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Monday, June 15, 2015

Iraqi government delegation negotiate with international banks in Turkey for the issuance of sovereign bonds in global market

in the process of issuing sovereign government bonds in the global financial market.

According to a statement issued by the Ministry of Finance received by Shafaq News, the delegation includes Minister of Finance, Hoshyar Zebari , Minister of Oil ,Adel Abdul Mahdi , Minister of Planning , Salman al-Jumaili , Governor of the Central Bank , Ali al-Alaq , advisor to the Prime Minister for Economic Affairs , Mathehar Mohammed Saleh and senior advisers and experts of ministries and the central bank.

The statement added that the delegation began meetings with representatives of international banks, "Citibank" , "JP Morgan" and "Deutsche Bank" to review the financial , economic, political and security report on Iraq, as well as the international law office of Iraq.

The statement said that the delegation is scheduled to meet with the census and credit International Modine and Fitch Companies in order to determine the credit rating of Iraq in the international capital market.

The budget law for 2015, passed by the Iraqi parliament has authorized the government to issue sovereign government bonds by seven trillion dinars to cover the fiscal deficit in the budget.

source @ http://english.shafaaq.com/politics/14770-iraqi-government-delegation-negotiate-with-international-banks-in-turkey-for-the-issuance-of-sovereign-bonds-in-global-market.html

KRG: We have more than 3 trillion dinars as loans and advances on the citizens 

Shafaq News / An official letter issued by the Ministry of Finance in Kurdistan Regional Government (KRG) revealed on Sunday, that the ministry has a debt to the citizens of more than three trillion dinars in the form of loans and advances delivered to them during the last period.

The letter, seen by Shafaq News noted that the debt includes loans and advances received by the citizens from the real estate, agriculture, industry, housing banks, explaining that it reached at the end of March to 3 trillion , 992 billion , 356 million , 869 thousand and 350 dinars , handed over to 230 thousand and 281 people.

He added that the amounts that citizens gave it back to the same date to the government was amounted to 957 billion, 779 million , 12 thousand and 289 dinars, indicating that the remaining funds among the citizens are 3 trillion , 34 billion , 577 million , 857 thousand and 61 dinars.

KRG suffers from a crisis of liquidity since the Iraqi government deducted its share of the Iraqi general budget in the era of former Prime Minister , Nuri al-Maliki since February 2014 because of differences with Erbil on the issue of exporting oil without federal government’s approval.


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