A Deputy Proposes A “Compulsory Borrowing” From The Participating Banks In The Currency Auction To Mitigate The Damages Of The Oil Drop !

[DinarThug]

CNN. Broadcasting While Auctioning Off The Auctions To The Lowest Bidder !

 

 

A deputy proposes a “compulsory borrowing” from the participating banks in the currency auction to mitigate the damages of the oil drop

 

 

Politics 04/22/2020 09:35 75     

Baghdad today - Baghdad 

 

On Wednesday, the deputy from Nineveh Governorate, Ahmed Al-Jubouri, presented 4 proposals to avoid the crisis of falling oil prices and secure employee salaries.

Al-Jubouri said, through his Twitter account, that "the central bank must carry out mandatory internal borrowing from private banks participating in the auction sale of the currency."

He added: "Likewise, the Ministry of Finance will stop financing all projects for a period of one year, and transfer them to pay salaries, medicine, and food, while stopping dual and fake salaries and retrieving them." 

He urged "working to separate the delusional aliens," referring to employees who are paid salaries and do not provide services to the state, and their number is estimated in thousands in Iraq.

This comes in conjunction with the drop in oil prices in a way that is called in the oil trading markets "free fall", as the contracts for American Texas crude for the next month lost their value and fell below zero. 

Before that, Iraq announced its commitment to a new agreement to reduce oil, which resulted in recent (OPEC +) talks, according to which it will reduce its production by 1.061 million barrels per day, which will cast a shadow over the Iraqi budget, which depends almost entirely on oil. 

The Finance Committee in Parliament had submitted a set of proposals to be taken in the face of the crisis of falling prices, or to reduce its severity. 

Member of the Parliamentary Finance Committee, Faisal Al-Issawi, said on Tuesday (April 21, 2020), the proposals presented by the committee to overcome the crisis of low oil prices, in conjunction with the outbreak of the new Corona virus, and its impact on economic activities. 

Al-Issawi added in an interview with (Baghdad Today), "The Finance Committee had previously submitted proposals to get out of the crisis, but the government did not take them." 

And, "The Ministerial Energy Council meeting came to try to accommodate the issue and provide the necessary materials to facilitate people's lives, and the economy not completely collapse," expecting "the return to decrease a little and Iraq will be in great embarrassment to provide the salaries of employees and other needs."

And on the financial committee’s proposals to overcome the crisis, he said that “there were several paths that were presented, such as controlling border crossings, following up the great waste in oil refineries and how to take advantage of the monetary block in the banks and the central bank, and perhaps going towards international financial institutions to borrow.”

He believed, "The current government will not be able to take a decision, or discuss the proposals, and it may be the responsibility of the new government."

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[DinarThug]

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The Iraqi Stock Exchange announces the resumption of
trading next Sunday

 

22nd April, 2020

 

The Iraqi Stock Exchange announced the resumption of trading on shares next Sunday, after the recent decisions of the Anti-Corona Virus Cell to reduce the ban hours from 24 hours to 11 hours

The Stock Exchange said in a book addressed to the Securities Commission seen by the "Economy News", "The Board of Governors decided to resume the activity of stock trading sessions as of Sunday, April 26,"noting that "brokerage companies will trade from their headquarters in Baghdad remotely using The electronic trading system associated with the market

He stressed that "the investor base in the market will remain closed until further notice, as well as the permanence of employees will be 25% with a commitment to wear masks and the required preventive operations

[DinarThug]

In a television interview, Saleh talks to an American institute about the challenges of Iraq, corruption, and the drop in oil prices

 

 

Politics 04/22 2020 09:39 306 Editor: am   

Baghdad today - follow up 

 

On Wednesday (April 22, 2020), President of the Republic Barham Salih spoke with the Asia-Politics Institute in Washington ( ASPI ) about the challenges facing Iraq, corruption, as well as the drop in oil prices and the outbreak of the Corona epidemic, while warning that Iraq faces a comprehensive stage in A time when he is trying hard to form a new government, amid an atmosphere of escalating tensions between the United States and Iran . 

