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The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate


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On ‎5‎/‎21‎/‎2018 at 4:31 PM, mr.unlikely said:

I just stopped in, to see what condition my RV condition was in. Cmon Lebowski, bring it home!

 

 

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Iraq reveals its financial position

Iraq reveals its financial position

 

 

Release date: 2018/7/17 15:39 • 24 times read

[Ayna-Baghdad] 
Revealed a senior government adviser to the Prime Minister, Haider Abadi, on the situation of Iraq from the financial crisis and foreign debt and loans.

The economic adviser to the Prime Minister, the appearance of Mohammed Saleh, in a press statement today, "The government was able to overcome the financial crisis and the problems of deficit and debt and external borrowing and local control." 
He explained that "Iraq exceeded its financial crisis through the financial flows to the budget of 2018 achieved by the rise in oil prices in global markets, which amounted to $ 64 per barrel," stressing that "global oil prices are going up." 
Saleh pointed out that "the problems of deficit, borrowing and borrowing have become the past because of high oil prices," pointing out that "the situation has become more comfortable compared to the past months, which gave the government the power to overcome the financial crisis suffocating."
He stressed that "the implementation of some needs became more flexible than the past years by the financial flow in oil exports," noting, "If the parliament was present, the government sent a supplementary budget includes high oil prices for approval." 
He explained that "the surplus achieved in the current budget can not be manipulated, because it is not guaranteed in the draft budget law and will be recycled in the next budget on the grounds that the parliament ended its current session can not send a supplementary budget for approval. 
The financial adviser said that "in the event of a new parliament during the next two months could be sent the supplementary budget law for approval so that the new government to spend money on some projects due and stalled."
"It is not possible to talk about the figures of this surplus and the surplus achieved in this year's budget until after the end of the current fiscal year," Saleh said. 
He pointed out that "Iraq exceeded the so-called point of parity in which the federal budget in the case of balance-free deficit after the price of oil barrel to more than $ 60," stressing that "the financial abundance achieved in the past year." 
He added that "there are funds owed to the Iraqi government as salaries to employees and retirees and social welfare and the payment of debt and investment project expenses amounting to a monthly to seven or six trillion dinars," stressing that "these amounts will be cut from the monthly oil sales of up to 9 trillion," noting that "The remainder of these amounts will be carried over to the coming months."
As for the debts of the Iraqi government, the economic adviser says that "one third of Iraq's debt is subject to the debts of Paris Club, which has not been settled," noting that "these debts are mostly sovereign debt belonging to some of the Gulf states."

http://www.alliraqnews.com/modules/news/article.php?storyid=75922

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  • yota691 changed the title to Iraq reveals its financial position
  • 2 weeks later...
 
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Currency of the Dinar

  

 Banks


Economy News Baghdad:

An official source in the Iraqi government, on Thursday, that the internal debt of the government of 46.4 trillion dinars.

The source, who preferred not to disclose his name to "Economy News", "The internal debt is currently 46.4 trillion dinars."

He added that "the Iraqi government is required to reduce the domestic debt during the next phase after the increase in oil prices and achieve financial abundance."


Views 24   Date Added 26/07/2018

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Officially ... The Lebanese government rejects the conditions of the Paris Club to pay the debts of Iraq

26-07-2018 01:35 PM
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Baghdad News -

 

 

The Lebanese government on Thursday decided to open the Lebanese border to Iraqis, saying it rejected the terms of the Paris Club to pay back Iraq's debt, which dates back to 2003.

 

"We hope that a solution will be found to the subject of Lebanese merchants and industrialists who deal with Iraq," said Nicola Tueni, minister of state for anti-corruption affairs in the caretaker government.

 

"What has been reached with the Iraqi authorities is that all debts from 2013 until today will be paid under contractual terms that have been contracted and this solve a large part of the problem."

 

He added that "for the debts dating back to 2003, the Iraqi authorities proposed to resort to the conditions of the Paris Club, but we still reject them and do not have to enter these conditions because of the unfairness of people." He stressed that "we walk the line of the opening of the Iraqi border of Lebanese and Lebanese borders To the Iraqis. "

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The Lebanese Minister of State for Combating Corruption, Nicola Tueni, said that the debts approved by Iraq are due from 2003 and other years before, and belong to legal persons and Lebanese industrial and commercial companies.
 
