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Found 40 results

  1. CNN. Broadcasting With Crayons While Working On The ‘White Paper’ ! The government begins implementing the steps of the White Paper and Parliament welcomes 11/07/2020 09:02:53 PM Baghdad / extent The Parliamentary Finance and Economy Committees welcomed the control of the security forces over the first border entry points (Mandali and Munthiriya). They said that these measures are part of the economic reform plan (the white paper) that the government has promised to implement. (Al-Mada) revealed last week that Mustafa Al-Kazimi's government is preparing to implement a broad security plan to extend its influence on all border crossings because of the extent of corruption in the outlets, which is estimated at 12 billion dollars annually. The government loses control of six border ports on a daily basis from four in the afternoon until eight in the morning the following day. Armed parties also take advantage of unauthorized outlets, and corrupt goods, merchandise, and drugs, and even forbidden materials such as drugs, are entered into Iraq in coordination with influential figures, according to officials and observers who spoke to (Al-Mada) earlier. Faisal al-Issawi, a member of the Finance Committee in the House of Representatives, said in a statement to (Al-Mada) that "the current economic situation needs radical solutions, not temporary patchwork, and therefore the House of Representatives committed the government to introduce economic reforms within sixty days starting from the date of the approval of the law of local and external borrowing ". The circumstances of the financial crisis and the repercussions of the Corona Virus pandemic prompted the government of Mustafa Al-Kazemi to present the domestic and foreign borrowing law to be able to secure the salaries of state employees. Al-Issawi explains that "in the event that the government does not comply with these deadlines (sixty days), the Finance Committee in the House of Representatives will present a proposal for an economic reform law to change the direction of the economy from an economy dependent on the state's imports to a resource-generating economy for employment and development opportunities," considering that "reliance on oil revenues The distribution of salaries is a deviation that needs to be addressed in the Economic Reform Law. Last June, Prime Minister Mustafa Al-Kazemi confirmed that his government prepared a white paper for the expected economic reforms, and took preliminary recommendations, which are being discussed before moving forward, pointing to “the need for complementarity between the government and the parliament to support these new reforms.” The deputy from Anbar province confirms that "there is communication between parliament and the government through the cell of the economic crisis that formed earlier as it was agreed on the general vision of the economic paper," stressing that there is unity in "opinions and ideas between the executive and legislative branches on passing reforms". The Council of Ministers had previously decided to form an emergency cell for financial reform, headed by the Prime Minister and membership of both the Minister of Finance, the Minister of Foreign Affairs, the Minister of Planning, the Governor of the Central Bank, the Advisers to the Prime Minister, the Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers. And the independent deputy adds: "We have now come up with a general perception of the white paper, and how it is directed by the government," adding that "however, there are interventions to divert the white paper path from a number of entities represented in extending the work of telecommunications companies." (Al-Mada) revealed in its report on the twenty-third of last June that "the economic white paper is made up of reform packages that will be launched and implemented in the form of three phases. The first is short-term and is represented by the state's control of border ports and ports, and tackling the corruption of the currency auction and the smuggling of hard currency, Reducing the salaries of the three presidencies and solving the problem of state real estate. The report adds, "As for the second stage of the reform paper, it will be medium-term, represented by restoring the Iraqi industry, solving the problem of corruption, and protecting the local product," pointing out that "the third stage will be long-term and includes major strategic projects." A member of the Parliamentary Finance Committee points out that "the security forces' full control of the (Mandali and Munthiriya) border executives is part of the reform plan adopted by the government, which was committed to implementing it before the parliament to save the economy." The Joint Operations Command announced in a statement that "the Rapid Response Forces and the Popular Mobilization entered the border executives (Mandali and Munthiriya) and imposed full control and inspection of them," stressing that "the allocation of elite forces to maintain them permanently to combat corruption and eliminate it, implementing measures smoothly and in accordance with the law, and imposing state prestige ". For his part, Mazen al-Faili, a member of the Economic Committee in the House of Representatives, confirms that "Parliament’s sessions at the present time have been disrupted due to the Corona crisis, which has made it impossible for us to discuss the measures of the government that I took in the recent period, especially the issue of outlets." (Al-Mada) revealed last week that Mustafa Al-Kazimi's government is preparing to announce a security plan to extend its influence over all border outlets in the governorates, where the Finance Committee in the House of Representatives estimated the extent of corruption prevailing in the border outlets at $ 12 billion annually, due to the control of armed groups and clans over These ports. In a statement to (Al-Mada), Al-Faili shows that "the parliament's economic and investment committee demands the government with the participation of parliament committees to prepare economic reforms," saying that "the government's move towards the outlets is a step in the right direction." He adds that "tightening control by the security forces on these outlets would be a precursor to going to the other border outlets, controlling them and ensuring that their revenues enter the treasury of a state." LINK
  2. CNN. Broadcasting From An Iraqi Border Crossing While A Herd Of Sheep Passes Thru To Iran - But The Guys Counting Them Keep Falling Asleep ! Iraq begins paying its debts to Iran with goods 07/25 2020 08:29:49 PM Baghdad / extent The Secretary General of the Iranian-Iraqi Chamber of Commerce Hamid Hosseini announced the establishment of a company in Iraq to settle Baghdad's debts to Tehran, which amount to about five billion dollars, according to a report published by Iranian websites. Hosseini told Farda radio that the company, which will work for the Iranian government, will purchase food commodities to pay off the debts. He explained that, based on a mutual agreement between the two countries, last month, Iran will provide the new company with a list of "commodities and raw materials" it needs, and the company will purchase and ship it to Iran. And Iraq owes Iran the money and gas it imports from it. The payment of Iraqi debts comes through goods, not cash, because Iran is subject to US banking sanctions, so Baghdad cannot transfer foreign currencies to it. According to Radio Farda, Iran is able to import goods only from Iraq, also because of the US sanctions. The Governor of the Central Bank of Iran, Abdel Nasser Hamti, announced, last month, from Baghdad, that Iraq had agreed to settle its debts, related to gas and electricity, to Tehran, by providing food and medicine. He said that the debt funds will be used, in the Iraqi Bank of TBI, to pay for the "commodities" that will be purchased by the newly established company. Iran's non-oil exports to Iraq, excluding electricity and gas, reached nine billion dollars in 2018, while its total imports from Iraq reached only 59 million dollars. Since the beginning of the Iranian calendar year, on March 21, 2019, Tehran has stopped publishing details of its foreign trade. It is worth noting that Prime Minister Mustafa Al-Kazemi held talks recently with Iranian leaders on his first official visit abroad since he took office in May. LINK
  3. CNN. Broadcasting Off Of The Dollar Menu From A Baghdad McDonald’s - Super Size Me ! An economist talks about what controls the dollar exchange rate in Iraq Economie 7/20/2020 19:41 441 Baghdad today - Baghdad Economist, Humam Al-Shamaa, on Tuesday (28 July 2020), talked about what controls the dollar exchange rate in Iraq and the effect of internal factors on it. Al-Shamaa said, in an interview with (Baghdad Today), that "the exchange rate of the dollar in local markets has nothing to do with the exchange rate of the dollar in global markets towards other currencies." He added, "What controls the dollar exchange rate in global markets are expectations, oil prices, gold prices and a relationship with the euro. As for Iraq, the relationship between the dollar and the dinar is controlled by internal factors related to the demand and supply of the dollar." And Al-Shamaa said, "The decrease leads to higher prices, inflation and more problems for the poor classes, because the devaluation of the dinar means an increase in the value of commodities." The price of gold reached record levels yesterday, with a new drop in the price of the dollar in the global market at a time when investors rushed to buy it as a safe haven, amid concern about the tension between the United States and China and the rise in the number of cases of Covid-19 again around the world and the lack of progress in Washington on a new package To stimulate the economy. After months of improvement in stock markets, driven