Saleh said in the interview: "We are facing a very severe economic crisis with the collapse of oil prices, and in oil producing countries like Iraq, dependence on oil is highly dependent, but the state's ability to bid is also limited, especially in the context of declining oil imports ." 

He stressed, "There is a need for necessary economic reforms in Iraq and this cannot be achieved unless the problem of corruption is addressed . "

The President of the Republic continued, saying: "Without fighting corruption, you will not be able to change the struggle of the political economy in our society, and that the current political economy in Iraq allows extremists, including terrorists, to flourish again after their defeat, only because this extremism lives on the absence of job opportunities for For the youth and despair they have and their feeling of injustice. "

And on the relationship of Iraq with America and Iran, in light of the current tensions between the two countries, Saleh pointed out that "Iraqi leaders are trying their best to reconcile and balance their relations with both Tehran and Washington."

He explained, "Iran is an important neighbor to Iraq, we have a common border with them for a length of 1,400 km, and we simply cannot ignore Iran." He added: "I hope that all neighboring countries, including Iran, will agree on a common theme, which is their support for a sovereign Iraqi state that represents the aspirations and desires of the people. The Iraqi is real, because ultimately it is the only realizable project . "

He continued, saying: "The same message also applies to US-Iraqi relations," stressing that "Iraqis must decide their own destiny, not by interfering or dictating Iraq, this matter will not work, and only served to weaken Iraq and destabilize it ." 

The administration of US President Donald Trump plans an American-Iraqi "strategic dialogue" in June that will address the issue of troop presence in the country . 

Regarding the exit of foreign forces from the country, the President of the Republic indicated that "there is a decision issued by the Iraqi parliament regarding the withdrawal of American and foreign forces, and we need to sit together and discuss openly and explicitly about the nature of the mission and the manner in which these forces operate in Iraq ." 

As for the task of the Prime Minister-designate, Mustafa Al-Kazemi, to form the new government, Saleh emphasized that "Al-Kazemi came with a lot of political support from inside Iraq from among the Shiite blocs as well as the Sunni and Kurdish blocs, and the people have high hopes that he will be able to form his government soon."

He cautioned that "Iraq has overcome many crises over the past few years, but what we are experiencing now I can describe it as the most violent crisis we are experiencing." He added: "We envisioned we are in the heart of the Islamic world and in the heart of the Middle East region, we are living an economic crisis because of the drop in oil prices, and now the Corona epidemic, and the acceleration of events between the United States and Iran, as well as the Arab world, all these things happen at the same time." Source: Washington Times

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[DinarThug]

 

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The Iraqi Economic Council warns "dangerous adventure"
of currency printing

 

 

22nd April, 2020

Member of the Iraqi Economic Council, Ghadeer Al-Attar, warned on Wednesday of the "seriousness of the government's support for some of the proposals to print local currencies outside the cover of the Central Bank of Iraq," proposing a solution other than cash printing.

Al-Attar said in a statement today that "printing the currency without a cover is a catastrophe and there are great areas for corruption in addition to losing the national currency to its value in exchange for gold."

Al-Attar pointed out that "the issue is a dangerous adventure and the damage will be reflected in the middle class more than others", indicating that, Iraq is able to cross this crisis and it is temporary, no matter how long it takes.

Al-Attar suggested that "the borrowing amounts from the Central Bank of Iraq be borrowed, provided that the payment be made as soon as the crude oil recovers in the global markets and the Corona virus crisis ends."

[DinarThug]

The First Part Of An Article From Yesterday - Followed By One Today ...

Along With A Picture Of My ‘Corona Mask’ ...

 

     

 

The prime minister's advisor reveals budget proposals and naming the negotiating delegation with America

Tuesday 21 April 2020 - 18:01

 

Baghdad - conscious - Nassar al-Hajj

 

Advisor to the Prime Minister Abdel-Hussein Al-Hanin announced the preparation of a new draft of the General Budget Law, which includes proposals related to reducing waste and controlling expenditures, and while he pointed to the success of the current government in activating the various sectors, revealed the naming of the Iraqi delegation negotiating with the American side on rearranging the relationship and withdrawal.