"These debts have been accumulating since the days of Saddam Hussein's regime in 1993, when Iraq was besieged and the United Nations established the oil-for-food program. On this basis, more than one Lebanese company entered to work in Iraq, These Lebanese companies faced more problems with delivery times. "
 
Tueni pointed out that during the period in which strikes were launched against Iraq and beyond, "many Lebanese traders had orders in the sea heading to Iraq, damaged by the strike, some of which were damaged, while others were not captured by Lebanese merchants or could not deliver them."
 
The Lebanese minister explained that these goods are estimated to cost "about one billion dollars according to prices in 1993, and these Lebanese requests extend from 1993 until after 2003."
 
"The Iraqi authorities have finally recognized the post-occupation period, from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of contention between us "He said.
 
"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And the United States and China, to cancel their debt owed to them from the period from 1993 to 2003, provided that Iraq pays only 10% of these debts.
 
"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 per cent of his debt, which is estimated at $ 1 billion, is being denied. And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade. "
 
The Lebanese minister revealed that Beirut is now seeking "to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks.
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  • yota691 changed the title to Officially ... The Lebanese government rejects the conditions of the Paris Club to pay the debts of Iraq
Date of release: 2018/7/26 13:10  168 times read
Lebanon demands Iraq pay its debts and benefits
(International: Euphrates News) Lebanese Minister of State for Combating Corruption, Nicola Tueni, said that the debts approved by Iraq, due from 2003 and other years before, and belong to legal persons and Lebanese industrial and commercial companies.
"This debt has been accumulating since the days of Saddam Hussein's regime in 1993, when Iraq was trapped and the United Nations established the oil-for-food program," the Lebanese minister was quoted as saying by Al-Gomhuriya newspaper. Lebanon has had more problems with deliveries. " 
Tueni pointed out that during the period of strikes against Iraq and beyond, "many Lebanese traders had requests in the sea destined for Iraq damaged by the strike, some of which were damaged, while others did not catch the Lebanese merchants the price or could not deliver. 
The Lebanese minister explained that these goods are estimated to cost "about one billion dollars according to the prices of the year 1993. These Lebanese requests extend from 1993 until after 2003."
"The Iraqi authorities have finally recognized the post-occupation period from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of disagreement between us" . 
"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And America and China are required to write off their debts owed to them from Iraq from 1993 to 2003 provided that Iraq pays only 10 percent of these debts.
"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 percent of Lebanon's debts, which are estimated at $ 1 billion, And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade. " 
The Lebanese minister pointed out that the mobilization of the debt file now is due to "the deterioration of the situation in Iraq, as this was not possible in the past, Iraq was subjected to siege and then to the strike and occupation ... Thus, the security situation there was not favorable," adding: "Today we began to restore the rights of Lebanese companies and institutions to the Republic of Iraq."
On the value of total debt, Tueni said that "the 1993 debt is estimated at $ 1 billion and receivables from 2003 are also estimated at $ 1 billion." 
"The Lebanese minister said that Beirut is now seeking to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks.
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The Lebanese government decides to open the border to the Iraqis

The Lebanese government decides to open the border to the Iraqis
 


 

"We hope that a solution will be found to the subject of Lebanese traders and industrialists who deal with Iraq," said Nicola Tueni, state minister for anti-corruption affairs in the caretaker government.

Toni said in a press statement that "what has been reached with the Iraqi authorities is that all debts from 2013 to date will be reimbursed under contractual terms that have been contracted and this solves a large part of the problem," explaining that "for debt owed to the "Before 2003, the Iraqi authorities proposed resorting to the conditions of the Paris Club, but we still reject them and these conditions should not be entered into because of the unfairness of the people."

He also noted that "we are going through the opening line of the Iraqi borders for the Lebanese and the Lebanese borders for the Iraqis."

Keywords: 

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The Lebanese government issues a clarification on the full extent of its debts

26720181410485b598eab95a59735658b4593.jpg

2 hours ago

 

Lebanon announced on Thursday that the debts approved by Iraq are due from 2003 and other years before and belong to Lebanese legal entities and industrial and commercial companies.

This was stated by Lebanese Minister of State for Combating Corruption Nicola Tueni in clarifying a journalist quoted by Al-Gomhouria newspaper on July 26, 2018.

 "These debts have been accumulating since Saddam Hussein's regime in 1993, when Iraq was trapped and the United Nations established the oil-for-food program. On this basis, more than one Lebanese company went to work in Iraq. Some of these Lebanese companies faced more problems over periods Delivery ".

