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CNN. Broadcasting While Taking Bids To Sell Off The Auctions ! So Far The Highest Bid Is From Davis Offering A Camel Thong - That He’s Willing To Model ! Parliamentary Finance: Al-Kazemi has the powers to cancel the currency auction Policy 05/30/2020 15:18 28 Editor: gf Baghdad today - Baghdad Member of the Parliamentary Finance Committee, Hanin Qaddo, confirmed on Saturday (30 May 2020) that Prime Minister Mustafa Al-Kazemi owns the powers to cancel the foreign currency auction at the Central Bank . Qaddo said in an interview with (Baghdad Today), that "the Prime Minister, has the powers to cancel or stop the auction of foreign currencies in the central bank." He added, "This matter provided that it is attached to a study or documents proving the existence of money laundering operations, or corruption operations occurring during the sale operations," stressing "the need for the government and the central bank to control the exchange rate of the dollar against the Iraqi dinar in Iraqi markets." Often, deputies from different blocs and components talk about the existence of major corruption operations that take place at the auction of currency sales by banks and personalities accused of money laundering operations . A member of the mini-parliamentary committee concerned with following up the implementation of the budget, Abdul Hadi Al-Saadawi, spoke Monday (July 08, 2019) about the exit of the currency auction from the control of the central bank, while the latter sold $ 150-200 million on a daily basis . Al-Saadawi said in a press statement, that "there are problems and irregularities recorded on the sale of the currency by the central bank, as well as the currency exchange rate, which is often mobile and unstable in most cases," noting that "any candidate for the position of the governor has to sit with the parliamentary finance to discuss These two things . " LINK

CNN. Broadcasting While Ordering Another Round Of Kuwaiti Kahlua Shots South Of The Border ! After Allawi's visit to his country ... a former Kuwaiti deputy talks about "exempting Iraq" from debts of $ 3 billion Policy 05/28 2020 09:27 1902 Editor: am Baghdad today - follow up The former Kuwaiti MP, Abdul Hamid Abbas Dashti, revealed, on Thursday (28 May 2020), that his country exempted Iraq from debts amounting to 3 billion dollars, and postponed other payments. Dashti wrote in a tweet on the Twitter site and followed it (Baghdad today): "Congratulations for Iraq, to exempt debts of $ 3 billion due to Kuwait, and to postpone a debt of $ 1.6 billion." He added, "They deserve (deserve) our people in Iraq, and we hope that the Kuwaiti people will enjoy the same treatment." Neither Kuwait nor Iraq has formally announced the existence of such an agreement between the two countries, as was previously the practice. The Iraqi Minister of Finance, Ali Allawi, had said, after his visit to Kuwait, that he had proposed that "Kuwait postpone or cancel about 3 billion dollars due to Iraq on compensation for the 1990-1991 Gulf War." Allawi said: "This will help the flow of liquidity significantly, in addition to other measures that would help stabilize the situation . " Iraq had stopped making payments in 2014 during the war against ISIS, who controlled a third of the country but resumed in 2018, and now, 3% of oil export revenues go to Kuwait, which is also suffering from low oil prices . And Iraqi Finance Minister Ali Allawi began a Gulf tour last Friday in an effort to secure sums to avoid the country from defaulting on the salaries of millions of employees in the wake of the collapse of crude oil prices. LINK

CNN. Broadcasting While Shouting - Stop The Presses ! I’ve Always Wanted To Say That ... An economist defines 3 controls for printing new quantities of the national currency and warns of the harm of a group of society Economie 05/25 2020 23:22 177 Baghdad today _ Baghdad The economist, Rasim al-Akidi, spoke today, Monday, of the 3 most important regulations that must be observed when printing the national currency, in order to prevent the high prices in the country and the poor segments. Al-Akidi said, in an interview with (Baghdad Today), that "any process of printing the Iraqi local currency must take into account 3 important factors, which are the monetary mass (the amount of money that is printed) the volume of the deal (that is, after the currency is printed how much will be its size in the markets Shops, homes, banks) and trading volume (i.e., the number of activities that deal in the national currency, and how many activities that deal in hard currencies, including the dollar). Al-Akidi added, "Any process of printing the national currency must be printed according to the economic cycle of the country, i.e. the sum of all commercial activities and practices that take place and on the basis of which the volume of monetary transactions will be." The economic expert pointed out that "when Iraq printed 40 trillion dinars and then reached 56 trillion in the past years, that was according to the economic cycle of the country," noting that "any increase in printing is more than the need of the economic cycle will create more monetary mass than the market needs What leads to the creation of inflation that pushes up prices and affects the purchasing power of many segments, especially the simple and the low-income. " A well-informed source at the Ministry of Finance, on Wednesday (May 13, 2020), denied that there was any resort to the option of printing the currency to face the economic crisis. He said in an interview with (Baghdad today), that "the option of printing the currency to provide salaries is excluded and not presented to the meetings of officials at the present time." Economists offer the option of printing controlled amounts of the currency or reducing the value of the dinar against the dollar to provide additional resources that will flow into the state treasury to secure the operational budget, including the salaries of employees. link