by the trillions of dollars of support from governments and central banks, investors are rethinking the long-term economic implications of the emerging corona virus. And at a time when the wide easing measures imposed by the Federal Reserve monetary dollar push the dollar against most of the other currencies, gold rises significantly, reaching a record level of $ 1944.71, which is much higher than the previous record level recorded in 2011 and reached $ 1921.18. The focus is on the next meeting of the Federal Reserve to discuss its policies this week, as some expect that more measures will be imposed to boost the economy (probably negative interest rates), which is expected to increase pressure on the dollar and raise the price of the gold ingot to more than two thousand dollars. There is also concern that recording worse-than-expected results in US gross domestic product for the second quarter of the year will cause major selling to the dollar, and while the weak dollar has been a major driver of the high price of gold, the matter is also driven by the attractiveness of the metal as a haven in times of turmoil, especially in light of the deterioration The relations between the United States and China day after day. Gavin Wendt, chief resource analyst at MineLife Consulting, said: “Strong gains cannot be avoided at a time when we are entering a stage similar to the atmosphere that prevailed in the aftermath of the global financial crisis as gold prices rose to record levels as a result of large amounts of Federal Reserve funds being pumped into Financial system, "and the dollar fell again against other currencies, while the euro reached its highest level since September 2018. LINK
  4. CNN. Broadcasting fundamental changes in the central bank during the coming period ! Washington-Baghdad Dialogue: America wants to strictly implement the sanctions list 7/21/2020 About two weeks before the second session of the strategic dialogue between the United States and Iraq, in which Iraqi Prime Minister Mustafa Al-Kazemi is to participate, an Iraqi official revealed that Washington included a paragraph related to the names of Iraqi, Syrian, Iranian and Lebanese personalities that the US Treasury Department imposed sanctions on in the past two years. The paragraph is related to discussing the seriousness of the Iraqi banks ’commitment to not dealing with these names, as well as discussing some of them escaping sanctions through activities managed by relatives or agents in their favor. The source pointed out that the Al-Kazemi government is in the process of undertaking major reforms in this area, specifically within the Central Bank of Iraq, the body responsible for the matter. Al-Kazemi will participate in the second American-Iraqi dialogue session, during an upcoming official visit to Washington at the end of this July, according to what was previously revealed by Foreign Minister Fuad Hussein. US officials are convinced of the existence of fraud within Iraq, enabling those involved in the sanctions to continue their commercial and financial activities During the past two years, the US Treasury Department has continuously announced the announcement, and through official statements issued by it, on the inclusion of a number of Iraqi personalities and companies on the sanctions list, accompanied by convictions of them, related to what it says are crimes and violations in the field of human rights and financial corruption they committed, And also their cooperation with the Lebanese "Hezbollah" and the Iranian Revolutionary Guards. Among the most prominent of these names are the director of the “Islamic Bank of the Country”, the politician Aras Habib, the governors of Salahuddin and Nineveh, Ahmad al-Jubouri and Nawfal Hammadi al-Akoub, the politician Khamis al-Khanjar, the leader of the militia “Asa’ib” Qais al-Khazali and his brother Laith al-Khazali, and a leader in the “Popular Mobilization” Hussein Faleh Lami. This is in addition to the leader of the "Babylonian" militia, Ryan Al-Kildani, the leader of the "Shabak" militia, Waad al-Qud, and the "al-Nujaba" militia, Akram al-Kaabi. According to a senior Iraqi official, there are officials in the US Treasury Department convinced of the existence of fraud within Iraq, which enabled those involved in the sanctions, whether Iraqis, Syrians, Lebanese or Iranians, to continue their commercial and financial activities, and to obtain hard currency, which prompted the Americans to include a full paragraph In the second dialogue session, Baghdad calls for reforms to be made. The source pointed out that American officials accuse the government of Adel Abdul Mahdi of not responding to the sanctions, and of allowing many of those listed on its regulations to withdraw funds or transfer funds or carry out sales and purchases through agents and relatives, and with the knowledge of the Central Bank of Iraq and other local banks. The Iraqi official also revealed that the Al-Kazemi government will make additional pledges to tighten commitment to US sanctions, and to carry out reforms within the Central Bank of Iraq, and an investigation will be opened with the competent authorities to find out the real reasons behind the failure to implement decisions in this regard may expose Iraq to sanctions. The source acknowledged that there are political and factional influences (armed factions) linked to Iran on the central bank and on other oversight bodies, and that any commitment to the sanctions is considered by the authorities implementing the pressures as labor in favor of the United States. Al-Kazemi’s government will make additional pledges to tighten compliance with sanctions, and to carry out reforms within the central bank The source emphasized that for these reasons, Al-Kazemi intends to make fundamental changes in the central bank during the coming period. For his part, the former official at the Central Bank of Iraq, Mahmoud Dagher, in connection with the "new Arab", stressed his country's commitment to the American sanctions issued against the personalities and companies, stressing that "it is impossible for Iraq not to implement such decisions issued by the American treasury, nor will it risk Not to implement American decisions, as important. Dagher recalled that the Iraqi government "issued a circular to banks under the names of those who were included in the sanctions list, and transfers from them to them were stopped," stressing his country's commitment "to implement such a decision if it was issued against any party or person." The former official in the "Central Bank of Iraq" stressed that his country’s failure to implement the US Treasury Department’s decisions constituted an economic risk to Iraq and the Iraqis, which would stop all financial transfers to Iraq, and for this reason the bank is obliged to implement the sanctions issued against the Iraqi personalities, whatever they may be. On the other hand, a member of the Security and Defense Committee in the Iraqi Parliament, on the authority of the “Al-Fath” coalition, Karim Alaiwi, said that “his bloc is awaiting a position on the part of Al-Kazemi’s government regarding the rejection of unilateral sanctions against Iraqi personalities and entities.” It has the intention to hold talks with the American side about it, as it is political sanctions, and is not based on any realistic evidence. Aliwi said in an interview with Al-Arabi Al-Jadeed that the Al-Kazemi government should complete this task by rejecting any kind of sanctions that affect any Iraqi figure who is not convicted by the local judiciary, and working to remove names from any American list. But one of the members of the negotiating delegation in the first dialogue session, which was held via a television circle last month between American and Iraqi officials, assured Al-Arabi Al-Jadeed that the files of the second session were not definitively determined, and they may be comprehensive due to Al-Kazemi’s presence in Washington and his supposed meetings with senior administration officials. American, but he made it clear that it is primarily about terrorism and strengthening Iraq’s security and military capabilities, the financial and health crises, electricity and strengthening the rule of law, fighting financial corruption and threatening armed groups linked to Iran, and the American military presence. And he considered that the file of Iraq’s commitment to the sanctions imposed on Iran, and on various personalities and parties inside and outside Iraq, would be within the political file that is under discussion with the prime minister. Just deputies New Arab link
