Iraq Is Looking With The {IMF} To Stop Paying Its Debts !

[DinarThug]

CNN. Broadcasting From A ‘Go Fund Me’ Site In Parliament !

 

Iraq is looking with the {IMF} to stop paying its debts

Thursday, April 16, 2020

 

 

Baghdad / Shaima Rashid

 

 

The government is moving to stop the collection of foreign debts incurred by Iraq in light of the country's declining revenues due to the drop in oil prices, as it is conducting continuous consultations with the International Monetary Fund in this regard.

Foreign Ministry, praising the "attitudes of the IMF in extinguishing Iraq 's debts at the Paris Club in 2004"

Saleh said to "Al-Sabah" that "Iraq, due to the Corona virus and the drop in oil prices, entered into what is called force majeure, something that afflicted the countries of the world as a whole. Therefore, Iraq seeks to stop the payment of its debts, especially as it is one of the founders of the International Monetary Fund and the World Bank in the 1940s. Strong relations with those important institutions. ”
He added that“ the fund will have a positive role towards Iraq by delaying debts or simplifying procedures, which is possible, but it needs high diplomacy. ”

For his part, the spokesperson for the Government Information and Communication Office at the General Secretariat of the Council of Ministers stated , Alaa Globe Al-Fahad, "Having a key Between the government and the International Monetary Fund to stop completing the bureau due to Iraq and awaiting a response, "stating that" there is no response at the present time, and there are no claims for payment. "

Al-Fahd told Al-Sabah that" The government and every year when it has a deficit that the World Bank has to lend to lend in order to finance the budget, and this year there are many things that will be taken into consideration, as the United States has proposed stopping debt repayment at this stage which is a good thing, especially since Iraq’s debts must be paid The IMF this year is estimated at more than 10 billion dollars, and in the event there is an agreement, this will benefit Iraq with the economic and political situation it is living in at this stage. "

She pointed out that" the Iraqi economy is unstable, because it depends on oil by 95 percent and the remaining 5 cannot be collected. Now, for lack of tax and Fees and others, noting that the move does not include the international monetary only, but to stop deducting the debts of Kuwait and the dues of the Arab League, knowing that the total debt of Iraq is estimated at approximately 139 billion dollars.

The International Monetary Fund has expected that the Iraqi economy will shrink to a negative rate of 4,

In the World Economic Outlook, the International Monetary Fund said: The damage will be much greater than the recent financial crisis in the region in 2008-2009, as economic growth in Lebanon, which defaulted on its debt, is contracted by 12 percent, while Iraq is heading , The second largest producer in OPEC, to a negative rate of 4.7 percent.

LINK

[Goggles]

[markb57]

just seize the accts of the likes of Maliki and his fellow thieves and they'll probably come out even. Only fair since they stole the money so Iraq can just steal it back.

[Mary B]

Iraq is moving to stop paying its foreign debt

16/04/2020

 

 

 

 

 

BAGHDAD - Mawazine News,
The government is moving to stop the collection of external debts incurred by Iraq in light of the country's declining revenues due to the drop in oil prices.
The economic and financial advisor to Prime Minister Mazhar Muhammad Salih said that "Iraq's consultations with the IMF continue to stop foreign debt deductions," praising "the witnessed positions of the IMF in extinguishing Iraq’s debts at the Paris Club in 2004."
He added, "Iraq, due to the Coruna virus and the drop in oil prices, entered into what is called force majeure, something that afflicted all countries of the world. Therefore, Iraq seeks to stop the payment of its debts."
For his part, the official spokesman for the government information and communication office in the General Secretariat of the Council of Ministers, Alaa Globe Al-Fahd, said, "There are overtures between the government and the International Monetary Fund to stop collecting the debts incurred by Iraq and awaiting a response", noting that "there is no response at the present time, as There are no claims for payment. "
Al-Fahd explained that "the government and every year when it has a deficit of the World Bank's appeals to lend to in order to finance the budget, and this year there are many things that will be taken into consideration, as the United States has proposed stopping the debt repayment at this stage which is a good thing, especially since Iraq's debts to be paid to the IMF this year are estimated at more than $ 10 billion,
and if there is an agreement, this will benefit Iraq with the economic and political situation it is living in at this stage. "
He pointed out that "the economy of Iraq is unstable, because it depends on oil by 95 percent and the remaining 5 cannot be collected now, because of the lack of
taxes, fees, etc., noting that the move does not include international cash only, but to stop deducting the debts of Kuwait and the accruals of the Arab League, the amount of Arab 139 billion dollars. Completed 29 / p

