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DinarThug

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Posts posted by DinarThug

  1. The Iraqi government issues 7 decisions, including increasing the production of the Nasiriyah oil field
     
     
    The Iraqi government issues 7 decisions, including increasing the production of the Nasiriyah oil field
     
    cabinet meeting
     

     January 26, 2021 11:59 PM
     
    Mubasher: During its weekly meeting, the Iraqi Council of Ministers, headed by Mustafa Al-Kazemi, issued several decisions, most notably the approval of a recommendation to increase the production of the Nasiriya oil field.
     

    The Iraqi Council of Ministers stated, in a statement issued today, Tuesday, that it approved the recommendations of the Diwaniya Order No. 3 of 2021 regarding the emergency project loan agreement to support stability and social resilience in Iraq, which included:
     
    - Directing the Ministry of Labor and Social Affairs to proceed with the implementation procedures regarding The sums transferred to international organizations (UNOPS, IOM), in the amount of $ 14 million, in favor of (cash for work) according to the vision of the Ministry's requirements, to approve the basic data of the unemployed, taking into consideration the consideration of giving priority to the returning displaced youth.

    - Consider reviewing the terms of the agreement and redistributing its sums to the components or their restructuring, especially for the remaining amount (cash for work) and the unallocated sums in the principal of the loan amounting to $ 56 million in addition to the amount of $ 15 million, according to proposals submitted by the committee to the cabinet according to what is proven in the original Record.

    The Board approved the allocation of $ 100 million from the World Bank’s portfolio to purchase Corona virus vaccines, according to the type of vaccine determined by the Ministry of Health, provided that the loan will be restructured by the Ministries of Finance and Planning in coordination with the World Bank.

    The Council approved the Ministry of Finance to allocate a plot of land to the Technical Technical Institute in Babylon, and the Ministry of Agriculture to lift the hand of agrarian reform on it.

    The Council approved the legal aid bill, which was verified by the State Council, and referred it to the Council of Representatives.

     

    The Iraqi government agreed to the recommendation of the Ministerial Energy Council to expand the production of the Nasiriyah oil field.

    And it approved the referral of Ali Musaad Al-Ibrahimi, Undersecretary of the Ministry of Education for Technical Affairs, to retirement according to his request, and the withdrawal of the recommendation from the House of Representatives regarding the nomination of Muhammad Sahib Mahdi Al-Tai, president of Al-Nahrain University, issued according to Cabinet Resolution 378 of 2019.

    LINK

    • Thanks 5
  2. On 1/23/2021 at 12:05 AM, DinarThug said:

    After more than a month of the parliamentary movement .. Setting an official date for the questioning of the governor of the Central Bank: Will the dollar price return to 120 thousand?


    2021-01-22
     
    a4_2.jpg?resize=696%2C463&ssl=1
     
     

    Yes Iraq: Baghdad

     

     

    After more than a month has passed since the launch of parliamentary moves to question the governor of the Central Bank, Mustafa Ghaleb Makheif, the House of Representatives set an explicit date for hosting and a frightening interrogation under the dome of Parliament, for several issues, on top of which is the issue of raising the exchange rate of the dollar against the Iraqi dinar.

     

    A document issued by the House of Representatives revealed that next Wednesday, January 27, 2021, will be set as a date for the questioning of the Central Bank Governor, Mustafa Ghaleb Mekhaif, against the background of the request submitted by MP Faleh Sari.

     

    e5ed1a1b-b546-4263-b260-7c63541890e3.jpg

     

    Earlier, MPs revealed efforts and moves to question the central bank governor on files related to monetary policy, especially the currency auction file, as well as the devaluation of the Iraqi dinar and the setting of a new high dollar price from 1190 to 1450 dinars per dollar.

     

    The central bank is considered the primary responsibility for maintaining the exchange rate, but the official pricing is primarily the responsibility of the government.

     

    The Parliamentary Finance Committee said earlier, that "determining the exchange rate of the dollar is a governmental matter and its exclusive authority is that it is the one who draws and implements the fiscal and monetary policy."

     

    As the legal expert Ali Al-Tamimi explained, “The rise in the exchange rate of the dollar to 1450 violates articles 30 and 31 of the Iraqi constitution, which require the state to provide a free and decent life and suitable income, and also this procedure violates Articles 23 and 26 of the International Covenant on Civil and Political Rights, which require All the countries of the world that are members of the United Nations organization abide by it.

    He added, “The Central Bank Law No. 56 of 2004 is an independent body under Article 3 of this law and also the Central Bank’s instructions for the year 2017, and therefore it is the one that determines the exchange rate and if there is an increase in the price, it is necessary to control market prices and prevent inflation that will increase poverty, so read “.

     

    He pointed out that “there is a possibility to challenge this law if it is legislated by Parliament before the Federal Court, and Parliament can not agree to legislate this law and return it to the government for an amendment because Parliament can do so constitutionally as it represents society, according to Article 61 of the Constitution, as well as Article 13 of the Administration Law Finance 6 of 2019 ”.

    link

     

    In the document .. Parliament includes the questioning of the Governor of the Central Bank during tomorrow's session

    • Upvote 1
  3. The determination of the two most important files in the budget, including the deduction of salaries ... revealing the recent amendments that affected the budget and "will not change"


    2021-01-26
     
    E0677A4D-7EE6-4D4B-B8F3-1892708454D9.jpg
     

    Yes Iraq: Baghdad

     

    The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed the new amendments that affected the budget, while indicating that they are “unappealable” amendments by the government.