  5. CNN. Broadcasting With The Keys - The exchange rate is one of the “keys” to the solution ! The Iraqi economy ... the predicament of the situation and the problem of the solution KARAR AL-ASADI SUN, 19-07-2020, PM 8:06 By: Dr. Imad Abdul Latif Salem The price of Brent "Al Mubarak" crude today 19-7-2020 .. is 43.10 dollars a barrel. And according to estimates of the average annual price of Brent crude, the price of selling our blessed oil is usually estimated in our blessed public budget for the blessed fiscal year 2020 ... which is the general budget that has continued in its blessed "voluntary" absence for nearly a year. The amount of public expenditures in this "absent" or "absent" budget is estimated at 100 trillion Iraqi dinars, or $ 80 billion (not blessed, of course). However, not all of Iraq’s blessed oil is light and blessed. Much of our oil is heavy, like us, and blessed. The average selling price of our blessed oil is 6 to 9 dollars per barrel. Therefore, the sale price of oil, estimated in the general budget for the fiscal year, will either range, or is supposed to range (as a personal estimate) between $ 26-30 per barrel. This means that the blessed budget deficit will increase .. and that our financial, economic, and social crises will worsen, especially with our disastrous failure to properly deal with the outbreak of the COVID 19 epidemic, and our inability to make a fair trade-off between the death of people “biologically” from the epidemic, and between their death “economically” "As a result of their suffering from worsening unemployment and high rates of poverty among the population. This means that the blessed austerity will increase, and the salaries of employees and retirees, and the livelihoods of those with limited incomes, not all blessed, will be the blessed victim of all of this. Total salaries of “workers’ compensation ”are estimated at 3.3 trillion dinars per month, while the salaries of retirees are estimated at 1.3 trillion dinars per month, or a total of 4.7 trillion dinars per month (56.4 trillion dinars annually). And if these "personal estimates" are logical, or close to the reality of the situation, then this means that the salaries of employees and retirees constitute 56.4% of the total allocations of the state budget for the fiscal year 2020, and this is the highest percentage, or "share" of salaries in the general budgets of countries , Among all the countries of the world. Also, as a personal estimate, the government (even if oil prices increase slightly at the end of this year), and even if it is able to continue to pay the salaries of July and August 2020, it may be unable to do so (or that it may face enormous difficulties in "a measure" That) in September 2020 .. and that the situation will become more difficult in the months that follow, unless a “party” provides an urgent “rescue” package, to avoid worse than the government's inability to pay the salaries of employees and retirees, in addition to securing sufficient funds to meet With its basic obligations. In the last statement reported by the media about him, the Minister of Finance says: “The approval of the federal general budget for 2020 is excluded” (to be the same in the case of the 2014 budget) .. And that the government is working on preparing for the next year’s budget 2021, where We need 7.5 trillion dinars per month for operating expenses, and we will continue to borrow from local banks to finance salaries and ruling expenses. "And the government may resort to external borrowing to address the financial crisis. It is assumed "economically" (and there are those who insist that no single economic law operates in a logical manner in Iraq) that the price of the US dollar rise against the Iraqi dinar, and that we be able to control the rhythm of that rise (if it occurs), so that it has direct and indirect positive effects ..And to avoid as much as possible its negative effects on the economy. The exchange rate is one of the “keys” to the solution, but the blessed central bank can still defend the blessed “current” dinar exchange rate, in light of all these blessed “rational” expectations ... and that will continue to happen and happen, until God decides (not The "employers of" politics and economics in this "afflicted" country) ... was done. Now, away from the "jurisprudence" and "personal estimates" of the data, we will urge an important, careful and accurate study, prepared by a group of beautiful Iraqi minds, working at the University of Kufa, and in the Central Bureau of Statistics, and issued in May 2020 by a center Al-Rafidain for Dialogue, which is entitled: "A case study: Poverty and living standards in Iraq in light of the repercussions of the Corona crisis" .. Among the most important contents of this study include the following *: In January 2020, crude oil export revenue was $ 6.163 billion, at a rate of $ 60,139 per barrel. In April 2020, crude oil export revenues decreased to only $ 1.423 billion, at a rate of $ 13.81 per barrel. - The volume of gross domestic product achieved in 2019 amounted to about 262.9 billion dollars ... Because of the dual effect resulting from the decrease in oil prices and the decrease in other economic activities due to the effects of "Corona", the volume of this GDP for 2020 may decrease (assuming an average price of oil The amount of $ 30 a barrel, according to the best scenarios, and the closest to logic), to be in the range of 169 trillion dinars only (about 142 billion dollars). This means that this double crisis could cause the GDP of 2020 compared to 2019 to decrease by 36%. The number of poor people in 2018 was estimated at 7.4 million, with a poverty rate of 20.5%. According to the 10% income or consumption scenario (which is the "basic case" scenario closest to reality in light of the current crisis), the poverty line in Iraq for 2020 was estimated at 123,200 thousand dinars / person / month. Hence, the poverty rate estimated according to this scenario is 22.8%, and the number of poor people is estimated at 9.120 million poor. All this is happening, and Iran's blessed agreement with the big, blessed countries about its blessed nuclear file is subjected to the blessed "tramp" strikes, so that the impact of the strikes on us will be reversed in politics, security, and the economy. And for those who ask his traditional question about the "solution" in this "case", there are many solutions that have been presented repeatedly to "decision makers" in this country ... and there are many plans, policies and strategies that have been approved (from the highest legislative and executive levels) And it was all left on the shelf, to be eaten by the dust of neglect, ignorance and forgetting .. Whether we agree or not with the current Minister of Finance, I personally do not think that he needs someone who is “to be seen” in this regard .. Also, he also does not need to sit with a group of Experts and consultants, together, to rediscover the wheel again, to put it under this decaying vehicle called "the Iraqi economy." What we need, and what it "benefits" is not more "theories" and "jurisprudence" of experts and advisors ... rather that we have supreme sovereign interests "holy", agreed upon by the political "parties" controlling this country, and defending them fiercely, And with unrelenting political will. What we need is that we are aware that we have no alternative to salvation from our complex economic crises, other than comprehensive and radical reform .. and that this reform has a cost .. and that this cost may be very prohibitive .. and we may continue to pay it for five, ten years Next .. We are the ones who do not tolerate delaying paying our salaries for only five days. This year 2020 never seems blessed, from its blessed start, until the very moment when it is supposed to be blessed now. Three presidencies blessed, Iraqis. Mubarak's House of Representatives. Blessed government. Blessed ministers. Mubarak government program. But ... with the prices of oil not blessed (externally) .. and with chaos, confusion, and lack of horizon (internally), a lot of things may be unfortunate now, Iraqis. Many things will not be okay ... neither in the short term nor in the medium term. In the long run, this may happen ... that is, some things may be on Mayram. However, many of us will be dead, and they will not be witnesses to that .. in that long term. So ... beautiful patience ... or beautiful desertion ... blessed Iraqis. LINK
  6. CNN. Broadcasting While Stopping For Directions ! A road map for solving the financial crisis a member of the House of Representatives, Muhammad Sahib al-Darraji, has proposed a road map to solve the financial crisis. Given that the economic and financial situation in Iraq has reached the bottleneck stage, there must be solutions applicable to the near and far ranges, and through some of the professional experiences gained in the areas of government executive and parliamentary legislative work, with accumulated experience from working in the private sector and touching the economic and service situation of the Iraqis at various levels. Here I would like to present a short-term road map to contribute to solving the financial crisis and protect the economy of the country must be followed by medium and long-term measures to reform the Iraqi economy and find a clear economic doctrine for Iraq that changes the form of spending and financial resources for the country in a manner commensurate with the societal nature and global ruling conditions for energy prices and the diversity of means Production. This plan is summarized as follows: - First: - The general budget 1 - A simple budget for construction and installation must be submitted and approved for the remainder of the year 2020 showing the ruling real revenues and expenditures and what relates to these two items only and the ways of filling the resulting deficit and without touching on any other items. 2 - Building a budget for the year 2021 on a sectoral basis and on a fixed oil price for the operational budget and a mobile for the investment budget, directing the budget for salaries, purchasing the ration and medicines, sterilizing water and the educational process only and listing items that encourage dependence on investment and the private sector to address other sectors so that these provisions govern the budget law All other laws and restrict them in favor of financing the unfunded sectors. 3 - Providing the final accounts for the past years and validating them to know the deficiencies in financing certain sectors in exchange for extravagance in other sectors in order to create an economic balance between the service and productive sectors. Second: - The cash block: Withdraw the cash mass stored with the community and try to invest it in an investment through the following: - 1 - Raise the interest rate for cash deposits in banks even if the monetary authority is forced to support the banks. 2 - Establishing projects in which the state contributes a certain percentage and the rest is offered for subscription, especially in projects of city centers (dawn town) and major industrial projects such as petrochemicals (Nebras). 3 - Offering some of the winning companies (or that could win by changing the management tactic) for subscription, such as the air navigation company, airlines, cement, fertilizers, and others. 