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Report| What is the Iraqi dinar equal to? Corona come on the rest of the local currency?


DWS112
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Free zones and new industrial contexts


Tuesday 14 April 2020


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Baghdad / Mustafa al-Hashemi

 

At a time when Iraq seeks to achieve comprehensive economic development in all fields, the need to open the doors for investment companies through free zones to achieve this development in the various productive sectors appears, after the conclusion of partnership agreements between the private sector on the one hand, and investment companies on the other hand, to establish Linking Iraq to industrial contexts outside the oil framework to support and diversify the country's resources.
Specialists in the economic affairs see the importance of these partnerships with government support represented in allocating funds for the establishment of a multinational company with the major industrial countries, which would achieve a strong productive interaction at home and abroad.

 
The bedrock
The economic academic, Dr. Essam Mohamed Hassan, said in an interview with "Al-Sabah" that "investing in free zones is the cornerstone in establishing partnerships with foreign investment companies, industrialists and national producers, as well as identifying and learning about the opportunities that will be available to meet the needs of the internal market from the productive industries that are held in Free Zones. "
According to Law No. (3) of 1998, three regions were established, namely each of the free zone in Khor Al-Zubayr / Basra, the free zone in Nineveh, and the free zone in Qaim / Anbar.
 
Global experiences
Hassan added that "the market economy requires developing the economic reality by quoting new global experiences through partnerships with well-known international companies with expertise to achieve development in the economy of Iraq."
In turn, the General Authority for Free Zones confirmed in a statement that one of the most important and prominent achievements it had made was the rehabilitation of the Nineveh Free Zone after it was under the hand of terrorism (ISIS) after harnessing the available capabilities for its reconstruction.
And the economic academic, Dr. Majid Al-Baidani, called for "Iraq to be a country with an emerging economy for its ability to achieve continuous growth after exploiting geographical conditions to establish industrial partnerships with major international companies in the free zone in Basra."
 
Advanced economy
The emerging economy is intended for the country to seek to become an advanced economy through liquidity in debt and local equity markets and the existence of some form of exchange in the market and the regulatory body. And emerging markets generally do not have the level of market efficiency and strict standards in the field of accounting and regulation of securities to be on an equal footing with advanced economies (such as the United States, Europe and Japan), but usually their physical, financial, banking and stock infrastructure is uniform.

Tax cases
Al-Baidhani pointed out the need to "move quickly and pay attention to the role of free zones and focus on them in the next stage, as they are the real entry point for providing financial resources from sectors outside the oil rents in order to achieve an economic recovery." For Iraq. "

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Communications launches an electronic application for home delivery

 

Wednesday 15 April 2020


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Baghdad / Israa Al-Samarrai 



The Ministry of Communications launched a campaign (call and everything that connects you to your home) to provide the requirements of citizens while they are in their homes for free.

Bassam Salem Hussein, Director of the General Post and Savings Company at the Ministry, said in a special statement made to "Al-Sabah": The company launched a campaign (call and everything that connects you to your home) through the application (Waselk) in order to provide free services to citizens in Baghdad and the provinces, as a fleet will operate The company is to deliver humanitarian aid prepared by ministries, societies and civil society organizations, to distribute it among poor families, as well as provide the needs of citizens in the country and free delivery services during the period of the preventive ban.

He continued: "The application contains a database of a large number of merchants, shopping centers, drug stores, pharmacies, stores and all that the citizen needs, and requests are delivered by postal distributors to the citizen's residence without the need to shop and go out of the house." 

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Rafidain Bank decides to postpone the payment of private sector loans for two months

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14th April, 2020


The Rafidain Bank decided to postpone the payment of installments due to borrowers for a period of two months.

The media office of the bank said in a statement, "In light of the health crisis faced by Iraq as a result of the outbreak of the Corona virus and the contribution of the bank towards its valued customers and a sense of professional and social responsibility in this exceptional sensitive circumstance, especially the owners of the private sector, being the most affected category as a result of stopping their business, it was decided to postpone Deduction of private sector loans for a period of two months, starting from 1/3/2020 until 4/4/2020.