    Al-Saffar said in televised statements, “We completed 33 sessions, reviewed the budget materials and provided alternatives to some items, as we were able to reduce total spending to 127 trillion dinars and raise the value of revenues by raising the price of a barrel of oil from 42 to 45 dollars per barrel, in addition to the deficit reduced by 57 % And now less than 30 trillion dinars.

    He added, "We removed the salary tax article in the budget, and we put alternatives and may impose the tax only according to the Income Tax Law No. 113 of 2021, and its application will be on the total salary and the deductions will be reasonable, indicating that" the government will not contest any modified item except in the event that it imposes additional burdens, go Income tax and some changes in the interest of the government and Iraqi citizens.

    With regard to the Kurdistan file, Al-Saffar said, "The issue of the region’s share in the budget is a complex issue .. The Kurdistan delegation came to Baghdad and two meetings were held with the delegation that included ministers, and there was transparency."

    And that "the delegation of the region presented a complete geography related to the file of oil and non-oil revenues, and data on the number of employees at least were provided."

    He continued, "The Finance Committee also discussed the file of debts arranged on the region since 2014, and the issue of selling oil for fifty years, and the delegation clarified that the contract is for transport and storage and not sales of oil."

    Regarding the deadline for completing the budget, for the purpose of presenting it in Parliament for a vote on it, MP Al-Saffar said, "We expect the end of next week to complete discussions and amendments of the Finance Committee on the budget, and after that the date for the official vote in parliament will be determined."

    LINK

    • Like 2
  4. On 1/25/2021 at 12:49 PM, DinarThug said:

    Al-Saffar reveals about changing the price of a barrel of oil in the budget and reducing the deficit for this percentage

     
    Al-Saffar reveals {by the Euphrates News} about changing the price of a barrel of oil in the budget and reducing the deficit for this percentage
     
     
    01/24/2021 22:23:35
     
     
    The Parliamentary Finance Committee revealed, on Sunday, the change in the price of a barrel of oil in the draft general budget law for the year 2021 and the reduction of the deficit ratio.
     
    Committee reporter Ahmed Al-Saffar told {Al-Furat News} that "the committee changed the price of a barrel of oil presented in the budget and raised it from 42 dollars a barrel to 45 dollars," indicating that "a number of budget chapters have been reduced. In expenditures, they were reduced by 25% and revenues increased more than 5 trillion dinars. "

    "As for the fiscal deficit, it has decreased to more than 50%," he added.


    Regarding the position of contracts and wages in the budget, Al-Saffar said, "The file of wages and contracts for Resolution 315 has not been resolved yet."

     

    Iraq is on the verge of embarrassment ... Parliament is about to take a decision that hits the planned spending plans for the next year


    2021-01-26
     
    repor.png?resize=696%2C492&ssl=1
     

    Yes Iraq: Baghdad

     

    Since the government set the price of a barrel of oil in the 2021 budget, parliamentary opinions, as well as specialists, have blessed this move by adopting a relatively low price in the budget and drawing exchange plans during the current year on its basis, and not adopting a high price per barrel despite breaking the $ 55 barrier.

     

    This step provides a feeling of reassurance, as drawing exchange plans at a high rate will make the exchange plan "critical" if oil prices are exposed to any new decline next year.

     

    Although Parliament took a decision to raise the price of a barrel from 42 to 45 dollars in the 2021 budget, a parliamentary movement is planning an additional increase in the price of up to 50 dollars a barrel, which makes the exchange plan in the 2021 budget hostage to these prices, and any new drop in the price of a barrel of oil During the current year, it will strike the drawn plans, and deprive the country of a financial surplus that was counted on to fill other financial gaps not included in the budget.

     

    A member of the Energy Committee, Zahra Al-Bajari, said in a press statement, "Oil is high and its price set at 42 dollars per barrel is a great injustice and leaves a large deficit."

     

    She added that "the committee intends to raise its price in the budget, and it could reach 50 dollars," noting that "an upcoming meeting this evening will be held by the Parliamentary Energy and Finance Committees to discuss the price that is set per barrel."

     

    Al-Bajari explained that "the price is likely to be set at 50 dollars per barrel, and the government will be informed of the matter."

    LINK 

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  5. The price of the dollar may decline in Iraq, despite the government’s decision ... an American approach to reduce the global “green currency” value


    2021-01-26
     
    132287274_848362129064271_50896625719928
     

    Yes Iraq: Baghdad

     

    The US currency is expected to lose between 10% - 15% of its value against the major currencies in the world, during the current year, after the appointment of Janet Yellen, Secretary of the US Treasury.

     

    Experts said that the new US Treasury Secretary confirmed that she does not seek to reduce the dollar, but in reality the minister is counting on a weak dollar, and suggests pumping funds to support the US economy, in light of the Corona crisis.

     

    On Monday, the US Senate approved the appointment of former Federal Reserve chief Janet Yellen, secretary of the US Treasury, becoming the first woman in US history to hold this position.

    LINK 

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  6. On 1/25/2021 at 1:04 PM, DinarThug said:

    Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries

     
    Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries
     
     
    01/25/2021 17:48:55
     
    Speaker of Parliament meets Emir of Kuwait

    Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

    The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.

    During the meeting, Al-Halbousi stressed Iraq's keenness to strengthen relations between the two neighboring countries in all fields, appreciating Kuwait's positions in support system" rel="">support of Iraq.

    For his part, the Emir offered his condolences to the victims of the two bombings that targeted Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability, again supporting his country and standing with Iraq to face the challenges it is going through, and achieve development and stability.