4- Selling oil coupons locally. At the prevailing price now and buying it a year later at the prevailing price then. 5 - Building confidence between the state and the citizen by committing to pay interest and profits. Third: - Oil licenses 1 - Negotiating to postpone the dues of oil companies or pay them in kind outside OPEC's share. 2 - Evaluating company spending and reducing them to a minimum. 3 - Re-negotiate in consensual ways with oil companies to improve the terms of contracts for the state when the oil prices drop. Fourth: - Legislative measures 1 - Revoking the Coalition Provisional Authority's decision to ban the export of raw materials and the export of some materials such as gravel, sand, and others. 2- Requiring the government to start licensing rounds to invest some mineral resources, such as phosphates, and others. 3 - Preparing a new salary scale that takes into account the economic situation and achieves social justice and encourages the employee to leave the job with a set of privileges outside the framework of the job. 4- Prepare a special bill to reduce all allocations granted under previous laws by a certain percentage. 5 - Amending some transitional justice laws and laws that have concessions that are no longer needed. Fifth: - Governance and automation 1 - The Ministry of Finance issues the e-dinar for the purpose of collecting government revenues and fees and what distinguishes them from being non-negotiable in the market as cash and thus we have reduced corruption in this aspect as well as the state's knowledge of the value of those imports quickly, to be issued by a government bank It is not done through private companies. 2 - Encouraging and organizing electronic payment, obligating banks and institutions to electronic payment, and encouraging sales outlets in the private sector to use electronic payment devices without commissions and ensuring that their accounts are fed by the national exchange in the Central Bank daily. 3 - The necessity of automating the ports and customs and linking them to any process of transferring the dollar or opening bank credits for the purposes of importing and controlling the border outlets and preventing militias and gangs from controlling them. Sixth: - Monetary policy A - The exchange rate 1 - Begin to gradually reduce the Iraqi dinar price to reach 1500 dinars against the dollar until the end of the year 2020 and review the economic situation. 2 - And then start another reduction up to 1,800 within 6 months. 3 - Then we study the possibility of deleting the zeros, so we will end with a fixed price of 2 Iraqi dinars per dollar. B - Methods to address potential inflation and the effects of the devaluation of the Iraqi dinar so that this procedure is accompanied by the following steps: - 1 - Increasing nominal salaries for grades five to nine and increasing the salaries of the social protection network by 12% to reduce the impact of potential inflation on the vulnerable classes . 2 - Amending the currency selling mechanism to maintain the hard currency inside the country and that the dollar and other foreign currencies are sold and traded directly in the currency markets or through the stock market in order to get a real price of the Iraqi dinar against the US dollar and that the guarantor of the prices is the value of the available reserve The Central Bank of Iraq has hard currency. 3- Government projects pricing in the investment budget in dollars and financing the exchange units budget for the investment budget in dollars. 4- Setting an import platform, stopping some imports, controlling customs outlets, supporting the tax system and exempting the local product from income tax for a period of two years. 5 - The state imports commercial foodstuffs into the market and injects it into the ration program in the event of high prices. 6 - Supporting fuel for public transport, factories and irrigation projects, and giving high relative importance to the food industries. 7 - Pumping a hard currency to the exchange markets to maintain the price level of the Iraqi dinar, which prevents price fluctuation due to possible speculation. 8 - Activating the role of economic security and entering the relevant government agencies to control the cash rhythm in the currency market and the food market. Seventh: - State property 1 - Liquidate unexploited government assets from real estate, buildings, vehicles, furniture, etc. by selling them or entering in investment partnerships 2 - Selling overdated lands for those overruns at the same price to give a justification for recovering them from those who do not pay (and vice versa it cannot be recovered and ejecting the exceeders) Eighth: - The private sector 1 - Increasing the credit ceiling of government banks to give loans. 2 - Activating the central bank loan initiative and easing guarantees for industrial, construction and agricultural projects, while controlling payments and linking them to completion rates and opening credits to move the private sector. 3- Finding ways through joint financing or external borrowing to finance government-funded projects and completing projects with high percentages . 4- Reducing the restrictions of letters of guarantee and their expenses for ongoing unpaid advances due. 5 - Displaying productive projects for the purpose of investing them by the implementing agencies in exchange for completing them and entering the service. 6 - Moving the housing fund and real estate bank loans to move the construction sector that withdraws unemployment as it is the largest employer sector . 7- Increasing taxes on imported commercial products and reducing them from imported raw materials to encourage the national product. https://alsabaah.iq/
  7. CNN. Broadcasting While Yelling - Start The ‘LD’ Presses ! A "serious" note from specialists and interested in the money market .. Has Iraq resorted to printing the currency? 2020-07-07 Yassin Iraq: Baghdad A page dedicated to currencies and exchange-rate monitoring posed a serious question looming over “printing the currency”. The page wrote a post that was monitored by "Yassin Iraq" as well as some comments, which I indicated through the continued pumping and delivery of banks "new currencies", in a sign that raises the question of whether there is a printing of the currency without a cover of gold that threatens inflation and the loss of its value,which is the option that was previously It was proposed by some economists and government officials to address the economic crisis. The post stated: “Before the printed dinar was new (sulfoned), we would only see it at the beginning of each new year, and after that it disappeared. This year, we entered the seventh month, and the banks distributed all new !!!” Some comments wrote a different opinion stating that the new edition is based on the foundations of withdrawing the old and damaged currency, and printed an alternative to it with the same value. link
  8. CNN. Broadcasting From An ‘Institution’ ! Institutional performance update Sunday 05 July 2020 Yasser Al-Metwally In the midst of the government's tendencies and within its plan for administrative reform to make possible changes to public administrations in state institutions and replace them with specialized technocrats that fall within the concept of modernizing institutional performance and address the imbalance that has caused the root of corruption and management chaos. Here we believe that the campaign to change public administrations, especially the failed ones, is not sufficient to achieve improved performance or its modernization. Rather, three essential elements are required which are among the requirements for modernization, namely the modernization of the regulatory and legislative environment, qualification of human resources, and improvement of the work environment. When that is possible, we can achieve the required administrative reform, and here the performance of the middle staff must be updated according to the position of the right man in the right place. Focus on important links for any institution, especially in the financial, accounting and legal aspects, and check their information by conducting training and qualification courses and subjecting them to professional tests related to their specializations in coordination with universities, colleges and expert homes, in addition to this, speeding up the modernization of the legislative environment in a way that does not act according to the mood of the departments using the appropriate legislation in view Many laws intersect before and after change and exploit it for personal interests. The third condition is to provide a clean work environment based on respect for time, good behavior and love of the profession. There are those who believe that these procedures need time. We say yes and it is, but they are among the basics for achieving institutional performance modernization and proper reform. We need to establish the content and objectives of governance; Which means good management, and this program can be achieved through the proposed qualification courses. Here it must be noted that the world's rapid trends towards the digital economy and management governance that require interaction with the digital transformation through the adoption of electronic transactions and the abolition of paper handling and record keeping will be a new challenge for new departments. It is necessary to pay attention to the fact that this digital transformation will reflect on the volume of employment in state institutions with a negative impact compared to the suspicious unemployment rates that the country suffers from and which escalate directly with the size of universities expansion and the acceptance of all middle school graduates without regard to the rate. Add to this unemployment resulting from the use of e-management . Here, those who tackle institutional modernization must realize that dependence on the private sector is inevitable to absorb the largest proportion of the unemployed. And perhaps whoever says that this approach is within the responsibility of the sovereign decision-makers, we say yes definitely and my reference only to remind that all public administrations were against this role of the private sector and also hinder its implementation, so I said the new departments should realize this fact to be encouraging, supportive and not hindering the role of the private sector In the future, it is true that this opinion came hastily and crammed into this column, but I preferred to raise it in advance so that the administrations would not be surprised by what matters will lead to in the alphabet of administrative reform in the era of digital development. We return to this topic in later columns. link