She added, "The loans covered by postponement are

1 - construction loans
2 - loans with protection / employees / citizens 
3 - auto loans / employees / citizens 
4 - loans for small projects 
5- loans for artists
6 - loans for financing scientific research 
7 - loans explosion Karrada
8 - Shorja Fire Loans
9 - Commercial Loans  

 

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Rafidain Bank decides to postpone the payment of private sector loans for two months 

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Deputy: It is not possible to borrow from the central reserve unless there is a fully-fledged government

 

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12:19 - 14/04/2020
 

The deputy for the coalition of forces, Zaytoun Al-Dulaimi, confirmed on Tuesday that one of the main factors for facing the challenges in the budget 2020 is filling a portion of the fiscal deficit directed at borrowing from the central bank reserves, but borrowing can only be made in the presence of a fully-fledged government.

Al-Dulaimi said in a statement to / Information /, that "Iraq faces a major economic challenge during the current year through the high rate of financial deficit in the budget of 2020, which reaches a very high rate,"considering that "one of the main solutions is to go to internal borrowing through borrowing" From the reserve of the Central Bank of Iraq.

She added that "borrowing from the central bank reserves must have a fully-fledged government, and therefore political forces have recognized this risk."

Al-Dulaimi pointed out that "the political forces will find themselves compelled to expedite the passage of Al-Kazemi's government out of the economic crisis, even with slight losses." 
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Just now, DinarThug said:

Deputy: It is not possible to borrow from the central reserve unless there is a fully-fledged government

 

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12:19 - 14/04/2020


More Pressure To Form The Government ... ;) 

 

:D  :D  :D 


 

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Strategic expert: The solution to the economic crisis in Iraq is through the restructuring of the budget

 

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14th April, 2020
 
 
Hussein Allawi, the strategic expert, revealed that restructuring the budget is the best solution to solve the economic crisis in Iraq.

Allawi said in a tweet on "Twitter", "The solution to the Iraq crisis is its economy, our problem today is in the structure of the state's general budget, as it is without changing the budget approach from schedules and items to the programs and performance budget, over a period of 24 months 2020-2022."

He added, "Formulating a public health program, an electricity program, and a program for water and sanitation services, school buildings and technology."

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Does Iraq need OPEC?


Tuesday 14 April 2020


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Dr.. 
Ibrahim Bahr Al-Ulum

 

Mexico recently objected to the OPEC + decision to reduce 400 thousand barrels per day of its estimated production of 1750 barrels per day in the first stage, and expressed its initial approval of 100,000 barrels per day, and kept the world tight to the efforts of leaders to persuade it to accept the reduction rate. The American president was not forced to speak directly with his Mexican counterpart to persuade him to cooperate with the producing countries to pass the resolution promising compensation, and Mexico remains committed to determining its percentage of the reduction in proportion to its economic reality.   


 The strange thing is that Iraq is the worst victim in my decisions of the ninth of March and the tenth of April. The Saudi decision on the ninth of last March was an improvised unilateral decision that harmed the economies of all producing countries, where oil lost nearly 23 percent of its price, and this sharp drop in prices is the second of its kind in three decades, where the markets witnessed a larger decline from last month, touching 32 percent It was precisely on January 17, 1991, when the international coalition launched the war against Iraq because of its invasion of Kuwait, so Iraq’s oil exports stopped until the implementation of the oil-for-lunch program in 1996, and some neighboring countries in OPEC acquired Iraq’s market share.

Despite the damage suffered by Iraq last month due to the Saudi decision, the Iraqi voice participating in the meetings of the ninth of last March was absent from clarifying its position as a country that occupies the second position in production, it was expected that Iraq would have a clear vision of what happened, whether negatively or positively, and be bold to direct Direct or indirect criticism of Saudi Arabia because of its decision taken without returning to OPEC members, causing a collapse in the market.

Iraq should have demanded compensation for the loss caused to it by this hasty decision that neglected the interest of other OPEC countries and caused Iraq to lose half of its oil revenues. OPEC is a solidarity organization working to guarantee the interests of its members, and its decisions are supposed to be unanimous. As for the unilateral decision without understanding, at least with Iraq, as the second and the first affected product, it is not justified. For Saudi Arabia to lead the OPEC as the largest producer and its production constitutes 40 percent of the total production of its countries is acceptable provided that it maintains the interests of the OPEC countries, because the interest of OPEC is in the interest of all its members and is not limited to the interest of the largest producer only. 