 

https://www.mawazin.net/Details.aspx?jimare=95544

[tigergorzow]

MaryB Thanks,  Truly appreciate all the great articles you bring to the "DV Forum".   Keep em coming...😁😁👍👍

[King Bean]

8 hours ago, DinarThug said:

Iraq seeks to stop the payment of its debts

 

 Again??  I mean.....STILL????? Commercials on Baghdad TV

           for the new Iraq Capital One Card be like...………….

 

                                                                   

[horsesoldier]

How much debt forgiveness have these butt holes 🕳 already been granted, and they still demand more ?🤬

[boosterbglee]

Does that mean the US will never get paid for everything we have done for them?🤬

 

 

[WheresmyRV?]

Throw their worthless butts back into full sanctions, enough is enough.

[64jaguar]

11 minutes ago, horsesoldier said:

How much debt forgiveness have these butt holes 🕳 already been granted, and they still demand more ?🤬

 

I think now they've thought of EVERYTHING to deny us an RV, Maybe not .....

[peaksview]

If they had a monkey it would be a circus

[DinarThug]

19 minutes ago, peaksview said:

If they had a monkey it would be a circus

Tell Parliament That They Can Just Kiss It !  

 

 

     

 

 

Edited April 16, 2020 by DinarThug

[DinarThug]

LINK

International Monetary: Approval of the postponement of the payment of debt installments of 25 countries

 

 

 

09:45 - 16/04/2020

 

The International Monetary Fund Board agreed to suspend debt service payments to 25 member states, including two Arab countries, to help these countries to face the repercussions of the emergence of the emerging Corona virus. The fund said that it was agreed to suspend the debt service for these countries for a period of 6 months as an initial stage, provided that it takes a similar decision regarding at least 4 other countries.

The list of countries benefiting from this decision included two Arab countries, Yemen and Comoros, along with Afghanistan, Benin, Burkina Faso, Haiti, Tajikistan, Chad, Congo, Democratic Republic of the Congo, The Gambia, Guinea, Guinea Pisa, Liberia, Madagascar, Malawi, Mali, Mozambique, Niger, Nepal, Rwanda, Sotome, Principe, Sierra Leone and Togo. Earlier, the fund said that deferring payments would cost 213 million dollars, which would be paid from a special account set up by the fund.

The fund’s management announced a fundraising campaign that would allow loan payments to the poorest countries to be deferred for two years. According to the fund, the suspension of debt payments will allow the poorest countries to channel these resources to vital emergency supplies. On Wednesday, G20 finance ministers agreed on a coordinated approach to suspending debt service payments due to poor countries from May 1 to the end of this year. 
 

Edited April 16, 2020 by DinarThug

[DinarThug]

LINK

size=7]K-Card: The sobriety of the Central Bank of Iraq made it the most important site for the Arab financial sector[/size]

 

 

 

4/16/2016 17:17:27

 

 

The company, "K-Card", congratulated the Governor of the Central Bank of Iraq, Ali Al-Alaq, on the occasion of his election as Chairman of the Board of Governors of the Arab Monetary Fund.
 

The company said in a statement, which has received {Al Furat News} a copy of it, that "the Central Bank of Iraq has proven its sobriety in the face of major challenges in recent years, qualifying it to be in the most important sites of the Arab financial sector."

She added that "the directives of the Central have an active role in spreading the culture of electronic payment in the country and expanding financial inclusion", valuing Ali Al-Alaq's presence in this place and wishing him success and success in his upcoming tasks.