  9. CNN. No Longer Broadcasting On ‘Fumes’ ! The Central Bank of Iraq supports the Ministry of Finance with 8 trillion dinars, and provides salaries for three months Economy , 7/22/2020 13:52 Follow up - Iraq today: The Central Bank announced the details of its contribution in the face of the financial crisis, and while confirming the re-deduction of bonds for the Ministry of Finance to secure salaries for a period of three months, it is likely that they will be disbursed at the beginning of next week. Ihsan Shamran, Director General of Accounting at the Central Bank, said today, Thursday, that the Central Bank has a big role in facing the current financial crisis, stressing the re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars. He added that these bonds will enable the ministry to secure employee salaries for the months of July and August and September, noting that the bank has made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years. He pointed out that the Ministry of Finance held discussions with the Central Bank and some banks to re-deduct these bonds, noting that the bank met with the finance and banks and deducted these amounts and deposited them in the Rafidain and Al-Rasheed accounts and the retirement board. He pointed out that the amount of 4 trillion and 300 billion dinars has been deposited in bank accounts since last Wednesday, pointing out that the finance can receive money from banks, suggesting that the salaries of employees be paid at the beginning of next week. And that the central bank stands with the government to support the public finances from any crisis that it may face, noting that the volume of banking cooperation is relatively limited except for Rafidain and Rashid and the Iraqi Bank for Trade. Shamran suggested that the financial crisis would ease with the recovery of oil prices and the global economy, indicating that the country is working towards improving public financial resources through the activation of taxes and customs in addition to oil resources. LINK
  10. CNN. Broadcasting From The Valet Camel Parking Stand At The CBI’s Headquarters ! The parliamentary finance decision talks about a threat to the central bank's foreign currency reserves Economie 06/20/2020 19:04 421 Baghdad today - Baghdad A member of the Parliamentary Finance Committee, Ahmed Al-Saffar, said today, Monday, that the Central Bank of Iraq succeeded in light of the global crisis caused by the collapse of oil prices, while stressing that the window to sell the dollar currently poses a risk to the bank's reserves. Ahmed Al-Saffar said, in an interview with (Baghdad Today), that "the value of what is sold from the dollar within the window of the Central Bank of Iraq is much greater than the proceeds from the sale of crude oil, given that the latter constitutes the most important source of hard currency in the country, and therefore the window already affects the cash reserve Although this money goes on the basis of supporting importers according to the official papers provided by banks that participate in the currency auction. " Al-Saffar added, "With a calculation between what is sold from the dollar through the currency, and what is returned by selling the dollar, it reveals a big difference that actually affects the cash reserve, but the latter, according to his policy, tries to maintain the dollar exchange rate against the Iraqi dinar, because any reduction It will lead to an increase in the value of the dollar and a reduction of the dinar, and consequently an increase in prices. He is trying to strike a balance between the value of the dinar and the reserve. " A member of the Parliamentary Finance Committee confirmed that "the central bank is an independent institution, and it is not possible to interfere in its monetary policy, and it succeeded in the last period because it maintained the rate of inflation and the exchange rate of the dollar after the collapse of global oil prices and their accompanying repercussions in the health crisis." He pointed out that "the situation of Iraq is better than the neighboring countries, some of which collapsed in currencies," noting that "the central bank policy is particularly good and made sure that people with limited incomes and those with daily wages are not affected by inflation or high prices in the markets." Earlier, a member of the Parliamentary Finance Committee, Muhammad Sahib al-Darraji, published a tweet in which he stated that “one day, the currency window sells $ 207 million and the average daily oil sales are $ 60 million (according to the price of $ 40 quality discount $ 6 + production cost $ 9) export rate 2.4 Million barrels). " And he added: "So the difference between the dollar entering the country and abroad to import 147 million dollars! In one day, and if it continues, it means 53 billion a year! Why?" LINK
  11. CNN. Broadcasting While Scribbling A Write In Vote For Shabbi In Crayon ! LINK By documents .. Al-Kazemi decides to keep Al-Fayyad and Al-Alaq in their posts 18th June, 2020 Prime Minister Mustafa Al-Kazemi decided, on Wednesday, to keep the head of the Popular Mobilization Authority, Faleh Al-Fayyad, the governor of the Central Bank, Ali Al-Alaq, and the director of the retirement board, Ahmed Abdul-Jalil, to continue working in their positions. According to documents issued by Al-Kazemi’s office obtained by Al-Akhbariya, according to the approval of the Prime Minister, it was decided to continue assigning Faleh Al-Fayyad to continue running the affairs of the Presidency of the Popular Mobilization Authority. In a separate document, it was also decided, and will continue, on the relationship to manage the affairs of the Governor of the Central Bank, as stated in another document, which decided to continue assigning Ahmed Abdel Jalil to conduct the affairs of the retirement board.
  12. CNN. Broadcasting While His Iraqi Counterpart Plans On Returning The Favor - But With A Collect Call ! Pompeo calls his Iraqi counterpart .. Development of the oil sector and investment are the most prominent files 2020.06.16 - 21:37 Baghdad - people Iraqi Foreign Minister Fuad Hussein discussed with his American counterpart Mike Pompeo on Tuesday ways to develop joint cooperation between Iraq and the United States. A spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahaf, said in a statement that Nass received a copy of it (June 16, 2020). Investing in all sectors, including: the oil sector, and infrastructure, and urging investors to work in Iraq. Foreign Minister Fuad Hussein affirmed that Iraq "seeks to build balanced relations with all countries of the world, and to adopt the principle of non-interference in internal affairs, respect for the sovereignty of Iraq, realization of common interests, and independence of the Iraqi decision." The Minister referred to the "expected visit of the Prime Minister to Washington in the event that the health conditions permitted it," stressing "the government's insistence on taking future steps to work and proceeding with the success of its government program." Pompeo, for his part, affirmed that "the United States is happy with the initial results of the strategic dialogue, expressing hope that it will continue for the purpose of completing these dialogues." He also affirmed "the respect of the American government for the sovereignty of Iraq, its support for the government of Mustafa Al-Kazemi, and the provision of economic support." The two sides agreed on "the necessity of encouraging investment in all sectors, including: the oil sector, and infrastructure, and urging investors to work in Iraq." LINK
  13. CNN. Broadcasting From A Camel Rest Stop With The Kurdish Delegation Along Side The Baghdad ‘Turnpike’ From Erbil ! LINK Carrying with him six pending files .. A delegation from the Kurdistan region visits Baghdad 16th June, 2020 A delegation from the Kurdistan Regional Government intends to visit Baghdad to discuss six files with the federal government. The director of relations and follow-up affairs in the regional government, Bakhtiar Haji, said in press statements, "A delegation from Kurdistan will visit Baghdad to discuss oil and financial files, border ports, internal resources and coordination between the two governments in the field of electricity and natural gas, noting that" the region government is serious about solving outstanding problems, There is a real intention on both sides to resolve it. He pointed out that "a high-level delegation from the region held dialogues with the previous government on all issues and good agreements were reached between the two parties." He explained that "the regional government does not ask for anything beyond the reasonable limit, and at the same time it will not waive the rights and entitlements of the region according to the constitution." The federal government had given the Kurdistan Regional Government 30 days earlier to reach a final agreement between the two parties after Baghdad sent 400 billion dinars within the region’s government account to pay expenses, including staff salaries for the month of April.