Even in the twentieth members ’meeting on April 10 and taking the decision to reduce, Iraq’s share of the reduction was about one million barrels per day in the next two months and 850,000 barrels per day until the end of this year, and 650,000 barrels per day until April 2021, and Iraq’s objection to changing oil levels The reference for both Saudi Arabia and Russia is in place and contributed to its partial reduction, but he did not object as the first victim of the two decisions on the way to manage the crisis and its outcome.

 The whole world is aware of the financial and economic conditions and the deficit that Iraq suffers, and that its budgets depend mainly on oil revenues. Reducing an average of 750 thousand barrels per day of production for a period of two years will affect its revenues, especially as it will affect our oil fields in the first place and I doubt that the damage will extend to the fields of the region, and secondly that most of the reduction will get the oil fields in licensing rounds, and we have to pay remuneration fees that Iraq will bear losses An additional close to a quarter of a billion dollars over the reduction period. The commitment of Iraq to the decision to reduce over two years (the proposed period of reduction) will lose about two months of production by calculating the current production rates. It is true that the reduction mechanism may succeed in reducing the surplus in the market and improving prices, but why Iraq cannot bear the greatest portion of the loss and ignore its compensation claim .

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The G20 agrees to freeze the temporary debt of the poorest countries

 

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15th April, 2020

 

On Wednesday, the Group of Twenty agreed to freeze the temporary debt of the poorest countries

For his part, the Saudi Finance Minister said, "The G20 pumped $ 7 trillion into the global economy to protect jobs and businesses
 
The spread of the Corona virus forced many countries to close their borders, suspend flights, impose curfews, disrupt studies, cancel numerous events, prevent public gatherings, and close mosques and churches

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The G20 agrees to temporarily delay the debts of the poorest countries

 

The G20 agrees to temporarily delay the debts of the poorest countries
 
 
04/15 2020 17:41:31
 
 
The G20 decided to suspend the indebtedness of countries from May 1 to the end of the year, but it will be renewed based on a joint analysis of the International Monetary Fund and the World Bank.
 
A virtual meeting of finance ministers and central bank governors in the group that includes the largest economies in the world was launched a short time ago to deal with the global challenges posed by the Corona virus pandemic. The G20 has also provided revenue and spending measures equivalent to 3.5% of GDP, to combat the emerging Corona virus, according to IMF calculations, which took into account all measures as of April 8.

On Wednesday, the Fund said in its semi-annual financial report, that these measures are higher than the incentives that were approved during the global financial crisis that started in 2008. The Fund highlighted “huge packages of public sector liquidity support, including loans and guarantees to companies, which France, Germany, Italy, Japan and the United Kingdom were above 10% of GDP, according to Bloomberg.

The G20 is the main forum for international economic cooperation and includes leaders from all continents representing developed and developing countries. Collectively, the member states of the Group of Twenty represent about 80% of world economic output, two-thirds of the world's population, and three-quarters of the volume of world trade. Representatives of the countries of the group meet to discuss financial, social and economic issues. It includes the Group of Twenty, the United States, Turkey, Canada, Mexico, Brazil, Argentina, France, Britain, Germany, Italy, South Africa, Saudi Arabia, Russia, China, Japan , South Korea, India, Indonesia, Australia , and Union Aloorobi.
 
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The IMF intends to increase the soft financing of poor countries


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15th April, 2020

 

The International Monetary Fund Director, Kristalina Georgieva, said on Wednesday that the Fund harnesses all its existing resources and looks forward to tripling the concessional financing provided to the poorest countries

"We have full support from members to the initiative to increase the soft financing capacity provided by the IMF. Our goal is to triple what we offer to these countries three times," she told a remote news conference

 She added that there is a "consensus forming" of using special drawing rights to provide more loans to developing countries

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Al-Ghadban: The discount rate applies to all OPEC and Kurdistan countries, and will be included in it

 

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10:18 - 04/15/2020
 

Deputy Prime Minister for Economic Affairs and Oil Minister Thamer Al-Ghadban confirmed on Wednesday that the oil reduction rate of 22.8% applies to all OPEC countries without exception, while he indicated that a delegation from the Kurdistan region will arrive to discuss the file. And Al-Ghadban said in a statement reported by the official Iraqi News Agency (conscious) and viewed by him / the information, that "Iraq will start to reduce its oil production by 22.8% as of May 1, in implementation of the last agreement in OPEC."