CNN. Broadcasting With Big Bucks - No Whammies ! Member of Parliament Finance reveals the existence of 80 billion dollars of Iraqi money in the American treasury[/size] Policy 05/24 2020 01:36 1336 Baghdad today - Baghdad Member of Parliamentary Finance Committee Muhammad Sahib al-Darraji revealed, on Saturday (23 May 2020), that there are 80 billion dollars of Iraqi money in the US Treasury. Al-Daraji said in a televised interview I followed (Baghdad today), that "Iraq possesses financial reserves of approximately 80 billion dollars in the money of the central bank, in the form of cash, bonds and alloys in the US Treasury." And he talked about the financial situation of Iraq and its economy, which depends only on oil imports, and said that "Iraq is more like a gas station, if its prices rise, the standard of living of the Iraqi individual becomes good and if it falls, then his affairs decline and deteriorate." And Al-Darraji said, "Iraq’s financial imports for the month of April reached nearly one billion and 400 million dollars, while Iraq needs an operating budget that needs approximately 5 billion dollars." He pointed out that "Iraq's financial imports during 2019 amounted to nearly 78 billion dollars. That is, what he enters in monthly money was more than $ 6 billion. The UN Security Council committed the Iraqi government at the end of 2010 to develop a plan to receive it the tasks of overseeing the Development Fund for Iraq from the United Nations at the end of 2010, after which Iraq would place it in the US federal treasury to ensure immunity by the US Presidential Law on it that would protect Iraq’s imports Oil from seizure by many creditors. " And revealed the member of the Finance Committee in the Iraqi parliament, the deputy from the "Kurdistan Islamic Union", Jamal Kujer earlier on the details of the debt funds owed by Iraq. He said in a press statement that "the debts incurred by Iraq include two classes: the first is odious debts, and the second, regular, includes international monetary loans, JICA, the Japanese loan, and another group of loans, which the state has resorted to in special circumstances, for special projects." Cougar added, that the odious debt, "was 48 billion dollars, of which about 22 billion dollars was paid, and it includes compensation for Kuwait, the Gulf War, and others." He continued, "As for the debts of Bahrain and Saudi Arabia, all came from the issue of Saddam Hussein's purchase of arms from it, and from the rest of the Gulf states, in his war with Iran in the eighties of the last century." He continued, "Also includes the odious debts, resulting from Iraq, from Saddam Hussein's invasion of Kuwait and parts of Saudi lands." He continued, "40 billion dollars in debt to Saudi Arabia, Iraq refuses to recognize, and pay, because Saudi Arabia and the Gulf states were supporting Saddam Hussein in his war with Iran, and after the American invasion of Iraq in 2003, these countries transferred these funds from Support to loans, so the new governments did not recognize them, they did not recognize, and only recognized the debts arising from the invasion of Kuwait. link

CNN. Broadcasting On The ‘Fly’ While Arriving In In Riyadh ! The Finance Minister arrives in Riyadh and delivers a message from the Prime Minister to the Saudi Crown Prince Saturday 23 May 2020 Baghdad / Omar Abdul Latif Iraq and Saudi Arabia held a discussion session that witnessed the delivery of Finance Minister Ali Abdul-Amir Allawi, a letter from Prime Minister Mustafa Al-Kazemi addressed to Crown Prince Mohammed bin Salman. The Iraqi embassy in Riyadh stated, in a statement, that a copy had been received by "Al-Sabah", that the Minister of Finance and Minister of Oil and Agency had arrived in Riyadh as an envoy from the Prime Minister, and he was received by Mohammed Abdullah Al-Jadaan, the Saudi Minister of Finance, and Majid bin Abdullah bin Othman Al-Qasabi, the Saudi Minister of Commerce The Saudi side in the Iraqi-Saudi Coordination Council, Abd al-Rahman al-Harbi, head of the General Authority for Foreign Trade, and the Iraqi ambassador to Saudi Arabia, Qahtan Taha Khalaf. She added that a discussion session was held between the two sides, during which a message was sent from Prime Minister Mustafa Al-Kazemi addressed to Crown Prince Mohammed bin Salman, and cooperation between the two countries and mechanisms for its activation were also reviewed. She pointed out that the Iraqi side stressed that the government is serious in developing bilateral relations with the Kingdom, and that there is an eagerness from the Prime Minister to activate cooperation in all fields between the two countries at a faster pace to ensure the achievement of economic returns. The embassy continued that the two sides confirmed that the opening of the Arar crossing between the two countries is a key factor in achieving a breakthrough in the fields of economic and investment cooperation between the two countries. For his part, the Saudi finance and trade ministers affirmed that the Kingdom’s leadership represented by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman have a steadfast approach to developing relations in all fields with Iraq, and they expressed the kingdom’s readiness to open up to Iraq and open the horizon of economic, commercial and financial cooperation between the two countries, Pointing out that the Saudi private sector with its capabilities has the desire to enter the Iraqi market and invest in Iraq in a way that benefits both countries. It was agreed to continue holding the bilateral meetings with the aim of evaluating the stages of cooperation and their development between the two countries. The embassy clarified that the Minister of Finance met with the Saudi Energy Minister A bdulaziz bin Salman, as the two sides discussed oil cooperation between the two countries and the possibility of benefiting from Saudi goods, the global position of oil prices in light of the price drop due to the Corona pandemic, the importance of adhering to the OPEC + Russia agreement, and reducing production to ensure achievement The balance between supply and demand in the oil market and access to fair prices for producers. The two sides stressed the importance of continued positive communication between the two countries in unifying the oil policy to ensure market stability and encouraging the rest of the producing countries to commit to reducing production to ensure higher oil prices and to achieve stability in oil prices. The embassy also indicated that Allawi met with Saudi Foreign Minister Faisal bin Farhan and a number of ministry officials, as the two sides affirmed the depth of fraternal relations between the two countries, and the Iraqi government's readiness to strengthen ties with the Kingdom and coordinate positions on Arab and international issues of common concern. In turn, Farhan expressed Saudi support for the government of Iraq and its efforts to overcome the plight of terrorism, expressing the kingdom's readiness to support Iraq in all fields in a way that guarantees the return of security and economic prosperity. LINK