  14. CNN. Broadcasting While Pointing At Maliki As The First Place To Start ! Journey to search for 'smuggled money' ... the Integrity Committee talks about a 'tight plan'! 2020.06.14 - 16:03 Baghdad - people On Sunday, the Parliamentary Integrity Committee confirmed the completion of a plan to return the smuggled money outside the country. Member of the Integrity Committee, MP Youssef Al-Kalabi, said in an interview with the official agency, and it was followed by “NAS” (June 14, 2020). And executive. " Al-Kalabi pointed out that "the best solution to get out of the crisis is by recovering the stolen money, especially since there is public, institutional and judicial support for recovering it." The Recovery Department of the Integrity Commission announced earlier that coordination with the Public Prosecution, the Iraqi Interpol and the Ministries of Foreign Affairs and Justice had achieved positive results in recovering contraband funds, seizing other funds, and instituting cases outside Iraq to recover contraband funds. LINK
  15. CNN. Broadcasting From The Camel Drive Up Window At A Baghdad Payday Loan Center Across From Parliament ! LINK Finance reveals the need for Iraq to borrow about $ 38 billion to cover the deficit 11th June, 2020 The Parliamentary Finance Committee revealed, today, Thursday, the amount of borrowing funds that the government needs to secure employee salaries and cover the levers in the general budget. "The finance and planning ministers informed us during the committee meeting, yesterday, Wednesday, that the government needs $ 5 billion in external borrowing and 40 trillion dinars in internal borrowing (equivalent to about $ 38 billion)," the committee’s reporter, Deputy Ahmed Al-Saffar, told Shafaq News. It shall be from the Rafidain, Rashid, Real Estate and Central Bank banks. He added that "approval of borrowing is subject to a condition," noting that this condition requires the government after 60 days to present a reform paper regarding the provisions of the draft general budget bill. And Al-Saffar said, "Deduction of part of the salaries of employees and retirees is not a solution, but resorting to borrowing is the best solution to get out of the financial crisis and secure salaries and fill the gap that exists in the public budget." And revealed the Parliamentary Finance Committee, earlier, the percentage of deficit "unprecedented" in the country's general budget for the current year 2020, estimated at "69" trillion Iraqi dinars. It is noteworthy that sending the federal budget by the government to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget budget to the parliament.
  16. CNN. Broadcasting While Pitcher And I Put On Our Dinar ‘Rallying Caps’ ! An economist reveals the reason for the Iraqi dinar’s decline against the dollar Economie 06/10/2020 19:53 220 Baghdad today _ Baghdad The economic expert, Abdel-Hassan Al-Shammari, revealed today, Wednesday, the reason for the high dollar exchange rate and the Iraqi dinar price. Abdul-Hassan Al-Shammari said, in an interview with (Baghdad Today), that "the devaluation of the Iraqi dinar is very little, due to the lack of sales at the auction during this period." Al-Shammari added, "The rise of the Iraqi dinar will return as it was in the past, immediately after selling at the currency auction," stressing that "the government controls the value of the central dinar through the central bank." And between the economic expert, that "the dollar's rise and the Iraqi dinar’s decline are temporary, partial and very simple." And rose the dollar exchange rates, today, Tuesday, on the stock market struggle and local markets, against the Iraqi dinar. The prices of the Kifah Stock Exchange - Baghdad recorded 124,300 dinars per 100 dollars. The selling and buying prices came in the banking shops: The sale price of the dollar = 125,000 dinars. The purchase price of the dollar = 124,000 dinars. LINK
  17. CNN. Broadcasting That the government and the Ministry of Finance can manage it for the remainder of the current year exceptionally ! LINK Financial expert: The government can manage the public spending process without issuing a budget 12:30 - 09/06/2020 Financial expert, Ahmed Berihi, Tuesday, that the failure to issue a budget in 2020 due to health changes and crises and sudden drop in oil prices does not mean that the government will lose control of public spending, stressing that the government and the Ministry of Finance can manage it for the remainder of the current year exceptionally. Brihi said in a statement to "Information", that "the current situation is more exceptional than the year 2014 in which the budget was not approved due to health changes and crises and the sudden drop in oil prices, and whoever believes that the executive authority will lose control over the completion of public spending for the remaining months of the current year is incorrect." He added that "the government and the Ministry of Finance are able to manage the state through public spending for the remainder of this year through possible means without issuing a budget." Berihi pointed out that "good management and the use of practical means to manage crises are possible and will not harm the country."
  18. CNN. Broadcasting That "It is possible to raise the exchange rate of the dinar against the dollar,“ ! Without prejudice to the salaries of employees .. A member of Parliamentary Finance offers several alternatives to overcome the crisis Policy 05/06/2020 09:43 240 Editor: am Baghdad today - Baghdad Member of the Parliamentary Finance Committee in the House of Representatives, Majid Al-Waeli, on Friday (05 June 2020), presented several alternatives to overcome the stormy financial crisis in the country, without touching the employees ’salaries, while he hinted that the committee will hold a meeting with Prime Minister Mustafa Al-Kazemi and the Ministry of Finance next week . Al-Waeli said in a press statement, "There are many alternatives that can mitigate the severity of the current crisis significantly, including an increase in the price of a barrel of oil, which is sold by $ 5 to the refineries of the Ministry of Oil, while the rate of selling it according to the 2019 budget is 60 Dollars. " And between, "Those refineries buy about one million barrels per day; that is, there is a difference in the price of up to 55 dollars, meaning that there is a price difference of 55 million dollars," noting that the treasury can supply about 50 percent of this amount, i.e. up to 20 25 million dollars. " He added, "The other alternative is to reconsider the sums of real estate sold cheaply and rented with sums, especially those that are located in the heart of the capital and in distinct areas of it, as it can be re-evaluated again because some of them are inhabited without paying any sums for the rents in the first place." He pointed out that "the government should also pay attention to the debts arising from telecommunications companies, especially mobile phones and the Internet, and their collection, which amounts to millions of dollars." Al-Waeli warned, "The amounts owed by the border crossing points, customs and taxes after being properly and clearly monitored, as well as transport companies, despite the existence of a crisis in that at the present time, all of which can be invested to alleviate the economic crisis caused by the drop in oil prices." He explained, "The executive bodies should take great care in the issue of the agricultural calendar and protect the product, by preventing the entry of unnecessary agricultural crops available in the local market, or imposing customs prices on the importer from them to equate with their local counterparts as they are cheaper than what exists in the Iraqi market, which leads Consequently, to revitalize the agricultural sector, especially in conditions of curfew, by paying attention to the agricultural lands owned by some citizens and whose crops are sufficient for consumption by them, their families, and their neighbors. He pointed out that "the committee has also proposed to raise the customs tariff for raw raw materials, after the Iraqi industrialists were harmed by them and those who import the raw material, to show then that their prices are more than the price of the ready-made imported material, which leads to the closure of the factory and the layoff of workers, while imposing a tariff On imported materials, he will make them in competition with the local product, "noting" the necessity of encouraging the national product and making a price difference between it and the importer. " He continued, saying: "It is possible to raise the exchange rate of the dinar against the dollar, even if only in a small percentage that corresponds to the vision of the central bank, after deliberating between it and the financial committee on this issue, despite the first refusal of the matter as a financial policy, but the committee is trying to hold the stick from the middle and the possibility of implementing this matter even a few numbers and gradually maintain the value of the Iraqi dinar against the dollar " . Al-Waeli indicated that "there is an expected meeting of the Finance Committee with Prime Minister Mustafa Al-Kazemi and the Ministry of Finance next week to present those alternatives before it and implement what can be implemented from them." And he added, "The committee is in the process of preparing an integrated study in the light of the reports submitted by both the central bank on the financial crisis and the government as a vision by the advisers' body, which dealt extensively with employee deductions as a solution to overcome the financial crisis." The government of Prime Minister Mustafa Al-Kazemi faces several problems, including the country's severe financial crisis, the emerging Corona virus crisis, and low oil prices. LINK
