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Parliamentary Crisis: There Is No Legal Objection To Sending The Budget To Parliament To Confront Corona !


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If we had honest politicians and officials: We would have asked them to rationalize the salaries of the private grades and the Raafawi people and cut them in half.


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last updated: April 1, 2020 - 11:56 am

Written by: Mahdi Kassem

According to the latest news of oil price fluctuations, it fell to the worst level, which is $ 17, which is the most dangerous level ever for the drop in oil prices so far, at a time when the state’s treasury in its public financing relies only on oil resources, and from here we can imagine the great critical financial deadlock that Iraq is currently going through, and above that, the Green Zone thieves watch over this disastrous financial situation, without taking any radical or necessary measures that would control or rationalize this financial crisis and reschedule it according to the necessary priorities until the oil prices rise again, especially from the point of view In the expenses allocated to m An operating adulteress who consumes and absorbs seventy percent of the general budget according to statements of specialists and insiders with economic experience that includes this approximate and staggering percentage, especially as the lion's share is taken by the free salaries of the so-called “special grades” as well as the imaginary salaries of “Al-Rafhawi” also. , 

 

As well as Three or four retirement salaries for one “Islamic” Mujahid !! From Islamic politicians who take the retirement of “Mujahid and retired as“ jihadist Rafhawi ”in Saudi Arabia, and the retirement of a member of parliament and finally an official in the state retired at the same time, and perhaps a salary or refugee retirement as well, as was revealed in the case of Ali Al-Alaq previously, which was exposed by Danish newspapers in Then !!

Therefore, these free and unlawful salaries must definitely be reviewed, neither religiously nor positively, but rather the process of scheduling and sifting them according to the actual legal and service entitlement and the specified time for referral to retirement, or even reduced to half - at least - for the purpose of providing salaries to the rest of the employees and employees Holders of temporary contracts as well as families who live on the social security network ..

It remains to say that an unknown number of people with special grades - and here we do not mean absolute generalization - are not only receiving fictional retirement salaries, but they have had golden opportunities to carry out theft and embezzlement through companies and projects fake or lagging, and that when they were operating political sites Influential or sensitive positions that allow them to be involved in widespread corruption.

When some rightly ask: Where did the hundreds of billions of dollars in public money go, it can be quietly answered:

Much of it has gone into the pockets of some of the “special ranks”.

That is why these people can live comfortably even without fanciful and big retirement ..

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Trump expects an oil agreement between Saudi Arabia and Russia soon, and invites oil companies to the White House


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2nd April, 2020

 

US President Donald Trump said he had invited oil company executives to the White House to discuss ways to help the sector that was "destroyed" by the collapse of energy demand during the Corona virus pandemic and a price war between Saudi Arabia and Russia

Trump also said that he had recently held talks with leaders in both Russia and Saudi Arabia and that he believed the two countries would sign an agreement to end the price war between them within "a few days", which would lead to production cuts and prices returning to the upside

"I will meet the oil producers on Friday, I will also meet the independent oil producers on Friday or Saturday. Maybe Sunday. We will have many meetings on the matter," he told a news conference

"Worldwide, the oil sector was destroyed," he said, "This is very bad for Russia, and very bad for SaudiArabia." I mean, it's very bad for both of them. I think they will make an agreement

International oil prices have lost about two-thirds of their value this year in light of the almost complete stoppage of global economies and the start of Saudi Arabia and Russia at the same time flooding the market with crude

A Gulf source familiar with the matter told Reuters Thursday that Saudi Arabia supports cooperation between oil producers to achieve price stability, but Russia's opposition to a proposal to cut production last month has caused market turmoil

The Wall Street Journal, which was the first to report the planned meetings in the United States, said that Trump is expected to discuss with oil company executives a number of options to help the industry, including the possibility of imposing fees on oil imports from Saudi Arabia

The newspaper said that representatives of major oil companies are expected to participate in the initial meeting tomorrow, Friday, such as Exxon Mobil, Chevron, Occidental Petroleum and Continental Resources

Occidental said it has no comment, while other company officials have not responded to requests for comment

A source familiar with the plan told Reuters that representatives of oil refineries and small producers would also participate in the meeting

The American Petroleum Institute, which represents the oil and gas sector in the United States, said that its President Mike Summers will attend the initial meeting, but added, "We are not seeking any government subsidies or a specific intervention in the industry at the present time to deal with the downward trend the market is witnessing in the recent times." Last

Trump this week described the price war between Russia and Saudi Arabia as "crazy" and spoke about it with Russian President Vladimir Putin. The energy ministers of the two countries spoke later and they agreed to continue discussions with the participation of the world's major oil producers and consumers, the Kremlin said

The Trump administration has said it also plans to send a special envoy to Riyadh to press for production cuts

Two sources in the oil sector said that Saudi Arabia's crude supplies rose yesterday to a record level exceeding 12 million barrels per day, despite the decline in demand due to the outbreak of the Corona virus and the American pressure on the Kingdom to stop dumping the market

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Claims to reduce the price of gasoline in Iraq after the global oil price collapse

 

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2nd April, 2020


Economists called on Prime Minister Adel Abdul Mahdi and Oil Minister Thamer Al-Ghadban to reconsider the improved price of gasoline as a result of the drop in oil prices at a time when the Minister of Angry confirmed that oil production in his country was not affected by the Corona virus, and experts stated that the price of gasoline in the local market It has become unacceptable and affects the citizen’s shoulders compared to the global prices of gasoline, where the current price is exaggerated, and experts stressed that the current circumstance calls for a review of the improved price of gasoline as a result of low oil prices.