CNN. Broadcasting That "there is a tendency in the cabinet to issue a decision to change the exchange rate of the dollar."! In light of the indicators of deflation and increasing unemployment rates ... "the specter of poverty" is chasing Iraqis and economic measures to overcome the crisis May 20, 2020 8:51 PM Author: alzawraapaper Baghdad / Pursuing Zora: The pessimistic expectations regarding the economic situation in Iraq continue, in light of the expansion of the Corona virus and its implications for oil prices globally, which led to expectations of the economy shrinking and increasing rates of poverty in large proportions, because of the near-total dependence on oil as a basis for the general budget. On the other hand, the United Nations representative in Baghdad, Jenin Henness Blackshart, expected during her last briefing, "the Iraqi economy will shrink by 9.7 percent, with poverty rates rising to about 40 percent in 2020, in addition to expectations of a decrease in economic opportunities." There is talk in the economic and political circles of a number of measures that the Iraqi government must take to bypass the nation, by selling treasury bonds, borrowing, and raising the dollar exchange rates, as well as the possibility of reducing employee salaries. While parliamentary sources told "Independent Arabia" that "there is a tendency in the cabinet to issue a decision to change the exchange rate of the dollar." The sources indicated that "this procedure may take place gradually, but it has not yet lived up to the decision level." Noting that «the purpose of this measure is to raise the price of the dollar against the Iraqi dinar to address the crisis of low cash and reduce the budget deficit». According to the Parliamentary Finance Committee, Iraq’s oil imports amounted to about $ 5 billion in February, but it started to decline from March (March), when it reached about $ 2.9 billion. In April, it recorded 1.2 billion. Dollars. Perhaps the continued decline in oil prices, places the Al-Kazemi government facing a major challenge to provide cash and pay the dues of state employees, as well as to address the crisis of poverty and unemployment. On the other hand, Ahmed Hama Rashid, a member of the Finance Committee in the Iraqi parliament, said: “We have no data yet regarding increasing poverty rates, but it is certain that the economic crisis the country is going through has increased its rates.” He added, "Overcoming the financial crisis is very difficult because the public debt has increased greatly, and we pay annually about 16 trillion dinars (about 13.33 billion dollars) of interest and debt installments, and this is considered a complete state budget." And on the procedures for overcoming the financial crisis, Rashid revealed that "the government sent the first bill for internal and external borrowing, by selling treasury bonds," stressing that "the project reached the Finance Committee as a draft, and in the first session of Parliament it will read the first reading." He added that «the salaries of the employees for this month will be delayed due to lack of cash, and, according to my information, the Ministry of Finance has indicated that it has no financing.» For his part, Abd al-Zahra al-Hindawi, a spokesman for the Ministry of Planning, said: "Poverty indicators, according to our readings and expectations, have witnessed an increase during the past two months and the ministry is preparing a study on this matter," noting that "estimates are preliminary indicators that poverty rates may exceed 30 percent." . He explained, "This is called transient poverty, and it is an emergency that touches the near-poverty line, and they are the workers whose work stopped due to the current crisis and were directly affected." As soon as life returns to normal and they return to practice their work, the problem ends. And on the option of offering treasury bonds to provide external and internal debt, Jabr pointed out that "it is necessary to borrow to overcome the financial crisis, and internal borrowing is better than the external because its terms are easy and set by the state." He explained that "internal borrowing will not reach its goals, because the public and non-bank financial institutions will not lend to the state, and this will push for external borrowing, which is tiring and with unfair terms that bear the burdens of future generations." However, we have a financial burden of approximately $ 79 billion, and interest and installments due. He continued, "Nobody lends to Iraq in light of the current economic indicators, and the International Monetary Fund must interfere by providing guarantees to creditors in exchange for Iraq achieving the conditions of the fund that may increase poverty rates." Iraq faces major difficulties in facing the financial crisis it is going through, with the increasing fears of large classes in Iraqi society that this decline may increase with the continued decline in oil prices. LINK