Tueni pointed out that during the period of strikes against Iraq and beyond, "many Lebanese traders had requests in the sea destined for Iraq damaged by the strike, some of which were damaged, while others did not catch the Lebanese merchants the price or could not deliver .

The Lebanese minister pointed out that these goods are estimated to cost about $ 1 billion according to 1993 prices. These Lebanese requests extend from 1993 until after 2003 .

"The Iraqi authorities have finally recognized the post-occupation period from 2003 to today," Tueni said, adding that Baghdad "does not deny the accumulated debt since 1993, it recognizes it, but with a difference is a point of disagreement between us " .

"The Iraqi authorities say they want to pay the money due in 1993 but according to the treatment of the Paris Club, which says that there is an agreement between all the countries that owe it to Iraq, namely Russia, France and England," the Lebanese minister said. And America and China are required to write off their debts owed to them from Iraq from 1993 to 2003 provided that Iraq pays only 10 percent of these debts .

"The Iraqi side wants to accept Lebanon to be treated in the same way," he said, adding that 10 percent of Lebanon's debts, which are estimated at $ 1 billion, And the Lebanese state is demanding debt on behalf of the Lebanese citizen and serving Lebanese society, industry and trade . "

The Lebanese minister pointed out that the mobilization of the debt file now is due to "the deterioration of the situation in Iraq, as this was not possible in the past, Iraq was subjected to siege and then to the strike and occupation ... Thus, the security situation there was not favorable," adding: "Today we began to restore the rights of Lebanese companies and institutions to the Republic of Iraq ."

On the value of total debt, Tueni said that "the 1993 debt is estimated at $ 1 billion and receivables from 2003 are also estimated at $ 1 billion ."

"The Lebanese minister said that Beirut is now seeking to demand interest on these amounts because the value of the currency has changed and the companies (estimated at 153 companies) that lost their day or did not pay their money continued to pay the debts owed to banks .

http://www.nrttv.com/AR/News.aspx?id=2720&MapID=2

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  • yota691 changed the title to Iraq calls for easing the weight of external debt to address economic development

Iraq calls for easing the weight of external debt to address economic development

09:01 - 10/08/2018

 
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BAGHDAD ( 
Reuters) - Iraq is speeding up its foreign debt portfolio, especially after it has weighed heavily on the country over the past years and eventually led to a wave of mass protests in the country. 
But Iraq, which has suffered financially in recent years from falling oil prices, is now looking to close the debt page as well as the war, and start to re-launch the economic wheel, opening its doors to foreign companies and investors. 
In an interview quoted by the agency, "Anatolia" Turkish, says the economic adviser to the Iraqi government, the appearance of Mohammed Saleh, the proportion of Iraq's external debt, moved from the former Iraqi regime, and therefore inherited.
Saleh adds that "these external debt estimated at 40 billion dollars, and under the Paris Club agreement must be written off 90 percent of this debt, noting that these countries do not claim these debts, nor sit at the table for dialogue to settle, but we think that is on the way to write off "He said. 
He continued: "The UAE has pledged orally to write off debts on Iraq by 100 percent, which is between 4 to 5 billion dollars, provided that the rest of the States take a similar step." 
"While a portion of the $ 38 billion domestic debt borrowed by the Ministry of Finance from the government banking system has been in recent years as a result of falling oil prices, 
"There are other sporadic debts for the International Monetary Fund, the World Bank, the G-7 countries, the money market borrowings, and other debt owed by the country as a result of the war (against the terrorist organization Da'ash), but not more than $ 15 billion .
** Oil rises 
and revenues expected due to recent oil spikes, says Mazhar Saleh: "Any other revenue generated by the increase in oil prices, will not be calculated in the financial budget, but is recorded as conversion income and has exchange doors." 
"For example, there is a budget deficit of 12.5 trillion dinars (10.58 billion dollars), so the deficit is covered by the surplus, and what remains is only possible through a supplementary budget approved by parliament." 
"If Iraq can not approve a supplementary budget under the Financial Management Law No. 95 of 2004 and for various reasons may be delayed assembly, any excess amounts not spent in 2018 is an opening balance for the budget of 2019."
Iraq's current year budget has set an estimated price of $ 45 per barrel for crude oil, with crude revenues accounting for about 95 percent of state expenditure, but oil prices have risen to $ 70 a barrel, meaning an increase in financial revenues. 
** The budget of 2019 
and dismissed the economic adviser to the government, fears the continued delay of the newly elected parliament to hold its meetings as a result of the procedures to verify the numerous appeals against the integrity of the elections held on 12 May last. 
He added: "The budget is currently prepared by the Ministry of Finance, according to the Financial Management and Constitutional Constraints, and in September next will be ready for presentation, and the following month to submit to the Council of Ministers, and then be submitted to Parliament. 
Central Reserve
Mr Saleh said reserves at the central bank began to pick up again last year as oil prices rebounded to $ 56 billion, which is on the rise. 
"Financial pledges 
and accusations of the failure of the donor conference for the reconstruction of Iraq, hosted by Kuwait in mid-February, between Saleh that" financial pledges received by Iraq estimated at 30 billion dollars. 
During the Kuwait conference, Iraq sought funds and investments of up to $ 88 billion to rebuild the war-ravaged Da'ash over the past three years. 
"The biggest pledges have been made by Saudi Arabia, the UAE, Kuwait and Turkey," Saleh said. 
"There is a plan for ten years to come, including the reconstruction of the affected areas will be funded through the donor conference and state budgets for the coming years."
Iraq ranks 166 out of 176 countries on the list of the most corrupt countries according to the latest list issued by Transparency International