According to the Center (Global Petrol) to measure the prices of oil derivatives and energy supply globally, the price of a liter of gasoline is sold in Iraq at 0.634, while Kuwait sells one liter 0.343, Algeria sells 0.338, while Iran sells it at 0.096 dollars. The Deputy Prime Minister for Economic Affairs and Minister of Oil Thamer Al-Ghadban announced the continued smooth production and export of ethnic oil to world markets. Al-Ghadban said, in a press statement, that "the extraction operations of crude from productive fields in all regions of the country are continuing and did not stop despite the outbreaks of Corona virus," stressing that "the production operations will not be affected by this," noting that "the continuing operations of Iraqi oil exports to markets smoothly the world according to prevailing prices. He stressed the keenness of his ministry to provide better services to citizens and alleviating their shoulders, especially at this critical time and the spread of the epidemic Corona, as it provided a great confounded them from various derivatives in warehouses Alkhoznip in Baghdad and the provinces through Alsah T ports and distribution, in addition to the use of trucks and vendors to ensure delivery roving them smoothly.

Iraqi Oil Minister Thamer Al-Ghadban said on Wednesday that oil production in his country has not been affected by the Corona virus, stressing that it is a smooth export to global markets. Iraq exports an average of 3.6 million barrels of oil per day to global markets. The total quantities of crude oil exported for the past month of March from the oil fields in central and southern Iraq are (101) million and (395) thousand and (907) barrels, either from the Kirkuk fields through a port Jihan, the quantities exported (3) millions (287) thousand and (439) barrels, while the quantities exported from the Qayyarah field reached (129) thousand and (41) barrels, while the quantities exported to Jordan amounted to (290) thousand and (540) Barmela confirmed the anger, saying, "We have a large storage of various oil derivatives." And Iraq’s oil exports constitute 98 percent of foreign currency flows to the country, as oil constitutes 45 percent of gross domestic product and 93 percent of public budget revenues. Crude oil prices fell to their lowest level since 2002, Wednesday, compared to the benchmark Brent crude, with global fears mounting about the increased acceleration in the outbreak of the new Corona virus. By 05:46 GMT, Brent crude for June delivery fell 2.88 percent, or 77 cents, to $ 25.58 a barrel.

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A parliamentary committee presents 14 proposals to alleviate the effects of the Iraqi economic challenges under the Corona crisis

 

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2nd April, 2020


The Parliamentary Economic Committee proposed, on Thursday, 14 proposals to alleviate the effects of the Iraqi economic challenges in light of the Corona crisis.

Committee member Mazen Al-Zameli said in a statement that Mawazine News received a copy of it, "Given the difficult economic conditions that our dear country is going through and the increasing challenges, most notably the low oil prices, the global recession, the Corona pandemic and other accumulated economic challenges, we offer a set of proposals and initial measures Which can alleviate the painful effects on our people, and the most important of these measures:

- Reducing the salaries of those with the rank of general manager and above by (60% ؜) and allocated to include additional numbers in the social welfare network who have no monthly income .

- Approving compulsory savings with government bonds for employees who Roat increases They have three million, 20% of their salaries and at an interest rate that is met when the country's economic conditions improve.

- Elimination of investment expenditures in the 2020 budget and current expenditures for non-essential sections (such as commodity and service supplies and capital expenditures), which do not include unjustified expenses in stable conditions, so how in such dangerous economic conditions.

- Allocating a special emergency budget to cover the requirements to combat the Corona epidemic and disbursing them to operational and investment requirements in accordance with specific priorities in terms of controls and standards of health reality and its challenges.

- Collect the due money and the taxes imposed on the transport phone companies without any delay or installment.

- Adopting strict procedures for controlling and collecting non-oil revenues, especially in border outlets, for all governorates and the region, and registering a federal revenue that is distributed fairly to all Iraqis.

- Deferment of all external debts, including Kuwait compensation.

- Agreement with licensing tour companies to reduce unnecessary costs on the one hand and pay the dues of its current work with oil instead of cash to reduce losses to Iraq from lower oil prices.

- Postpone all economic agreements with neighboring countries or China in the foreseeable time, especially as its fields are not a priority, and some of them are unfair in Iraq.

- Obliging the region to hand over all the oil produced to the Ministry of Oil for federal marketing, and otherwise its allocations allocated in the budget are transferred to be distributed to the rest of the Iraqi governorates according to the population ratio, which is a budget of approximately (15) trillion dinars

- Issuing national bonds to citizens through government banks and at an encouraging interest rate that is met when Improved economic conditions to finance the necessary budget with important allocations.

- Activating anti-corruption efforts, especially its major files, to collect the huge money seized by the corruptand reallocating them to resources and important exchange gates.

- The region is obliged to pay the value of any quantity of oil sold outside the legal federal context and calculate it from within its budget.

- Find quick, easy and transparent mechanisms for the delivery of ration card materials and social network care salaries within a week and enough to cover the need for those covered by them for at least two months.

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The Central Bank of Kuwait reduces its regulatory requirements to enable banks to deal with the Corona crisis

 

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2nd April, 2020


The Governor of the Central Bank of Kuwait, Mohammed Al-Hashel, said on Thursday that he had issued new instructions that include reducing the regulatory requirements of banks to give them additional space to "play a vital role towards the productive economic sectors and affected clients" in light of the Corona virus crisis.

The governor said in a press statement that the instructions include reducing the requirements of capital adequacy by 2.5 percent and reducing the requirements for liquidity standards.

It also includes reducing the weight of risks for small and medium-sized enterprises from 75 percent to 25 percent, raising the maximum available financing from 90 percent to 100 percent, and increasing the allowable percentage of financing to the value of the property, according to the statement. 

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Shankali asks the central bank: the price of the dollar exceeded 130,000 dinars ... where do the profits and gains go?

 

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2nd April, 2020


Former MP from the Kurdistan Democratic Party, Majed Shankali, criticized Thursday the measures of the crisis cell over the failure to maintain the dollar exchange rate.


