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DinarThug

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Posts posted by DinarThug

  1. A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate

     

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    1,404 Economie 10/28/2020 14:15 ta 


    Baghdad today - Baghdad

     

    A member of the Parliamentary Finance Committee, Naji Al-Saeedi, said today, Wednesday, that the reason for the high exchange rate of the dollar in Iraq is the printing of the new currency without a balance covering it, and this is an explicit violation of the Central Bank Law No. 56 of 2004.

    Al-Saidi said in a televised interview that (Baghdad Today), that "the reason for the high exchange rate of the dollar in Iraq is our use of the new monetary issuance or inflationary financing from exchange rate policies, as we printed a new currency and this is contrary to the Central Bank Law No. 56 of 2004, which states However, a currency is not printed if it does not have a balance to cover it, whether it is gold, bonds or cash in dollars, "indicating that" this caused an increase in the exchange rate of the dollar and hence the rise in the prices of goods imported into Iraq. "

    He added, "The beneficiaries of that are the banks involved in the window of selling the currency and you get a difference from that, meaning, for example, you buy one hundred dollars at 118 thousand Iraqi dinars, and sell at 128 thousand dinars, and here the banks get a difference, an amount of appreciation. 10,000 dinars. "

    A member of the Parliamentary Finance Committee continued, "If we have financial stability in the country, this amount of ten thousand dinars obtained by the banks can go to the budget, because the Ministry of Finance is the one who owns the dollar and sells it to the central bank who owns the banknote even if we had it." Financial stability, this rise in the dollar price leads to a reduction in the state budget deficit.

    The Iraqi Political Economic Center said, in a statement received (Baghdad Today), today, Wednesday, that "the selling price of one hundred dollars in the local markets is 125,500 and the purchase price 124,500."

    link

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  2. CNN. Broadcasting An Iraqi Episode Of ‘Hoarders’ !
     

     

    LINK

    Baghdad trade counts the benefits of the high dollar on the Iraqi economy

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    28th October, 2020


    The head of the Baghdad Chamber of Commerce, Firas al-Hamdani, on Wednesday, considered the rise in the price of the dollar positive for the country's economy, indicating that this would withdraw cash from people's homes.

    Al-Hamdani said in an interview with Shafaq News, that "the high price of the dollar does not affect the country's economy," indicating that "the rise of the dollar by 10 to 20% will strengthen the Iraqi state budget by withdrawing surplus cash from people's homes and thereby strengthening the economy."

    He added, "We are not looking for the economy of some merchants, but rather we are looking for the nation’s economy. If there is a deliberate withdrawal or a deliberate rise in the price of the dollar against the Iraqi dinar, then it is positive for the country's economy."

    The former governor of the Central Bank of Iraq, Ali Al-Alaq, revealed in December 2015 that 77% of the Iraqi currency in circulation in the market is hoarded in residential homes, indicating that the bank will develop a plan to attract these funds for investment.

    Al-Hamdani added, "The rise in the price of the dollar will benefit the local product as well, as the local product is expensive considering that there is no real infrastructure for the Iraqi factory, and since foreign goods are competitive despite their poor quality, the rise in the dollar will lead to raising the imported goods and the local product will be able to compete for the price of the goods. "Foreign."

    It is noteworthy that the term "hoarding" means holding money and keeping it from circulation. Hoarding may be by burying money or keeping it in funds inside homes and not taking it out for circulation in the money and capital markets.

    A member of the Parliamentary Economic and Investment Committee, Mahmoud Al-Zajrawi, confirmed in an interview with Shafaq News that there are attempts to raise the exchange rate of the dollar in the Iraqi market, so that every 100 dollars has 150 thousand Iraqi dinars, noting that “manipulating exchange rates will mainly affect the simple citizen.

    The Iraqi market is witnessing a gradual rise in the exchange rates of the dollar against the Iraqi dinar. The exchange rate of the dollar today on the Kifah Stock Exchange recorded 125200 dinars per hundred dollars.

    • Upvote 7
  3. 13 hours ago, 6ly410 said:

    Communications confirms its need for World Bank support in policy-making and expertise

    https://almasalah.com/ar/news/199915/الاتصالات-تؤكد-حاجتها-لدعم-البنك-الدولي-في-مجال-رسم-السياسات-وتقديم-الخبرات

    Baghdad / Al-Masala: The Ministry of Communications announced, on Wednesday, October 28, 2020, its need to support the World Bank in the field of policy-making and providing expertise and training for Iraqi engineers and technicians in the ministry in the field of electronic digital transformation. 

    The ministry said in a statement, that "under the direct supervision of the Minister of Communications, Arkan Shihab Ahmed Al-Shaibani, the ministry held its conference on Wednesday with the World Bank, and through a television circle, in the presence of the representative of the World Bank in the Baghdad office, Wasim Al-Miqdadi." 

    The statement added, "The Director General of the Planning and Follow-up Department in the Ministry, Adam Al-Quraishi, who represented the Minister, provided a detailed explanation of the five-year plan of the Ministry of Communications, which the Ministry intends to implement during the next five years," stressing the ministry's need to support the World Bank in the field of policy-making and providing expertise And training for Iraqi engineers and technicians in the Ministry of Communications in the field of electronic digital transformation. 

    He pointed out that "the ministry does not need financial support, as the majority of the ministry's projects are long-term investment projects." 

    And he continued, "The economist in digital aspects from Washington, Jerome Beesia, and Marula Haddad, a specialist in digital infrastructure and the World Bank's coordinator for the communications sector in Iraq, expressed the World Bank's desire to support the Iraqi government's efforts to shift towards e-government and open horizons for joint cooperation with the Ministry of Communications. It is responsible for implementing the government program for the electronic digital transformation of the ministries and institutions of the Iraqi state. 

    He noted that "the meeting was attended by Director of the Directorate of Communications and Informatics Infrastructure at the Public Company for Communications and Informatics, Yasser Amer."

    Follow the obelisk 

     

    LINK

    Communications stresses its need for World Bank support in policy-making and training expertise

     
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    18:17 - 10/28/2020
     

    Today, Wednesday, the Ministry of Communications affirmed its need to support the World Bank in the field of policy-making and to provide expertise and training for Iraqi engineers and technicians in the ministry in the field of electronic digital transformation.

    "The ministry today held its conference with the World Bank, and through a television circle, in the presence of a representative of the World Bank in the Baghdad office, Waseem Al-Miqdadi," the ministry said in a statement received by the information.

    The statement added that “the Director General of the Planning and Follow-up Department in the Ministry, Adam Al-Quraishi, deputized the minister, who in turn provided a detailed explanation of the five-year plan of the Ministry of Communications, which the Ministry intends to implement during the next five years,” stressing the ministry’s need to support the World Bank in the field of policy-making and providing expertise And training for Iraqi engineers and technicians in the Ministry of Communications in the field of electronic digital transformation. And he indicated, according to the statement, that "the ministry does not need financial support, since the majority of the ministry's projects are long-term investment projects."