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Standard & Poor's

  

 money and business


Economy News Baghdad:

The credit rating agency Standard & Poor's confirmed its credit rating to Iraq at (B- / B) with a stable outlook .

She said the stable outlook reflected expectations that policy measures, under the IMF program, would contain risks to Iraq's fiscal performance .

The agency confirmed that it may reduce its rating to Iraq if there is a sharp increase in net government debt or debt service expenses .

The agency noted in its statement that it does not expect to raise its ratings for Iraq over the next 12 months, but it may do if improved political stability and security, along with public finances .

The government's debt to Iraq will increase over the next four years and the government budget deficit and current account will worsen, she said .


Views 45   Date Added 08/25/2018

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   Information / Baghdad ..

The credit rating agency Standard Stendered Bourse to raise the  credit rating of Iraq in the event of  stable political and economic situation, warning of the worsening government debt crisis over the next four years.

 "Combating corruption and external security threats are major challenges for Iraq in the short term," the agency said in a report quoted by Reuters.

The stable outlook reflected expectations that policy measures, within the framework of the IMF program, would contain risks to Iraq's fiscal performance.

According to Reuters, the agency confirmed that it may reduce its rating to Iraq if there was a sharp increase in net government debt or debt service expenses.

Standard & Poor's has ruled out raising its ratings for Iraq over the next 12 months, but may raise the rating if political and security stability improves, along with public finances.

And warned that the government debt - Iraq will increase over the next four years and the government budget deficit and the current account will worsen.

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Standard & Poor's maintained its credit rating for Iraq at (B- / B) with a stable outlook expected to reduce this rating if the net government debt or debt service expenses increased.
The widespread corruption in Iraq hampers any possible political or economic development, the agency said in a report, noting that combating corruption and external security threats were key challenges for Iraq in the short term.
The agency expected to increase government debt to Iraq over the next four years and exacerbate the deficit in the government budget and current accounts 
Standard & Poor's said the stable outlook reflected expectations that policy measures under the IMF program would contain risks to Iraq's fiscal performance but did not expect to raise its ratings for Iraq over the next 12 months.
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Saturday 25 August
 
 
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Alsumaria News / Baghdad
expects credit rating agency "Standard Andborz" high indebtedness of Iraq and the worsening budget deficit, while warning that any increase in the debt may cut the credit rating of the country. 

"The government debt to Iraq will increase over the next four years," the rating agency said. 

"The government budget deficit and the current account will also be aggravated,"Reuters reported 

Standard & Poor's affirmed its credit rating for Iraq at (B- / B) with a stable outlook.

 

 


"The stable outlook reflects expectations that policy measures, within the framework of the IMF program , will contain risks to Iraq's fiscal performance," she said. 

But the agency warned that it "may reduce its rating to Iraq if there is a sharp increase in net government debt or debt service expenses." 

The International Monetary Fund estimates that the volume of government debt in Iraq reached 123 billion dollars last year, or 63.8% of GDP. 

In a report a year ago, the IMF expected Iraq's debt to rise to $ 132.4 billion this year, reaching a peak of $ 138 billion in 2020 before it starts to fall again. 