[DinarThug]

LINK

Iraq elected president of the Arab Monetary Fund governors to renew confidence by overcoming its economic crisis

 

16th April, 2020  
 

by Samir Al-Nassery

 

The Board of Governors of the Arab Monetary Fund was elected at its forty-fourth session by its Resolution No. 1 of 2020. The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, was appointed as the Governor of the Fund’s Governors in its new session

The Arab consensus on choosing the relationship for this important economic site on the Arab and international levels is the confirmation and support of an Arab economy that Iraq is able to overcome its current economic crisis in the darkest economic and epidemiological conditions that the countries of the world are passing through, especially the special and accumulated situation that Iraq suffers in the current circumstance and is a renewal determination and hope to achieve economic resilience and success achieved by Iraq during the economic and security impact at in 2014 and falling oil prices by more than 70% and was the focus of the solution is the Iraqi Central Bank in a timely manner through the procedures and mechanisms of the daily currency Sttnaia according to policy tools and applications of cash

The renewal of trust by the central Arab banks that are members of the fund with the Iraqi economy and the efforts made by the national economic institutions and in particular the evaluation of the large and distinct role of the Central Bank of Iraq during the past five years at the level of internal construction and development in monetary policy applications and at the level of building strong and solid financial and banking relations With the Arab countries and foreign countries, where the institutions managed to achieve clear achievements and contributed to achieving economic resilience, which helped our armed forces achieve the victory victory over terrorism

Therefore, through neutral, transparent review and analysis and evaluation of the Iraqi economic situation, in particular what has been achieved by the ministries and economic institutions in Iraq from a specialized point of view, facts, evidence and indications have been reached that the Central Bank of Iraq has proven to be the first economic institution through its important achievements in supporting the national economy And strive to achieve economic stability in accordance with his strategy for the coming years

Most notably the achievement of stability in the exchange rate and the recovery of the Iraqi dinar for more than two years, and due to the curfew and the current conditions, there has been fluctuation and a slight rise in the exchange rate, and the central bank is now making efforts to restore stability during the next few days, enhance the bank liquidity by pumping one trillion dinars, reduce inflation and maintain its rate Less than (2%) and maintaining a sufficient cash reserve of 160% as a cumulative accumulator according to the latest IMF standard with gold reserves within an excellent record rate

In addition, it adopts standards and controls consistent with the requirements of international standards in compliance and combating money laundering and terrorist financing

Activating and consolidating new visions for implementing the banking strategy projects until the year 2023. And all these achievements were the ones that called on Arab bankers to elect the relationship as president of their council in the new session, which is the embodiment that the Iraqi economy will overcome new shocks, rise and recover, and that this is a tribute to the Iraqi people and its economic, financial and banking institutions

[DinarThug]

LINK

Al-Rafidayn begins distributing the salaries of state employees for the month of April electronically

 

 

 

10:24 - 16/04/2020

 

Rafidain Bank announced on Thursday that it has begun distributing the salaries of a number of ministries and state institutions for the current month through electronic payment tools.

The media office of the bank said in a statement received / information /, a copy of it, that "the salaries of employees of some ministries and state institutions have been distributed from those whose salaries have been localized with the bank and holders of the electronic card MasterCard."

The statement pointed out that "the payment of salaries will be according to specific contexts and dates."

 

##########

 

Al-Rafidayn begins distributing the salaries of state employees for the month of April electronically  

LINK

[DinarThug]

LINK

The Secretariat of the Council of Ministers reveals Iraq's external debt .. The government is awaiting a response

 4/16/2016 08:56:09

 

The General Secretariat of the Council of Ministers revealed the volume of external debts on Iraq. "There are overtures between the government and the International Monetary Fund to stop completing the burial of Iraq and awaiting a response," noting that "there is no response at the present time, as well as no," said Alaa Globe Al-Fahd, the official spokesman for the government information and communication office in the General Secretariat of the Council of Ministers. There are claims for payment."

Al-Fahd said, "The government and every year when it has a deficit that the World Bank has approached to lend to in order to finance the budget, and this year there are many things that will be taken into consideration, as the United States has proposed stopping debt repayment at this stage which is good, especially The debts of Iraq to be paid to the IMF this year are estimated at more than 10 billion dollars, and if there is an agreement, this will benefit Iraq with the economic and political situation in which it lives at this stage.

He pointed out that "the Iraqi economy is unstable, because it depends on oil by 95 percent and the remaining 5 cannot be collected now, due to the lack of taxes, fees, etc., noting that the move does not include international money only, but to stop deducting Kuwait's debts and Arab League dues, knowing that the total debts Iraq is estimated at approximately 139 billion dollars."

The International Monetary Fund had expected the Iraqi economy to shrink to a negative rate of 4.7 percent, while the economy of the Middle East and North Africa region would shrink by 3.3 percent this year against the backdrop of measures to combat the emerging Corona virus and the decline in oil prices, in the worst performance since Four decades.

