Archive for month: March, 2016

The delegation of the International Monetary Fund (IMF) visiting Jordan chaired by the President of IMF Mission to Iraq Mr. Christian Joss discussed with IBC delegation during the important symposium held by IMF on Wednesday morning March 30th 2016 at Amman Intercontinental Hotel the latest developments on the talks and negotiations that took place recently with the Iraqi Government concerning the Economic Salvation Plan and the loan to be granted to Iraq by IMF.
On IBC side the meeting was attended by IBC Chairman Dr. Majid Sadi, IBC Board members; Mr. Usama Quraishi and Mrs. Wasan Khafaji, IBC members; Ahmed Jubouri, Mr. Atheer Al-Qadhi, Mr. Hassan Al-Dahhan, Mr. Salam Al-Aswad, Mr. Dargham Al-Jarrah, Mrs. Satha Al-Zuhairi, Mr. Munaf Saeed Qasgous, ABB representative Mr. Alaa Amr, representative of the International Group for Construction and IBC CEO and staff.

The meeting was also attended by the Belgian Ambassador to Jordan Mr. Henric Van De Veldi, a number of heads of diplomatic missions concerned in Iraq’s economic affairs and Capital Bank representative.

On IMF side the meeting was attended by IMF Resident Representative (Iraq and Yemen) Ms. Marwa Al-Nassa and a number of IMF staff.

During the meeting IMF President elaborated on the Agreement concluded with the Iraqi Authorities on the financial and economic reforms of the Iraqi Government which are under progress under the program monitored by IMF experts whereas three of the five indicative targets to be achieved by the end of December 2015 due to the spending implementation low level on wages, pension, commodities and transfer services.

The targets relating to spending in the social sector have been realized with a minor margin, whereas targets relating to payment of non-accumulation of external and local arrears were not materialize due to the limited liquidity available to the Iraqi Government.

IMF announced that the Iraqi Government would soon impose a tax on the individual’s income in the Government and Private Sectors.

He further pointed out that the Iraqi Authorities has made progress with IMF experts to reach an understanding regarding the economic and financial policies program which can be supported by funding.

This Program would include more measures to control the overall financial situation in Iraq to make spending in line with the low level oil prices to achieve debts sustainability on an ongoing basis.

It is anticipated that the program also includes measures to protect poor people and introduction of reforms on the public finances management in order to promote transparency in public financing, improve the quality of public spending in addition to strengthening stability of the financial sector.

These discussions between the Iraqi Government and IMF experts will continue during the joint spring meetings during April 2016 with IMF and the World Bank.

The meeting also included interventions of IBC members with IMF delegation.

IBC members delegation took part on Thursday March 17th 2016 at Amman Intercontinental Hotel in an important meeting with the delegation of the International Monetary Fund (IMF) visiting Jordan chaired by the new representative of the International Monetary Fund – Iraq Mission Mr. Christian Jose and the accompanying delegation and the Resident Representative of IMF (for Iraq and Yemen) Ms. Marwa Al-Naasa where holding this meeting comes within the Agreement concluded between the International Monetary Fund and IBC to hold periodic consultative meetings between IBC members and IMF representatives.

At the beginning of the meeting, IBC Chairman Dr. Majid Sadi reviewed the economic activities of IBC member companies and the volume of Iraqi investment in the Hashemite Kingdom of Jordan.

He also presented a number of key proposals to improve the Iraqi economy and develop the investment environment in Iraq.

On his part the Mission Chairman, Mr. Christian Jose thanked IBC delegation on their participation in this meeting, shedding light on the Program of the International Monetary Fund for Iraq which is being followed up by a group of IMF experts that was earlier agreed upon between the Government of Iraq and IMF covering the period from November 2015 to October 2016.

Mr. Jose further elaborated that Iraq budget was originally based on higher oil prices (45$/pb) while the actual oil price is less than (20$ p/b) causing a serious budget deficit, and that Iraq seeks to cover for the deficit by borrowing from IMF and other international bodies.

According to this Agreement, the Iraqi Government focuses on implementing a number of measures to control the general financial situation and improve the public financial management.

Furthermore, IMF would continue rendering technical assistance to support Iraq’s efforts in building competencies and support its Reform Program.

During the meeting, Mr. Jose extended an invitation to IBC members to attend an important symposium scheduled to be held on Wednesday March 30th 2016 at Amman Intercontinental Hotel to be informed on the latest developments relating the negotiations that would take place next week with the Iraqi Government delegation concerning the loan intended to be granted to Iraq by IMF.

IBC members discussed with the Head of the Mission means of future settlement of such loans that would burden the Iraqi economy, in addition to a number of key issues that encounter the Public Sector and the local and foreign investment in Iraq.
On IBC side, the meeting was attended by IBC Chairman Dr. Majid Sadi, IBC Vice Chairman and Secretary-General Mr. Saad Naji, IBC Board members represented by Mr. Usama Al-Quraishi, Engineer Jalal Al-Qaoud and Mrs. Wassan Al-Khafaji, and IBC members including Mr. Hsaan Al-Dahan, Mr. Halim Al-Hadithi, Mr. Athir Al-Qadhi, Mr. Hassan Nassir, Mr. Muhammad Atta Al-Timimi, Mr. Dargham Al-Jarrah, Mrrs. Hadeel Hassan and IBC CEO, in addition to the representatives of IBC member companies including Qabas Economic Group, ABB Company, Saja Trade Agencies, and a number of IBC guests including the Iraq thinker and Researcher Mr. Ghassan Al-Attiya.