CNN. Broadcasting The Iraqi ‘Marshall Plan’ ! The details of the Tamkeen project to support the unemployed and widows were announced ... The Central Bank reveals to "Al-Zawraa" the reasons for stopping the 5 trillion dinars initiative to finance small and medium projects May 19, 2020 12:26 AM Author: alzawraapaper Al-Zawraa / Hussein Faleh: The Central Bank revealed the reasons for stopping the 5 trillion dinars initiative to finance small and medium projects, and while he confirmed his intention to increase the funds of the 1 trillion dinars initiative if it was fully disbursed, he announced the details of the Tamkeen project to support the unemployed, widows and families of terrorism victims. The Director General of Accounting at the Central Bank, Ihsan Shamram, said in an interview with Al-Zawraa: The initiative of the Central Bank to finance small and medium projects was launched in 2015, and it was with two aspects, the first of the 5 trillion dinars initiative for the agricultural and industrial specialized banks and the housing sector, which is managed by the Housing Fund and the Real Estate Bank Indicating that about 1 trillion and 600 billion dinars were allocated, he pointed out that the housing sector has exhausted all the money and was strengthened again about approximately 500 billion Iraqi dinars, but the industrial and agricultural sectors due to the nature of the required guarantees and the nature of the problems related to these sectors have been part Simple money, indicating that the Ministry of Finance has suspended the guarantee because the Central Bank money was not granted to banks except with a guarantee from the government. He explained: After the launch of approximately 3 and a half trillion dinars out of 5 trillion dinars, the Ministry of Finance stopped guaranteeing banks because they felt that the burden was increasing on the public finances, which led to the suspension of the initiative temporarily in mid-2018, pointing out that the 1 trillion initiative continued and its scope was modified, Where it was allocated to private banks by the amount of one loan 50 million dinars, then 100 million dinars with the approval of the governor, after which the initiative’s goal was modified to include some large projects and expanded its scope to 1 billion dinars. He continued: The scope of the 1 trillion initiative’s goal was also to expand to accommodate housing loan requests through Granting 75 million dinars to a customer A bank from the initiative’s funds for the purpose of obtaining housing units whether in collective or single housing projects, indicating that this initiative was like a Marshall Project launched by international institutions after World War II and we called it the Marshall Iraq Project. He pointed out that the banks made a great effort in selecting customers and good projects through economic feasibility studies to ensure the recovery of money from the beneficiary, stressing that the localization of the employees ’salaries in the banks gave a guarantee to the bank and encouraged him to grant the loan because the repayment would be guaranteed through the employee’s salary. One trillion spent from it is about 200 billion, and this reflects the banking rigidity in finding real customers and real projects, so that the bank does not give the loan except by verifying the projects, indicating that when the bank spends the first batch of money it goes to discover the project site. He added by saying that the 5 trillion dinars initiative spent more than 3 trillion dinars or less because the housing initiative was in the range of 2 trillion and the agricultural and industrial sectors are about 250 billion dinars, confirming the continuation of the 1 trillion initiative and the needs of the real sectors that contributed to the employment of the unemployed. LINK

CNN. Broadcasting A Ramadan Retro Reduction Reunion ! LINK External borrowing .. Reducing the value of the dinar .. Printing the currency .. Reducing salaries .. That is, ways to overcome the financial crisis 17th May, 2020 Iraq suffers from an acute financial crisis due to the drop in oil prices, in light of the spread of the Corona virus, while the Iraqi government is studying with the competent authorities, possible solutions to overcome the crisis, including reducing the value of the Iraqi dinar. According to information, the options available to Prime Minister Mustafa Al-Kazemi are mostly difficult, but there are serious dialogues with economic advisers and experts, including external borrowing or the devaluation of the dinar. Economists suggest going to reduce the value of the Iraqi dinar, stressing that it is the best solution available, noting that reducing the value of the Iraqi dinar will work to reduce the current value of the currency in half, indicating that it will be a substitute for the proposed proposal to reduce the salaries of employees in half, and in both cases, The result will be the same. The experts touched on a group of solutions, including offering state factories and public properties for investment or sale, and printing the currency. The government tends to fill the salary deficit, by relying on the cash reserve for a few months, while taking a series of unprecedented austerity measures at the state level. Member of Parliament Ali Fayez said that the economic pressure on Iraq accumulated due to the closure of business and trade facilities and financial life due to the events that occurred on the oil level, in addition to the Corona pandemic, while the country suffers mainly from a structural defect represented in its dependence on oil only. He added, that oil is the source of the entry of the US dollar into Iraq, which is the force behind the dinar, but its absence means that Iraq is unable to finance. The economist Salam Semsem stated that the government will not be able to manipulate the salaries, and it is constitutionally and legally obliged to provide the salaries of its employees and workers in its sectors. Semsem said, in an interview with Al-Masala, that cutting salaries or deducting them will lead to the wrath of the Iraqi street, which will not be silenced by cutting its livelihoods today, so the Iraqi government will resort to another option to bridge the financial deficit. She added that the government will resort to a ploy, which economists know, which is to devalue the Iraqi dinar, and when the value is reduced, the per capita income will be halved, so an employee who has a salary of 600,000 dinars will actually receive 300,000, which would make him unable to secure his life requirements.