    The statement continued that “an economist in digital aspects from Washington, Jerome Pezzina and Marula Haddad, a specialist in digital infrastructure and the World Bank’s coordinator for the communications sector in Iraq, expressed the World Bank’s desire to support the Iraqi government's efforts to shift towards e-government and open prospects for joint cooperation with the Ministry of Communications, which is located. It undertakes the implementation of the government program for the electronic digital transformation of the ministries and institutions of the Iraqi state.

    The statement noted that "the meeting was attended by the Director of the Directorate of Communications and Informatics Infrastructures at the General Company for Communications and Informatics, Yasser Amer."

    • Upvote 3
  4. LINK

    After the finance book ... Al-Kazemi's spokesman issues an explanation regarding salaries

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    On Wednesday, Ahmed Mulla Talal, spokesman for Prime Minister Mustafa Al-Kazemi, issued an explanation of the statements he made during his weekly conference regarding the borrowing law and securing the salaries of employees.

    Mulla Talal said on his Twitter account that the decline in state revenues in the past several months is not sufficient to pay off its salaries and other urgent obligations. On this basis, the government requested from Parliament additional borrowing authority to fill the financing gap until the 2021 budget presentation. "The 2021 budget will be a reform budget par excellence and based on the requirements of the white paper, and measures will be taken directly aimed at improving state revenues and controlling expenditures," he added.

    Earlier, the head of the Parliamentary Finance Committee, Haitham al-Jubouri, addressed Prime Minister Mustafa Al-Kazemi to dispense with the legislation of the fiscal deficit financing law (the borrowing law).

    Al-Jubouri said in an official letter addressed to Al-Kazemi, which was reviewed by Shafaq News Agency, in response to the statement of the government spokesman, Ahmed Mulla Talal, in the press conference yesterday, Tuesday, in which he indicated that there are solutions at the Ministry of Finance to provide cash liquidity to secure salaries in the event that a project is not voted The Fiscal Deficit Law, "Please indicate your opinion regarding dispensing with the legislation of the fiscal deficit financing law in order to focus on the desired economic reforms."

    Al-Jubouri attributed his demand to cancel the law to "the existence of the possibility to cover salaries without the need to legislate the deficit financing law, and to impose new financial burdens on the state that cast a shadow over the economic situation." Yesterday, Tuesday, the Iraqi government ruled out that parliament would reject the borrowing law, and it might even reduce the proportion of borrowing to finance the country's budget deficit.

    This came through the spokesman for the Prime Minister, Ahmed Mulla Talal, in response to the Shafaq News Agency's question in a press conference following the government’s weekly. Our correspondent asked, "What is the government’s plan to finance the deficit if Parliament refuses to pass the borrowing bill?"

    Mulla Talal replied, "I asked the same question to the Minister of Finance (Ali Allawi) during the European tour, as the minister expected Parliament to reduce the lending rate" and not reject the project entirely. He pointed out that "the government is able to secure the salaries of employees," adding that "doubling it with private revenues is very important, and the percentage of dependence on oil is very large, and this is a mistake."

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  5. 11 hours ago, 6ly410 said:

    Today .. salaries are delayed at the Parliament table

    Wednesday 28 October 2020 195

    Today .. salaries are delayed at the Parliament table
     
      Baghdad: Shaima Rasheed 
     
    Today, Wednesday, the Parliamentary Finance Committee will host officials at the Ministry of Finance to discuss employee salaries and the borrowing law, while warning of the danger of moving towards printing a new currency to cover the financial deficit.
    Committee member Jamal Cougar told "Al-Sabah": "The delay in salaries has nothing to do with the borrowing law and the government must understand the absence of this link and we will not allow it to do so," expecting that "the loan will not exceed 15 trillion dinars as an actual need for the government." 
    He added that "the delay in paying salaries is not the responsibility of the Finance Committee, but on the contrary, there was a trend within the committee to reject the borrowing law, but there is pressure by some members towards its legislation," noting that "Iraq's debt has reached 124 billion dollars."
    Cougar indicated that the law will not go easy this time, and there will be hosting today, Wednesday, for officials in the Ministry of Finance to discuss the disbursement of employees' salaries, as well as there will be hosting of each of the Minister of Finance and figures from the Ministry of Planning, respectively, in the coming days

     

    LINK

    Today .. salaries are delayed at the Parliament table

     

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    28th October, 2020

     

    Today, Wednesday, the Parliamentary Finance Committee will host officials at the Ministry of Finance to discuss employee salaries and the borrowing law, while warning of the danger of moving towards printing a new currency to cover the financial deficit.
     
    Committee member Jamal Cougar told Al-Sabah: “The delay in salaries has nothing to do with the borrowing law and the government must understand the absence of this link and we will not allow it to do so,” expecting that “the loan will not exceed 15 trillion dinars as an actual need for the government.” 
     
    He added that "the delay in paying salaries is not the responsibility of the Finance Committee. On the contrary, there was a tendency within the committee to reject the borrowing law, but there is pressure by some members towards its legislation," noting that "Iraq's debt has reached 124 billion dollars."
     

    Cougar indicated that the law will not go easy this time, and there will be hosting today, Wednesday, for officials in the Ministry of Finance to discuss the disbursement of employees' salaries, as well as there will be hosting of each of the Minister of Finance and figures from the Ministry of Planning, respectively, in the coming days. 

     

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

    Today .. Parliament hosts Finance Ministry officials regarding salary arrears   LINK 

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  6. 13 hours ago, 6ly410 said:
    Malal Talal: The state's revenues are not sufficient to meet the salaries of employees in the coming months
     
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    https://economy-news.net/content.php?id=22444
     
     
     
     
     

    Economy News - Baghdad

    The spokesman for the Prime Minister’s Office, Ahmed Mulla Talal, announced that the state’s revenues are insufficient to meet the salaries of employees in the coming months.

    Talal said the decline in state revenues in the past several months was insufficient to pay off its salaries and other urgent obligations. On this basis, the government requested from Parliament additional borrowing authority to fill the financing gap until the 2021 budget presentation .

    He added that the 2021 budget will be a reform budget par excellence and based on the requirements of the white paper, and measures will be taken directly aimed at improving state revenues and controlling expenditures.

     

     
    Number of observations 118   Date of addendum 10/28/2020

     

    LINK

    Malal Talal: The state's revenues are insufficient to meet the salaries of employees in the coming months

     

    21614.jpg
     

    28th October, 2020

    The spokesman for the Prime Minister’s Office, Ahmed Mulla Talal, announced that the state’s revenues are not sufficient to meet the salaries of employees in the coming months

    Talal said the decline in state revenues in the past several months was insufficient to pay off its salaries and other urgent obligations. On this basis, the government requested from Parliament additional borrowing authority to fill the financing gap until the 2021 budget presentation

    He added that the 2021 budget will be a reform budget par excellence and based on the requirements of the white paper, and measures will be taken directly aimed at improving state revenues and controlling expenditures

    ########## 

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  7. On 10/27/2020 at 6:55 PM, 6ly410 said:

    A "knockout" blow to the Iraqi dinar: currency printing in exchange for the end of the financial crisis ... What will Iraq do about "international conditions"?

