 1.5% per annum.
It is assumed that this loan helps to strengthen the creditworthiness of Iraq, with the parliamentary finance committee criticized the borrowing Iraq from the IMF and the legacy of corruption gnaws circles of the state. (the compare news)
has developed a number of IMF conditions on lending to Iraq , including oversight ofthe auditing Iraqi financial institutions, and the reduction of social benefits, and not compromising the salaries of young staff, with the exception of second - class staff and first who are the rank of director general or above, and to impose a tax on them account.
premium Fund loan granted to Iraq to 17 , payment on the watch after each batch bridge the economic gaps by Iraq mechanism, what is so obvious evidence that the IMF questioned the credibility of the policies pursued by successive Iraqi governments over the past years after 2003.
as a result of this corruption fell proceeds; what contributed to the high number of poor people in Iraq for more than 10 million people while the country is witnessing a big wave of displacement exceeded 4 million Iraqis are suffering a lack of services or any chance to live decent, and the widening financial gap between expenditures and revenues to $ 50 billion , according to Iraqi government sources.
and the balance of payments recorded a deficit is financed sections of it by using reserve foreign , which shrank by 13% at the end of September 2015 , according to the international Monetary Fund and approval of the Iraqi government to do so.
He noted the IMF experts the following observations on the economic policies in Iraq:
1-lack of discipline in the public finances of the Iraqi state , expressing disappointment that the resource allocation process oil made on the basis of political considerations, rather than economic scientific.
2. the large banks in the name, size suffer according to the IMF experts severe shortage in the capital, Fmsrv Rasheed has half of the minimum capital requirements of 250 billion Iraqi dinars, or 214 million dollars. The Rafidain Bank , it has a minimum of five, while Islamic banks and the number of 6 banks operate without its own Islamic banking law. Although the number of banks in Iraq of 56 banks , there is no exchange of information among themselves about what the terms of existing borrowers or potential.
It is strange that the Iraqi banks do not apply the most basic assets of banking, because after thirteen years of change that took place in Iraq, they do not have a record internationally tariff, (IBAN), which is an essential and important in the global banking deal, because the corrupt do not want to link the Iraqi banking system with the global banking system to facilitate money laundering operations and the financing of suspicious transactions; what does this impact negatively on the development of the banking sector , dip the flow of foreign investment.
3. the presence of a large neglected in macroeconomic statistics, which suffer neglect and poor experience; therefore, most of the accounts that are prepared lacked quality, as a result of the comprehensive source of data on the activities shortage, the categories of spending in the gross domestic product, and according to the Fund 's expectations Iraq 's oil revenues will amount to 5 trillion dinars in the current year, and 12 trillion dinars in 2017, while public debt , it will rise to 66% of gross domestic product this year actually retarded the Iraqi economy and lack of confidence of international institutions and government departments that came to Iraq after 2003, not to mention Photo future is encouraging the Iraqi economy for these reasons that the imposition of several conditions the Fund to give Iraq any loans, and agreed with the Iraqi government on a number of measures, namely:
1-application of the "one treasury account", to prepare a list of accounts of all banks that are under the control of the Ministry of Finance, and identifying all sub -expenditures in the federal government.
2. disclose the size of dues to local contractors, and provide detailed accounts of social welfare, and the ration card.
3. stop any new appointments, with the exception of health, education and security sectors.
4. tighten controls on money laundering, demanding integrity Commission to investigate the financial assets of senior officials; to improve anti - corruption efforts, and promotion.
5. World Bank assistance to the Ministry of planning to carry out the reform of the"General investment management"; therefore face Fund experts to establish a central unit for the management of public investment to examine the projects based on the female students of the feasibility of the establishment of the so- called "integrated projects bank" management of the Ministry of planning, in order to increase investment spending, growth and achievement outside the oil sector.
6. supervision of Iraq 's debt and censored in addition to audit employees ' salaries to prevent manipulation, frequent payment or payment for so - called "aliens".
7. in a time when Iraq is suffering a severe shortage of services, especially electricity and water will increase the price of electricity for those who consume more than 600 kilowatts per month, and the Ministry of Finance has proposed taxing the salaries of employees of the second - class upwards, (Middle East online).
so it was better for the Iraqi government , rather than borrowing a process that will inevitably have negative effects on Iraq 's economic future and the dependence of the Fund, to be treated wounds itself by relying on their own resources, to stop the bleeding of corruption and procrastination law enforcement on the one hand, and reduce expenditures on the other hand, because the attempt serious to address the main causes of the problem, instead of seeking treatment results, states and governments when available has a real resolve crises and problems will, heading directly toward the real reasons for it, without any wrapping, sometimes no matter what, and at other times trying to process the results without the introduction of the reasons, the application of the argument "diagnosis of half medicine", the government should be more transparent in the diagnosis of the situation, and more procedural in traffic on the right track in processors, bearing interest of Iraq 's sovereign, and the national mind.
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