Al-Hamash: The Amount Of Dormant Inactive Funds In Iraq Is 60 Billion Dollars And 130 Trillion Dinars !

[Rugbylaird19]

1 hour ago, DinarThug said:

Parliamentary Finance: Iraq may be forced to cancel the decision to remove US forces from catastrophic repercussions

January 29, 2020 7:48 PM 

 

Author: alzawraapaper

 

 

 

 

Baghdad / Al-Zawraa Follow-up:

A member of the Parliamentary Finance Committee, Jamal Kujer, confirmed yesterday, Wednesday, that Iraq may be forced to withdraw the American forces, attributing the reason to receiving recommendations from specialists stating that the results will be disastrous if the decision is applied.

He said, Kujo, in an interview reported by the agency "Sputnik" and followed by "Al-Zawraa": The retreat of Iraq from the decision to withdraw American forces is up to the deputies who voted in the parliament session held on the fifth of this month.

He added: Those who voted on the decision are the Shiite representatives, and the speaker of parliament, Muhammad al-Halbousi, said it explicitly that this decision is Shiite, and if their intention is to retreat, and they have the argument to back down, then there are mechanisms for re-voting, and going to be the decision mandating the government and authorizing it to do what is necessary and she can undo that, and after the study she says that the motives or results of the withdrawal are more than their survival, and she can retreat.

Kojo explained: There is no obligation for the government with the decision that the House of Representatives voted on, because the decisions of the House are not binding, not compulsory, and they are a recommendation to the government. 
Noting: The Iraqi government has two wills from the representatives ’vote to withdraw the American forces. 

The first is: the decision was taken under pressure from certain sides, and the second was based on emotional and psychological motives, and then we said that political decisions differ completely as a country from the decisions of parties, and others because the state has no emotions, but interests, and decisions must be studied accordingly. For example, Russia, when its ambassador to Turkey was assassinated, did not take quick measures.

He added: You should have invested such positions to get the most interests, but because the will is totally absent in this country, so its will and its decision are not in its hands, and its steps are dictated to it, and what was done was from going to the embassy, and voting to withdraw the forces, for that time now the ball is in the cabinet court, and they can study it.

Cougar revealed a session held by the Parliamentary Finance Committee with the stakeholders, who are figures from the Central Bank, the Office of Financial Supervision, and the Ministry of Finance, and their recommendations were that the results would be disastrous if the decision to expel American forces was resorted to.

Cougar explained: The decision is to expel American forces, not withdrawals, because the withdrawal takes place if it is with the approval of the United States of America, and is convinced, as happened in 2011, but the decision that the deputies voted on is considered expulsion because without sitting with these forces, and negotiating with them about the withdrawal mechanism, and its timing from where to start.

Questioning: Does withdrawal mean the expulsion of an embassy? The embassy is not a military force until its expulsion is called, and all foreign forces are.

He continued: There was a session of the Finance Committee, and let us say it is enlightening, because we are concerned with enlightening the deputies, the political blocs with the results of every step we take, and any law that entails financial burdens or obligations, because the Council has its own opinion, and this is a very sensitive decision.

Cougar said: The Finance Committee held the session to enlighten the blocs, and the political decision in the Council that the catastrophic results, and their secretions, from expelling the American forces, are as follows:

The first result: that the 2020 budget has a deficit of at least between (45-40) billion dollars, and one of the most important The sources of filling this deficit are international loans, and if the decision to expel American forces is applied, Iraq will not be able to obtain these loans. 

Second: that Iraqi oil is sold in dollars, and our money goes to the American Federal Bank, which will create for Iraq a problem in commission and dollars, in addition to that the American bank may book receipts as threatened by Donald Trump, President of the United States of America. Cougar notes that Iraq is unable to withdraw or transfer its funds deposited in the US Federal Reserve, as they are frozen.

Third: If America does not supply Iraq with the dollar, the Iraqi state does not have an alternative currency, and therefore the local currency "dinar" will be struck, because even the country with which the Iraqi delegation held deals, which is China, was not concluded in the Chinese yuan, but in dollars, and thus the state will face a problem to find Another currency, such as the euro, for example.

Cougar continued: 

The fourth result of the withdrawal of American forces and the imposition of sanctions by its government on Iraq will strike the Iraqi economy, because Iraq is a rentier country that relies entirely on oil, and foreign companies operating in the oil sector are mostly American, British, and other European companies, some of which are Chinese and Russian .

Cougar drew attention, but: The major foreign oil companies operating in Iraq are American, and if the United States resorted to imposing sanctions, it will affect these companies.

Let us look at Iran how many European companies withdrew contracts from them for fear of hitting their investments in other countries, and therefore because the number Population in Iraq 33 million people, the share of these companies from the resources of this country may be a small percentage compared to the rest of the world, and therefore it is not ready to enter into a conflict with America in very narrow interests, and it is also not guaranteed because the Iraqi political situation did not give confidence that Its interests will remain, and will continue And thus it risked to stay in Iraq, and facing America.