    2020-10-27  Yes Iraq - Baghdad

    https://yesiraq.com/ضربة-قاضية-للدينار-العراقي-طباعة-الع/

    5bec2cd77b70e-scaled.jpg?resize=696%2C52

    The expert in economic affairs, Salam Sumaisem, confirmed that the devaluation of the Iraqi dinar will reflect negatively on the citizen and will lead to an inflationary problem as a result of a new force hitting the Iraqi economy at home as a result of the high prices of consumer foodstuffs that are in demand and this great demand will lead to higher prices.

    Sumaisem said, in statements to her, monitored by "Yes Iraq": "The government is facing a great challenge, which is to provide funds with which to pay public expenditures, and this money is necessary to provide it. Reducing the value of the dinar will provide it with that, but on the other hand it will generate inflationary pressure on the citizens, since the devaluation of the dinar will be "This will lead to a rise in the prices of consumer foodstuffs that are in demand, and this great demand will lead to a rise in prices and an inflationary problem as a result of a new force hitting the Iraqi economy at home."

    She explained that “the government is obligated to this reduction, and these changes will be in light of the state’s need for financial resources and the increasing need to pay the salaries of employees. At the same time, an austerity plan must follow that reduces the waste of the dinar and try to find a feasible way of spending so that the situation is not lost in a situation with this laxity in paying salaries.” “.

    The economic expert stressed the need to eliminate the leakage outlets represented by the aliens, the multi-salary, the mafias and the networks of corruption, stressing that without that any reform or reduction will not succeed.

     >>>>>>>>>>>>

     

     

     

    salam smeasim @SalamSmeasim

    Translated from Arabic by

    I do not expect it to be #العراق By printing the Iraqi currency #بدون_غطاء Because it would be a fatal blow to the #دينارالعراقي And this is unacceptable according to our links to #صندوق_النقد_الدولي And Lan #الدينار_العراقي Now within the currencies offered on the global stock exchanges, not like the time of the blockade, the situation is completely different.
    >>>>>>>>>>>>

     Sumaisem suggested, in her blog post about currency printing, saying: In light of the current economic variables, I do not expect Iraq to print the Iraqi currency without a cover, because the matter will be a fatal blow to the Iraqi dinar.

    And I concluded, that this is unacceptable according to our links with the International Monetary Fund and because the Iraqi dinar is now among the currencies offered on the global stock exchanges, not like the time of the siege and the world's boycott of the Iraqi government, the situation is completely different.

     

    A "knockout" blow to the Iraqi dinar: currency printing in exchange for the end of the financial crisis ... What will Iraq do about "international conditions"?


    2020-10-27
     
    5bec2cd77b70e-scaled.jpg?resize=696%2C52
     

    Yes Iraq - Baghdad

     

    The expert in economic affairs, Salam Sumaisem, confirmed that the devaluation of the Iraqi dinar will reflect negatively on the citizen and will lead to an inflationary problem as a result of a new force hitting the Iraqi economy at home as a result of the high prices of consumer foodstuffs that are in demand and this great demand will lead to higher prices.

    Sumaisem said, in statements to her, monitored by "Yes Iraq": "The government is facing a great challenge, which is to provide funds with which to pay public expenditures, and this money is necessary to provide it. Reducing the value of the dinar will provide it with that, but on the other hand it will generate inflationary pressure on the citizens, since the devaluation of the dinar will be "This will lead to a rise in the prices of consumer foodstuffs that are in demand, and this great demand will lead to a rise in prices and an inflationary problem as a result of a new force hitting the Iraqi economy at home."

    She explained that “the government is obligated to this reduction, and these changes will be in light of the state’s need for financial resources and the increasing need to pay the salaries of employees. At the same time, an austerity plan must follow that reduces the waste of the dinar and try to find a feasible way of spending so that the situation is not lost in a situation with this laxity in paying salaries.” “.

    The economic expert stressed the need to eliminate the leakage outlets represented by the aliens, the multi-salary, the mafias and the networks of corruption, stressing that without that any reform or reduction will not succeed.

     >>>>>>>>>>>>

    salam smeasim د. سلام سميسم
     
    @SalamSmeasim
     
    لا اتوقع ان يقوم #العراق بطباعة العملة العراقية #بدون_غطاء لان الامر سيكون ضربة قاضية لل #دينارالعراقي و هذا امر مرفوض وفق ارتباطاتنا ب #صندوق_النقد_الدولي ولان #الدينار_العراقي الان ضمن العملات المطروحة في البورصات العالمية و ليس كوقت الحصار ، الوضع مختلف تماما.
    Translated from Arabic by
    I do not expect it to be #العراق By printing the Iraqi currency #بدون_غطاء Because it would be a fatal blow to the #دينارالعراقي And this is unacceptable according to our links to #صندوق_النقد_الدولي And Lan #الدينار_العراقي Now within the currencies offered on the global stock exchanges, not like the time of the blockade, the situation is completely different.
    >>>>>>>>>>>>

     

    Sumaisem suggested, in her blog post about currency printing, saying: In light of the current economic variables, I do not expect Iraq to print the Iraqi currency without a cover, because the matter will be a fatal blow to the Iraqi dinar.

    And I concluded, that this is unacceptable according to our links with the International Monetary Fund and because the Iraqi dinar is now among the currencies offered on the global stock exchanges, not like the time of the siege and the world's boycott of the Iraqi government, the situation is completely different.

    link 

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  8. Sunday 28th September 2020


    The frozen dollar: a thriving money laundering business

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    558 
     
     

    Spread on various social networking sites propaganda leaflets for many unknown people promoting the sale of dollars (anonymous), most of the time half or a third of the real price of the dollar is placed on them, so that every $ 100 is sold for $ 50 or less !, or I buy $ 10 thousand at a value Only 5 thousand dollars! Do these dollars have a specific source? Why are they sold at half their real value? And who is behind promoting this trade?

    The frozen dollar

    The term "frozen dollar" appeared for the first time during the second Gulf War, after Saddam Hussein's army invaded into Kuwaiti territory, millions of dollars were seized from Kuwaiti banks, and in order to prevent the circulation of stolen dollars, their serial numbers were frozen by Western financial systems, which means preventing their circulation In any of the government banks due to the fact that it lacks its real value in the commercial markets, the frozen dollar is not considered counterfeit at all, just like any other dollar, and it cannot be separated from the correct dollar, except that it is not working for a period, and it is not spent in official banks, so it is pumped into the black market By virtue of the lack of awareness of the exchange owners of these frozen numbers, which means that the fraud and fraud operations through it may be very easy, but not every green paper can be a dollar, so it is completely different from a sound dollar, and the process of buying and trading it may be a participation in the laundering and re-circulation of that money .

