By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The Accounts that Didn’t Bark: Iraq’s Hidden State Balances

Iraq’s new prime minister, soon after being elected, wrote in an article to Iraqis that ‘when I assumed my duties, I found nothing but an almost empty treasury and an unenviable situation after 17 years of change.

The PM was referring to the accounts he would have been introduced to upon taking office – the Ministry of Finance’s (MoF) accounts with the Central Bank of Iraq (CBI), which at the end of May had net balances of 2.4 trillion (trn) Iraqi Dinars (IQD), made up of deposits of IQD 4.2 trn and debt of IQD 1.8 trn (see Figure 1).

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Source: Iraq News

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US squeezes IS Cash Flow with New Sanctions

By Elizabeth Hagedorn for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

US squeezes Islamic State’s cash flow with new sanctions

The United States and six other countries imposed fresh sanctions today on half a dozen targets accused of helping fund the operations of the Islamic State (IS or ISIS), including by funneling hundreds of thousands of dollars to the group’s leaders in Iraq and Syria.

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Source: Iraq News

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Foreign Minister Calls on his German Counterpart to Support the Removal of Iraq from List of High-risk Countries in Money Laundering and Terrorist Financing

Iraqi Foreign Minister Mr. Fuad Hussein received a phone call from German Foreign Minister Mr. Heiko Maas. The two Ministers discussed bilateral relations between the two countries, and the prospects for promoting them to meet the aspirations of the two friendly peoples.

Minister Fuad Hussein affirmed his keenness to enhance ways of bilateral cooperation with Berlin in various fields.

Minister Fuad Hussein congratulated his German counterpart on his assumption of the presidency of the European Union, expressing his aspiration for the relations between Iraq and Europe to witness a development that contributes to achieving the aspirations of the two sides, and called for Mr. Heiko Maas to intensify his efforts to remove Iraq from the list of high-risk countries in money laundering and terrorist financing.

The German Foreign Minister affirmed that he would chair the ministerial meeting of the EU next week, and he would use his efforts to address this issue upon the request of Iraq.

The two sides discussed the economic file and activating the mechanisms of bilateral cooperation in a way that benefits Iraq and Germany.

The Minister affirmed that the doors of the Iraqi market are open to German companies for its long history of working in Iraq and the Ministry will work as far as it is concerned to communicate with the concerned authorities and ministries to address the difficulties that face Siemens.

The German Foreign Minister revealed the strong desire of German companies to work in Iraq.

The regional and international issues and their repercussions on Iraq had a share in the discussions between the two ministers. Minister Fuad Hussein called on Germany to use its political and economic influence with regional countries to prevent interference in Iraq’s internal affairs, pointing out that Iraq’s new foreign policy depends on the equation of finding balanced relations with all neighboring countries based on the principle of good neighborliness, achieving common interests, solving problems by peaceful means, and distancing Iraq and its people from international and regional tensions.

On his part, Mr. Maas considered that Iraq’s policy in establishing its relationship represents the right path for relations with regional countries, noting that Germany will work hard to protect Iraqi sovereignty, confirming Germany’s continued support to Iraq in various fields.

Thr two Ministers also touched on the Syrian situation, and Minister Fuad Hussein affirmed that the complex security and political situation and fighting in Syria are negatively affecting the Iraqi security situation.

Mr. Heiko Maas confirmed that his government is a member of the Global coalition in the fight against Da’esh and is ready to continue to support in this field, explaining that Da’esh is a threat to all.

(Source: Iraqi Foreign Ministry)

Source: Iraq News

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Türk Eximbank gives $79m Reinsurance to UKEF

By John Lee.

Turkey’s official export credit agency has reportedy agreed to provide $79.2 million in reinsurance support to its U.K. counterpart’s energy projects in Iraq.

According to Daily Sabah, Türk Eximbank will provide UK Export Finance (UKEF) with cash in proportion to the value of Turkish exports and services that will be used in the first phase of the power projects in Iraq.

More here.

(Source: Daily Sabah)

Source: Iraq News

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