Shankali said in his tweet on "Twitter", "The price of the dollar against the dinar on the provincial exchange yesterday and today reached 1275-1300, knowing that the official price for selling it in the central bank is 1191."

He asked, "Is this part of the solution to the financial crisis, or is it profits and gains added to the profits of those who control the window of the auction of selling the currency daily? !!! The central bank must answer."

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Deputy: The Baghdad Stock Exchange stopped leading to the collapse of the Iraqi dinar against the dollar

 

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2nd April, 2020


A member of the House of Representatives, Muhammad Iqbal the pharmacist, confirmed on Thursday that the Baghdad Stock Exchange halted the Iraqi dinar’s collapse against the dollar.

The pharmacist said, in a statement received by / Mawazine News / a copy of it, that "the monetary policy of the government and the central bank pays in one way or another to dominate the mafia of financial corruption and the speculation of currency traders," adding that "what is hidden from this side raises suspicion and doubts that there is an exaggeration of these mafias and govern them in the course of events Things."

He warned, "The consequences of the crisis of the spread of Corona's epidemic on the economic file," noting that "Iraq pays the price of the absence of a clear economic vision, and the weakness of the treatments and solutions that often turn themselves into new crises." He stressed, "The stock exchange halted in Baghdad led to the collapse of the Iraqi dinar against the dollar as we see it today," pointing out that "the rise of the obscene dollar will lead to higher prices of daily food and medical supplies, which causes additional fatigue to the citizen who is already suffering from the stopping of business and the decline of resources." Finance for the Iraqi family, especially the poor."

He called on the Prime Minister and the relevant authorities from the Ministry of Finance and the Central Bank to "find urgent solutions to return the economic situation to its normalcy as possible and stop the rise of the dollar in order to prevent the increase in prices and the return of things to normal to get Iraq and its people safely out of this crisis."

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An Iraqi consultant returns the high price of the dollar to two workers and sets the date for its stability

 

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2nd April, 2020


The economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed on Thursday that the curfew and the Corona virus crisis are behind the rise of the US dollar exchange, the imam of the Iraqi dinar. The exchange rate of the dollar in Iraq was 127 to 128 thousand dinars per 100 dollars.

Saleh Al Shafak News said, "The process of increasing the foreign exchange rate of the Iraqi dinar always occurs during official holidays," noting that "this is a natural and expected thing due to the current conditions, curfews and the Corona virus crisis." He added that "the central bank will take action against violators exploiting the current conditions and manipulating the exchange rates of the US dollar and foreign currency against the Iraqi dinar."

Saleh pointed out that "due to the curfew measures, the market will witness a relative calm and stability in the exchange rate of the dollar in front of the dinar in the coming days," noting that "the exchange rate process will stabilize as it was in the past after the end of the crisis and lift the curfew."

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In the document .. The Central Bank decides to withhold the funds of the National Land Insurance Company


In the document .. The Central Bank decides to withhold the funds of the National Land Insurance Company

 

2nd April, 2020

Alsumaria News publishes a document issued by the Central Bank of Iraq that includes the seizure of movable and immovable funds belonging to Ard Al-Watan Insurance Company, its managing director, Ali Naseer Jabbar.


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Translation.....

Reservations of Funds for the Legal Department: for the appropriate solution, Baghdad Appeal Court, Al-Rasafa Federal, an official investigation court, specialized in issues of integrity, money laundering, and economic crime, numbered stone. . . And the historian on 2010/3/16 decides to quarantine movable and unappropriated funds. The company is the homeland of the country to secure an empty contribution.

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38 minutes ago, DinarThug said:

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A parliamentary committee presents 14 proposals to alleviate the effects of the Iraqi economic challenges under the Corona crisis

 

image.jpeg.caee0ad9c6727db088dfebc519a23b92.jpeg

 

2nd April, 2020


The Parliamentary Economic Committee proposed, on Thursday, 14 proposals to alleviate the effects of the Iraqi economic challenges in light of the Corona crisis.

Committee member Mazen Al-Zameli said in a statement that Mawazine News received a copy of it, "Given the difficult economic conditions that our dear country is going through and the increasing challenges, most notably the low oil prices, the global recession, the Corona pandemic and other accumulated economic challenges, we offer a set of proposals and initial measures Which can alleviate the painful effects on our people, and the most important of these measures:

- Reducing the salaries of those with the rank of general manager and above by (60% ؜) and allocated to include additional numbers in the social welfare network who have no monthly income .

- Approving compulsory savings with government bonds for employees who Roat increases They have three million, 20% of their salaries and at an interest rate that is met when the country's economic conditions improve.

- Elimination of investment expenditures in the 2020 budget and current expenditures for non-essential sections (such as commodity and service supplies and capital expenditures), which do not include unjustified expenses in stable conditions, so how in such dangerous economic conditions.

- Allocating a special emergency budget to cover the requirements to combat the Corona epidemic and disbursing them to operational and investment requirements in accordance with specific priorities in terms of controls and standards of health reality and its challenges.

- Collect the due money and the taxes imposed on the transport phone companies without any delay or installment.

- Adopting strict procedures for controlling and collecting non-oil revenues, especially in border outlets, for all governorates and the region, and registering a federal revenue that is distributed fairly to all Iraqis.

- Deferment of all external debts, including Kuwait compensation.

- Agreement with licensing tour companies to reduce unnecessary costs on the one hand and pay the dues of its current work with oil instead of cash to reduce losses to Iraq from lower oil prices.

- Postpone all economic agreements with neighboring countries or China in the foreseeable time, especially as its fields are not a priority, and some of them are unfair in Iraq.

- Obliging the region to hand over all the oil produced to the Ministry of Oil for federal marketing, and otherwise its allocations allocated in the budget are transferred to be distributed to the rest of the Iraqi governorates according to the population ratio, which is a budget of approximately (15) trillion dinars

- Issuing national bonds to citizens through government banks and at an encouraging interest rate that is met when Improved economic conditions to finance the necessary budget with important allocations.