    Brokers and gangs

    Gangs and large networks of money laundering and returning the value of what was stolen from the banks, millions of dollars were stolen from the conflict areas, to reach the pockets of the Arabs in one of the largest operations of fraud and fraud, so no one will be able to officially enter these currencies into government banks, and to re-exchange them must enter illegally Legally, they are not fraudulent or 100% valid, but no one can buy them anything except through the black market!

    To exchange this frozen dollar, specialized brokers are deployed for this purpose in Turkey, Jordan, Iraq, Libya, Syria and other Arab countries in which the global financial digital system is somewhat weak, which facilitates the process of trading these currencies, fraud and fraud through them with great ease.

    What is its source?

    The sources of the frozen dollar are many, but the most widespread in the Arab world comes from the conflict areas in the region, and according to economic analysts, Libya is the most prominent source of the frozen dollar. With the fall of Muammar Gaddafi's regime in Libya after the revolution that toppled his regime in 2011, former US President Barak signed Obama ordered an executive order to freeze all the assets of Gaddafi and his family, in addition to senior figures in the Libyan government at the time and with them the Central Bank and the country's sovereign wealth funds, which led to the accumulation of millions of dollars in the Libyan treasury, and with the deterioration of the security situation in the country, these funds were smuggled into a number of countries Arabia to be discharged at less than its real price.

    While some of that money goes back to Iraqi banks, after the US invasion of the country in 2003, when large quantities of dollars were stolen from government banks, which in turn informed Washington in order to freeze them so that no one would benefit from being spent or entered into second bank accounts, in addition to Moreover, some specialized sites mention that some of that money comes from Iran and Venezuela, which are subject to the US administration's sanctions, and huge accounts have been frozen with them, which led to the accumulation of large amounts of frozen dollars.

    The capital of the frozen dollar

    The capital of the Turkish state, Istanbul, has turned into the capital of the frozen dollar in the world, where the sale of those dollars flourishes for many years, after it was the seat of stolen Iraqi funds and other countries of conflict, and with the outbreak of tension in Libya and Turkey's intervention in the Libyan scene and after its transformation into an ally of the Government of National Accord Affiliated with the Muslim Brotherhood, that trade flourished strongly in the Turkish capital, especially after the economic crisis that struck the country recently, and some sources from Libya mention that after the economic crisis that struck Turkey this year, which led to the contraction of the Turkish economy by 9,9% in the second quarter of this year and the collapse of the Turkish currency in a big way, some Turkish businessmen tended to transfer large amounts of money from Libya, but that money was frozen before it reached Turkish territory, it turned it into money without a real value for it, and instead of pumping it into The Turkish Central Bank was pumped into the black market to dubbed Istanbul after that as the fridge of Libya's money, turning it into a thriving market for Libyan funds, amid a great government's neglect of buying and selling operations, so is all this done under the supervision of the Turkish government? Or is it unable to control this flourishing trade? .

    Iraq and money laundering

    Despite the warnings of the Central Bank of Iraq to prevent the circulation of the frozen dollar on the black market, the weak souls of unknown persons may be supported by merchants who continue to publish ads on social networking sites to encourage people to buy these dollars at a price less than their real value, and because Iraq is considered one of the Countries that suffer from crimes of money laundering and cross-border currency smuggling, and gangs are involved in this, taking advantage of the rampant rampant financial corruption, to put their goods on the Iraqi exchange market. Will this money be controlled in Iraq and its promoters and workers held accountable?

    * The Future Center for Strategic Studies / 2001-2020
    http://mcsr.net

    LINK

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  9. Wednesday 15 October 2020


    The current financial situation and the call to reduce the exchange rates

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    The economic file in Iraq did not receive appropriate attention throughout the years following the year 2003, as the oil sector monopolized the engine of growth and economic stability in the country during the past years in the absence of serious government policies to diversify the national economy.

    The successive Iraqi governments have been keen to maintain the pattern of growth related to oil despite the risks of mortgaging the national economy to the boom and bust cycles that the oil markets are constantly witnessing. Despite the severity of the crises that affected the Iraqi economy as a result of fluctuating global oil prices, the most recent of which was the 2014 crisis and the collapse of prices to less than (25) dollars per barrel, but the implementation of economic reform policies remained far from the circles of interest in the corridors of decision-making in order to preserve the interests of the political system holding power and resources in Iraq.

    In 2020 as is the year 2015 and 2014, oil prices fell sharply, leading all economic sectors towards economic recession due to the fact that the budget and the economy are linked to the oil resource significantly. In light of the unjustified inflation of public spending in recent years, the recent decline was more damaging to the economy due to the exacerbation of the public budget deficit, which is estimated in the 2020 budget of more than (81) trillion dinars compared to (27) trillion dinars, a deficit planned in 2019.

    As a result of the Corona pandemic and the large closure it imposed on most advanced and emerging economies, oil prices fell sharply, approaching $ 20 last April. Despite the relative recovery of prices and reaching a barrier of (40) dollars during the past weeks, the reduction of Iraqi oil exports by more than one million barrels per day, in compliance with the OPEC Plus agreement to control production, did not significantly improve the Iraqi oil revenues, which remained ranging around (3) billion dollars until Last September, compared to (6) billion dollars achieved in January of this year.

    The current financial crisis in Iraq is a reflection of the weakness of reform policies and economic diversification, and the consequent serious distortion of the right of the public budget in both its revenue and spending levels during the years following the year 2003. On the revenue side, the excessive dependence on oil undermined the chances of stabilizing government revenues, especially with the weak government efforts in Maximizing and mobilizing non-oil revenues and the acquisition of oil for more than 90% of government revenues. As for government expenditures, they continued to balloon outside the limits of the government's financial ability, without achieving significant returns in investment, services and infrastructure. Operating expenses increased in favor of unjustified government employment policies and unjustified consumption expenditures.

    With regard to the current financial situation in Iraq, the figures of the Ministry of Finance indicate that Iraq has achieved total revenues of approximately (53) trillion dinars, of which (33) trillion dinars are oil and non-oil revenues, in addition to the revolving balance from the year 2019 to 2020 of (5) trillion dinars and a loan The Ministry of Finance, according to the Internal and External Borrowing Law No. (5) of 2020, amounting to (14.5) trillion dinars. Whereas, financing expenditures for the same period amounted to approximately (51) trillion dinars allocated to salaries, retirement, social protection network, debt premiums, interest, ration card, wheat, operational expenses for security departments, presidencies, health departments, medicines ... etc. An amount of (380) billion dinars for investment projects, according to work achievements. Thus, the remaining amount is approximately 1.8 trillion dinars until mid-September.

    Iraq has not had the opportunity to establish stabilization funds capable of absorbing shocks in the oil market and bridging the financing gap, as is the case in the Arab Gulf states. This makes the options for financing public spending in Iraqi dinars limited to the value of crude oil sales to the central bank, and non-oil revenues such as taxes, fees, corporate profits, and sales of government assets and property, which annually cover no more than (3%) of total public spending. And finally, internal loans from the banking system, which are re-deducted with the central bank, so that the latter would indirectly finance the federal government’s debts, given the inability of the Central Bank, according to its law (56 of 2004), to directly finance government loans.