     

    LINK

    The Speaker of Parliament meets the Kuwaiti Prime Minister

    image.jpeg.c9eb66a25a94f9788f5b07a8b75ba1df.jpeg

     

    25th January 2021


    The Speaker of Parliament, Muhammad Al-Halbousi, and his accompanying delegation met with the Kuwaiti Prime Minister His Highness Sheikh Sabah Khaled Al-Hamad Al-Sabah.

    At the outset of the meeting, His Excellency and the accompanying delegation congratulated His Highness Sheikh Al-Sabah on the occasion of his reappointment as Prime Minister and assigning him to nominate members of the new cabinet, wishing him success and success.

    The meeting discussed enhancing the prospects for cooperation between Iraq and Kuwait in accordance with mutual interests in all fields, and the importance of activating the joint Iraqi-Kuwaiti ministerial committee and enhancing its work, as well as forming a joint parliamentary committee to activate cooperation and follow up and accelerate government procedures in the field of investment, trade and free zones.

    His Excellency also discussed with the Kuwaiti Prime Minister the file of the remaining payments of debts owed by the Iraqi government to Kuwait, and the possibility of delaying their payment because of the financial crisis and the economic situation that Iraq is going through.

    The meeting stressed the need to open the borders between the two countries to trade movement after it stopped due to the pandemic, with tightening commitment to preventive measures, appreciating Kuwait's stances in support of Iraq during crises, the latest of which is the Corona pandemic crisis, which was represented by sending liquid oxygen trucks to the health institution.

    For his part, the Kuwaiti Prime Minister offered his condolences to Iraq for the victims of the last two bombings in Baghdad, stressing his country's support for the government and people of Iraq, and the continued expansion of the horizons of cooperation between the two brotherly countries at all levels.

    ############

    The debt file, most notably .. these files were discussed by Al-Halbousi with the Kuwaiti Prime Minister  LINK 

    • Thanks 1
  7. LINK

    Parliamentary Finance confirms the resolution of the budget debate by the end of this week

     

    25815.jpg

     

    26th January, 2021

     

    The Parliamentary Finance Committee revealed, on Tuesday, the date of completion of the discussion of the draft federal budget law for 2021

    "The committee has set a time limit until the end of this week to end discussion of the fiscal budget bill for 2021 and to put in place fruitful and appropriate solutions," said Majida Al-Tamimi, a member of the committee

    She added that "the meetings are continuing in order to develop a plan after reading the budget materials and discussion among the committee members," explaining that "many officials have been hosted and divided into sub-committees of the three presidencies and ministries after requesting detailed data and budgets

    • Upvote 5
  8. LINK

    The International Development Bank announces its joining the "Bani" platform

     

    4499.png

     

    25th January, 2021

     

    The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

    The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

    The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

    The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement

     

    23 hours ago, DinarThug said:

    The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards

     

    15 hours ago, screwball said:

    Boom 

     

    :o  

     

    image.gif.8e07c3c8cf069ac722c49f9243a7a81a.gif

     

    :D  :D  :D 

    • Haha 2
    • Upvote 1
    • Pow! 1
  9. LINK

    Four American recommendations to Biden regarding Iraq: Al-Kazemi and Iran take the lead

    1611576537632.jpg

     

    25th January 2021

     

    The American Democracy Defense Foundation has presented four basic recommendations that the administration of US President Joe Biden must take to deal with the Iraq file in the next stage, including support for Mustafa Al-Kazemi and pressure on the forces close to Iran.

    The recommendations on Iraq came within the framework of a special report, translated by Shafaq News Agency, within a file that includes many countries, including China, Iran, Lebanon, Russia, Syria, India and others, in addition to important issues such as energy, defense, human rights, cyberspace, Sunni jihad, international organizations and others, under the title "Who Trump to Biden ... the way forward for American national security, "and supervised by researchers John Hana and David Idsnick.

    Despite Trump's mandate, which has been tarnished by many errors, according to the introduction to the 152-page report, the Foundation for Defense of Democracy considers that four years of policymaking and the lessons that can be drawn out from it cannot be ignored and that has troubled allies as well as enemies and research centers as well. In the report devoted to Iraq, the American Institute, after reviewing the Iraqi situation and Trump's policy during the past four years in Iraq, provides four basic recommendations for the new Biden administration.

    First: Reaching a common understanding to maintain a small US military presence in Iraq

    The American Institute made clear that in the face of tremendous pressure from Iran-backed groups, Prime Minister Mustafa Al-Kazemi has said publicly that Iraq still needs US military support to fight ISIS and to strengthen Iraqi security forces. He also condemned the attacks targeting US soldiers and stressed Iraq’s responsibility to protect them. It is imperative that the Biden administration take advantage of Al-Kazemi's interest in reviving strategic relationships.

    In order to achieve this, Washington must reach a new security understanding that re-frames the American role in supporting Iraq's security and independence, including cooperation to curb the influence of Iran and the forces loyal to it. It is important that the small American military presence serves the ongoing US efforts to combat ISIS and Iran in eastern Syria.

    Second: Giving priority to initiatives that strengthen Iraq’s economy and undermine Iranian influence

    The report considered that the confluence of the global oil price collapse, the Corona epidemic and the massive corruption, left Iraq vulnerable to an economic collapse. There are many ways in which the United States can support the Iraqi economy and US companies, while at the same time undermining Iran's influence. There are many of these ideas on the table now and Al-Kazemi fully supports them and need implementation, including major agreements by American companies to strengthen the Iraqi electricity network and the gas sector, which means that Iraq is heavily dependent on Iranian exports.