- Activating anti-corruption efforts, especially its major files, to collect the huge money seized by the corruptand reallocating them to resources and important exchange gates.

- The region is obliged to pay the value of any quantity of oil sold outside the legal federal context and calculate it from within its budget.

- Find quick, easy and transparent mechanisms for the delivery of ration card materials and social network care salaries within a week and enough to cover the need for those covered by them for at least two months.

 

#15   Stop stealing from your people and RV your freakin toilet paper currency a-holes!

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1 hour ago, DinarThug said:

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Trump expects an oil agreement between Saudi Arabia and Russia soon, and invites oil companies to the White House


19822.jpg
 

2nd April, 2020

 

US President Donald Trump said he had invited oil company executives to the White House to discuss ways to help the sector that was "destroyed" by the collapse of energy demand during the Corona virus pandemic and a price war between Saudi Arabia and Russia

Trump also said that he had recently held talks with leaders in both Russia and Saudi Arabia and that he believed the two countries would sign an agreement to end the price war between them within "a few days", which would lead to production cuts and prices returning to the upside

"I will meet the oil producers on Friday, I will also meet the independent oil producers on Friday or Saturday. Maybe Sunday. We will have many meetings on the matter," he told a news conference

"Worldwide, the oil sector was destroyed," he said, "This is very bad for Russia, and very bad for SaudiArabia." I mean, it's very bad for both of them. I think they will make an agreement

International oil prices have lost about two-thirds of their value this year in light of the almost complete stoppage of global economies and the start of Saudi Arabia and Russia at the same time flooding the market with crude

A Gulf source familiar with the matter told Reuters Thursday that Saudi Arabia supports cooperation between oil producers to achieve price stability, but Russia's opposition to a proposal to cut production last month has caused market turmoil

The Wall Street Journal, which was the first to report the planned meetings in the United States, said that Trump is expected to discuss with oil company executives a number of options to help the industry, including the possibility of imposing fees on oil imports from Saudi Arabia

The newspaper said that representatives of major oil companies are expected to participate in the initial meeting tomorrow, Friday, such as Exxon Mobil, Chevron, Occidental Petroleum and Continental Resources

Occidental said it has no comment, while other company officials have not responded to requests for comment

A source familiar with the plan told Reuters that representatives of oil refineries and small producers would also participate in the meeting

The American Petroleum Institute, which represents the oil and gas sector in the United States, said that its President Mike Summers will attend the initial meeting, but added, "We are not seeking any government subsidies or a specific intervention in the industry at the present time to deal with the downward trend the market is witnessing in the recent times." Last

Trump this week described the price war between Russia and Saudi Arabia as "crazy" and spoke about it with Russian President Vladimir Putin. The energy ministers of the two countries spoke later and they agreed to continue discussions with the participation of the world's major oil producers and consumers, the Kremlin said

The Trump administration has said it also plans to send a special envoy to Riyadh to press for production cuts

Two sources in the oil sector said that Saudi Arabia's crude supplies rose yesterday to a record level exceeding 12 million barrels per day, despite the decline in demand due to the outbreak of the Corona virus and the American pressure on the Kingdom to stop dumping the market

 

 

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Trump: Reducing oil production will reach 10 million barrels per day


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2nd April, 2020

 

US President Donald Trump on Thursday expressed his expectation that Saudi Crown Prince Muhammad bin Salman and Russian President Vladimir Putin will reduce oil production to 10 million barrels

"I just spoke to my friend (the Saudi crown prince), who spoke to Russian President Putin, and I expect and hope that they will cut nearly 10 million barrels of oil, " Trump wrote in a tweet on Twitter

He added: "Maybe much more than that, if that happens, it would be great for the oil and gas industry

 

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Publishes the text of the decisions of the parliament and government presidency and focuses on salaries

 

{Al Furat News} publishes the text of the decisions of the parliament and government presidency meeting and focuses on salaries
 
 
04/2/2020 21:42:00
 
 
The Presidency of the Council of Representatives held, today, Wednesday, an extraordinary meeting with the government to discuss efforts to combat the Corona epidemic, and health, economic and service conditions, to take all necessary measures to confront the crisis.

 

The meeting decided the following:

1 - Providing the necessary legislative cover from the legislative authority of the government in order to take the necessary and urgent measures to face the crisis.

2- Providing the necessary financial allocations to the Ministry of Health and the Crisis Cell (Diwaniya 55 Committee).

3- Work to provide adequate quarantine places for the injured and urgent.

4- Securing the employees ’salaries and delivering them according to the time schedules specified for each month.

5 - Paying attention to the segment of low-income citizens, through studying the possibility of issuing a salary of two months or more to the beneficiaries of the social protection network.

6- Examine the possibility of issuing a salary of two months or more for civilian and military retirees.

7- Working to secure the nutritional and medicinal needs of citizens, and to communicate the daily needs of people with limited incomes through several measures that will be taken by the government.

8- Following up the needs of Iraqi citizens abroad by providing them with ways to return.

