Iraqi Article for March 9th, 2016

IMF calls for joint action to prevent a global economic collapse	Permalink
http://economy-news.net/content.php?id=2382 Economy News / Agencies ... Renewed his call for the International Monetary Fund on Tuesday, to take joint action to prevent a global economic collapse, warning of the dangers of misguided policies. Deputy IMF Managing Director David Lipton said there Raya "serious", which is that policy-makers around the world have exhausted options to support the economy or have lost the will to do so. He felt "to face it on the leaders to increase their efforts, including the provision of financial and monetary stimulus, and the application needed to support growth and structural reforms." Lipton said in a conference held by the National Association for Business Economics said that "politics Financial government spending and reduce Aldharaib- must Ihtla the most important policies in place." He added that the burden of increased growth rests on the advanced economies that have the financial room to maneuver. He stressed that "the risks are clearly more than the former, and became a joint action stronger the more necessary." He said that recent expectations regarding the Fund's growth "may no longer be viable," amid the withdrawal of capital from emerging economies and the sharp downturn in global trade. He continued that "In addition, the risks are increasing dramatically so that the volatile financial markets and lower commodity prices raises fresh concerns about the health of the global economy." He said Lipton, the decline and volatility in global stock markets is a reaction to fears that policymakers may have exhausted their options or perhaps lost their will. He stressed that "for the global economy has become mandatory for developed and developing countries to dispel this dangerous idea through to revive the spirit of bold action and cooperation that characterized the first years of the recovery efforts." He warned countries of trade protectionism and resorting to weaken the currency to strengthen growth, saying that these methods "will make the weaker countries in the long run." END Iran, Iraq negotiate joint oil projects LINK Tehran, March 9, IRNA – Minister of Petroleum Bijan Zangeneh expressed hope that Iran and Iraq will be able to reach agreements on joint projects during the on-going visit by a delegation from the Iraqi Oil Ministry. He made the remarks during a meeting with visiting Deputy Minister for Gas Refineries at the Ministry of Oil Fayaz Hassan here on Tuesday during which expansion of bilateral relations were discussed. “It is for a long time that Iran and Iraq are negotiating over a number of joint projects which will serve the interests of both countries and their peoples,” Zangeneh said, Shana reported. “We hope that there would be progress on some of the joint projects,” he added. The Iraqi official also hoped that bilateral negotiations will result in satisfactory results. Many of you know I am waiting to see the rating for Iran..... Iran in talks to get first credit rating LINK Home Iran Economy Iran is being billed as the largest emerging market closed to business since the fall of the Soviet Union. An official says Iran is in discussions to get its first credit rating as the country is emerging from years of sanctions and seeking to put its economy on strong footing.  A debut credit rating would help the country put itself on the global map for investment and business and cast off reservations held by global companies about entering its market. "We are in negotiations with some of these rating agencies," Iranian Chief of Staff Mohammad Nahavandian told Reuters in an interview in London, adding he expected the agencies to provide a full rating. He did not identify the agencies. None of the major ratings firms among Fitch Ratings Inc., Moody's Investors Service and Standard & Poor's Ratings Services rate Iran. Iran is being billed as the largest emerging market closed to business since the fall of the Soviet Union, with a tremendous amount of energy resources. Nahavandian's visit to London coincided with British Business Secretary Sajid Javid announcing plans for a trip to Iran in May at the head of the UK's biggest-ever trade delegation. This undated photo by the Tasnim news agency shows Iranian Chief of Staff Mohammad Nahavandian addressing a forum in Tehran. Javid said the two countries had signed a deal to simplify the financing of exports. Britain, he said, was also working with its European partners to help ease the impact of banking restrictions on trade with Iran.   With a well-educated population of more than 80 million and an annual output of over $400 billion and a market capitalization size of $170 billion, Iran is the second largest economy in the Middle East. The country owns the world’s largest oil and gas reserves combined and also sites on sizable mineral resources. The lifting of sanctions in January has triggered a wave of interest in trade with Iran among world governments and corporations but financial institutions have adopted a wait-and-see approach. An international rating will involve scrutiny of balance finances and revenue forecasts, providing prospective investors with reliable feedback about Iran's business environment. It could further catapult Iran to international debt markets for an eventual bond sale as the country is struggling to bring its economy out of a nagging stagflation. Oil sector is one of the target areas for investment, with the country seeking to bring some of its aging fields back to life. For now, Iran seeks to boost its production by 1 million barrels per day. Oil production rise  Nahavandian said the country would be ramping up its production -- in the near-term at least -- despite talks of an output freeze by some producers. "Iran has to go back to its market share there is no doubt about that. If there is any decision to be made on cutting production it has to be made by those who have filled the vacuum after the Iran sanctions," he said. "So Iran has to go back to the footing it used to enjoy, then it will join the group of producers considering production level changes," he added. Saudi Arabia, which pumped 10.2 million barrels daily last month, as well as Russia, Qatar and Venezuela proposed the freeze recently.