    In the same context, the United States should encourage the Gulf states to invest in the infrastructure of Iraq in the electricity and gas sectors, and to move quickly to connect Iraq with their energy grids.

    In the financial world, it is imperative for the United States to support an agreement with the International Monetary Fund to help Iraq alleviate the large deficit in the Iraqi budget, but on the condition that the government implement structural reforms to its economy by closing the outlets of corruption, which Iran and its allied powers are among the most beneficiaries of them.

    Third: Using American influence through a prudent but focused strategy to help Al-Kazemi resist Iranian pressure, ensure free and fair elections, and strengthen the Iraqi peaceful protest movement.

    The American Institute stated that the United States has great political influence in Iraq and internationally that Washington can use to advance its goal of establishing a sovereign and independent Iraq in close partnership with the United States. By working with its closest effective allies, the United States should encourage the establishment of a coalition of more moderate forces in the Iraqi parliament to support Al-Kazemi's economic reforms, his position in favor of the continuation of the American military presence, and his call for early elections according to a new electoral law that penetrates the strongholds of sectarian parties and militias in the political system.

    The United States and its allies must also provide the absolute support for the United Nations to monitor the elections to ensure their fairness, transparency and legitimacy. In addition, the United States needs a policy that helps the Iraqi demonstrators by publicly denouncing the violence practiced against them, punishing the violators, and supporting the political establishment of their movement to be effective in reform and defending the sovereignty of Iraq.

    Fourth: Maintaining US pressure on the groups loyal to Iran

    The institute considered that by cooperating with the Iraqi government and outside companies as much as possible, the United States should be able to punish a long list of Iraqi players who include pro-Iranian militia figures, high-ranking party leaders and former officials, convicted of corruption, human rights violations, terrorism, and destabilization. Iraq.

    The report indicated that efforts should focus on identifying and freezing financial accounts abroad and returning them to the Iraqi people. While the United States should strongly support the Iraqi government's efforts to confront the grave threats to American personnel, it must remain ready to act unilaterally if the government shows that it is unwilling or unable to do so on its own.

    • Thanks 1
  10. LINK

    Parliamentary Finance: We pressed 30 trillion, and the arrival of the Kurdish delegation is important to approve the budget

     

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    26th January, 2021

     

    A member of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, said, on Tuesday, that the arrival of the Kurdish delegation is important for approving the budget, especially with regard to agreeing on the exported quantities of oil, while he explained that the committee pressured about 30 trillion of the budget spending

    Al-Jubouri said in a press interview, "It was agreed to reduce expenditures in the budget by about 30 trillion dinars, and employees' salary deductions were permanently canceled, and even the issue of imposing income tax provided by the Ministry of Finance

    He added that "the committee called on the Ministry of Finance to work on activating Law 113 on imposing income tax on employees, which was previously applied

    He pointed out that "the budget is in the process of completion, especially with the arrival of the Kurdish delegation to discuss Articles 10 and 11 of the region and its percentage in the budget and an agreement on the amount of oil exported from the region and its other imports

    • Upvote 3
  11. LINK

    Parliamentary Finance reveals the results of its meeting with the regional government delegation

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    26th January, 2021

     

    The Parliamentary Finance Committee revealed, on Tuesday, the results of its meeting with the Kurdistan Regional Government delegation

    The committee's rapporteur, Ahmed Al-Saffar, said in an interview with "Al-Eqtisad News", that "the regional government agreed to display all data and disclosures on the oil file and other revenues

    He added, "It is likely that a final agreement will be reached at the next meeting after the federal government is informed of all data on export operations, customs files and border crossings in the region

    The Parliamentary Finance Committee also decided not to vote on any text in the 2021 budget that contravenes the provisions of the Financial Management Law

    The meeting of the Parliamentary Finance Committee ended yesterday evening, Monday, with the delegation of the Kurdistan region headed by Qubad Talabani about the region's share in the draft federal
    budget bill for 2021.

    ########

    LINK

    The Finance Committee hosts the Kurdistan Regional Government delegation regarding the 2021 budget

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    25th January 2021

     

    The Finance Committee, headed by Deputy Muthanna Al-Samarrai, Deputy Chairman of the Committee, and the presence of the ladies and gentlemen of the members, hosted, on Monday 25/1/2021, the Kurdistan Regional Government delegation headed by the Vice President of the Regional Government, Mr. Qabbad Talabani, to discuss the draft federal budget bill for 2021.

    The meeting discussed ways to converge views on the controversial points in the budget law, as the committee asked the delegation to provide it with all financial data and account tables for the purpose of studying them and taking a sound decision regarding them so that the law guarantees justice for all the Iraqi people.

    For his part, Mr. Qabbad Talabani affirmed the delegation's cooperation and presentation of the data requested by the Finance Committee related to the region's imports or expenditures in order to reach a common opinion in the interest of the people of the same nation.

    • Upvote 1
  12. The 2021 budget ... a move to add `` huge '' revenues and two conflicting opinions regarding the deficit between `` huge '' and `` not worrisome '' - urgent

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    Posted 6 hours ago


    Baghdad today - Baghdad 

     

     

    Iraqi officials are talking about a huge financial deficit in the 2021 budget, ranging from 71 to 80 trillion dinars (65 billion dollars), which is the highest number in the country's history, according to observers, at a time when Finance Minister Ali Allawi revealed yesterday negotiations with the International Monetary Fund with the aim of Obtaining a loan of 6 billion dollars, and saving the economy of Iraq mired in problems.