CNN. Broadcasting A Nameless And Totally Sourceless Source - Who’s Story Get’s Refuted In The Next Article By A Named An Actual Source ! Economy Thursday 14 May 2020 | 3:30 pm Parliamentary source: Al-Kazemi's government will print the currency to pay employee salaries Baghdad / ... Parliamentary source confirmed, Thursday, that the government of Prime Minister Mustafa Al-Kazemi will go to print a new local currency in order to pay the salaries of employees. The source said to "Eye of Iraq News", "This measure is one of the solutions to overcome this economic crisis that is ravaging the country, so it is necessary to find harmless solutions for future generations such as the use of cash or gold reserves in the central bank." He pointed out that we, "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," stressing that "this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. " The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had determined, on Wednesday, the loan disbursements that the government intends to request from home and abroad. Saleh said in a press statement, "The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources, in order to bridge the deficit and enhance public financial liquidity when necessary." And, "The borrowing came because of the financial hardship that the country is going through, and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget." He added, "The legal cover did not provide the government with internal and external borrowing, due to the lack of a federal budget law for the year 2020." He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)." Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others." It is mentioned that the Iraqi Council of Ministers approved the draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and refer it to the parliament in accordance with the provisions of the constitutional articles. Finished 2 LINK

CNN. Broadcasting The Specialists For Today’s Ramadan Lunch Special ! Specialists: The Central Bank initiative to finance projects achieved positive results Tuesday 12 May 2020 - 22:18 Baghdad - conscious A number of specialists in the financial affairs confirmed that the Central Bank initiative to finance small and medium projects has achieved positive results, noting that guarantees are one of the obstacles facing banks ’work in granting loans Ihsan Shamran, Director General of Accounting at the Central Bank, said in a statement to the program "Under Two Lines" that is presented on the Iraqi news channel, followed by the Iraqi News Agency (INA), that the initiative of the Central Bank to finance small and medium projects has been subjected to great injustice, as it has achieved positive and tangible results on On the ground, it was devoted to real entrepreneurs, indicating that the initiative was 6 trillion and then increased to 7 trillion dinars He pointed out that the Iraqi environment is considered a dangerous banking aspect, as there are no real guarantees for banks, stressing that if the environment is found safe, banks may pay to reduce the interest rate He added, that the interest was found to guarantee the right to recover the loan, pointing out that the central bank cannot impose the interest rate on private banks He continued: The private banks are in control of each other away from the bureaucracy, noting that the central bank is a real supporter of financial policy in Iraq, where he managed to save the Iraqi economy in 2014 For his part, the executive director of the Association of Private Banks Ali Tariq Mustafa said that private banks managed to exchange 175 billion dinars from the initiative of the central bank out of 1 trillion dinars to finance small and medium projects in Iraq During the program, Mustafa said that the loans were of different values, according to the type of projects that were in different sectors, such as agricultural, industrial and commercial, indicating that 35 private banks participated in the initiative, as the owners of the existing projects had the advantage of loans He added that guarantees are the only obstacle for banks in granting loans, because the banks want to guarantee their rights to recover the loan, pointing out that most of the unemployed youth do not have a guarantor property or financial guarantor In addition, the head of the Iraqi Network for Microfinance, Ahmed Abdel Karim Al-Sarifi, confirmed that the network granted loans to 980,000 beneficiaries in 2019 Al-Sureifi said during the program, that the network targets small groups economically active in granting loans, noting that the Iraqi network is made up of a group of organizations that take financial grants from donor countries and finance projects by granting loan He added that the network was able to exchange 4 trillion dinars since 2004 until now, as the loan recovery rate was 98%, calling on the media to exert pressure on the government to support small and medium enterprises in the country In turn, the economic expert, Majed Al-Suri, pointed out that the Iraqi citizen lacks banking culture The picture said during the program, that there are some parasites who entered the banks, which led to some banks suffering from great corruption link

CNN. Broadcasting While Eavesdropping In On The Call ! Al-Kazemi receives a call from Washington, Trump: ready to help Iraq economically 2020-05-11 Follow Iraq: Prime Minister Mustafa Al-Kazemi's office announced today, Monday, that he received a phone call from US President Donald Trump, in the first "high-level" communication after Al-Kazemi took over as prime minister. "Prime Minister Mustafa Al-Kazemi received a phone call from US President Donald Trump, in which he congratulated Al-Kazemi on his assumption of the presidency of the Iraqi government," said a statement, seen by him, "Yass Iraq." The statement added, "Prime Minister Mustafa Al-Kazemi thanked the American President for the congratulations, stressing Iraq’s keenness to establish the best relations with the United States." For his part, Trump stressed that "Iraq is a strong and important country and has a central role in the region and in achieving regional and international stability," stressing that "the United States of America is keen on strengthening relations between the two countries, and his country's willingness to provide the necessary economic assistance to support the Iraqi economy." The statement continued that the two sides "agreed to expand cooperation in the fight against the Corona pandemic, as well as to develop economic investment efforts to serve the interests of both countries." LINK