The IMF estimates that foreign reserves have fallen sharply from $ 78 billion in 2013 to $ 45 billion three years later.

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  • yota691 changed the title to S & P: We will lower Iraq's rating if there is an increase in debt

Expected to increase Iraq's indebtedness in the coming years

2 hours ago

Iraq's credit rating is (B- / B)

 

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NRT

The Standard & Poor's credit rating agency predicted that Iraq's budget deficit will worsen and its indebtedness will rise in the coming years, while warning that any increase in debt could reduce the country's credit rating . 

The agency said in a statement on Saturday, August 25, that the government debt to Iraq will increase over the next four years, and the deficit in the government budget and current account will also worsen, noting that Iraq's credit rating is (B- / B)  with a future outlook "The political and economic development is being hampered by widespread corruption . " "The stable outlook reflects expectations that policy measures, within the framework of the IMF program, will contain risks to Iraq's fiscal performance," she said .


 

The agency warned that it may reduce its classification of Iraq if there is a sharp increase in net government debt or debt service expenditures, where the International Monetary Fund estimates that the volume of government debt in Iraq reached 123 billion dollars last year, or 63.8% of the total output Local .

Ruled out , "S & P " raise their ratings for Iraq over the next 12 months, but it may raise therating if improved political stability and security, as well as public finance .  

Earlier, the International Monetary Fund expected Iraq's debt to rise to $ 132.4 billion this year, reaching a peak of $ 138 billion in 2020, before it starts to fall again . 

The IMF estimates that foreign reserves have fallen sharply from $ 78 billion in 2013 to $ 45 billion three years later .

The credit rating agency confirmed earlier that Iraq rated  B- / B with a stable outlook, noting that the stable outlook reflects expectations that the fiscal deficit will be modest over the next few years. 

R.

http://www.nrttv.com/AR/News.aspx?id=3727&MapID=5

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The agency classifies the most important challenges facing Iraq in the short term

Said that the government budget deficit and current account would worsen

 

46 minutes ago

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The credit rating agency "S & P" to raise the credit rating of Iraq in the event of stable political and economic situation, warning of worsening government debt crisis over the next four years.

"Combating corruption and foreign security threats are key challenges for Iraq in the short term, " the agency said in a report on Aug. 26, 2018 , Reuters reported.

The stable outlook reflected expectations that policy measures, within the framework of the IMF program, would contain risks to Iraq's fiscal performance .

The agency said it could reduce its rating to Iraq if there was a sharp increase in net government debt or debt service expenses , according to Reuters.

Standard & Poor's has ruled out raising its ratings for Iraq over the next 12 months, but may raise the rating if political and security stability improves, along with public finances .

She warned that the government debt to Iraq will increase over the next four years and the deficit in the government budget and the current account will worsen.

http://www.nrttv.com/AR/News.aspx?id=3750&MapID=2

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 Articles
A - Knowledge of Khalifa

A - Knowledge of Khalifa

A banking lecturer, researcher and economic writer

The confirmation of the world's largest credit rating agency, Standard & Poor's, on the stable outlook and confirmation of Iraq's credit rating at B- / B and the other credit agencies such as Moody's and Fitch on the stable side and the dual and stable financial and economic risks of Iraq, Indeed, there are expectations that the financial, political and economic measures are moving in the right direction. The framework of the IMF program, which includes all solutions to most of the risks in terms of the performance of the banking and financial sector in the country, Muna along with part of the public finances is the side that will affect the lifting of the classification of Iraq by the Agency itself or other agencies during the next 24 months and at a glance everyone knows the development of political stability and security in the Republic of Iraq, which is governed by the formation of the next government.

The completion of the formation of the government and the introduction of the government's program is a possible challenge as a result of this challenge will see whether the government debt of Iraq will rise or fall over the next four years and how to address the deficit in the government budget and whether the current account will worsen or that the net government debt or interest expenses of public debt will rise Or not in our view and in the general picture and with the ability of the Iraqi Central Bank to maintain the Iraqi dinar against the dollar during the past years and beside all the global economic challenges, including low oil prices and its ability to shy to attract foreign capital and regulate Homeland House financial and banking in Iraq through the opening and integration of more banks, Iraq will be able to stabilize its credit rating and even raised during the 24 months coming through monetary and fiscal policies pursued by both the Ministry of Finance and the Central Bank of Iraq.


Views 42   Date Added 08/27/2018

 
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  • yota691 changed the title to The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate
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