    Despite the shortcomings of borrowing in general, the financial and economic situation in the country makes it imperative for the government to adopt an expansionary fiscal policy partly funded by internal public borrowing to compensate for the economic recession caused by the decline in oil prices and the Corona pandemic in most economic sectors in the country. Especially with the increase in unemployment rates as a result of the decline in public and private investment projects and the shrinking of private sector activity, which increases the role of government spending (salaries and government purchases) in continuously moving the productive and service sectors.

    In recent times, the option of reducing the value of the Iraqi dinar has been proposed to achieve financial goals (maximizing government revenues) and economic goals (supporting the national product). In fact, all these calls fail to realize the naturalness of the economic, financial and social costs resulting from this policy in comparison to the returns that may be realized. Resorting to lowering the Iraqi dinar to finance the financial resources gap is not an appropriate option at the present time, and for several reasons, the most important of which are:

    1- Weak government revenues generated from this option, estimated at (600 billion dinars) per month, if the exchange rate of the dinar is reduced to (1500) dinars against the dollar instead of (1182) dinars against the current prevailing dollar.

    2- The high exchange rate of the dollar in a country that depends on imports to feed the domestic demand for various types of goods and services means generating spiral inflationary pressures that erode the cash incomes of the middle classes and seriously crush the poor classes.

    3- The central bank’s foreign dollar reserves are still within comfortable ranges ($ 53 billion), which makes the domestic borrowing policy possible even with the widening gap between the Ministry of Finance’s sales to the central bank and the latter’s sales of the dollar to the private sector.

    4- The devaluation of the Iraqi dinar at this stage cannot be considered a necessity to raise the capacity of the national product for several reasons, the most important of which is the lack of productive capacities and national goods capable of competing in international markets for the purpose of supporting them by reducing the exchange rate.

    5- It is very likely that the procedure to reduce the value of the Iraqi dinar will lead to strong speculation on the dinar by transferring the cash balances (hoarded and saved) from the dinar to the dollar in order to preserve the real value of those assets, which leads to an increase in the demand for the dollar and the transformation of local exchange systems towards dollarization, as happened. In Lebanon.

    * Researcher at the Al Furat Center for Development and Strategic Studies / 2004-2020
    http://www.fcdrs.com

    LINK

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  10. Central Bank of Iraq: Returning Iranian funds to Iraq "is not possible"

     
    Economy  ,   2020/10/23 19:12  
     
     

    image.jpeg.725ea81ac55aeba24737e9d4476df4ef.jpeg

     

    Baghdad - Iraq today:

     

    The director of the media office of the Central Bank of Iraq, Yasser Jabbar Aflouk, said that officials in the Iranian banking sector had visited Iraq, accompanied by a representative from the Iranian government, and had asked Iraq to transfer Iranian money in Iraq into the Iraqi dinar and return it to Iran, but officials of the Iraqi Central Bank said explicitly that “ The money will not enter Iran directly. "

    The Iraqi official’s statements come days after the visit of Abdel Nasser Hemmati, head of the Iranian Central Bank, to Iraq and the announcement of the imminent return of nearly $ 5 billion of Iranian funds frozen in Iraq against the backdrop of US sanctions imposed on the Iranian banking sector.

    Yasser Jabbar Aflouk added that, before the US sanctions were imposed on it, Iran used to take the money it obtained from trade with Iraq in the form of dollars and take it from Iraqi banks.

    It seems that the recent US sanctions have closed the limited financial outlets that existed between Iran and Iraq, which further exacerbates the economic situation of Iran, as Tehran viewed Baghdad at this stage as the lung it breathed from and the only way to obtain foreign exchange.

    The Iranian government and the Central Bank have been trying for some time to recover Iran's frozen funds in Iraq, and it has tried to do so through Iraqi government banks, as well as non-governmental banks, and even with the help of Iranian banks in Iraq, but the director of the media office of the Central Bank of Iraq, Yasir Jabbar Aflouk, said in this context that This is not possible.

    The Iraqi official emphasized that the Iraqi Trade Bank (TBI) is the only institution that can make a decision regarding Iranian funds in Iraq, however, this bank should also seek permission from the central bank that has restricted its activity with Tehran due to US sanctions.

    link

     

    • Upvote 4
  11. LINK

    Iraqis mock the formation of an international financial alliance: Iraqi competencies are deliberately disabled

     

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    23rd October, 2020

     

    A number of Iraqis mocked the formation of an international financial coalition to support Iraq in the current financial crisisdue to resorting to foreign competencies and not relying on Iraqi competencies

    And announced yesterday in London, the establishment of an international financial alliance under the name “Economic Contact Group that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to confront the stifling financial crisis. The financial alliance will aim to stimulate international support for an urgent economic reform program that will last for 3 years and at a cost of 6 million pound. And providing global expertise to achieve economic growth and providing international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes to drive growth

     The International Financial Alliance to support Iraq includes: America, Britain, Japan, France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and from Iraq it includes the Ministry of Finance, the Central Bank of Iraq and the Parliamentary Finance Committee

    An economics professor at Basra University, Nabil Al-Marsoumi, said that the establishment of this alliance means the ineffectiveness of the advisory body in the Council of Ministers and the economic teams in the Ministries of Finance and Planning and its inability to find effective solutions to the current financial crisis and the Iraqi government having to contract with foreign authorities to import solutions like other commodities. Which we import from abroad despite the government's release of its white paper, which it sees as an important reform recipe to alter the paths of the Iraqi economy

    On the other hand, the economist, Dr. Maytham Laibi said, the Al-Kazemi project is an international American project, unfortunately, not a national project, and it is a project against the Iranian threat, explaining economically Al-Kazemi presented his reform paper, which is a paper of international institutions subject to its requirements, and a paper that needs financial support that can be it is obtained from an international coalition established for this purpose by agreement of a group of superpowers and their institutions, according to a medium-term schedule of 3-5 years.  He explained, "The man (Al-Kazemi) is planning to stay, and he will remain dependent on the opponents’ plans in the coming months, which could be plotted against him in order to bring him down

    Laibi expected that the economic reform will continue without "tangible" changes in the exchange rate or "sharp" deductions for employees' salaries ... as these sharp and tangible changes could undermine the stability required to implement the reform package

    • Upvote 3
  12. LINK

    Al-Kazemi, walking on a rope between two buildings, dances with snakes, looking for a pipe

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    23rd October, 2020


    The Iraqi Prime Minister, Mustafa Al-Kazimi, confirmed that he is forced to achieve an impossible balance between the United States and Iran, indicating, "I dance daily with snakes, but I am looking for a flute to control them."