CNN. Broadcasting While Having An Economic Affair ! Amending the construction law and merging the investment agencies Friday 08 May 2020 Baghdad / Al-Sabah Experts and specialists in economic affairs see that the ministerial curriculum of Prime Minister Mustafa Al-Kazemi focused on the important economic aspects, which are investment, industry and banks, calling for taking pre-emptive measures before starting the implementation of the government program, such as amending the Law of the Reconstruction and merging the national investment bodies and working to limit the arms of the state to create an investment environment Safe and stable. Economist Majid Al-Suri said in a statement to "Al-Sabah": "The ministerial curriculum of the government of the current Prime Minister, Mustafa Al-Kazemi, can be described as good, and accordingly a real political will is required." To implement it. " The main economic sectors He added that "the ministerial curriculum of the current government has put part of the solutions to get rid of the great crisis facing Iraq politically, economically and socially," stressing "the need to start implementing the government program because it is promising and will serve the basic economic sectors, which are investment, industry and agriculture And banks. "He pointed out that" the formation of a higher council for reconstruction and investment is a necessary need, because it will carry out the task of advancing the investment and economy in the country, "stressing that" this council needs to amend the law of the Council of Reconstruction that is currently in the House of Representatives, as it has significant deficiencies and could affect In the work of the Reconstruction Council when legislating it in its current form. " Integration of investment bodies He also added, "Investment bodies should be merged in all governorates, because they are considered excessive routine circles that hinder the investment process in the country," calling for "the recruitment of appropriate personalities in managing economic files to advance the reality of the national economy." For his part, economist Hammam Al-Shamaa said, "The implementation of the government program by Prime Minister Mustafa Al-Kazemi requires taking pre-emptive precautions such as confining arms to the state and abolishing manifestations of armament and threats to create a safe environment that attracts investors." Al-Shamaa said in a statement to "Al-Sabah": "The capital is cowardly, and therefore needs an environment that secures and protects its money," noting that "recently, banks cannot implement the guarantees that they give to borrowers." Safe investment environment He explained that "the economy needs to develop investment, which requires creating an ideal investment environment without any interference or intersections", and that banks require their work to be a safe environment and when they obtain guarantees on a loan, these guarantees must be implemented, not become ink on paper ", indicating that "The reason why banks are now funds is that they cannot grant loans for fear of not repaying the loan because the guarantees that are provided are often financial and when due, they cannot seize the money And real estate. " The start of the government program He continued: "The economy needs real and effective guarantees for investment, the economy, for businessmen and money, and this comes through taking proactive measures before starting implementing the government program." He called on the Prime Minister to "achieve security, stability and reassurance for investors before he begins any step on the economic side to implement his program." ". It is noteworthy that the House of Representatives voted to give confidence to the government of Prime Minister Mustafa Al-Kazemi, and also voted on the ministerial platform of the New government . The ministerial curriculum included several paragraphs, including those related to the economic side, as it focused on supporting the investment process through forming a higher council for reconstruction and investment, and supporting the industrial sector by raising the slogan "Made in Iraq", as well as supporting a Banks sector . LINK

CNN. Broadcasting While Shaking The Budget To See What’s In It For The ‘Gift’ Of Eid Al-Fitr At The End Of Ramadan ! LINK Parliamentary Finance reveals the date for sending the budget to Parliament 14:50 - 07/05/2020 The Parliamentary Finance Committee revealed, Thursday, the date for the government to send a draft federal budget law for 2020 to the House of Representatives. Committee member Hanin Qaddo said in a statement to "Information", that "Mustafa Al-Kazemi after granting him confidence begins today from forming a committee of economic experts and members of the Finance Committee to amend the budget items in a way that suits the conditions that the country is going through", pointing out that "Al-Kazemi will be presented to Parliament Austerity budget. ” He added that "the federal budget project for 2020 will be free of job grades and attention will be focused on the operational part of the budget related to the salaries of employees, retirees and other financial obligations,"noting that "Al-Kazemi will send the budget bill to the parliament before Eid al-Fitr." And a responsible government source revealed, earlier, that the budget preparation team prepared a number of proposals for submission to the Council of Ministers, indicating that among the proposals deducted 75% of the allocations for special grades.

CNN. Broadcasting Another Proposal Containing Only 2 Letters - A Little Help From The Audience Please ... Proposals to get out of the economic crisis Tuesday 05 May 2020 Baghdad / Farah Al-Khaffaf At a time when Iraq is facing a new economic crisis after the decline in the price of selling crude oil in global markets due to the outbreak of the Corona virus in the countries of the world that led to stopping most of the work fields, government and parliamentary agencies are accelerating to find quick solutions to get out of this crisis or reduce its repercussions, amid expectations With the increase in oil prices in the coming months. In this regard, Member of the Finance Committee MP Majida Al-Tamimi submitted a set of proposals that would quickly provide the Treasury with liquidity to overcome this economic crisis. Bold decisions Al-Tamimi stressed "the necessity of forming a rescue committee of specialists working with different visions and applying new ideas and taking bold decisions to be supported by the government and work will be in two tracks, the first track includes urgent solutions to distribute wealth fairly among all segments of society and reduce total expenses and provide cover for the salaries of employees, retirees and social care In addition to financing health services and security institutions. "Al-Tamimi indicated that" the second track includes corrective proposals for fiscal and monetary policies within the medium and long-term ranges of time. " Repairs package The Chairman of the Finance Committee, Haitham Al-Jubouri, also announced the agreement of a package of reforms consisting of 70 paragraphs, stressing the proposal to be in the form of a national project for economic reform. Al-Jubouri expressed his hope that "the production cut that took effect at the beginning of this month will be reflected on world oil prices and that the crisis will end within the next two months so that the problems of salaries and operational budget are addressed." Al-Jubouri also said: "The financial crisis in Iraq is serious and the amount of revenue has not reached more than 20 percent of the total budget," stressing "the existence of measures to address the deficit in the issue of salaries." Two borrowing plans He added in a statement quoted by the Iraqi News Agency that "the financial committee has two plans: the first urgent, which intends to borrow from internal banks, transfer some of the secretariats to some ministries, and assign the central bank through banks with national bonds, as well as external borrowing that needs legislation." He pointed out that "the second plan includes futures solutions, which are a package of reforms, namely, collection, customs tariffs, taxes, insurance, oil derivatives support issues, and others that need to be reviewed." The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had earlier denied a decision to deduct a percentage of the employees ’salaries. Saleh said: "Talking about a decision to deduct 25 percent of the employees’ salary due to the low oil prices due to the repercussions of the Corona crisis is a shame for the health". He added that "deduction of a percentage of the employees' salaries requires a decision by the Council of Ministers, otherwise no decision can be issued." increasing of demands Amid this picture, the financial expert, Thamer Al-Azzawi, expected oil prices to rise within three months. Al-Azzawi told Al-Sabah: “After China and American cities return to opening the economy and Europe begins to recover from the Corona virus, it is hoped that the demand for fuel will increase, and within two to three months, oil reserves in many countries will decrease, which contributes to an increase in Purchases and then price increases. " Al-Azzawi also suggested that prices fall in the coming months between 30-40 dollars in the best conditions, and then improve at the beginning of the year 2021 with the continued reduction in production according to an agreement OPEC +. LINK

