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Al-Nusairi: He calls on the parliament to assume its constitutional responsibility and proposes a pre-emptive plan to confront the economy and the epidemic

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Al-Nusairi: He calls on the parliament to assume its constitutional responsibility and proposes a pre-emptive plan to confront the economy and the epidemic

21/3/2020

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The Economy News - Baghdad

On Saturday, Samir al-Nusiri, an economist and banking expert, called on the parliament to assume its constitutional responsibility and exercise its duty to confront the crises the Iraqi people are going through in the current circumstance and suggested a proactive road map to confront the economic and epidemiological crises, and that the implementation of this map be started immediately and that the parliament take legal measures and install Mechanisms and decisions that facilitate the implementation of the plan, due to the lack of a full-fledged government in Iraq.


Al-Nusairi said in an interview with "Al-Iqtisad News", that Iraq is currently suffering from complicated circumstances that it has not gone through in its modern history and has been certain since the establishment of the Iraqi state and until the present time for reasons known to all for objective and subjective reasons that cannot be mentioned now, adding that indicators, analyzes and expectations indicate that the country It is undergoing a catastrophic and dangerous political, economic and epidemic turn and requires immediate solutions and proactive remedies.


As the international economic and health reports indicate the continuation of the decline in world oil prices, so that the average price now ranges between (20-30) dollars a barrel, the lowest price in 18 years, and this means that Iraq is in the state of current market prices and oversupply due to the policies of some OPEC countries and a decrease Global demand due to Corona and the economic recession will not be able to sell oil at a rate of no more than $ 20 a barrel, while a draft budget for 2020 adopted the price of oil $ 53 a barrel. This is an indication of the extent of the great damage to the Iraqi economy and the aggravation of the financial crisis that he will suffer during 2020.


Al-Nusairi stressed that this reality, which cannot be quickly and easily overcome, with the high costs of facing the Corona epidemic, which will not allow God to turn into a humanitarian catastrophe in front of the weak health system in Iraq and the lack of public commitment to the instructions and the curfew decided by the Health Crisis Committee, in addition to the lack of a full government The structural imbalance in the economic approach and the failure of all previous governments to not be able to stimulate and activate other economic sectors such as agriculture, industry and tourism to contribute the required amount to enhance non-oil revenues.


Al-Nusairi believes that the repercussions and challenges that the Iraqi economy will face during this year will be significant and requires finding immediate remedies and proactive solutions to mitigate their future effects and can be started by the House of Representatives calling for an extraordinary session to discuss the economic and epidemiological situation in Iraq and issuing binding decisions to the government to implement the pre-emptive plan.

 

First ‐ Form a crisis cell from the finance, oil, health, and interior ministers, lead joint operations, the governor of the Central Bank, the Parliamentary Finance Committee, doctors' and pharmacists ’unions, the Association of Banks, Industry and Trade Federations, contractors, government economic and financial consultants, and the private sector, and that the cell possesses the ability, courage, and determination to make critical and central economic decisions. This does not prevent the current health crisis cell from continuing its duties. The tasks of the crisis cell formed by the House of Representatives are: -


Second اعادة- Reconsidering the structure of the general budget and amending its items in light of oil revenues according to the current prices.


Third, cover special allocations for the Ministry of Health to address the Corona epidemic. 


Fourth👉The government has not interfered in the Central Bank policy and given the full scope to solve the economic crisis in accordance with the bank's current excellent financial position and its previous successful experience in overcoming crises in 2015.👈


Fifth - the creation of a parallel parallel bank account consisting of government allocations, contributions from the central bank, the private sector, federations, sectoral organizations, businessmen, investors, companies, subsidies and international aid. It is managed by the entity that the crisis cell calls and re- spends on the most sensitive aspects, recycling savings and according to exchange priorities and the development of oil revenues monthly .

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2 hours ago, DWS112 said:

the implementation of this map be started immediately

The CBI needs to solve the crisis NOW!

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Thanks for bringing that over DWS112, :twothumbs:  AMAZING how they can talk about Everything imaginable except the coveted RV. Seems we're always forced to see into these fringe comments... Here's Hoping!

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6 hours ago, DWS112 said:


 

LINK

Al-Nusiri calls on the parliament to assume its constitutional responsibility and proposes a pre-emptive plan to confront the economy and the epidemic


16454.jpg
 

21st March, 2020

 

On Saturday, the economist and banking expert, Samir al-Nassiri, called on the parliament to assume its constitutional responsibility and exercise its duty to confront the crises the Iraqi people are going through in the current circumstance

Al-Nusairi suggested in an interview with "Al-Iqtisad News" a pre-emptive road map to confront the economic and epidemiological crises, that "this map will be implemented immediately and that the House of Representatives take legal measures and install mechanisms and decisions that facilitate the implementation of the plan due to the lack of a full-fledged government in Iraq