    Historical impotence

    A member of the Parliamentary Finance Committee, Jamal Cougar, said, "The Finance Committee continues to consider the project in order to prepare it with an amended version and present it to vote in the House of Representatives."

    And on the expected amendments, Cougar said that "the blocks seek to reduce budget expenditures from 164 trillion dinars to 120 or 135 trillion dinars, and if that happens, it will reduce the size of the financial deficit."

    He continued, in a press statement, that "the Finance Committee is also working to add 20 trillion dinars to revenues, by raising the price of oil exported to Iraqi refineries to support coverage of domestic consumption of one million barrels, one of which is currently sold at a symbolic price of $ 5."

    According to the draft budget, expenditures amount to 164 trillion dinars (112 billion dollars), with a fiscal deficit of 71 trillion (48 billion dollars), which observers have prepared for a historical deficit in the oil-exporting countries.

    The First Deputy Speaker, Hassan Karim Al-Kaabi, had confirmed that “Parliament is working to provide financial allocations for employee salaries, contracts, wage earners and free lecturers,” indicating that “Parliament is working to reduce spending and reduce the deficit before voting“ soon ”on the draft Federal Budget Law 2021.

    Al-Kaabi said in an interview with the semi-official newspaper, Al-Sabah: “The House of Representatives will take into account the basic principles in the budget of reducing the volume of expenditure of 164 trillion dinars, and reducing the 44% deficit by 71 trillion dinars from the total estimated budget of 93 trillion dinars, which Set on the basis of the oil price of $ 42 per barrel.

    Economists believe that Iraq's resorting to devaluation in order to bridge the public budget deficit due to the increase in expenditures does not achieve the goal at the required level, as the real sectors, industry, manufacturing industries, agriculture and services are at their lowest levels, and their contribution to the GDP is low.

    Iraq's non-oil exports are very few, and do not constitute any percentage in the trade balance, and the private sector is also inactive, and the advancement of these sectors will take many years with the presence of effective plans and policies, and the value of the local currency is usually devalued in countries that have high export capabilities.The customs policy is ineffective at the present time, and it represents the basis for protecting the local product to stimulate production.

    Parliamentary promises to intervene

    The Parliamentary Finance Committee confirmed that the size of the budget deficit will not remain 71 trillion dinars, indicating that it is serious about making changes to the budget in line with the current situation of the country.

    The committee's reporter, MP Ahmed Al-Saffar, said in a press statement that "public spending in the budget will witness a clear reduction," noting that "the committee has identified clear pockets and points in the budget that will enable the government to maximize revenues."

    Al-Saffar added that "the size of the budget deficit will be reduced and 71 trillion dinars will not remain, and that the change will extend to even the price of oil according to which the budget was calculated," indicating that "the committee is serious about making changes to the budget in line with the current situation of the country, and to achieve the best use or exploitation For public revenues ”.

    He continued, "There are some points of contention and some points that need to be repeated hosting because the committee needs to know some spending units and needs more information so that the committee can accurately determine the amounts that these units need," noting that "the committee does not need more than ten days." Or two weeks to reach a final study of the budget.

    Questions are still being raised about the financial and economic indicators of Iraq in the coming year, especially with the continuing indicators of low oil prices and the high indebtedness of the country, and the decline in reserves in the central bank, which may significantly affect the prices of the local currency, and these problems prompted the Iraqi government to resort to borrowing in more From time, to pay employee salaries and other operating expenses.

    White paper

    The projected estimates of the size of the deficit in the draft budget raise a great economic controversy. Specialists believe that it is necessary to reduce spending and adopt austerity formulas in managing financial resources, given the pessimistic financial indicators for the next year as well.

    And economics professor Abdul Rahman Al-Mashhadani notes that the speech of parliamentarians about a large deficit in the 2021 budget gives the impression of “the government's reliance on the estimates of the White Paper in preparing the draft budget, which was estimated at 153 trillion dinars (about $ 130 billion),” indicating That "if this figure is adopted, the amount of the deficit will exceed the limits of 72 trillion dinars (about 60 billion dollars), and this is a huge number."

    Al-Mashhadani asserts, in a press statement, that "reasonable numbers" to be included in the draft budget should "not exceed the limits of 63 billion dollars," adding, "According to the available economic data, the oil revenues of Iraq for the next year will reach about 42 billion dollars, and non-oil. About $ 8.5 billion, which leads to a deficit of no more than $ 12.5 billion, and this is logical and not worrisome.

    He pointed out that "the solutions available to the government are related to" rationalizing spending and setting the budget within reasonable limits, "pointing out that" Iraq at best did not achieve expenditures higher than 85 trillion dinars (about $ 71 billion), except for the year 2013, when the volume of spending reached About 100 trillion dinars (84 billion dollars) were suspicious of corruption.

    He said, "All indications indicate that the current year will be difficult financially, after Iraq drained its capabilities last year, as the central bank's reserves decreased to 54 trillion dinars (about $ 45 billion), from 67 trillion dinars (56 billion dollars)." The accumulation of domestic debt, and oil price indices will remain between 40 and 50 dollars a barrel.

    Save the economy

    Yesterday, Finance Minister Ali Allawi confirmed that Iraq is negotiating with the International Monetary Fund with the aim of obtaining a $ 6 billion loan, to save its economy mired in problems, while giving positive indications regarding the 2021 budget deficit and linking it to high oil prices.

    "Once the Iraqi parliament approves the spending plan for 2021, the government will be able to request rapid financing of two billion dollars from the emergency financing mechanism created by the International Monetary Fund for the benefit of countries affected by the repercussions of the Corona virus," Bloomberg quoted Ali Allawi.