9- To fully support the efforts of the Ministry of Health, its cadres, the security forces, and all state institutions, for the exceptional effort being made to confront the crisis and its requirements.”
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Parliamentary economy shows the impact of the collapse of oil prices on the budget of Iraq

 

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2nd April, 2020

 

On Thursday, a member of the Parliamentary Committee on Economy and Investment saw that the collapse of oil prices would negatively affect the investment budget without leaving repercussions on the exchange of employee salaries

Committee member Dylan Ghaffour said in a special statement to Shafaq News, "The government relies on revenues from selling oil to build the general budget of the Iraqi state by 95 percent

She noted that "half of the funds allocated in the budget are spent as salaries for state employees, and the other half as investment or other projects. He added that "the decline in oil prices in global markets negatively affects the investment budget, but it does not affect the exchange of employee salaries

Ghaffour called on the government to "turn to the industrial and agricultural sectors and not rely on oil to build public budgets

Earlier Thursday, OPEC said that the price of oil in its daily basket fell to 16.87 dollars a barrel in the first of this month of April, down from 22.61 dollars the day before

Iraq lost about $ 2 billion in revenue from selling oil in the month of March, compared to the previous month due to the collapse in oil prices due to the Corona crisis that is sweeping the world

The revenues of Iraqi oil exports amounted to about 3 billion dollars last month, compared to 5 billion dollars in the previous month

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The drop in oil prices plunges Iraqi revenues
to $ 2.9 billion in March


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2nd April, 2020

 

On Thursday, the Ministry of Oil announced the total exports and revenues generated for the month of March 2020

The ministry said in a statement seen by the "Economy News", "The total quantities of exported crude oil in the past month amounted to 105.1 million barrels

She added that the export revenues amounted to 2.99 billion dollars (28.44 dollars per barrel), noting that the previous month's exports amounted to 5.05 billion dollars, given that the price of a barrel of oil reached 51.37 dollars

And oil prices suffered losses exceeding 60 percent at the end of the month, falling to the lowest level in 18 years, due to the decline in global demand due to the interruption of economic activity due to the Corona virus, in addition to the price war between Russia and OPEC

A spokesman for the Ministry of Oil, Assem Jihad, said, "The total quantities of crude oil exported for the past month of March from the oil fields in central and southern Iraq amounted to 101.4 million barrels, and from the Kirkuk fields via the Ceyhan port amounted to 3.29 million barrels

Jihad added, "The quantities exported from Qayyarah field amounted to 129.4 thousand barrels, while the quantities exported to Jordan amounted to 290.54 thousand barrels

The spokesman pointed out that "the total daily rate of exports amounted to 3.39 million barrels, and in the ports of Basra reached 3.27 million barrels, and from Ceyhan the daily rate was 106 thousand barrels, while the daily rate from the Qayyarah field was 4 thousand barrels, and the daily rate exported to Jordan was 9 thousand barrel

Jihad pointed out that "the average price per barrel was 28,436 dollars

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The price of a barrel of "OPEC" basket drops by more than $ 5

 

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2nd April, 2020

 


The Organization of "OPEC" said today, Thursday, that the price of oil in its daily basket fell to 16.87 dollars a barrel in the first of this month of April, down from 22.61 dollars the day before.

The "OPEC" basket is an average of the prices of crude oil produced by members of the "OPEC" organization.

The basket includes Basra Light, Kuwaiti Export Crude, Libyan Sidr, Nigerian Light Boni, Saudi Light Arabian, Marban Al-Emarati, Miri Al-Venezueli, in addition to other materials.

Oil prices have recently fallen to their lowest levels in nearly 18 years, since since March 6, they have fallen by more than 50% in light of declining demand.

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What are the threats facing Iraq with the decline in oil prices?

 

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2nd April, 2020


With the collapse of crude oil prices, the oil sector in Iraq faces three main threats that started with declining revenues and may lead to a decline in production and cause problems in exports in the future. What are the challenges facing the semi-only source of income for the Iraqi budget, with the decline in crude prices to around $ 25 a barrel?

How will Iraq pay the bills? 

The collapse in prices means that Iraq’s monthly revenue from crude fell by almost half from February to only $ 2.99 billion in March. Iraq pays international oil companies about three billion dollars every three months to extract crude. With prices falling to their lowest levels in 18 years, the government is looking to cut costs and delay payments.

Last week, the state-owned Basra Oil Company, which coordinates production in the oil-rich southern province, asked international oil companies to accept a six-month delay in payments and reduce business budgets by 30%, according to correspondence seen by Agence France-Presse. "The delay in the first quarter payments is necessary, and we asked for the second quarter in anticipation, but the oil companies have not responded yet," Khalid Hamza Abbas, assistant director of the company and the site to the letter, told AFP. However, those companies began to take independent measures, according to internal messages seen by Agence France-Presse. ExxonMobil giant immediately asked contractors to "cut the total cost", while other companies requested discounts from suppliers.

A source in the main operating company in southern Iraq told AFP that "the international oil companies are suffering from financial hardship." Those companies hold Iraq accountable at the end of each quarter for the cost of extracting the crude, and the Iraqi government pays them with oil. "With the prices falling, the government will practically have to use all of its crude to pay the companies, and they will not have enough to sell it," a senior Iraqi official told AFP.  Iraq relies on oil revenues to secure more than 90% of its budget. He still relies in his draft budget for 2020 on an expected oil price of $ 56 a barrel, half of the current price.

How does the Corona virus affect production? 

The outbreak of the new Corona virus has hindered the process of rotation of major foreign workers working in Iraqi oil fields, threatening to decrease the usual production of 4.5 million barrels per day. To limit the spread of the disease, Iraq closed its airports and imposed a complete curfew throughout the country, at least until April 19, with the expectation of an extension. The Al-Gharaf field in Dhi Qar Governorate, which was producing about one hundred thousand barrels per day, was closed after Petronas, the operating company, evacuated tens of Malaysian workers for fear of Covid-19, according to a source in the provincial oil company.

The majority of foreign oil workers live in the fields in Basra, and are currently stuck there due to the travel ban. "We are seeking permission to exempt foreign employees so that we can secure periodic teams for rotation. These companies have internal rules and they cannot keep the difference here for more than two months," Abbas said. A source from a major European oil company operating in Basra told AFP that stopping the rotation of foreign employees would be a greater threat to production than the issue of late payment. And British Petroleum (BP) will also have to cut production if the 4,000 British citizens working in the south can no longer travel. "This is a non-negotiable issue," a source familiar with BP operations said.