Al-Nusairi pointed out, "Iraq is currently suffering from complicated circumstances that it has not gone through in its recent history and has been certain since the establishment of the Iraqi state and until the present time for reasons known to all for objective and subjective reasons that cannot be mentioned now

He stressed, "indicators, analyzes and expectations indicate that the country is going through a catastrophic and dangerous political, economic and epidemiological juncture and requires immediate solutions and proactive remedies

He continued, "International economic and health reports indicate the continuation of the decline in world oil prices, so that the average price now ranges between (20-30) dollars a barrel, which is the lowest price in 18 years, and this means that Iraq is in the state of current market prices and oversupply due to the policies of some OPEC countries. The decline in global demand due to Corona and the economic recession will not be able to sell oil at a rate of no more than $ 20 a barrel, while a draft budget for 2020 adopted the price of oil $ 53 a barrel. This is an indication of the extent of the great damage to the Iraqi economy and the aggravation of the financial crisis that it will suffer during 2020

He pointed out, "In view of this reality, which cannot be quickly and easily overlooked, with the high costs of facing the Corona epidemic, which will allow God to transform into a humanitarian catastrophe in front of the weak health system in Iraq and the lack of public commitment to the instructions and the curfew decided by the Health Crisis Committee, in addition to the lack of a government with full powers and imbalances The structural approach to the economic approach and the failure of all previous governments not to be able to stimulate and activate other economic sectors such as agriculture, industry and tourism to contribute the required amount to boost non-oil revenues

Al-Nusairi believes that "the repercussions and challenges that the Iraqi economy will face during this year will be significant and requires finding immediate remedies and proactive solutions to mitigate its future effects and can be started by a council calling for an extraordinary session to discuss the economic and epidemiological situation in Iraq and issuing binding decisions of the government to implement the pre-emptive plan

Al-Nassiri summarized the following decisions

First - Forming a crisis cell from the ministers of finance, oil, health, interior, leadership of joint operations, the governor of the Central Bank, the Parliamentary Finance Committee, doctors' and pharmacists ’unions, the Association of Banks, Industry and Trade Federations, contractors, governmental economic and financial consultants, and the private sector, and that the cell possesses the ability, courage, and determination to make critical and central economic decisions. This does not prevent the current health crisis cell from continuing its duties and the tasks of the crisis cell formed by the House of Representatives

Second : Reconsidering the structure of the general budget and amending its items in light of oil revenues according to the current prices

Third : Covering special allocations for the Ministry of Health to face the Corona epidemic

Fourth : The government's non-interference in the Central Bank policy and giving the full scope to solve the economic crisis in accordance with the bank's current excellent financial position and its previous successful experience in overcoming crises in 2015

Fifth: Create a parallel parallel bank account consisting of government allocations, contributions from the central bank, the private sector, federations, sectoral organizations, businessmen, investors, companies, subsidies and international aid. It is managed by the entity that the crisis cell calls and re-spends on the most sensitive aspects, recycling savings and according to exchange priorities and the development of oil revenues monthly

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7 hours ago, DWS112 said:

The CBI needs to solve the crisis NOW!

Like an RV tomorrow 3/22..... Thanks for all the good information you bring to DV.

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1 minute ago, Laid Back said:

Like an RV tomorrow 3/22..... Thanks for all the good information you bring to DV.

Got my vote. With lock down, it allows me to get things in order. Figure driving distance to Adam's lawyers and everything set up before I go back to work to tender my resignation. 

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1 hour ago, ChuckFinley said:

Got my vote. With lock down, it allows me to get things in order. Figure driving distance to Adam's lawyers and everything set up before I go back to work to tender my resignation. 

Agree my friend CF, 🤙🏽

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3 minutes ago, Laid Back said:

Agree my friend CF, 🤙🏽

Hang Loose my friend, we are closing in. 

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1 hour ago, ChuckFinley said:

Hang Loose my friend, we are closing in. 

 

I need to hear your reasoning why, because I just don't see it anymore.  I am not selling, but I sure don't have the optimism I used to have.

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3 minutes ago, TexasMike1958 said:

 

I need to hear your reasoning why, because I just don't see it anymore.  I am not selling, but I sure don't have the optimism I used to have.

I agree with your post. This rv may never happen and if it does, it is not going to be in few weeks or few months.....maybe in years but even that it is still vague. Just think for now that it won't ever rv, that way u won't get disappoint again. 

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19 minutes ago, TexasMike1958 said:

 

I need to hear your reasoning why, because I just don't see it anymore.  I am not selling, but I sure don't have the optimism I used to have.

As long as you don't sell, it doesn't matter how you feel  or what you think. Just forget about it. If it happens,  you win.

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I think theve got there *** in a ringer and its starting to hurt. At 20 $ a barrel they might get loans from there bank but what will they do when that's gone. If they cut back on production to raise the price the US  producers will step in and take there customers. Can they hold out for 3 or 4

months i don't think so but we will see. 

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