In the World Economic Outlook, the International Monetary Fund said: The damage will be much greater than the recent financial crisis in the region in 2008-2009, as economic growth in Lebanon, which defaulted on its debt, is contracted by 12 percent, while Iraq is heading , the second largest producer in OPEC, to a negative rate of 4.7. 

[DinarThug]

Son Of A Fitch !  

 

     

 

 

LINK

Fitch Revises Outlook on Iraq to Negative; Affirms at 'B-'

 

 

16th April, 2020
 

Fitch Ratings - Hong Kong - 16 Apr 2020: Fitch Ratings has revised the Outlook on Iraq's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'B-'

KEY RATING DRIVERS

The revision of the Outlook to Negative reflects the impact of the decline in oil prices on Iraq's public and external finances, near-term uncertainty concerning the sovereign's financing plan and limitations on policymakers' ability to respond to the fiscal crisis. The current caretaker status of the government and the backdrop of widespread protests, worsening security and greater dysfunction among political elites complicate policy responses to the shock.

The oil price decline presents a seismic hit to Iraq's finances and the current set of circumstances poses a greater challenge than the previous oil price collapse from late 2014, in Fitch's view. We forecast that the budget deficit will widen to 19% of GDP in 2020, before narrowing to 9% of GDP in 2021 as oil prices stage a mild recovery. This represents a serious financing challenge. The outgoing prime ministerial candidate warned that the government could struggle to pay public sector salaries in the near term. The authorities have not yet responded to the oil price shock with a financing plan.

The increase in the deficit, combined with a near 30% reduction in nominal GDP, would propel government debt/GDP to an average of 80% in 2020-2021, up from 47% in 2019. In 2016, the deficit reached 14% of GDP and government debt/GDP 64%. Iraq's debt stock includes legacy debt from the 1980s, which it faces no pressure to repay or service. If this debt were restructured on the same terms as Paris Club debt in 2004-06, we would instead forecast government debt/GDP at 60% in 2020-2021, in line with the current 'B' peer median.

Oil revenue will fall by 60% yoy in 2020, assuming an average Iraqi oil price of USD29/b and 3.25 million b/d of budget-linked oil exports, representing partial implementation of the new OPEC+ agreement. Budget spending would fall, by a forecast 30%, in response to lower revenue and limited availability of financing. This would bring current and capital spending below 2018 levels, although current spending would remain above 2015-2017 levels. Increased public-sector employment in 2019 complicates consolidation. Wages and pensions reached IQD54 trillion in 2019 (20% of GDP), compared with IQD42 trillion in 2013-2017.

The latest OPEC+ production agreement adds to already high levels of uncertainty, in terms of Iraq's degree of compliance, the impact on export volumes and any price response in oil markets. We estimate that under the agreement Iraq is supposed to reduce total oil production (including KRG output) to 3.6 million b/d in May-June and 3.8 million b/d in 2H20. This would imply an average of 4 million b/d for 2020 (following 4.5 million b/d in 1Q).

Iraq's budget revenue sensitivity to oil price and volume is significant, given dependence on oil which accounts for 85%-90% of fiscal revenue. 250,000 b/d of exports equate to 1.7% of forecast 2020 GDP, assuming no price response. For each USD5/barrel change in the oil price, government revenue changes by USD5 billion (3% of GDP), assuming stable export volume.

We expect Iraq will resort to central bank financing to meet the deficit in 2020 (of around IQD36 trillion), as happened in 2015-2016 when the Central Bank of Iraq funded IQD16 trillion of T bills. The under-developed banking sector is not in a position to provide much funding. Assuming net foreign financing of USD3 billion (not yet in place) and IQD6 trillion drawdown on government deposits, Iraq would require IQD26 trillion of net domestic borrowing.

The affirmation of the 'B-' rating is underwritten by the current high level of international reserves, low debt service obligations and international financial support. Reserves were USD66.7 billion at end-2019 (8 months of current external payments; CXP), although they fell to USD62.9 billion at end-February, with steeper declines expected from March onwards. External debt service in 2020 is scheduled at USD5.9 billion, of which only USD1.0 billion is owed to bondholders and commercial creditors.