CNN. Broadcasting talk about reducing the price of the local currency against the dollar "an unforgivable crime against the Iraqi people," ! A sharp drop in Iraq's oil revenues and looming economic challenges - One Day Has Passed The Iraqi Oil Ministry announced yesterday, Friday, May 1 (May), that Iraq’s imports of oil sales fell to about 1.4 billion dollars, due to the drop in global oil prices, as well as low demand for it, which raises questions about how to overcome the financial crisis that the country is going through, in The production cut, which came into effect, remained in effect early this month. According to the statement of the Iraqi Ministry of Oil, the total daily average of oil exports in Iraq during the month of April (April) last, 3.43 million barrels per day, while the total revenue achieved in this month was 1.4 billion dollars, a decrease equivalent to 1.5 billion dollars from last March . The statement pointed out that "the average price per barrel was 13.801 dollars, a difference of 49 percent compared to the price of the month of March, as the average price per barrel was estimated at 28 dollars. Difficult scenarios Perhaps Iraq’s almost total dependence on oil as a main source in supplying its annual budgets complicates the possibility of the country coming out of the brink of economic collapse in the event that global oil prices do not recover, which seems unlikely from economists ’viewpoint, at least until the end of this year. Parliamentary economic committees draw several scenarios to overcome the financial crisis that the country is going through, in light of the continuous outbreak of the Corona virus, most notably the sale of treasury bonds and the Iraqi dinar rate against the dollar or the printing of cash, in addition to reducing the salaries of government employees to the limits of 30 percent, except that those The measures will also lead to major economic problems, including the devaluation of the Iraqi dinar and the weak purchasing power of citizens, especially for the poor classes. Reducing production costs The cost of oil production varies between four and nine dollars per barrel, which goes to the producing companies, while the Iraqi government seeks to reduce that percentage, given the economic situation and low oil prices to large limits. The Ministry of Oil announced last month that it was seeking to negotiate with foreign companies operating in Iraq to reduce oil production costs, as part of its measures to face the repercussions of the crisis facing the oil market. To that, Reuters news agency revealed on Friday, sources in the oil sector, saying that "Iraq will face difficulties to reduce oil production at a record rate of one million barrels per day, or 23 percent, starting in May, within the framework of OPEC agreement with Russia and other producers, and that Baghdad has not yet reached an agreement with international oil companies on the whereabouts of the cuts. And producing major oil companies such as "BP", "Exxon Mobil", "Lukoil" and "Eni", the lion's share of Iraqi production, and so far rejected calls to reduce, prompting Iraqi officials to review options such as asking companies to It creates field maintenance works. Ongoing negotiations "Reducing the cost of production is a difficult issue, because the global production companies refuse this," said Hamza Al-Jawahiri, a specialist in oil development and production. He added to “The Independent Arabia”, “The development of oil fields takes place according to contracts, and takes about 4.5 dollars a barrel, while the cost of production is about four dollars per barrel,” noting that “Iraqi oil fields are still under development and these are additional costs, but stopping them reduces Corporate profits and this is excluded. ” He pointed out that "the quantities of global consumption of oil decreased by 20 percent, and some reports indicate that the decline amounts to about 40 million barrels per day, therefore the decline in the level of global demand cannot be controlled." He said that "going to a level of reduction above 10 percent may contribute to recovering oil prices," expressing his belief that "the reduction must reach the limits of 20 percent or higher to contribute to the rise in oil prices globally." He believed that "the addition of the Kurdistan region's oil production to the oil fields in the south, led to an additional reduction in the share of Iraq, which amounted to 28 percent," noting that "the federal government does not take anything from the region's oil." He continued, "America can give Iraq part of its stalled share to increase Baghdad's share of production, but there are no serious efforts in this context." Finance and crisis solutions committee In a related context, the head of the Finance Committee in the Iraqi parliament, Haitham al-Jabouri, said in a television interview, “The country may get 25 percent of the revenues of 2019 in 2020, and we need annually 138 trillion dinars, equivalent to $ 110 billion to meet all expenses, and we also need To 97 trillion dinars, equivalent to 81 billion dollars, to secure salaries and pay external debt only. ” He added, “The necessary expenditures in Iraq amount to $ 72 billion, related to employee salaries, social welfare and other expenses.” He pointed out that “Iraqi oil is currently sold at $ 16, half of which goes as extraction cost.” He indicated that “employee salaries are secured in May. ” Al-Jubouri suggested four solutions to secure a monthly fund that includes seven billion dollars by "taking advantage of the state's cash that is available in the Rafidain Bank and the Iraqi Trade Bank, and we have a deposit of four billion dollars to buy weapons from America, we can negotiate and take half of it, and also it is possible to negotiate with the bank International is to borrow $ 2.2 billion, and these options are likely to solve the salary problem for the next four months. ” He revealed that "salary insurance only requires the sale of a barrel of Iraqi oil at 31 dollars, while insurance of all expenses requires selling it at about 71 dollars." He pointed out that "border crossings can save the budget eight billion dollars, but what we get half a billion because of corruption and illegal outlets. The reserves of hard currency in the central are 81 billion dollars, and 52 billion dollars remain in all cases to preserve the value of the Iraqi currency. And if we use stockpile, we should not exceed this number, and if we tamper with it, the Iraqi currency may be exposed to a great danger that causes it to collapse, as happened in Lebanon. Operating expenses inflation As for the economic specialist, Majed Al-Suri, he said from his side that "everything that is being talked about does not solve the problem that mainly relates to inflation of operating expenses, specifically the item of allocations and benefits." He revealed to "The Independent Arabia", that "the total operating expenses, according to what is rumored, amounts to 68 trillion dinars, or approximately 55 billion dollars." The basic salaries without allocations constitute 14 trillion dinars, and allocations 28 trillion, in addition to benefits that amount to about 30 trillion dinars. He considered that "the problem is not with scarcity of resources, but with misuse since 2003, in light of the huge waste of money." On the solutions to the economic crisis that the country is going through, Al-Suri explained that "a number of measures that can be taken, including reducing operating expenses, increasing taxes and borrowing." He pointed out that "borrowing may solve part of the problem, but it is a difficult issue, as Iraq cannot borrow due to corruption and confusing political conditions", adding that "the biggest proof of this is the Kuwait Conference grants amounting to approximately $ 30 billion, but it was not implemented as a result Corruption and the political situation. He expected that "this collapse in oil prices will cause a very large collapse in the Iraqi economy, if no measures are taken to recover the stolen money and control the financial expenditures within the available limits." Central bank procedures On the performance of the central bank in light of the financial crisis, Al-Suri pointed out that "the central bank maintains the prices of the local currency, despite the chaos and the failure of financial policy, but monetary policy has succeeded so far in contributing to the stability of the currency, which is a type of economic stability." And considered the talk about reducing the price of the local currency against the dollar "an unforgivable crime against the Iraqi people," noting that it "reduces the purchasing power of Iraqis and increases the suffering of the poor classes and those with limited income working in daily wages and free works, and leads to higher prices." He pointed out that "the law does not allow the central bank to directly lend to the government, even indirectly because its capabilities are limited, but it can play a major role in activating economic development as it did in 2014 when it gave six trillion dinars in loans to specialized and private banks, noting that" borrowing to cover Operating expenses mean a major collapse for the bank and the Iraqi economy. Ahmed Al-Suhail And you are Arabic link