Who will buy Iraqi oil? 

The third threat is the decline in global oil demand for the first time in a decade, as the International Energy Agency expects demand for 2020 to decrease by 90,000 barrels per day, a sharp decline from expectations that it will rise by more than 800,000 barrels per day. "We have not previously encountered a similar strong decrease in demand and a large surplus in supply at the same time," agency director Fateh Birol told AFP. There are two countries facing a decline in demand, India and China, where Iraq sells the "lion's share" of its crude, according to geopolitical analyst Naam Raydan. China, where the emerging corona virus appeared for the first time, is experiencing a major economic downturn, and India has just entered a three-week close.

Raydan said that the month of April will be a critical month, but the outlook is bleak given that Iraq’s main competitor in the Asian markets, Saudi Arabia, intends to flood the oil market this month entirely, once the decision to limit production in OPEC is completed. The Iraqi official said that "the countries are storing cheap oil. Therefore, even if we do not feel it now, the real problem will come in the coming months when no one buys."

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59 minutes ago, DinarThug said:

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Publishes the text of the decisions of the parliament and government presidency and focuses on salaries

 

{Al Furat News} publishes the text of the decisions of the parliament and government presidency meeting and focuses on salaries
 
 
04/2/2020 21:42:00
 
 
The Presidency of the Council of Representatives held, today, Wednesday, an extraordinary meeting with the government to discuss efforts to combat the Corona epidemic, and health, economic and service conditions, to take all necessary measures to confront the crisis.

 

The meeting decided the following:

1 - Providing the necessary legislative cover from the legislative authority of the government in order to take the necessary and urgent measures to face the crisis.

2- Providing the necessary financial allocations to the Ministry of Health and the Crisis Cell (Diwaniya 55 Committee).

3- Work to provide adequate quarantine places for the injured and urgent.

4- Securing the employees ’salaries and delivering them according to the time schedules specified for each month.

5 - Paying attention to the segment of low-income citizens, through studying the possibility of issuing a salary of two months or more to the beneficiaries of the social protection network.

6- Examine the possibility of issuing a salary of two months or more for civilian and military retirees.

7- Working to secure the nutritional and medicinal needs of citizens, and to communicate the daily needs of people with limited incomes through several measures that will be taken by the government.

8- Following up the needs of Iraqi citizens abroad by providing them with ways to return.

9- To fully support system" rel="">support the efforts of the Ministry of Health, its cadres, the security forces, and all state institutions, for the exceptional effort being made to confront the crisis and its requirements.”

 

10 -  RV your currency!!

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A former Arab Prime Minister gives a different interpretation of the "low oil price" and talks about a "positive and intentional trick"!


2020-04-02
 
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Yassin Iraq: Baghdad

 

The former Qatari Prime Minister and Minister of Foreign Affairs, Hamad bin Jassim bin Jabr, considered that the current oil price crisis is a "coordination" and not a war between the competing parties, indicating that this strategy will reach a positive result by shaking out the shale oil companies.

Bin Jabr said, in a tweet monitored by "Yassin Iraq", that "the current oil price crisis has been talked about a lot in the past and I am not an expert in oil prices," noting that "if the current price situation continues for at least three months, we will reach a positive result in the term Medium and long term, as many shale oil companies will exit.

 

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حمد بن جاسم بن جبر
 

@hamadjjalthani

 
 

أزمة أسعار النفط الحالية تحدثت عنها كثيرا في السابق وأنا لست خبير بأسعار النفط. ولكن إذا استمر وضع الأسعار الحالي على الأقل ثلاثة اشهر ، سوف نصل إلى نتيجة إيجابية على المدى المتوسط والبعيد ،

Hamad bin Jassim bin Jabr ✔ @ hamadjjalthani The current oil price crisis I talked about a lot in the past and I am not an expert in oil prices. But if the current price situation continues for at least three months, we will reach a positive result in the medium and long term,
 
 

 

And I stressed, "I think what is going on between Russia and Saudi Arabia is coordination between them for this purpose, and not as it is said and the noise of it is a price war," stressing: "I support this behavior if it is followed by a clear strategy to save the oil market in a sustainable manner."

 

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حمد بن جاسم بن جبر
 

@hamadjjalthani

 · 19h
 

أزمة أسعار النفط الحالية تحدثت عنها كثيرا في السابق وأنا لست خبير بأسعار النفط. ولكن إذا استمر وضع الأسعار الحالي على الأقل ثلاثة اشهر ، سوف نصل إلى نتيجة إيجابية على المدى المتوسط والبعيد ،

Hamad bin Jassim bin Jabr ✔ @ hamadjjalthani · 19h The current oil price crisis I talked about a lot in the past and I am not an expert in oil prices. But if the current price situation continues for at least three months, we will reach a positive result in the medium and long term,

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حمد بن جاسم بن جبر
 

@hamadjjalthani

 

حيث ستخرج كثير من شركات النفط الصخري وأنا أعتقد أن ما يجري بين روسيا والسعودية هو تنسيق بينهما لهذا الغرض. وليس كما يقال وضجيج انها حرب أسعار . وأنا مع هذا التصرف إذا كان متبوعاً باستراتيجية واضحة لإنقاذ سوق النفط بشكل مستدام ، المهم هل ستصمد هذه الدولتين أم لا !

Hamad bin Jassim bin Jabr ✔ @ hamadjjalthani as many shale oil companies will come out and I think what is going on between Russia and Saudi Arabia is coordination between them for this purpose. Not as it is said and the noise is a price war. I am in favor of this behavior if it is followed by a clear strategy to save the oil market in a sustainable manner. The important thing is whether these two countries will stand up or not!
 