    Al-Kazemi's interview came in an interview with the British newspaper "The Guardian". Al-Kazemi was appointed prime minister, a former British citizen and journalist - after unprecedented protests, and since then he has governed a program to hold early elections, improve security, and prevent the collapse of Iraq's oil-dependent economy. In a press briefing after his meeting with British Prime Minister Boris Johnson, he pledged that elections in Iraq would take place on June 6, saying that "the election date is indisputable, and we are committed to it."

    A thousand years of debate

    Some accuse Al-Kazemi of moving with extreme caution, but he told reporters that patience is better than being drawn into bloody chaos and civil war, adding, "A thousand years of discussion is better than a moment of exchange of fire."

    According to the Guardian, Al-Kazemi is trying to walk a compromise between the United States and Iran, saying: "I am on a rope between two tall buildings. I am not required to walk on a rope, but to ride a bicycle on the rope. I dance daily with snakes but I am looking for a flute to control snakes." 

    Fears that Iraq would become the scene of a military confrontation between the United States and Iran before the US presidential elections increased when Washington slowly reduced its 5,000 troops in Iraq, and last month threatened to close its embassy unless the Iraqi government curbed militias loyal to Iran. But the militias promised a ceasefire if a timetable for the withdrawal of US forces appeared.

    Al-Kazemi said that he was in the process of sensitive negotiations regarding further withdrawals of US forces, and the conditions for their redeployment after the US elections.  He added, "Everyone is looking for an opportunity for dialogue. We are looking for an opportunity to overcome this sensitive issue and its repercussions, whoever is in the White House." Despite this, he noted that ISIS remains a daily threat to Iraq. At the same time, he pledged to bring Iran-backed militias under control, telling reporters, "No weapons outside the control of the state will be allowed."

    The Guardian referred to what Iraq witnessed last Saturday, “when loyalists of the Popular Mobilization factions, backed by Iran, burned the headquarters of the Kurdistan Democratic Party in central Baghdad. At least eight citizens in Salah al-Din governorate were subjected to field executions at the hands of militias loyal to Iran, as well. Alleged."

    The British newspaper added, "It remains to be seen whether its security forces can put militias, such as Asa'ib Ahl al-Haq, under control, or whether state control will be just talk." Al-Kazemi believes that the lack of jobs, poor health services and corruption are what drives young people to militancy, adding that other countries such as Colombia have found a way to deal with militant groups.  Since coming to power, Al-Kazemi has published the White Paper that aims to reduce public wages from 25 percent of GDP to 12 percent. He added that the country's political class has become lazy through its dependence on oil.  During his tour in France, Germany and the United Kingdom, he described the white paper as a signal to foreign investors that he had a serious plan of three to five years to train Iraq not to be overly dependent on oil.

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  13. LINK

    Al-Kazemi: Iraq plans to maximize investment opportunities and provide suitable climates for companies

     

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    23rd October, 2020

     

    On Friday, Prime Minister Mustafa Al-Kazemi affirmed his government's keenness to provide "a healthy environment and a suitable climate" for the investing companies operating in the country, indicating that Iraq plans to maximize and expand investment opportunities

    The media office of the Prime Minister said in a statement, which "Al-Iktissad News" received a copy of, that "the Prime Minister, Mustafa Al-Kazemi, and on the sidelines of his current visit to Britain, met with heads of a number of British companies in various fields and sectors

    Al-Kazemi stressed, during the meeting, "the Iraqi government's keenness to provide a healthy environment and appropriate climates for investing companies operating throughout the country

    And Al-Kazemi stated that "Iraq is planning today to maximize and expand investment opportunities, in light of the country's actual need for investors to enter into many service and sector projects, which would accelerate the Iraqi economy forward and provide more job opportunities for our people

    ######

  14. LINK

    The Bank, the World Fund and the Group of Seven declare their support for the White Paper

     
    The Bank, the World Fund and the Group of Seven declare their support for the White Paper
     
     
    10/22/2020 21:21:03
     
     
    The Bank, the World Fund and the Group of Seven announced their support for the White Paper.

     

    The Deputy Prime Minister and Minister of Finance participated in the first meeting of the Economic Contact Group for Iraq, which was hosted by the British Minister of State for Middle East and North Africa Affairs and  chaired the meeting, Iraq and the World Bank, with the participation of members of the Finance Committee in the Iraqi Parliament, and representatives of the G7 member states and the International Monetary Fund. The participants expressed their support for the recently adopted economic reform white paper.

    The Deputy Prime Minister and Minister of Finance expressed his appreciation to the United Kingdom for hosting the meeting, and presented a summary of the objectives of the White Paper for economic reform and stressed that supporting the Economic Contact Group will enhance Iraq's ability to face the challenges of the next stage.

     

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


    LINK

    Washington looks to support an ambitious reform agenda that promotes a strong economy for Iraq

     
    Washington looks to support an ambitious reform agenda that promotes a strong economy for Iraq
     
     
    10/22/2020 23:21:47
     
     
    The US embassy in Baghdad published, on Thursday evening, a tweet about Washington’s participation in the launch of the Economic Contact Group on Iraq.

     

    "The United States was pleased to participate in launching the Iraq Economic Contact Group with Finance Minister Ali Allawi," the embassy said in its tweet on Twitter. 

    "We look forward to supporting an ambitious reform agenda to work to promote a strong economy for the Iraqi people," she added.
    • Upvote 3
  15. LINK

    The formation of an international financial alliance to support Iraq in Britain

     

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    22nd October, 2020

     

    Today in London, I announced the establishment of an international financial coalition that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to face the stifling financial crisis that led to the state’s inability to commit to paying employees’ salaries on time and resort to internal and external borrowing

    According to the British Foreign Office, the financial alliance will be called the "Economic Contact Group" and its goal is to stimulate international support for an urgent economic reform program that will last for 3 years and cost 6 million pounds

    According to the statement of the British Foreign Office, which was reviewed by "Economy News", the financial alliance provides global expertise to achieve economic growth and provide international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes in order to push the wheel of growth

    The International Financial Alliance to support Iraq includes the G7 countries, which are "America, Britain, Japan, France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and from Iraq includes the Ministry of Finance, the Central Bank of Iraq and the Parliamentary Finance Committee

    After the first meeting of the financial alliance, he issued a statement saying, "Iraq is facing daunting economic challenges that have been broadly overshadowed by two crises, the Corona virus crisis and the decline in oil prices

    He stressed, "There is a need to take immediate measures to achieve stability in the economy and create a comprehensive economic environment suitable for the implementation of the reform, as the members of the Economic Contact Group for Iraq agreed to work with the Iraqi government to put an out-of-way way to set the sequence and priorities of reforms in addition to mobilizing international support to implement these reforms

    He noted that the Iraq Economic Contact Group will hold its meetings every three months to monitor progress, manage risks and coordinate support effectively, and this includes two annual meetings on the sidelines of the Spring Meetings and the Annual Meetings of the World Bank

    She added, "It supports the Iraqi government's vision of reform, not only to ward off current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations

    Meanwhile, Finance Minister Ali Allawi said that the white paper received absolute support from industrialized countries and international organizations for the first time , indicating that international support and welcoming the white paper is an achievement of the Ministry of Finance

    He added, "The international organizations saw that Iraq faces daunting economic challenges overshadowed by the crisis of Corona and the decline in oil prices, and that the White Paper is an ambitious program for comprehensive economic reform, strengthening the growth of the private economy and protecting the most vulnerable groups

    He pointed out that the industrialized countries and international organizations announced their support for the Iraqi government's vision of reform not only to ward off the current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations

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

    • Upvote 4
  16. LINK

    German Siemens: We added 791 megawatts to the electric power in Iraq

    %D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8
     
     
    18:38 - 10/22/2020
     

    A report by the British newspaper The National confirmed in a report, Thursday, that the German industrial giant Siemens is in discussions with the Iraqi government to advance work on the second phase of a $ 15 billion roadmap for energy rehabilitation, and it also helps the country to stop technical losses related to bypass. On the electrical network.

