Tag Archives | Ministry of Finance

Zebari Confirms $5.4bn IMF Standby Loan

By Simon Kent. Iraq’s Finance Minister Hoshyar Zebari (pictured) and the IMF’s Christian Josz (head of the IMF Iraq mission) have announced a standby loan for Iraq, following weeks of negotiations in Jordan. The loan is conditional on Iraq taking certain measures, for example, complying with an IMF monitoring scheme to reduce public sector expenditure and make […]

Will the CBI Try Dinar QE?

By Mark DeWeaver. This year the Ministry of Finance (MoF) is set to sell IQD 11 trillion in new debt to the state sector banks, thereby partially filling the hole in the central government budget left by the recent collapse in oil prices. The new issuance should bring total treasury bills outstanding to IQD 18 […]

Zebari Presents “Real” 2015 Budget

By John Lee. Iraqi Finance Minister Hoshyar Zebari (pictured) has taken a brutally realistic stance on the passing of Iraq’s 2015 budget, Reuters reports. Zebari has previously been frank about the challenges Iraq faces and the war economy situation the country is now in. The Finance Minister noted how, “The strategy was to present a real budget – […]

Warka Bank Claims Court Victory

By John Lee. Warka Bank has issued the following statement with regard to its legal case against the Central Bank of Iraq: “With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, […]

Iraqi Finance Minister Resigns

By John Lee. Iraq’s finance minister Rafaie Al-Esawi [Rafe Al-Issawi, Rafie al-Issawi] (pictured) has announced his resignation on Friday morning, according to a report from Reuters. Addressing crowds of Sunni Muslim protesters in the Sunni heartland of Anbar, he said: “I came today in order to announce my resignation from this government in front of you […]

Banks, Investment Commission Decide Housing Finance

Iraqi government-owned banks and the National Investment Commission (NIC) have signed a memorandum of understanding (MoU) on mechanisms to collect the necessary funds to build residential compounds and offer enough guarantees for investors, according to the Finance Ministry. “Minister of Finance, Baqer al-Zubaydi [Baqir Jabr Al-Zubeidi], chaired a four-hour meeting that dealt with the role […]

A government of everyone and no-one

If a week is a long time in politics, it is a very long time in Iraq. The first day of this week in Iraqi politics witnessed a Sunday 23 May meeting between Iraqiyya leader Iyad Allawi and Grand Ayatollah Ali al-Sistani. On the same day, the Washington Post released a new interview with Prime […]

Finance Minister to Invest Japanese Loan

The Council of Ministers authorized Finance Minister Baqer al-Zubaidi to discuss investing the rest of a Japanese loan with the Japanese ambassador. “The council during its 15th session decided to authorize the minister to discuss investing the remaining amount of the Japanese loan (around $220 million) with the ambassador to determine the projects that could […]

Industry Ministry to Invest in Nassir Company

The Iraqi Industry Ministry will invest in the state-run Nassir Company over the coming five years. “The necessary funds for this purpose have been allocated,” the Ministry said in a release on Wednesday received by Aswat al-Iraq news agency. It noted that the funds will be used to rehabilitate the company’s water treatment units and […]

Part of 77m Dinar theft recovered

The Integrity Commission has been able to reduce the 77m Iraqi dinars embezzled from the Ministry of the Environment by recovering funds in a raid on the defendant’s home. After a court case lasting three days a statement said the main defendant in the case had misappropriated the funds by issuing fake cheques and through […]

Re-basing the Iraqi Dinar

The Central Bank of Iraq is planning to rebase the Iraqi dinar but hasn’t decided yet on the timing of the move, the bank said in a statement last week.  Affirms its commitment to its strategic projects, particularly knocking three zeroes from the Iraqi dinar,” the statement said. “Despite the technical and logistical preparations for […]