The Iraqi Government has a “realistic” plan to take full ownership by the end of this year of a fund administering proceeds from export sales of petroleum under the now defunct Oil-for-Food Programme, a top United Nations budget official told the Security Council today. “Once all the outstanding activities under the Oil-For-Food Programme are concluded, […]
Archive | Iraq Banking & Finance News
Iraq Business News brings you the latest Iraq banking & finance news, with information on developments and opportunities.
Tags: Iraq Banking & Financial News, Oil
Iraq to Obtain Rest of Oil-for-Food Funds by End of the Year, UN Official Says
As of the end of 2008, the fund had received nearly $180 billion - and now the Iraqi Government has a “realistic” plan to take full ownership by the end of this year of the fund a top United Nations budget official told the Security Council today.
Government Authorises Finance Minister to Sign Agreement with UAE
It said that the authorization will facilitate investments in Iraq from the UAE.
Tags: Investment, UAE
Iraq Lobbies U.N. for Cut in Gulf War Reparations
Iraq has said it owes $25.5 billion in reparations, with $24 billion due to Kuwait alone. Iraq is seeking to reduce the amount of annual oil revenue it sets aside for war reparations, primarily to Kuwait, by 80 percent.
Dutch Firm to Launch Investment Ventures in Basra
Basra’s Governor Shaltagh Abboud al-Mayyah said on Sunday that he discussed with the Dutch company IPS means of launching investment ventures in the southern Iraq city.
Iranian Bank Branches in Iraq
Iran's Parsian and Karafarin banks have been granted permits by the Iraqi government to open branches in Baghdad - Iran is the main trading partner of Iraq and has been one of the largest investors in Iraq since the fall of Saddam.
Iraq to Continue to Pay 5% of Oil Proceeds to Compensation Fund
UN Secretary-General Ban Ki-moon on Friday said Iraq must continue to pay five percent of its oil proceeds into the Compensation Fund even if arrangements for the successor Development Fund for Iraq (DFI) are in place and Iraq stated its commitment to settle all debts inherited from the Saddam regime.
Transferring Iraq to a Private-Sector State as IMF applies conditions to grant
Iraq's Finance Ministry Undersecretary, Fazil Nabi, has announced on Sunday that the International Monetary Fund (IMF) is going to push Iraq forward in order to shift into a "private sector" system, in order to grant it a loan to cover the deficit into its state budget.
$250 million to Support Iraq’s Fiscal Sustainability against External Shocks
The World Bank Group’s Board of Executive Directors today approved a US$250 million Development Policy Loan to the Government of Iraq.
Tags: Iraq Budget News, World Bank
Breakdown of Iraq’s 2010 Budget
The 2010 budget is for $71.29 billion and the second largest amount since Iraq regained its sovereignty in 2005. A breakdown of spending shows that operational spending, which goes towards salaries, pensions, and the food ration system is - again - almost ¾ of the budget, and that electricity appears to be the priority of […]
Iraqi government calls on Kuwait to resolve the debts
The Iraqi government has called on Kuwait to end the debts discussion ongoing since the invasion of the former regime in August 1990.
Iraq Central Bank Cuts Key Rate to 6%
Bloomberg reports that the Iraqi Central Bank cut its key interest rate by one percentage point to 6%, to boost economic growth as inflation slows, according to figures posted on the bank's website. The country's real growth in gross domestic product probably slowed to 4.3 percent in 2009, from 9.5 percent the previous year, as […]