Multilateral institutions seem willing to show forbearance on debt service globally in light of the COVID-19 shock and are making additional financing available. Iraq has requested USD2 billion from the World Bank, although the absence of a 2020 budget constrains access (to around USD500 million). We assume Iraq will access USD2.3 billion (100% of quota) under the IMF's Rapid Financing Instrument, which it used in 2015. A new funding programme with the IMF is possible, but Iraq would need to have a government and appropriate budget in place.

Nonetheless, we forecast Iraq's external finances to deteriorate sharply, with the current account deficit lurching down to 16% and 6% of GDP in 2020 and 2021 and international reserves (including gold) falling to USD25 billion by end-2021, a decline of more than USD40 billion over two years. These would still equate to 4.3 months of CXP, but would represent Iraq's lowest level of reserves since 2005-2006 in CXP coverage and absolute US dollar terms. Further reserves declines and persistent reliance on the central bank for fiscal financing would raise risks for the sustainability of the currency peg to the US dollar.

Political risks remain a core constraint on the rating. Iraq scores the lowest of all Fitch-rated sovereigns on the composite World Bank governance indicator. This reflects not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions. Nevertheless, the bulk of oil production facilities and export infrastructure are located away from the areas that have presented the highest security risk.

Ongoing US-Iran tensions, widespread protests and greater fragmentation among political groups have further undermined government effectiveness over the past year. The lurking presence of the Islamic state adds to risks, as does the COVID-19 health crisis. Nonetheless, the prospects for a new government have improved. The latest candidate to be prime minister, Mustafa al-Kadhimi the current head of Iraqi intelligence, seems to have wider backing than the two previous candidates. This could pave the way for a 2020 budget, which could help Iraq access additional foreign financing, the first of many challenges.

ESG - Governance: Iraq has an ESG Relevance Score (RS) of 5 for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption, as is the case for all sovereigns. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Iraq scores the lowest of all Fitch-rated sovereigns on the WBGI.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Iraq a score equivalent to a rating of 'B' on the Long-Term Foreign-Currency (LT FC) IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LT FC IDR by applying its QO, relative to rated peers, as follows:

- Structural features: -1 notch to reflect political and security risks which are not sufficiently captured by the governance indicators in the SRM and because of the exceptionally weak banking sector and the weak business environment.

Fitch's rating committee removed a -1 QO notch adjustment assigned to the Macro analytical pillar as the model is capturing the negative impact on non-oil GDP growth from government spending cutbacks and prospective cuts to oil GDP following the latest OPEC+ agreement.

Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to negative rating action/downgrade:

- Further deterioration of fiscal and external financing conditions such that default becomes a real possibility.

- Further marked deterioration in the country's security, particularly if insecurity hinders oil production and exports.

The main factors that could, individually or collectively, lead to positive rating action/upgrade are:

- A credible fiscal and financing plan for 2020-2021 that precludes persistent reliance on central bank financing.

- A period of oil prices in excess of our current forecasts, particularly if combined with higher oil production and exports and leading to an improvement in Iraq's public and external finances.

- A sustainable improvement in the country's security, together with enhancements to governance and institutional quality.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Public Finance issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

KEY ASSUMPTIONS

Fitch forecasts Brent crude to average USD35/b in 2020, USD45/b in 2021 and an average of USD54/b in 2022-2023. We assume that Iraqi oil sells at a discount to Brent of USD6/b and USD5/b in 2020 and 2021.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Our assessment of the External Finance position for Iraq is impaired by two data limitations. For the balance of payments data, the IMF highlights various deficiencies which reduce our confidence in the accuracy of the data. Data on Iraq's international investment position stops at 2014; thereafter, we derive our own estimates using the available balance of payments data from the IMF. The availability of reliable data on FX reserves mitigates these weaknesses.

ESG CONSIDERATIONS

Iraq has an ESG Relevance Score of 5 for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are highly relevant to the rating and a key rating driver with a high weight.

Iraq has an ESG Relevance Score of 5 for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight.

Iraq has an ESG Relevance Score of 4 for Human Rights and Political Freedoms as strong social stability and voice and accountability are reflected in the World Bank Governance Indicators that have the highest weight in the SRM. They are relevant to the rating and a rating driver.

Iraq has an ESG Relevance Score of 4 for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for the U.S., as for all sovereigns.

Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies).

For more information on Fitch's ESG Relevance Scores, visit http://www.fitchratings.com/esg.