    Allawi said that "Iraq can then request a second, low-cost loan of $ 4 million K dollars from the International Monetary Fund's government reform program."

    The US agency stated that financing the International Monetary Fund would cover a small part of the expected deficit in the budget, but it would "reduce the severity of the depletion of Iraq's foreign exchange reserves."

    Last year, the Iraqi government had to borrow more than $ 25 billion from the central bank in order to pay the salaries of public sector employees and meet other financial requirements.

    "Bloomberg" pointed out that the Iraqi government is also planning to rely on other financing tools to help cover the deficit, as Allawi said that once the budget is approved, the government will also move to issue domestic bonds worth $ 5 billion.

    As for international bonds, the Iraqi Finance Minister said that “international loans are somewhat expensive,” adding: “I do not know if there is a desire to buy Iraqi bonds. Returning to these markets now remains difficult. ”

    And "Bloomberg" said that the average yield of Iraq's dollar bonds is 8.3%, adding that it is among the highest levels of any government in the world, according to Bloomberg Barclays indicators.

    Iraq's economy has suffered since the collapse of global oil prices due to the Coronavirus pandemic. Although oil prices have recovered during the recent period, Iraq is still struggling to cover its costs and avoid the exacerbation of the fiscal deficit.

    And last year, Iraq exceeded the production limits agreed upon with other oil exporters in the "OPEC +" group, in order to collect the liquidity its economy needs. 

    But Iraq is committed to compensating for the excess production during the past months, according to the Iraqi Finance Minister, who assured Bloomberg that “Iraq will respect the quota set for oil production within the OPEC + alliance because it helps reduce the risk of price collapse.”

    Allawi praised Saudi Arabia's sudden production cut by one million barrels this month, which helped oil prices rise.

    Allawi said, "Iraq's budget deficit may shrink by 25% this year if oil prices remain around their current levels of $ 55 a barrel."

    The International Monetary Fund expects the Iraqi economy to contract by 12% in 2020 - the highest rate among OPEC countries, and have experienced a budget deficit of 22% of GDP.

    Iraq devalued its currency last year by the largest amount ever, to reduce pressure on public finances at a time when it is trying to secure billions of dollars in foreign aid.

    link

    • Upvote 3
  13. LINK

    Al-Hims: We are working to raise the value of trading to 5 billion dinars during the next 3 years

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    25th January, 2021

     

    The Chairman of the Securities Commission, Faisal Al-Heimas, announced, on Monday, the Commission’s intention to raise the volume and value of trading to 5 billion dinars within three years

    Al-Himas said in an interview with "Al-Eqtisad News", that the authority's focus during the next 3 years is to activate the movement of trading in the market and raise the value of trading to 5 billion dinars during one day. He added that it is difficult during the current stage to offer oil companies to subscribe in the Iraqi market for securities because of the lack of liquidity in the Iraqi market

    Below is the full text of the dialogue with the President of the Iraq Securities Commission, Faisal Al-Haimas

    * Has the outbreak of Corona virus and the financial crisis affected the activity of stock markets in Iraq

    A: Certainly, the double crisis, due to the Corona epidemic that led to the imposition of a curfew, and the collapse of oil prices, which created an internal crisis for the Iraqi economy to depend on, affected the Iraqi stock market, because it was closed during the curfew period, which led to a significant decrease in trading volume, We hope that with the recovery of oil markets and the receding of the Corona pandemic, the market will recover

    * What are the reasons for the suspension of the Erbil Stock Exchange so far

    The Erbil market is still in the establishment stage, as it needs logistical matters in terms of infrastructure, such as information systems and the National Depository Center, which must be available before the opening of any market

    * Is there any intention to open stock markets in the south

    The Securities Commission is open to all governorates of Iraq in the north, south or west to open a new market for securities, but we received a verbal request from Basra Governorate, to open a stock market, but so far it has not been formally presented

    * The white paper put forward by the government focused on developing the Iraqi market for securities, what are your plans for harmony with the paper

    A previous work was carried out under the supervision of the General Secretariat of the Council of Ministers and the Council of Advisors in 2010 and there was a study dedicated to allocating public companies to be listed in the market, and in line with the global requirements for initial public offerings, and the white paper supported this confrontation and will raise the efficiency of companies, and its timing is appropriate now because of the existence of Profitable public companies that could be absorbed by the market. We are working with the Ministry of Finance to gather ideas to start the initial proposals of some of these companies, which we cannot mention now due to the specificity of the matter

    * Saudi Arabia, for example, when "Aramco" was listed on the stock exchange revived its market, why doesIraq not list some of its oil companies to improve its financial markets

    A: This is a strategic choice for the country itself. If there are decisions issued by the Council of Ministers in this regard, we will be ready, but the matter is not limited to the oil sector companies. There are profitable companies that serve other sectors

     I think starting with such companies would be better because their valuation will be at a smaller amount than the oil companies. With the decline of liquidity in the Iraqi market, I think that offering oil companies is difficult to absorb in the market, because the initial offerings must be depressed, if there is a subscription that must be covered, and this process is a small start that is better than a large public offering that fails and affects the market

    * The volume of transactions in the Iraqi market for securities is relatively small in addition to the fact that the trading hours are very few. What are your procedures in this regard

    During the past year, we asked the Iraq Stock Exchange to increase trading hours and work to establish two evening sessions, and the market promised to increase trading hours during the next month to 3 hours a day, which are the same trading hours in the UAE

    * Are there ideas to establish second markets for goods, for example

    The idea is present and is being studied with the Iraq Stock Exchange, but the matter is not that easy, as it needs special legislation and we seek to establish it during the current year by walking with steady steps