    "There are two projects that have not been completed yet, and we are working on the financial closure of these projects," the newspaper quoted in its report, translated by the agency / Al-Maaloumah, the managing director in the Middle East of Siemens Energy, Dietmar Searsdorfer, as saying in an exclusive interview.

    He added that "the company is in talks to reach a financial closure for energy projects that will add 1.3 gigawatts to the Iraqi electricity network by the summer of 2021, and Siemens has already added 791 megawatts of electrical energy to the Iraqi grid, which is enough to provide electricity to about 3 million people."

    The report continued that “the habit of building energy infrastructure in Iraq, which has been destroyed by decades of war, is at the top of the government's list of priorities. The disrupted network of facilities was a major factor behind the protests across the Iraqi provinces during the summer months, when temperatures reached 50 degrees Celsius, ”Sursdorfer said, “We are in the first phase, trying to complete projects to build a new generation and are now looking at the projects that they will put in place. For the second stage.”

    He continued, "Siemens is working to connect the stations in Maysan, Rumaila and Shatt Al Basra, which are expected to add 2,200 megawatts of energy to the grid. The company also signed an agreement worth $ 1.3 billion to rebuild two power plants destroyed by ISIS as part of the second phase of the road map last year."

    The report noted that “Siemens will test the billing system in Iraq that has succeeded in Latin America and Africa to reduce losses to service providers, as the system will also allow end-users to access electricity in prepaid mode.” “You can pay with your cell phone for electricity, as you can now buy 10 pounds or $ 10 worth of electricity, and an efficient collection system will also enable job creation, as the operating distribution and transportation network requires adequate infrastructure in addition to measuring technology that needs to be manufactured,” said Searsdorfer locally".

    The Munich-based company is helping the Iraqi Ministry of Electricity manage systemic losses, which have cost the energy sector and the government billions of dollars in lost revenues, weakening the already fragile economy, while former Electricity Minister Luay Al-Khatib said earlier this year that Iraq had lost an estimated $ 12 billion due to the theft of electricity in 2019.

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  17. LINK

    Mulla Talal: Freezing the decision to close the US embassy in Baghdad until evaluation

    image.php?token=b4a1140446d562b381074a229788563d&size=

     

    23rd October, 2020

     

    A spokesman for the Prime Minister's Office, Ahmed Mulla Talal, revealed that the United States was freezing the decision to close the American embassy in Baghdad.


    Mulla Talal said that the internal and external efforts of Prime Minister Mustafa Al-Kazemi's efforts resulted in dissuading the United States from the decision to close its embassy in Baghdad, but the decision is present and the date of its adoption was not specified until the evaluation.


    Regarding the relations between Baghdad and London, Mulla Talal added that Al-Kazemi's visit to Britain was pivotal to strengthen the strategic, economic and military cooperation agreement, considering the United Kingdom as a key partner in the fight against ISIS.

    • Haha 1
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  18. LINK

    Turkish helicopters bomb two villages north of Erbil

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    23rd October, 2020


    According to eyewitnesses, Turkish military helicopters bombed two villages, north of Erbil Governorate, the capital of the Kurdistan Region, on Thursday evening, without knowing the size of the losses immediately.

    The witnesses told Shafaq News Agency, that "Turkish helicopters bombed the villages of Mirka Ras and Siran in the Bardawst area, north of Erbil." They added that the bombing lasted for 45 minutes. 

    Witnesses were not able to know the size of the losses, given that the two villages were deserted and their residents were displaced as a result of the ongoing conflict there between the PKK and Turkish army fighters.

    • Thanks 2
  19. LINK

    Parliamentary Finance: The salaries of employees may be delayed until after the end of the month

     

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    23rd October, 2020

    The Parliamentary Finance Committee clarified, on Friday, that the salaries of employees may be delayed by the government due to the need for the borrowing law, which must be voted on by Parliament, pointing out that the vote on the law needs a week at least, which may lead to the passage of this month.

    Committee member Jamal Cougar said in a press interview, "The House of Representatives must include the borrowing law on its agenda and hold a session during the current days for a first and second reading and voting on it."

    He added, "This week is the last week in October, and therefore the vote on the borrowing law needs a week at the very least." And that "the salaries of employees may be delayed due to the delay in the borrowing law, which needs the mentioned period, readings and discussions in order to vote on it, and therefore the current month will end without launching salaries."

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

    Parliamentary Finance: The salaries of employees may be delayed until after the end of the month    LINK

  20. The elites acknowledge the forces ’attempt to hold the government responsible for the mistakes accumulated since 2003 .. Where did the explosive budgets go?
     

    10/19/2020 9:34:47 AM  
     
    image.jpeg.ee02b37fc53ccdd33664b3ed6254f2e8.jpeg
     

     

    Baghdad / The Obelisk: 

     

     

    MP Ziad Al-Janabi’s call for not holding the government responsible for the mistakes accumulated since 2003 reveals the widespread media propaganda launched by political parties against the government of Prime Minister Mustafa Al-Kazemi, in which it aims its failures and mistakes on the Al-Kazemi era, believing that the Iraqi people can forget The facts documented in Iraqi history since 2003, that the dominant political forces were the ones who formed the previous governments, and they are the ones with the first failure.

     

    The dominant parties besieged by the people and the demonstrators vanguard do not seem to be indifferent to these facts, and they are trying with everything in their power to put the Al-Kazemi government in its betrayal, and to portray it as "failed" and "helpless", in order to join the black list established by the Iraqi people of those forces that ruled 17 Years old.

    Rather, these forces, according to analyzes, do not want to assume responsibility after today, despite the permanence of their positions, positions and privileges, and rather they do not care to support the government in facing the economic crisis, but rather believe that this crisis is in their interest in order to distort the image of the Al-Kazemi government.

    The leader in the Sadrist movement, Hakim al-Zamili, had admitted the failure of previous eras, especially the mistakes made by the government of Adel Abdul Mahdi, in the lack of seriousness in combating corruption, the management of the state by some partisan, political and tribal bodies, and reliance on material relations to choose personalities for some positions, especially In the security, military and other aspects.