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An economist talks about the reason for the high price of the dollar against the Iraqi dinar, and is likely to return to normal 
 

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Economy 04/22/2016 15:34 580 Editor: ht    


Baghdad today - special

 

Economist Abdul Rahman Al-Mashhadani revealed, Thursday (April 2, 2020), the reason for the high exchange rates of the dollar, while it is likely that it will fall soon.

Al-Mashhadani said in an interview with (Baghdad today), that "the rise in the price of the dollar in the markets is due to the Central Bank and banking bureaus stopping work, as a result of the health embargo that the country is witnessing, which led to restricting sales operations in the local currency window and external transfers."

He added, "The Central Bank made a decision yesterday to allow 4 or 5 days from the 16th to the 21st of this month to implement external requests and transfers of food and medical supplies."

Al-Mashhadani added, "Once the central bank's measures are implemented, the price of the dollar may drop to return to its normal level of 120,000 yen."

Earlier today, Thursday, the foreign currency markets in Iraq recorded a slight decrease in the exchange rate of the US dollar against the Iraqi dinar, after the rise recorded during the past days. 

The prices of buying and selling dollars in banking companies and offices are as follows: 

The selling price of one dollar is 1260 dinars, or 126 thousand dinars per hundred dollars. 

The purchase price of the dollar is 1,250 dinars, or 125 thousand dinars per hundred dollars. 

It is noteworthy that these prices are not official due to the closure of the Kifah Stock Exchange due to a curfew on the prevention of healthy Corona virus prevention.

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Parliamentary Finance comments on the compulsory savings proposal


Thursday 02 April 2020 - 19:31


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Baghdad - conscious - Hendrin Makki

 


Member of Parliamentary Finance Committee Ahmed Al-Saffar called on Thursday to remove the compulsory savings proposal from the employees ’salaries.

Al-Saffar said in a special statement to the Iraqi News Agency (INA), "The proposal of the Parliamentary Economic Committee to implement the compulsory saving system is an unsuccessful proposal," calling for "the removal of employees salaries from it."

He added, "The government has special options for financial policy and can coordinate with the central bank as responsible for monetary policy by using the solutions available in crises," explaining that "the savings system is difficult to implement at this time due to preoccupation with the Corona virus and curfews."

He pointed out that "this system requires deduction of part of the employees salaries and recovery of them at another time, and the percentage of this deduction is large according to the proposal of the Economic Committee."

Al-Saffar continued, "Preserving the restructuring of the budget must be in other ways, such as restructuring the spending sections, controlling expenditures and using the surplus from the 2019 budget, or imposing bonds on private and governmental banks, but away from the salaries of employees, all of which will be more feasible solutions."

Member of the Parliamentary Economic Committee MP Mazen Al-Fili presented 14 proposals due to the difficult economic conditions of increasing challenges, most notably the low oil prices, the global recession, and the Corona pandemic, including reducing salaries of those with the rank of general manager and above by (60%) and allocated to include additional numbers in the social welfare network Those who do not have a monthly income and a compulsory saving requirement in government bonds for employees whose salaries exceed three million and 20% of their salaries and at an interest rate that is met when the country's economic conditions improve.

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Deputy: The Ministry of Finance is a "media bloc", and the provinces are under complete bankruptcy

 
Policy  ,   04/22/2020 21:36  

 

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Baghdad - Iraq today:

 

On Thursday, Representative Riyadh al-Tamimi described the Ministry of Finance as just a "media bloc", noting that the governorates have reached the stage of total bankruptcy due to the lack of approval of the budget.

Al-Tamimi said that "the Ministry of Finance is a mass of media statements that do not fatten or sing from hunger," noting that "Iraq currently suffers from a lack of budget and therefore the statements of the Ministry of Finance regarding supporting the provinces have no value."

He added, "All the provinces are witnessing clear bankruptcy due to the lack of approval of the budget and the absence of any funds allocated to it," stressing that "donations are helping the cities that are experiencing an acute crisis and a large number of corona injuries."

Yesterday, Wednesday, the Ministry of Health announced that the total number of corona virus infections reached 728, and 52 deaths, confirming that the total number of cures reached 18

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On 3/31/2020 at 1:34 PM, DinarThug said:

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The deterioration of oil markets: the mechanisms of the present and foreseeing the future


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31st March, 2020

 

The current global oil markets are linked to two different situations of price elasticity in supply and demand.The first market, which is the real market related to extraction, production and marketing, and which has a high degree of flexibility in the supply of crude oil under any amount of price. On the global demand side of this real market, it is the other. It has high levels of resilience that are similar in that of a common mutual price property in terms of the degree of demand price correlation with supply prices related to production and investment activity in the extraction fields and the liquidation sector in the world. Nevertheless, the entirety of this movement in the supply and demand market The real is directly related to the developments in the global economy to achieve balance. Therefore, any surplus productive quantities outside the direct required needs (including storage capabilities before liquidation and other hedges) lead to significant price implications to which everyone withdraws in the collapse of the chain of contracts based on the marketing and sale of oil, and vice versa. .؜ instead of 2.6% ؜ due to the existing corona crisis and oil price war. Noting that the world's oil production is approximately 104 million barrels of oil per day

On the other hand, there is a second market, which is the token market for future oil contracts called the oil future market, as this market engages in parallel oil financial activities based on hedging in crude oil contracts in order to maximize profit opportunities and avoid loss through speculation with financial tools denominated in crude oil such as options and others and enjoy With a high degree of price flexibility in supply and demand, this market deals at the same time with an actual oil storage equivalent to oil quantities available for a working week or less of world oil production. And that the market as markets hedge Acodalmstqublaat alone has the flexibility factors Sarahalah as mentioned in the supply and demand on the real odds market in order to avoid losses and achieve profitable financial returns from using hedging instruments hedging like oil options and futures contracts, as we mentioned