    * There are more than 50 companies that have been suspended due to lack of financial data and other reasons, such as a securities body. What are your steps to resume their work

    We were able to return 5 companies to circulation, noting that they did not complete their financial statements due to the emergency conditions that occurred after the outbreak of the Corona pandemic, but after these companies provided evidence of their budget submissions to the Financial Regulatory Board and also proof that they answered the inquiries of the Financial Supervision Bureau. The Commission has also increased the period for submitting financial statements to a year and a half in order to help it return to the market, because stocks are frozen funds for investors and unfairly are frozen for reasons outside the scope of the company’s control. We met with 8 joint-stock companies that did not submit their data and whose financial data had not been provided for 5 years for various reasons, including the seizure of the assets of the company by ISIS, and these can only be dealt with after financial reports and data proving losses of such assets and requires more time to process them, and we try to return shares to circulation

    * Will these companies be brought back to the second market or will they create their own market

    Currently, they are returned to the second market, and we are studying the idea of the third market, but we are afraid of it because there may be losses that are not acceptable to us as a securities body because we are working to protect investors and their money

    * There are companies that make big profits but are not listed on the stock exchange, perhaps for reasonsrelated to tax evasion. Are there assurances presented by you as a body to these companies

    - This matter includes several obligations for companies to list. There are discussions with the Iraq Stock Exchange in this regard, and as you know that any market needs new listings in order to increase its activity and this topic has several joints and dimensions. We have ideas related to the initiation of public and mixed companies to enter the market, and our focus is to have more than one listing during this year

    * There are large companies that deal with the government to implement projects, and they are joint-stock or private companies. Why does the government not force them to list in the Iraq Stock Exchange

    The market economy should be open without compulsion from the government, but the latter has contributions in some companies that may urge them to be part of the Iraq Stock Exchange and this is what we are working on now

    * Small investors suffer from some problems, including representation on the board of directors and non-distribution of profits, and this is part of the reasons for investors' reluctance

    On Investor's Day (held on December 11, 2020) we raised this topic, especially the topic of "cumulative voting". The authority is working on adopting this decision and issuing instructions regarding the matter in cooperation with other sectoral bodies such as the Central Bank, and it will be implemented during the current year and specifically during the first quarter

    * What is your strategy for the next 3 years

    Our focus during the next phase is on revitalizing the market, and we are working to raise trading from 3 billion dinars to 5 billion dinars during one day. This is achieved in the event that the stalled companies return to their work in the market, in addition to providing a "custodian" service to lure foreign portfolios into the Iraq Stock Exchange, through which we seek to provide protection to investors by guaranteeing their investment

    * There are companies operating in Iraq that are part of international companies, why not double-listed them with the company in Iraq

    Dual listing has a lot of costs and has control systems that can conflict from one market to another. The idea was proposed more than once, but this experience may have negative effects on the market itself because it is possible that the parent company has more trading at the expense of the company in Iraq and the experience took place in the Azerbaijani market and it was a failed experiment

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  14. Idk If This Thread Can Also Double As KristiD’s Old ‘Hopium’ Thread ? :blink:

     

     

    But Until Somebody Wakes Up The Bro’s To Start Something Similar - I’m Putting This Here Anyways ! :o 

     

    :D  :D  :D 

     

     

    LINK

    The International Development Bank announces its joining the "Bani" platform

     

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    25th January, 2021

     

    The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

    The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

    The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

    The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement

     

    1 hour ago, DinarThug said:

     

    The International Development Bank announces its joining the "Bani" platform

     

    4499.png

     

    25th January, 2021

     

    The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

    The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

    The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

    The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement

     

    Comments By MilitiaMan On The Article Above ...

     

    :D  :D  :D 

     

     

    When using terms lately like being forced to do things for a purpose like we saw with the IMF alighning the IQD with the SDR Basket imo, here is one were they are telling us they are unremitting in their efforts to get settling and clearing payments with in the AMF, region and abroad. Looks like it is signed and now about ready to go live. Wow! imo ~ MM

     

    un·re·mit·ting
    /ˌənrəˈmidiNG/
    Learn to pronounce
     
    adjective
     
    1. never relaxing or slackening; incessant.

     - MilitiaMan

     
    • Thanks 4
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  15. LINK

    The budget: Efforts to reduce the deficit to 50 trillion and not discuss the devaluation of the dinar

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    25th January, 2021


    The Parliamentary Economic and Investment Committee announced, on Monday, efforts to reduce the fiscal deficit in the draft general budget bill to less than 50 trillion dinars, noting that the Finance Committee did not discuss the issue of reducing the value of the dinar against the dollar.

    A member of the committee, Mazen Al-Faily told Shafaq News, "The Parliamentary Finance Committee is working to reduce expenditures for the purpose of reducing the financial deficit in the draft budget law from 71 trillion to less than 50 trillion dinars.

    He added that "the Parliamentary Finance Committee, in discussing the articles of the budget law, has reached advanced stages and will be ready for voting," noting that "in the coming days, the draft budget law will be submitted to the Presidency of the Council of Representatives."

    Al-Faily pointed out that "the Parliamentary Finance Committee did not discuss the issue of the dollar exchange rate and the depreciation of the dinar in its meetings without knowing the reasons."

    The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

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  16. LINK

    Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries

     
    Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries
     
     
    01/25/2021 17:48:55
     
    Speaker of Parliament meets Emir of Kuwait

    Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

    The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.