CNN. Broadcasting No Need For At Least Some ‘Fat Reduction’ Surgery Before a very large financial crisis ! Saturday 02 May 2020 Baghdad / Al-Sabah The Finance Committee in the House of Representatives has ruled out reducing or manipulating the salaries and allocations of employees, as it was enacted by law and can only be changed by a law issued by the House of Representatives, calling on the government to find other alternatives to bridge the deficit, while it revealed 100% salary insurance for the month of May. Member of the Finance Committee Haneen Qaddo said in a statement to “Al-Sabah” that “the amendment of the employees’ salaries needs a law, as well as the allocations are also determined by special laws, ”noting that“ reducing salaries without changing the law is a legal violation. ” He added: The government must find other alternatives, surprising the government’s silence from pumping 435 billion Iraqi dinars to the region without receiving an Iraqi dinar, indicating that talking about the 2020 budget cannot be predicted now, as there is no government yet. He pointed out that "in the event of forming a government, one of its priorities will be to make budget amendments to ensure salaries and fight a virus." Sk. For his part, member of the committee, MP Ahmad Mazhar Al-Jubouri, said in a press interview that "during the past two days, and through coordination and continuous meetings and communication with the Ministry of Finance and members of the Finance Committee, we have reached the stage of securing the salaries of Iraqi state employees for the months of April and May, at 100%." He added: The Finance Committee is currently working in coordination with the Ministry to create solutions that contribute to securing the salaries for the month of June and beyond, because we will go through a very large financial crisis. LINK

CNN. Broadcasting Regional Economic Help For Kazemi ! Newspaper: Arab countries will support Iraq in supply, electricity and gas April 29, 2020 9:53 PM Baghdad / Al-Zawraa Follow-up: An Independent Arab newspaper revealed that Arab countries are in the process of providing urgent support to Iraq in the field of supply, gas and electricity. The newspaper stated that "the new Iraqi government is based on international promises, with the exception of Iraq from adhering to the OPEC + agreement, which provides for oil producers to give up about 23% of their market shares, in order to meet the oversupply and raise oil prices." She explained that «Arab countries, may provide urgent support in the field of supply, electricity and gas, to the government of Al-Kazemi, in the event that it obtains the confidence of Parliament». LINK