The fifth result of the repercussions of expelling the American forces is the flight of internal and external capital, by the inability of citizens and merchants to withdraw the money in Iraqi banks, and the foreign investor cannot come to a country that is controlled by militias, striking embassies, companies, and military bases with missiles. In broad daylight, the deputy said.

Cougar pointed out that the sixth result is that Iraq will not have air cover, in addition to arming the Iraqi forces is an American from Brahms tanks, to F-16 aircraft, and therefore if the American forces are expelled, they will not return to the maintenance of these weapons and planes.

He stated: All political, security, military, and economic aspects in all fields will be struck, so we said it in the Finance Committee frankly, we are not with the expulsion of the forces, but rather discussing their exit in a way that serves the Iraqi state whether a temporary partial withdrawal gradually, after a study, it is not an emotional state.

After the enlightenment session of the Finance Committee, Couger notes: The stakeholders who came to the committee are part of the body of the government, and we have not brought in experts from outside it, and the government is supposed to be the decision-maker.

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...the state will face a problem to find another currency...How bout give yours value and use your own?

 

[DinarThug]

5 hours ago, DinarThug said:

 

Iraq hopes for a new waiver of US sanctions ... and electricity implement a plan to dispense with Iranian gas

 

 

 2020-01-28 08:08:36 

 

 

 

The Ministry of Electricity said on Tuesday that it hopes to extend the exemption to Iraq from the US sanctions imposed on Iran, pointing out that it is implementing a plan in preparation for dispensing Iranian gas.

The ministry spokesman, Ahmed Al-Abadi, said that "Iraq is now exempt from the US sanctions imposed on Iran with regard to electrical energy and gas supplies, especially as Iraq pays the Iranian side in Iraqi dinars."

He added, "The exemption lasts for four months, and it is hoped that it will be extended after that, due to Iraq’s urgent need for electricity, and that the ministry imports gas from the Iranian side, in addition to 1200 MW of electrical energy."

And, "The ministry is going to implement the three-year fuel plan, in coordination with the oil ministry, so that the need for Iranian gas will be eliminated."

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Iran cannot access $5 billion of its energy money in Iraq: Official

 

 

Wednesday, 29 January 2020 11:39 AM  [ Last Update: Wednesday, 29 January 2020 1:54 PM ]

 

 

 

Iraq relies on Iran for trade and natural gas that generates as much as 45% of its electricity.

Iran’s money from exports of gas and electricity has piled up to $5 billion in a bank account in Iraq, but Tehran cannot transfer it because of the US sanctions, an official says.

Iraq relies on Iran for trade and natural gas that generates as much as 45% of its electricity, but the United States is trying to pry Baghdad from Tehran’s orbit.

The sanctions are now giving Iran a run for $5 billion, “sedimenting” at the central bank of Iraq because Tehran cannot access it, spokesman for Iranian Oil, Gas and Petrochemical Products Exporters' Association (OPEX) Hamid Hosseini said Wednesday.

The US has been enlisting its companies and allies such as Saudi Arabia to replace Iran as Iraq’s source of energy, but no practical solution has been developed and deployed yet.

Instead, Washington has had to grant the Iraqi government repeated exemptions and allow the Arab country to keep trade with Tehran.

While the Iranian gas and electricity has continued to flow, the revenues have accumulated and continued to sit unused in bank accounts in Iraq.

The two countries have agreed that Iraq’s government deposit the money in the Iraqi dinar at an escrow account, but they have not found yet a mechanism for its transfer.

This is because Iran is cut off from the global payments network SWIFT which removed the Islamic Republic from the financial system in 2012 as a result of American pressure.

Hosseini said Iran’s private exporters have no problem for repatriation of their money, “but the conditions for transferring revenues from exports of electricity and gas are different”.

Official statistics in the 10 months up to January showed Iran exported $8 billion in goods to Iraq, he said, adding recent protests in Baghdad and other cities had slashed bilateral trade. 

However, the increase in exports to Iraq's semi-autonomous Kurdistan region which is undergoing a flurry of reconstruction and development activity has made up for the decline. 

The Iraqi Kurdistan is a major customer of Iranian oil products which are offered on the commodities exchange in Tehran. 

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[DinarThug]

The economic dimension of salary localization

 

Wednesday, January 29, 2020

 

Dr.. In the name of Brahimi

 

 

The salary settlement project that the Central Bank is working mainly on aims to transfer cash transactions to the electronic age, and this project is implemented based on a decision issued by the Council of Ministers two years ago in this regard to integrate with a set of measures that the central bank succeeded during the past years in achieving, so is The project succeeded in reaching its goal? What have you achieved so far?

The project includes opening accounts for all ministries and government institutions in banks, and the central bank is the guarantor of these salaries, within the framework of promoting financial inclusion and generalizing banking services to all segments of society,which ends the risks of theft, loss, forgery and damage when receiving salaries or using the currency in the context of Reciprocal settlement of transactions and obligations. 