 

RATING ACTIONS

 

 

ENTITY/DEBT                   RATING                PRIOR

 

Iraq                    LT IDR                B-       Affirmed   B-   
                          ST IDR                B         Affirmed   B   
             Country Ceiling             B-       Affirmed   B- 

senior unsecured   LT                B-       Affirmed   B- 

 

Edited April 16, 2020 by DinarThug

[horsesoldier]

F+ Might be more appropriate-I know, I’m being generous here😝

[DinarThug]

Abdel-Mahdi and Halbousi preside over a joint meeting to
discuss economic conditions

Thursday, April 16, 2020 - 15:29

 

Baghdad - conscious

 

A joint meeting was held today, Thursday, at the Government Palace, headed by
Prime Minister Adel Abdul Mahdi and Speaker of Parliament Muhammad
Al-Halbousi, to discuss the financial and economic situation and
government spending in light of the decline in global oil prices and the decline in
demand for it and the Corona pandemic and financial budget entitlements, and
to discuss proposed plans, procedures and solutions to confront these the crisis
faced by Iraq and all countries of the world.

The media office of the Prime Minister stated, in a statement
received by the Iraqi News Agency (INA) that "the meeting
was attended by Prime Minister Adel Abdul-Mahdi, Speaker
of Parliament Muhammad Al-Halbousi, First Deputy Hassan
Al-Kaabi, Deputy Prime Ministers, Oil and Finance Ministers,
Minister of Planning and Heads of Financial, Economic and
Energy Committees in the Council Representatives, the
governor of the Central Bank and a number of deputy
ministers and advisers.

He added that "the Presidents of the House of Representatives and the
Ministers presented their views of the economic and social
reality and the necessary solutions, foremost of which is the
necessity of maximizing state resources, reducing dependence on oil, protecting
the weaker social classes and achieving societal, food and medicinal security,
and emphasized cooperation between the executive and legislative authorities
and the continuation of meetings and consultation between the relevant
committees to reach 
The best solutions and procedures that meet the needs of
citizens and achieve social justice and the supreme interest of
the country.

He continued, "A detailed explanation was presented by the Minister of Oil on the position of
Iraq on the decline in oil prices and determination of the shares of all producing countries
during the last OPEC meeting. The Minister of Finance presented the financial
situation, revenues,expenditures and financial budget requirements,
and the Minister of Planningand the heads of the parliamentary
committees presented a number ofproposals And economic treatments. "

link

[DinarThug]

Parliamentary Finance: The 2020 budget will be approved for five months

Thursday 16 April 2020 - 22:15

 

 

Baghdad - conscious - Muhammad Talibi

Member of the Finance Committee, MP Mohammed Sahib Al Daraji, confirmed today, Thursday, that the federal budget for 2020 will be approved for only five months.

Al-Daraji said in a statement to the Iraqi News Agency (INA), "The options currently in place under the caretaker government are the payment of salaries and operational matters according to the 1/12 mechanism," noting that "the 2020 budget will be sent to the parliament after the formation of the new government and will be approved for five months ".

He added that "the new government will review the budget before sending it to parliament," noting that "the approval of the budget will need more than a month in Parliament."

And on the government of the Prime Minister-designate Mustafa al-Kazemi, MP Muhammad Sahib al-Darraji commented, “The success of the al-Kazemi government depends on the latter's departure from the interference of political blocs by imposing the names of the ministerial cabinet,” noting that “Al-Kazemi is passed in Parliament if he provides a ministerial cabinet that is free from the interference of political blocs.”

The financial advisor to the Prime Minister, Mazhar Mohamed Saleh, had previously stressed the need to go in the short term to legislate an emergency budget, which provides financial sustainability at this stage and meets the necessary needs.

LINK

[horsesoldier]

6 hours ago, DinarThug said:

Tell Parliament That They Can Just Kiss It !  

 

 

     

 

 

 

Oh DAMN ! What has been seen will never ever be unseen.

[DinarThug]

We will convince Washington to extend Iraq’s exception to preventing Iranian energy imports

 

 

Economy 04/15 2020 13:13 441 Editor: am   

Baghdad today - Baghdad 

 

The Iraqi Ministry of Electricity confirmed, on Wednesday (15 April 2020), that Iraq currently depends on national production lines to provide electrical energy, and does not depend on Iranian lines except through one line, Diyala Governorate, and by 325 megawatts due to the lack of need and the arrest of loads at present, while he indicated Washington will be convinced of an extension, with the exception of Iraq, from importing gas and electricity from Iran.