He added, "The reduction rate applies to all OPEC countries without exception," denying at the same time "reports that Iraq has volunteered to reduce its oil production." He explained, "The financial resources are more important than the amount of oil production," noting that "the reduction came based on studies in order for the price of oil to rise, so whenever the supply decreases and the market stabilizes, the price improves."

He continued, "There is no benefit from increasing production with low selling prices, and thus everyone will be a loser," noting that "the measures taken by OPEC aim to increase the price of a barrel and then increase the financial return." He pointed out that "Iraq's share in OPEC production includes production from the Kurdistan region, likely "the arrival of a delegation from the Kurdistan region to Baghdad to discuss the reduction after contacts made during the past days. 
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Parliamentary Finance: The bank’s reserves will be used to secure employees’ salaries until the end of 2020

 

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18:43 - 04/14/2020
 
 

The Parliamentary Finance Committee announced, on Tuesday, the use of the reserves of the Central Bank of Iraq to secure the salaries of state employees until the end of this year.

Member of the Finance Committee Shirvan Mirza told / "The information" that "securing the salaries of state employees until the end of this year according to low oil prices and without loans is an extremely difficult issue facing the current or transitional government that will be formed."

He added that "the credit will be relied on by the Central Bank of Iraq to secure the salaries until December 2020", noting that "the accreditation will be in accordance with regulations determined by the Council of Ministers, including insurance of salaries only without any additional allocations, projects or other exchange funds for ministries." 

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The New World Order Beyond Corona


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15th April, 2020   by Samir Al-Nassery

 

Since January 1, 2020, the whole world has been fighting a third world war as expected, but this war was not between the major powers nor between the major and other countries emerging for economic reasons or to control the world to obtain international interests, and sophisticated and lethal weapons were not involved in this war Armies versus hostile armies and occupying countries and cities, as happened in the First and Second World War, and there were no allies against the enemy, but each country was fighting the enemy alone. The war began a hundred days ago in China with an attack by invisible armies that cannot be seen with the naked eye, which is what they called Virus Corona or Kovid 19. During a few days, these armies were able to invade all the countries of the world, specifically 180 countries and did not exclude a continent without another or a big country Or small

What matters to us is what are the consequences of this war, after it ends with the victory of the world. Through the study and analysis of the causes and contradictions in the global system  that prevails before Corona and in particular in the countries that lead the world economically, the following can be predicted

1 - The collapse of the American economy and the collapse of the economies of the European Union countries is expected and the Great Depression will prevail in the world as well as the collapse of their health systems will cause high prices and increased unemployment and the number of people under the poverty line in developing and poor countries will double and citizens in different economic sectors lose their jobs. And slowing economic growth in large proportions in most countries of the world

2- The economic conflict between China and America and the slight growth rate in China due to Corona, and the expectation that it could quickly achieve the planned growth rate before Corona, will be offset by a decrease in economic growth in America and the countries of the Group of Twenty will lead to the production of a new world order, and the world will be divided into two big and only poles in The world will, in varying degrees, be replaced instead of the G20 countries, namely China and America

3- Evidence for this is that even though the war continues with Corona, economic negotiations and understandings between China and America are currently continuing to dominate the world and share benefits

 4 - It does not exclude the cooperation of the European Union countries (the European left and right) in order to reduce the ties of Europe to America, which has proven to be one of the most important factors of crises in the European Union in addition to its deterioration and the inevitable and overwhelming rise of China and the rise of Russia, so it is natural for the new Europe to go as countries after the European Union loses its unity Towards building strong cooperative relations with China and Russia

5 ‐ More importantly, the new world order that mankind awaits after the Corona crisis will inevitably take shape and will be led by clear economic and financial leadership for China

6 - And the philosophy of managing the economy will shift in the most part from the capitalist market economy to the socialist market economy currently adopted as disciplined ideology in China and to state capitalism in eastern Europe as it is the philosophy of Russia now

It is just an early forecast, and the Arab economy will be mostly affiliated with the largest and most economically strong pole, China after SK

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On 4/14/2020 at 2:56 AM, DWS112 said:

the will of corruption within the Iraqi state is greater than the will to change

We could also say the will of corruption within the US is greater than the will to change.