    During the meeting, Al-Halbousi stressed Iraq's keenness to strengthen relations between the two neighboring countries in all fields, appreciating Kuwait's positions in support of Iraq.

    For his part, the Emir offered his condolences to the victims of the two bombings that targeted Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability, again supporting his country and standing with Iraq to face the challenges it is going through, and achieve development and stability. 
    • Thanks 2
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  17. LINK

    Talabani is heading to Baghdad to install the budget agreement

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    25th January, 2021


    The Vice President of the Kurdistan Regional Government, Qubad Talabani, went to the federal capital, Baghdad, today, Monday, as head of the Kurdish negotiating delegation.  

     

    Talabani’s spokesman, Samir Hawrami, told Shafaq News that 

    Talabani went to Baghdad today to install the agreement concluded at the end of 2020 between the governments of Iraq and the region and to determine the region’s share in the draft budget law for 2021.

     

    A high-ranking delegation from the Kurdistan Regional Government arrived yesterday, Sunday, to the capital, Baghdad, to engage in a new round of talks in order to secure the region's share in the federal financial budget for 2021.

    The delegation included: Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of the Provincial Council of Ministers, Omid Sabah.

    The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

    Parliamentarians and politicians say that the budget needs political consensus, so a political delegation from the region will visit Baghdad later this week with the aim of reaching an agreement with the blocs not to block the passage of Kurdistan’s share in the budget.

    • Thanks 1
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  18. LINK

    Parliamentary Finance describes its meeting with the regional delegation as positive
     

    25791.jpg

     

    25th January, 2021


    Member of the Parliamentary Finance Committee, Representative Shirwan Mirza, counted, on Monday, the committee’s meeting with the Kurdistan Regional Government’s delegation, to discuss the draft federal budget bill for 2021 as "positive." 

    Mirza said in a press interview, "The meeting was positive and discussed many issues related to the Kurdistan region’s share of the federal budget for 2021."

    He added, "The members of the Finance Committee directed some questions to the regional government delegation, which in turn confirmed that he would respond to these questions at the next meeting."

    Mirza indicated, "The meetings of the Kurdistan government delegation with the Finance Committee will continue Monday and tomorrow Tuesday to reach an agreement on the outstanding financial files between the Kurdistan Regional Government and the federal government."

    A delegation from the Kurdistan Regional Government arrived in Baghdad yesterday evening to discuss the region's share of the federal budget for 2021.

    • Upvote 5
  19. On 1/24/2021 at 11:05 AM, DinarThug said:

    Iraq reveals its securities and moves to loan 6 billion dollars
    from the IMF

    1601979749664.jpg

     

    24th January, 2021


    The American "Bloomberg" website quoted Iraqi Finance Minister Ali Allawi as saying that Iraq is in talks with the International Monetary Fund to obtain a loan of 6 billion dollars to support system" rel="">support its exhausted economy.

    Iraq, the second largest oil producer in OPEC, suffers from an expected deficit in its budget of 71 trillion dinars ($ 49 billion). And "Bloomberg" quoted Allawi, in a report translated by Shafaq News, as saying that if the spending plan in the budget is approved by the Iraqi parliament, then Baghdad will be able to apply for a quick loan of two billion dollars through a special mechanism in the IMF dedicated to supporting the economies of countries. Suffering from the repercussions of the Corona pandemic.

    Baghdad could also request $ 4 billion in a diluted loan through another program linked to government reforms, Allawi indicated.

    According to "Bloomberg", the assistance that can be provided by the International Monetary Fund can not cover only a small part of the Iraqi deficit, but it can mitigate the loss of more financial reserves in foreign currency.

    Last year, the government borrowed more than $ 25 billion from the central bank to pay government employee salaries and commit to other financial dues. Also, the Baghdad government took a decision to devalue its currency to alleviate the pressure on its finances, and concluded a contract with a Chinese company to guarantee "prepayment" of two billion dollars, using oil as collateral for the loan.

    Iraq plans to pursue other plans in order to obtain financing to reduce the gap in the budget. According to Allawi, once the spending plan is approved in the budget, the government will move to issue domestic bonds worth five billion dollars to expand its financial base. Allawi said that international loans are somehow expensive, and I do not know if there is an appetite to buy Iraqi bonds.

    The Iraqi minister indicated that Baghdad will adhere to its specific quota in OPEC because that helps reduce the risk of a price collapse, praising Saudi Arabia’s sudden decision to reduce its production this month, which helped oil prices rise.

    It is possible that the budget deficit will shrink by 25 percent this year if oil prices maintain their current ceiling at $ 55 a barrel, according to what Allawi indicated. The International Monetary Fund expects the Iraqi economy to decline by 12% in the year 2020, which is more than any other member of OPEC.

     

    LINK

    International Monetary Receives an "emergency request" from Iraq

    International Monetary Receives an

     

    25th January, 2021

     

    The International Monetary Fund announced that it had received a request for emergency assistance from Iraq, indicating that talks are underway between the two parties in this regard.
     
    "The Iraqi authorities have requested emergency assistance under the Rapid Financing Instrument, in a long-term arrangement, to support the planned economic reforms," the fund said in a statement.

    He added, "Discussions are ongoing regarding the authorities' request for emergency assistance."

    The Minister of Finance Ali Allawi told "Bloomberg" yesterday, that Iraq is in talks with the Fund to obtain a loan worth 6 billion dollars. He indicated that Iraq may request an additional $ 4 billion in low-cost loans through another program linked to government reforms.

     

    ########

    Iraq receives emergency financial assistance from the International Monetary Fund  LINK 
    • Upvote 2
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