In other words, unlike the low price elasticities of the real production market, the oil market for future contracts derives its high price flexibility mentioned from the ability and speed to alter the financial trading strategies in that market and according to the so-called mechanism: change of posts If the positions in the oil contracts market change from short postions to long postions this comes on the basis of the broad expectations and the efficiency of the information available to dealers to conduct more hedging to preserve profit and avoid loss. Thus this embodies the futures market as an information market and that its adequacy in reaching its prices is derived from the information available to dealers to change their positions as quickly as possible in order to avoid loss and maximize profit Again, as noted above. Thus, the market (Nymex), for example, as a market for future oil contracts for Brent crude in New York, Nymex, is one of the most important markets in the world in generating a cycle of oil assets in the range of financial market elasticities and their fluctuations affecting the western hemisphere of the world, through exchanging centers and rebuilding Trends in pricing oil operations for future quotation

While Tocom Tokyo market is the second wing for pricing future oil contracts in the eastern hemisphere of the world. Thus, the short position here means to re-buy oil options at the moment and get rid of them in the hope that prices will descend in the future to the bottom of the price in the oil assets cycle and then buy back the contracts. At the lowest prices, in the hope of increasing the value of oil assets, another ball is a hedging process in speculating with oil prices. Here the centers change to what is called the long position. The current problem in the oil markets today is a deep decline in global oil demand and its decline to less than 70 million barrels of oil per day, which has generated a large supply of oil from available crude oils and more than 30 million barrels of oil per day. These are excess quantities offered for sale at low prices within war price policy price warThat causes pain to change

Finally

Underscores indicators exploring the future price movements in the oil market that there is a possibility of the return of activity in the global economy, particularly after the mid - summer 2020, and gradually, especially the start of transport communication and movement sector because of its importance in the consumption of petroleum energy materials and 70% ؜ of petroleum products refined from crude oil in the world, and Then the glut glut in the oil market may shrink to about 10 million barrels per day instead of more than 30 million barrels currently. And that, according to the Brent index, prices will also rise to reach higher limits, but not exceeding $ 35-38 per barrel of oil in the shadow of storage will remain high, in addition to the continued presence of an oil surplus supply that will be about 10 million barrels per day out of a continuous total global production of 104 million barrels Daily oil as we mentioned

 

Thuggie thanks for the cliff notes version you are the best, here we go.

Thuggiegroopie 

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Diyala announces the return of “price stability” to its markets

 

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12:25 - 03/04/2020
 

The government crisis cell in Diyala announced on Friday the return of price stability to all of the province's markets.

A member of the crisis cell in Diyala, Abdullah Al-Hayali, said in an interview with "Information", that "vegetables, goods and materials started flowing from the early morning hours to all Diyala markets coming from the Clara land crossing with Kurdistan through the Sulaymaniyah Gate to contribute to price stability and reduce the bulk of them, especially vegetables after Days on the rise."

Al-Hayali added, “The crisis cell’s decision yesterday evening to reopen the Clara land crossing with Kurdistan contributed to thwarting the attempts of crisis dealers to raise prices to achieve profits without paying attention to the repercussions of what they are doing on the poor and simple people, stressing that the decision to flow goods and materials will continue for two weeks, after which it will be considered from Before the crisis cell.”

The Diyala markets witnessed during the past few days a remarkable rise in the prices of food and vegetables, negatively affecting the conditions of the poor.
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The Ministry of Finance thanks the Central Bank and private banks for their support in fighting Corona


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2nd April, 2020

 

Today, Thursday, the Ministry of Finance thanked the Central Bank of Iraq, private and government banks and private sector companies who participated in supporting the solidarity campaign to combat the Corona virus in Iraq

The central bank and private and government banks donated more than 43 billion dinars to purchase medical devices used to detect corona virus in the laboratories of the Ministry of Health

The Ministry of Finance said in a press statement received by "Al-Iqtisad News", "The Ministry of Finance appreciates the position of the Central Bank of Iraq, the Iraqi Trade Bank, the Rafidain and Rashid banks, and all private banks and companies from the private sector and citizens at home and abroad who participated and contributed to this solidarity campaign, and expresses many Thanks to the workers in accomplishing this national work

It added that "it has taken, under the direct supervision of the Deputy Prime Minister and Minister of Finance Fuad Hussein, a set of measures that would contribute to providing the financial and logistical requirements necessary to stand as far as possible against the spread of Corona virus and combat it in Iraq

And continued, "In agreement with the Central Bank of Iraq, the Rafidain and Al-Rashid banks were instructed to open a current account in the Iraqi dinar (deposit and withdrawal) for combating Corona virus for all directorates and departments of the Ministry of Health

"And the formation of the accounting unit for granting aid was approved by the central bank and both the Rafidain and Rashid banks and the commercial bank and under the supervision of the Ministry of Finance, billions of dinars and millions of dollars were collected for this account in a short record time, and sums were added to him from governmental and private commercial banks And the private sector in support of the efforts of the departments of the Ministry of Health

It indicated that "by order of the Ministry of Finance, a disbursement committee has been formed under the supervision of the Diwaniya Commission (55) to combat the spread of Corona virus and these funds that have arrived, covering the work of the Ministry of Health in the field of fighting the virus during the next stage. In another area, pharmaceutical contracts were funded in the amount of 46 billion and 817 One million Iraqi dinars until the fifteenth of March in addition to the amount of 332 million dinars as operating expenses for all health departments in Baghdad and the provinces

"The Deputy Prime Minister and Minister of Finance also sent a letter to the Ministry of Health, Chairman of the Diwaniya Commission 55, to allocate one of the properties of the Ministry of Finance to the State Real Estate Department as an alternative site at the Ministry of Health's disposal for its use of quarantine

 

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To confront Corona ... Finance announces the issuance of several decisions to contribute to providing the necessary funds to the Ministry of Health

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