    Observers say that the parties do not seem ready with the importance of compromising for the sake of the people's interests, and they are still fighting each other in order to obtain positions and deals relying on that Al-Kazemi may have no political support because he does not have a political bloc to support him.

    In an indication of the lack of interest of the allied forces against Al-Kazemi, they refuse to admit failure despite the fact that Iraq is facing a complex and insurmountable economic crisis, but rather threatens bankruptcy and the collapse of the institutional and social structures.

    The accumulation of errors in the political curricula that ruled the country since 2003 led to the arrival of Iraq to anxious and deadly options, represented by mortgaging its economy with loans and wasting its wealth among the parties that managed to reach power after the fall of Saddam Hussein's regime.

    Despite the vast wealth, the land rich in oil, phosphates, agriculture, and the diversity of resources, Iraq has become classified among the poorest, corrupt and devastated countries, because of the mismanagement that wasted huge explosive budgets.

    Iraq today, after five successive governments, is owed $ 120 billion, and is unable to pay the salaries of its employees, who number about 7 million, according to official figures.

    Obelisk

    LINK

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  21. Banks profit 1.5 million dollars a day.” A deputy identifies 3 reasons that allow the exit of large amounts of money from Iraq

     

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    1,265 Policy 2020/10/21 21:06 


    Baghdad today - Baghdad,
     

    a member of the Parliamentary Economic Committee, MP Ali Al-Lami, on Wednesday (October 21, 2020), identified 3 main reasons for the exit of huge sums of money from Iraq, while he revealed banks that profit one million and 500 thousand dollars a day, according to his saying.

    Al-Lami said in an interview with (Baghdad Today), that "a lot of money is coming out daily from Iraq for three main reasons, the first is the failure to revitalize the economic and agricultural sector and the push to import almost everything, and this matter is due to the existence of a political will trying to stop any attempts to revitalize these sectors and pay The frequency of purchasing all needs, which is conducted through hard currency. "

    He added, "The hard currency auction represents one of the most important gates of corruption in Iraq," pointing out that "the profits of some banks reach one million and 500 thousand dollars per day and those funds are transferred through forged invoices, in addition to the rampant corruption in ministries and institutions that pays a lot of Investors, including the Iraqis, to transfer their money abroad to invest in other countries, "noting that" the transfer of these large funds has negative repercussions on the economy and leads to weak movement and consequently the growth of acute unemployment rates. "

    Al-Lami pointed out that "the most important solutions to prevent the depletion of hard currencies and put them out of the country is the presence of political will and national solidarity from the blocs, the government and parliament to support the revival of the industrial and agricultural sectors because the cost of production is lower and thus we maintain the presence of hard currencies in support of national production, in addition to providing a safe environment." "For investors, especially Iraqis, and pushing them to invest internally and to reconsider the currency auction filebecause it represents a gateway to corruption, as well as addressing the file of corruption in the ministries because it is protected by political cover."

    Today, Wednesday (10/21-2020), the head of the Change Bloc in the House of Representatives, Youssef Muhammad confirmed, that Iraq possesses important judicial and banking documents related to smuggling Iraqi money abroad through spoilers. 

    Representative Yusef Muhammad said in a statement received (Baghdad Today), "It is necessary for the authorities to take strict measures against the corrupt, and to stop the bleeding of Iraqi funds, through corruption, in parallel with implementing what is found in the white economic reform paper."  

    "The financial situation in the country requires difficult and bitter decisions in restructuring the economy in the country," he added, stressing that "these reforms have no value without there being decisive measures to fight corruption." 

    The head of the Change Bloc in the House of Representatives called for "to give great importance to the file of recovering Iraqi money smuggled abroad after 2003 during the next stage, and for the political class in the country to assume its responsibility towards the economic crisis, and to help return those money through the information it possesses about it."

    Muhammad stressed, "The presence of important documents in this file through which the existence of these funds and their value can be inferred, in cooperation with European expertise that the government can use in order to uncover them, in addition to the presence of appropriate grounds in some European countries and the United States of America to help other countries return Smuggled money obtained through corruption. "

    He suggested that "the smuggled money is worth tens of billions of dollars."

    link

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  22. Al-Kazemi assures the British Foreign Secretary that the Iraqi government is seeking to achieve reform

     

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    277 Policy 2020/10/22 19:32 ht 


    Baghdad today - Baghdad 
     

    The Prime Minister, Mustafa Al-Kazemi, Thursday, October 22, 2020, during his meeting with the British Foreign Minister, Dominic Raab, affirmed the Iraqi government's serious pursuit of reform.

    The media office of the Prime Minister said in a statement received (Baghdad today), "Al-Kazemi received at his residence in the British capital, London, the British Foreign Minister, Dominic Raab." 

    The statement added that "the meeting discussed the security and political situations in Iraq and the region, and ways to enhance joint cooperation between the two countries in various fields, especially in the economic and security fields." 

    Al-Kazemi referred to "the Iraqi government's serious endeavor to achieve economic reform, and to make Iraq an attractive environment for investment, through international cooperation with its partners in the world," stressing that "the opportunity is available for British companies to invest in Iraq, and the government's keenness to provide appropriate environments for work."

    link

    • Upvote 1
  23. LINK

    The Iraqi parliament confirms concerns about employee salaries

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    22nd October, 2020


    The Iraqi parliament confirmed, on Thursday, that paying the salaries of employees in the country depends on the passage of the borrowing law presented by the Iraqi government.

    Bashir Haddad, Deputy Speaker of Parliament, said in a press conference, which was attended by Shafaq News Agency, "Iraq is going through bad economic conditions and does not have sufficient cash liquidity to pay salaries, and therefore the parliament will discuss, in next Saturday's session, the borrowing bill." He added, "The law will be included on the agenda for the first reading, and according to the bill, the government requests that it have broader powers and that Parliament gives it approval to borrow an amount of 41 trillion dinars to fill the deficit in the remaining three months of this year."

    Haddad said, "We believe that parliament will approve the law, but with several conditions, including studying the reform paper - the white paper - sent by the government, and on the basis of which the law will be voted on because we are obliged." He stressed, "If the law is not voted on, the salaries for the remaining three months will not be paid."

    It is customary to pay the salaries of employees, starting from the 15th of each month and until the 26th of the same month, but last September, the salaries of government employees were late for the first time due to the financial crisis. And the Iraqi Finance has previously confirmed that the financial pressure in the country will continue in the foreseeable future, as the country's main source of income from oil exports will be constantly affected by the global decline in demand and the massive outbreak of the Coronavirus. And last September, the total financial revenues from the sale of oil amounted to 3.1 billion dollars, while Iraq needs 5 billion dollars to cover the salaries of 4.5 million state employees. And Iraq, the second largest producer of crude in the "OPEC" after Saudi Arabia, with a daily average of 4.6 million barrels in normal conditions, and depends on crude to provide more than 90 percent of its revenues.

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