A Closed Kurdistan Region Of Iraq Border Could Cost Iran $6 Billion

The Islamic Republic of Iran’s exports into the Kurdistan Region of Iraq (KRI) – through four official border gates and three unofficial ones – is estimated at $6 billion annually. Following the KRI’s independence referendum, the federal government of Iraq has escalated efforts to exert control over those borders. On October 2nd, at the behest …

New IMF Loan Tied To Reconciliation: British Loan For British Contracts

Two loans to Iraq, struggling with the twin financial crises of low oil prices and a costly war against ISIL, will come with separate caveats. The International Monetary Fund is increasing support to close to $3.4 billion with a fresh injection of $1.485 billion. The money is slated for reconstruction projects that rebuild social cohesion. …

90 Money Exchanges Accused Of Funding ISIL Across Iraq

  In the wake of the imposition of sanctions by the US Treasury on two Iraqi and Syrian money service businesses for helping ISIL move money, Yalla has learned from high ranking Iraqi official, that up to 90 Iraqi firms stand accused of doing business with the extremist organisation. Based on a decision made by …

With No Trust In Private Banks, Iraqis Keep Cash At Home

Mohammed Raheem – Yalla – Baghdad   Ali al-Alaq, Governor of the Central Bank of Iraq has spoken about the growing trend for Iraqis to keep their cash at home, outside of the traditional banking system. “There is a dangerous phenomenon, Iktinaz [keeping savings at home in the form of cash], and as we have …

Selection Begins For Coding Boot Camp In Iraq

A United Nations-backed initiative being led by New York University will deliver a new generation of computer programmers, bringing jobs to Iraq. The first fifty participants in the ‘coding boot camp’ are being selected entirely from the refugee and IDP community in Erbil Province, and will be carrying out paid work for clients around the …

“Kurdish Oil Magnate” Among Foreign Owners Of Apartments In Controversial London Development

An investigation in Tuesday’s Guardian newspaper has revealed that 60% of the homes in the Tower high rise in London are owned by foreigners that use the properties for a “fraction of the year”.   In a city with an acute housing shortage, news of the mega-rich leaving homes empty is a controversial topic in …

Sinjar Cement Factory – The Cornerstone Of Redevelopment

Text and images by Luke Coleman In the first of four reports from Sinjar, Yalla visits the Sinjar Cement Plant, and hears the story behind a factory crucial to the reconstruction of this area of Nineveh province. As you round the eastern end of Mount Sinjar the imposing, damaged buildings of Sinjar Cement Plant give …

Angola – Poverty-Stricken Country Hit Hard By Oil Price Decline

Yalla’s final spotlight on countries affected by the oil crisis. Angola Angola’s poor were already struggling before 2014 – the continuing low price of oil means over a third of Africa’s second largest producer’s 24 million citizens are living below the poverty line.   Hospitals are critically low on basic supplies including medicines, and there …

Nigeria – Oil Industry Under Threat From Sabotage

Continuing Yalla’s look at major oil producing nations, we turn our attention to Africa for the final two instalments in the series.   Nigeria   Africa’s largest producer of oil is another country facing internal problems that deepen their economic crisis, not only the conflict with Boko Haram. For years the Nigerian government has had …

Drought Compounds Venezuela Misery At Oil Price Slide

Venezuela   The South American country is arguably the worst hit by the crisis, depending on exports for a massive 95% of its revenue. The fall since 2014 has seen a 60% drop in money coming into an already troubled government. Inflation, already out of control in 2015, is currently running at around 720%, and …