Al-Abadi said in an interview with (Baghdad Today), that "the US sanctions imposed on Iran, according to which Iraq’s import of energy and gas is affected by Iran, it was 6 months, and was reduced more than once, until it reached 30 days." 

He explained, "The Ministry of Electricity provided full technical payments to the American side through the negotiating delegation, headed by an adviser to the Prime Minister," noting that "the American side wanted to know the seriousness of the Iraqi side and the Ministry of Electricity by working to diversify energy sources, and alternative energy credits, Such as solar energy and waste recycling energy, and he wanted to know how serious Iraq is in proceeding with these projects in order to dispense with importing gas. " 

He added, "The American side wanted to demonstrate the seriousness of the Iraqi government in proceeding with the rehabilitation of gas fields, and the adoption of the fuel plan in the rehabilitation of Artawi, Majnoon, East Basra, Diyala Governorate, and Redwood." 

He continued, "The American side wanted to be reassured that Iraq is going on with the issue of electrical connection with neighboring countries, and it was assumed that the first phase of the electrical connection with the Gulf Linkage Authority would be completed in the tenth month, according to which it would provide Iraq as a first stage with 500 megawatts for the southern provinces in Basra As a first stage, the American side wanted to inquire that the Ministry of Electricity is proceeding through the road map and the memorandum of understanding that was approved by the Ministerial Energy Council, linking the lines with Jordan and Turkey.

And he stated, "Iraq was already in the past with trends, but the repercussions of the economic and health situation, and the fall of oil prices, made the Ministry in the process of reviewing all the strategic plans and projects, agreements and contracts with major international companies." 

And he saw, "The American side will understand that the pandemic is global, and the repercussions of the global economic meltdown, and proceeding with these projects requires time and improvement in the economic situation, and with our payments, the American side will be convinced to extend Iraq’s exemption from importing energy and gas from Iran," noting that " The Ministry of Electricity has alternative contingency plans and large preparations, and has a generation of 1,000 to 2,000 cold mics under hand and ready for the next. " 

He added, "Most of the production lines today are national, and we do not rely on the Iranian lines except through the Diyala line, at 325 megawatts," explaining that "the rest of the lines are mostly suspended because they are not needed."

On Saturday (28 March 2020), the United States of America announced the extension of Iraq’s exemption from the sanctions imposed on Iran with regard to the import of Iranian electricity and gas. 

The Minister of Electricity, Louay al-Khatib, had set, on Saturday (15 February 2020), the deadline that Iraq needs to develop its capabilities and end dependence on Iranian gas. 

"I am sure that the United States understands the situation well and will not stop these concessions to settle the urgent public services in Iraq," al-Khatib said in a tweet on Twitter. 

He added: "We need a three-year grace period to develop our capabilities in the field of gas, infrastructure capacity and the national network, and regional linkage to energy security."

LINK

[DinarThug]

Mnuchin says he opposes IMF special issuance of SDRs

 

By Greg Robb

 

Treasury Secretary Steven Mnuchin on Thursday said he opposes a call to have the International Monetary Fund make a special allocation Special Drawing Rights (SDR). 

Former British prime minister Gordon Brown and many economists have urged the IMF to allocate the SDRs that was last done in 2009 during the financial crisis.
Although the SDRs are not currency, they can be used by emerging and developing countries to bolster their reserves. 

 

In an address at the IMF Spring Meetings, Mnuchin argued the SDR allocation "is not an effective tool." He noted almost 70% of the allocation would be provided to relatively well-off G-20 countries and low income countries would receive just 3%. Reuters reported the White House opposes the allocation because China and Iran would receive billions of dollars with no strings attached.

https://www-marketwatch-com.cdn.ampproject.org/v/s/www.marketwatch.com/amp/story/guid/26B505C5-970B-49EE-87EE-C046AB88DB62?amp_js_v=a3&amp_gsa=1&usqp=mq331AQFKAGwASA%3D#referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fmnuchin-says-he-opposes-imf-special-issuance-of-sdrs-2020-04-16

 

Edited April 16, 2020 by DinarThug

[King Bean]

B- ??? Aint that a "B-!tch". Maybe Maliki will return some of the $20 Billion he stole.....after he returns from isolation at his mansion outside Iraq.

                             🤣