 

Maybe ol' Iraq has been Amerikanized

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Reducing Iraqi oil production deepens its financial crises

 

- 8 Hours Ago
 
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The agreement to reduce oil production approved by OPEC + at the beginning of the week sparked widespread criticism in Iraq, as deputies and observers considered that it would exacerbate the country's financial crisis, criticizing the Minister of Oil Thamer al-Ghadhban's signing of the agreement, as he charged Iraq with a large rate of reduction that is not commensurate with its current situation, as it is imposed on him A reduction of up to a quarter of his daily production.

The Iraqi oil expert, Ali Alwandi, accused the oil minister of courtesy at the expense of "Iraqi bread", indicating that he should have refused to topple about a quarter of the country's oil production in order to restore oil prices to what they were due to the adventures and stubbornness of other countries such as Saudi Arabia and Russia.

In an interview with Al-Arabi Al-Jadeed, he pointed out that the agreement will increase Iraq’s suffering financially, especially since there is no guarantee that oil prices will rise to an acceptable price.

Members of the Finance Committee of the Iraqi Parliament estimate the public deficit in the country's budget for the current year by more than $ 45 billion, due to the collapse of oil prices and the increase in the government of resigned Prime Minister Adel Abdul Mahdi, public spending to absorb the anger of the demonstrators without maximizing state resources, in addition to spending on the consequences of the spread of the Corona virus .

Al-Ghadban announced that "Iraq’s share of production will become 1.061 million barrels per day, starting from next July until the end of the year 2020, after reducing 849 thousand barrels per day."

Member of the Iraqi Parliament, Kamel Al-Ghurery, told Al-Arabi Al-Jadeed that depriving Iraq of exporting nearly one million barrels of oil amid the collapse of its current economy due to the Corona crisis and the drop in oil prices originally, will exacerbate the suffering of the Iraqis.

He added that "the agreement to reduce oil production in light of this dubious collapse of oil prices is a positive thing for Iraq, but the deterioration of the economic situation of Iraq does not allow adventure, because the high price of oil expected during this year does not compensate Iraq for the lost revenues after reducing production."

Al-Ghurery pointed out that "the demand for oil is expected to witness a significant decline during this year due to the lack of demand, as a result of the outbreak of the Corona epidemic and the disruption of most of the economy."

In the context, Rep. Raad Al-Dahlaki said in an interview with "Al-Arabi Al-Jadeed" that "OPEC's decision will harm Iraq, but for a certain period until the price of oil is considered the only economic source for the Iraqi budget," noting that "Iraq, in light of the reduction in its oil production, is coming On a difficult economic crisis. ”

According to Al-Dahlaki, “OPEC’s decision will have major negative repercussions on the Iraq budget for 2020, and he expects that these repercussions will lead to the non-approval of the budget during this year.”

The expert in the Iraqi economy, Salam Smaism, explained to Al-Arabi Al-Jadeed that “reducing OPEC’s oil production is very necessary for the oil market at the present time, as it will lead to reducing the supply and consequently high oil prices, but despite the positive decision, Iraq will be the most affected due to the adoption of its budget by 95% on oil in exchange for higher costs, especially after the outbreak of the Coruna virus.

Smeism pointed out that "the coming days will witness an increase in oil prices, but this rise will be slight, as it will not compensate Iraq for the amount of oil production reduction decided by OPEC, because of the budget deficit and the need for Iraq to greater revenues."

New Arab

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  • 1 month later...

I am fed up with those corrupt Iraqis. The U.S. should stop supplying dollars to those dung beetles. Yes. They are rolling dung for dung's sake and when their balls of dung get too big they roll backward and carry them to an inevitable PILE OF S***!

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