The first stage has been successfully implemented through localization of the salaries of the Central Bank employees through a number of banks that were chosen according to a set of criteria for technical and financial evaluation according to the services that they will provide to employees with high transparency, after which a contract was signed between the central and the selected banks to take the appropriate guarantees for the settlement Issuing bank cards related to employee accounts, as well as with regard to the salaries of employees of many ministries and entities not associated with a ministry, which represents the second stage of the project.

The project is still under implementation and has benefited from the observations that emerged during its implementation during the last stage and work to overcome them, and it is hoped that with its completion we will reach a number of important economic dimensions, the most prominent of which is strengthening financial inclusion and expanding the scope of financial services, if we take into account the number of employees Which is approximately four million, in addition to the size of the families that they form, the banks will deal with more than twenty million Approximately. 

On the other hand, banks will get large sums from which to benefit from by enhancing their liquidity, but the important thing is for banks to re-provide this liquidity in credit channels in favor of productive projects in a way that contributes to strengthening the business cycle, as well as diversifying their investments in a number of sectors and moving the wheel The economy, especially at this stage that has seen great support for the domestic product.

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[DinarThug]

Tuesday, January 28, 2020 05:12 PM

 

Parliamentary Finance reveals “the repercussions of the delay in approving the budget and holds the“ resigned ”government responsible for not sending it

 

 

The Parliamentary Finance Committee revealed the implications of the delay in approving the general budget , holding the caretaker government responsible for not sending it to Parliament.

A member of the Finance Committee, Representative Jamal Cougar, said that there are significant repercussions due to the delay in approving the general budget for the year 2020, including the failure to meet the demands of the demonstrators, especially with regard to job opportunities and appointments, as well as not to launch investment projects, and thus all projects in the governorates will stop.

He added that other economic sectors will also be affected, such as agriculture and industry, as well as various areas of life, and thus the government cannot meet the needs of people, in addition to the fact that the private sector is not active without a budget, because it needs some support and implementation of projects.

He stressed that the salaries of employees were not affected by the delay in approving the budgetWhether the salaries of the federal government or the Kurdistan Regional Government, because the operational budget will be spent according to the principle of 1/12 of the previous budget , thus securing all salaries, loans, debts and daily expenses.

He pointed out that the budget is ready, and the current government before its resignation voted, in principle, on it,and the Council of Ministers was supposed to send it to Parliament early, but it intentionally - meaning the resigned government - not to send it because it aspires to restore confidence in it again.

In turn, the legal expert, Ali Jaber Al-Tamimi, believed that Parliament has no right to grant the caretaker government the power to send bills, including the budget.

Al-Tamimi said: “The budget It is a draft law, and article 42 of the internal system of the Council of Ministers does not allow the caretaker government to propose bills or send them to parliament, and parliament also does not have the authority to grant the caretaker government to send any draft law because it is resigned.

He added: If the budget is passed by sending it by the caretaker government, it is considered a clear constitutional violation. Pointing out that the solution requires the House of Representatives to name a new prime minister in order to send the budget to Parliament for the purpose of approval.

He continued: If the formation of the government is late, it is possible to refer to Article 13 of the Financial Management Law to spend the operational budget as salaries, and others, at a rate of 1/12, and this is what is currently taking place.

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[DinarThug]

Thursday, January 30, 2020 12:23 AM

 

Legal expert: The administrative and financial anti-corruption agreement allows Iraq to recover the smuggled money

 

 

 The legal expert, Ali Al-Tamimi, confirmed that "there is an agreement to combat administrative and financial corruption for the year 2005 and Iraq joined it in 2007," noting that "this agreement allows Iraq to request assistance in recovering the smuggled money, which was estimated at 500 billion dollars."

Al-Tamimi added, “Article 50 of the Charter of the United Nations allows Iraq to request international assistance, as Security Council Resolution 2170 of 2014, which placed ISIS under Chapter VII.”

Al-Tamimi indicated that "Iraq can request the Security Council to refer the file to the International Criminal Court, where corruption crimes are considered genocide and crimes against humanity."

The Supreme Council for Combating Corruption revealed earlier today, Wednesday, that corruption has wasted money equivalent to the value of investment budgets, which have been approved since 2003 until now, in reference to the damage that was caused to the national economy as a result of the high value of the stolen money.

The observer member of the council, Saeed Yasin Musa, confirmed that the council is still following its work at the executive and legislative levels alike, noting that the tension and demonstrations that pervade the country have not affected these efforts.

Moussa estimated that the process of recovering funds needs a period of time that is not few, and perhaps up to 15 years, in addition to expenditures that are not small, indicating that Iraq had previously participated in a workshop with seven countries related to the problem of money laundering and smuggling, as it is one of those countries that suffer from The two problems that resulted in the issuance of the Anti-Money Laundering Law in the Central Bank to meet the international requirements of banks and financial management.

The statements of a member of the Supreme Council for Combating Corruption come at a time when the Iraqi scene is witnessing a continuous series of demonstrations and sit-ins, calling for the fall of the entire political class, and the eradication of corruption and financial waste, in conjunction with improving the living conditions, in addition to limiting Iranian influence in the country, which It enabled a layer of corrupt people to gain power, as demonstrators described.

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