  19. CNN. Broadcasting The First Line In The Article (Before U Clicked On It) - Instead Of The Actual Headline ! That’s Just How This Wicked Makeup Faced Bad Boy Rolls ... I Bet It Got Yo’ Attention Though ... Mourning for {Morning}: The 2020 budget will be biannual Monday 08 June 2020 Baghdad / Omar Abdul Latif Deputy Speaker of Parliament Dr. Bashir Khalil Al-Haddad revealed the readiness of 7 laws to vote during the next stage, while he stressed that voting on the 2020 budget will be in semi-annual or other form to be agreed upon later. Al-Haddad told Al-Sabah that there are dozens of bills that are expected to be passed in the House of Representatives, including what was read for the first or second time and discussed and ready to vote, including; A draft law on information crimes, refugees, housing abuses and a proposed legal proposal for sports clubs, federations, the Federal Civil Service and the Reconstruction Council, etc. The Deputy Speaker of the House of Representatives indicated that Parliament asked the government to expedite sending the draft budget law for the year 2020 within a maximum period of the end of the current month to be read and discussed and then vote on it, Indicating that the budget formula that the House of Representatives will vote on will be semi-annual or any other formula to be agreed upon later. LINK
  20. CNN. Broadcasting From The Vaults Of The CBI Amongst The Seemingly Endless Pallets Of Purina Camel Chow Making For The Brunt Of The Reserves ! What after the Central Bank of Iraq supports terrorism? Last updated: June 7, 2020 - 11:56 am Written by: Zuhair Al-Fatlawi MP Magda Al-Tamimi divided, with the auction of hard currency, which is managed by the Central Bank of Iraq, into four directions, surprisingly from its existence from the original. Al-Tamimi said that "the currency auction goes in the first quarter for the pockets of some corrupt employees, while the second quarter is seized by parties, and the third is in the hands of merchants, and the fourth and last quarter goes to terrorism." With indicated that "the financing of terrorism was through a currency auction managed by the Central Bank of Iraq." The speech of MP Majida Al-Tamimi in Al-Sharqiya channel, which is seen by millions of people, was not surprising, and the evidence is a lot of security experts and strategists say that corruption supports terrorism) and the currency auction in the Central Bank of Iraq is not free of corruption. Attribution and financing of terrorism. What do we say to the Central Bank of Iraq’s management of this fact and accepted the scandal with corruption and looting of people's money through prepaid companies, smart card. And she indicated that "the financing of terrorism was through the auction of selling currency." Where are the oversight bodies, especially the Iraqi judiciary, the public prosecutor, the Integrity Commission, the media, public opinion, and civil society organizations. What do we say to the countries of the world and the most important monetary institution in the country that supports terrorism systematically. There are several clues, including dozens of private banks that live on the auction of selling currency and do not provide any other services to the Iraqi citizen, not even the granting of small loans, support for projects for job seekers, mere smuggling and money laundering, and support for corrupt political parties that have plagued the Iraqi people. Why does the Governor of the Central Bank of Iraq cling to this important and sensitive position in the Iraqi state? Why not be surprised how lost $ 500 billion in Iraq? , This is an important part of the truth, as the Iraqi Center for Legal Development ICLD revealed seventeen suspicions of corruption in the work of the Central Bank of Iraq over the past years, demanding the Iraqi judiciary to verify the banks affiliated with political parties or supported by them. The Center for Iraq for Legal Development says: The number of Iraqi banks exceeds the number of banks in Britain, the Emirates, Jordan and Lebanon combined. The center said in its previous report submitted to the Supreme Council for Anti-Corruption, that “previous investigations were not carried out in an integrated manner, which caused keeping this door before whales and the mafia of corruption open in an impact Negatively on the Iraqi economy. We do not know what these mockery and this immune corruption is in Iraq. The authority is plundering the citizen, the investor, the rich and the poor, no reconstruction, no development, or a fair distribution of wealth! The report indicated that “previous investigations have focused on the validity of the bills issued by banks and companies in terms of formality only, indicating” the necessity of ascertaining to the official authorities about the fact that goods and goods are imported with amounts equal to the amounts of remittances and in the event that this is proven, a complex crime of forgery, fraud, smuggling of funds and damage will be proven Iraqi economy. The report referred to “failure to verify the international banks to which the amounts of the alleged transfers were transferred, and to inquire about the fact that the relevant authorities have received them or transferred again in favor of other accounts, whether in the same bank or other banks, and here the crime of smuggling the currency will be proven in a certain and real way. The report pointed out that "the central bank administration has nearly doubled the number of banks in Iraq without a feasibility study to exceed the number of Iraqi banks in the number of banks in Britain, the Emirates, Jordan and Lebanon combined, which opened the door to corruption and new waste, which is buying and selling establishment licenses." link
  21. CNN. Broadcasting The Logic That it is possible to talk about raising the price of the currency Revaluation ! Conscious / reduce the Iraqi dinar exchange rate ... punish people / d. Hussein al-Asadi June 3, 2020 Iraq is going through extremely sensitive conditions, as the Iraqi economy faces a real challenge after the catastrophic failure to find alternatives to selling crude oil. I confirm here the sale of crude oil and not the oil refining industry and the petrochemical industry. Iraq is one of the largest oil reserves in the world, as it has 147.2 billion Barrel according to explorations in 2018, or 8.5% of the balance's global reserves - - and yet he annually imports 3.3 trillion Iraqi dinars in oil products - the annual report of importing Iraq 2018, the Central Statistical Organization 2019 - and he imports energy worth 7 trillion Iraqi dinars - the 2019 budget Iraqi facts: Issue 4529 on 11/11/2019 - all of which can be produced in Iraq, as well as other resources such as agriculture, various industries, trade, tourism, etc., With no Sovereign Wealth Fund that provides additional imports and a portfolio to protect the future of generations, especially in times of crisis, Iraq today Asking for aid to pay the salaries of employees and retirees is that what enters the treasury is not equal to a quarter of what Iraq needs to cover salaries only. The financial budget for the year 2019 was allocated to the salaries of retired civilians and the military (9,316,652,417,000) Iraqi dinars, and the salaries of employees equal (43,404,629,267,000) Iraqi dinars For the year 2019, the amount is (52,721,281,684,000) Iraqi dinars, which means that Iraq needs monthly (4,393,440,140,000) Iraqi dinars, and if we take into consideration that the Iraqi dinar exchange is 1,200 dinars per dollar, it means that Iraq needs monthly to (3,660,000,000) approximately one dollar, while the GDP of Iraq is approximately (1,100,000,000) dollars for the month of March and (1,200,000,000) dollars approximately for the coming months, as Iraq needs (2.5) billion dollars approximately per month to cover monthly salary expenses only, this is regardless of other needs, And to address This catastrophic failure began to raise some voices in order to reduce the Iraqi dinar exchange rate against the US dollar in order to increase the budget number and reduce the deficit in it, and I find it necessary to clarify some of the terms, so the reader may be surprised by the ignorance of many of those who speak in this field, and perhaps they are among those in important positions of responsibility. Floating Exchange Rate: A floating currency is the rate of currency that has floated so that it has become fully liberalized, so the government or the central bank does not interfere in determining it directly, but it is automatically generated in the currency market through the Supply And Demand mechanism that allows By setting the exchange rate of the national currency against foreign currencies, this term corresponds to the fixed price of the currency exchange Fixed Exchange Rate: A specific price will be set against a major global currency (usually the US dollar, but also other major currencies such as the euro, yen, or basket of currencies), in order to maintain On the local exchange rate, the central bank buys and sells its own currency on the foreign exchange market for the currency in which it is linked. Devaluation: is the devaluation of the official exchange rate of this currency against an international reference currency (the US dollar or the euro, for example), so that the number of units of foreign currency that can be obtained against one unit of the national currency is low, and it is correct to talk about devaluation when it is The exchange rate is subject to the direct management of the government or the central bank, which determines this price through a government decision, and according to the same logic, it is possible to talk about raising the price of the currency Revaluation in exchange for reducing it, and this is when the exchange rate is subject to the direct management of the government or the central bank as well, and we note that the reduction The price of the currency and its elevation are within one framework which is the fixed exchange of the currency, but when the exchange rate is subject to the forces of supply and demand (floating the currency) and there is a decline in the value of this currency, depreciation of the currency, the decline is an automatic result of the free interaction between supply and demand in the foreign exchange market without interference Direct from the government or the central bank,according to For the same logic, we can talk about the rise in the value of the currency Appreciation versus its decline, and we note that the rise and fall of the currency price within the currency float. Since Iraq works within the fixed fixed rate system, we can talk about reducing and raising the exchange rate of the currency, and here I do not want to differentiate between the two systems, each of them has its conditions despite the market economy and its idea that the state should not interfere in economic activities and let the market control itself It operates a system of floating the currency and its price depends on the iron principle of supply and demand, but the actual conditions of Iraq do not allow for reasons that are too long to be explained. Countries with a fixed exchange rate resort to reducing the currency exchange rate for economic reasons to improve their balance of trade mainly due to an increase in domestic production versus the importer. The currency reduction makes the difference between the outside and the inside and reduces the importer in front of the exporter, and this assumes that there is internal production It covers the local need and wants to preserve it and export it abroad, but in the Iraqi case, unfortunately, there is no industry, no agriculture, no internal production, it covers the local need as well as being an exporter, as Iraq has nothing to export other than Crude Oil, and I speak here As for the reality of what is there and not what I am calling for, the total imports for the year 2018 for commodities and petroleum products amounted to (37) billion dollars, equivalent to (43.8) trillion Iraqi dinars, and the total imports for the year 2018 for the non-oil commodities (34.1 dollars), i.e. Equivalent (40.5) One trillion Iraqi dinars, and Iraq has no need to reduce the exchange rate, but it is sufficient for it to prevent the import of any material that can be dispensed with. As for the real effect of the devaluation, it is the direct punishment for the Iraqi people, if we know that 6 million Iraqis receive a salary or aid from the Iraqi government and the number of individuals The Iraqi family is 5 people, we are talking about about 30 million Iraqis who live on what they receive from salaries or aid from the Iraqi government, all of these will be affected by this procedure, because inflation occurs. Inflation in prices is due to the low purchasing power of the Iraqi dinar, so the family that could have lived in a million dinars An Iraqi after the currency devaluation has become worth 500 thousand dinars, and if she receives a number that is a million, therefore she will live in great distress due to this reduction, and the other affected are the owners of internal debts in the local currency, which amount to about 40 trillion dinars, which represent treasury transfers and debits with banks The government and the central bank for companies, contractors, and merchants, and if they are a number, it will remain that the Iraqi government owes them to 40 trillion, but after the devaluation they will owe 20 trillion on the assumption that it has been cut in half. As for the external debtor, it remains the same because in foreign currency the dollar or the like. Another issue remains here is the confidence of investors and companies in the currency after the devaluation is much less because the stability of the currency is one of the factors that encourage investment and entry in projects as well as problems related to economic feasibility after the devaluation, which is the basis of the intervention of the government or the central bank in fixing the exchange rate or only for work The principle of floating currency from the beginning. Hence, we believe that those who seek to actually depreciate the currency are punishing the Iraqi people because of the wrong policies and economic failure that brought the country to this situation, as the people in this bear the mistakes of politicians and are punished instead of them. LINK
  22. CNN. Broadcasting While Kazemi Tries Looking For The Brakes On The Auction Camel ! Member of Parliament Finance: Al-Kazemi has the authority to restrict the work of the currency auction and to hold accountable the negligent Economie 02/20/2020 19:52 263 Editor: Zs Baghdad today - private Member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, revealed on Tuesday (2 June 2020) that there are suspicions of corruption hovering around the work of the foreign currency auction. Al-Saadawi said in an interview singled out (Baghdad today), that "there are money sold in the currency auction without supervision and allow large corruption operations, therefore it is possible that the Prime Minister, Mustafa Al-Kazemi, according to his powers, monitors the window of currency sales and holds accountable those who fail." He added that "Al-Kazemi does not have the powers to cancel the auction of selling the currency, as it is a window to the central bank in order to obtain the local currency and also import the goods." He emphasized that "the Prime Minister also has the power to restrict the work of the auction and does not have the right to cancel it." The member of the Parliamentary Finance Committee, MP Majida Al-Tamimi, said on Monday (1 June 2020) that her research in the Iraqi currency auction led her to shocking results, which were the arrival of money from the auction to terrorist groups, as well as another part of it going to Iraqi political parties. During her talk about the program (shortest paths) presented by the media, Dr. Nabil Jassem on Al Sharqia News screen , Al-Tamimi studied : "I discovered that the currency auction goes to four parties, some of the central bank employees, the other quarter to the parties and the other quarter to the merchants." She added, "As for the last quarter, it goes to the financing of terrorism," noting that "the financing of terrorism was through a currency auction." Iraqi observers and officials estimate the value of what was sold of the dollar in the currency auction during the past fifteen years at more than 300 billion dollars. LINK
  23. CNN. Broadcasting While Invoking The Strategic Agreement ! LINK Legal expert: Iraq has the right to recover smuggled money outside the country 1st June, 2020 Legal expert, Ali Al-Tamimi, confirmed today, Monday, that Iraq has the right to recover smuggled money outside the country Al-Tamimi said in a statement received by "Gilgamesh Press", that the "International Anti-Corruption Agreement of 2005 signed by Iraq 2007 allows Iraq to request the United Nations to recover the smuggled money as money laundering and corruption is financial He added that "according to Article 50 of the Charter of the United Nations, states that fight terrorist organizations under Chapter Seven of the Charter of the United Nations may request economic assistance from the United Nations, and it is known that ISIS was placed under Chapter VII under UN Security Council Resolution 2170 of 2014 He continued, "Various countries have announced their willingness to provide economic assistance to Iraq, including Britain, so Iraq can request assistance from the international community, the United Nations, to rebuild liberated cities, face the consequences of the war against terrorism, according to the foregoing, and recover the smuggled money estimated at $ 500 billion He noted that "according to Article 27 of the 2008 Iraqi-American Strategic Agreement, Iraq can request economic assistance from America, as this article required He pointed out that "the current situation and the lack of health facilities to face the Corona pandemic and the decline in oil prices, Iraq had to move in this direction
  24. 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
  25. 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
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