Al-Hanin said in an interview with the Iraqi News Agency (conscious) today, Tuesday: "The team assigned by the prime minister prepared a new model for the general budget law for the current year, and for the first time that the price of oil was approved at two prices, fixed and mobile," noting that the proposed oil price in the budget It is estimated at 30 dollars, and it has become much less than the previous budgets according to the changes. "He added that" the fixed price in preparing the budget will cover salaries and basics, the purchase of medicines, the ration card and energy issues, in addition to other obligations. "
 

 

 

 

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The government is considering revisiting the draft
2020 budget estimates

 

22nd April, 2020

The government is moving, in coordination with the relevant committees in the House of Representatives, to reconsider the draft budget estimates for 2020 according to new data, with significant pressure on expenditures and quick alternatives to bridge the shortfall.

The official newspaper "Al-Sabah" quoted its issue issued today and viewed by "Al-Iqtisad News", according to a government source as saying that "work is currently progressing on re-estimates in the draft budget law for 2020 in accordance with new data, which is the drop in oil prices with the reduction of Iraq's export share of OPEC." 

The source added, "The government is keen to reconsider its accounts, especially the expenditures in the public budget, as they will be limited to the necessary expenditures, while developing alternative revenues represented by the development of other agricultural and industrial sectors and the revitalization of the private sector."

He called for "the necessity of converting the 2020 budget into a program and performance budget while reducing unnecessary waste and spending and searching for alternative oil revenues, in order to contribute to the development of gross output."

[DinarThug]

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Kurdistan delegation ends Baghdad meetings and awaits
a government delegation to Erbil

 

 

21st April, 2020

A delegation from the Kurdistan Regional Government returned to Erbil on Tuesday evening, concluding a round of talks with government officials in Baghdad, focused mainly on the energy file. "We will meet tomorrow with the presidency of the Kurdistan Regional Government to discuss the results of the meetings," said Khaled Shawani, Minister of the Territory.

On the same level, a high-ranking source in the Kurdistan Region, Shafak News, said that Erbil is awaiting a specialized delegation from the Iraqi government to discuss the region's gas investment file. The oil and gas file is a thorny issue between Baghdad and Erbil in light of the differences that exist between the two parties, and the failure to pass a parliament oil and gas law that clarifies the relationship between them.

The delegation of the Kurdistan Region discussed with the Deputy Prime Minister - Minister of Oil Thamer Al-Ghadban and other officials, the new arrangements for the signing of the OPEC + agreement to reduce the quantities of oil exports, as well as investing gas in the region.

The delegation was headed by the Minister of Finance of the Territory Government, Awat Sheikh Janab, who was accompanied by the Minister of Planning Dara Rashid, the Minister of the Territory Khaled Shawani, Chief of the Cabinet Office Omid Sabah, Cabinet Secretary Amanj Rahim. This is the first visit of the Kurdistan delegation to Baghdad since the announcement of Mustafa Al-Kazemi's mandate to form the Iraqi government.

 

Edited April 22, 2020 by DinarThug

[DinarThug]

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Kurdistan Regional Government delegation returning from Baghdad postpones the meeting of the two main parties

 

22nd April, 2020

The meeting of the political offices of the Kurdistan Democratic Party and the Patriotic Union of Kurdistan has been postponed until further notice.

And a source familiar with his speech attributed to Shafak News, the meeting of the two parties was postponed because the Kurdistan Regional Council of Ministers held a meeting with his delegation that visited Baghdad recently.

The source added that the Council of Ministers will meet with the delegation to review the results of the talks that it held in Baghdad.

The political offices of the two parties were scheduled to meet in the city of Arbil today, Wednesday, to discuss the latest developments in the "Zinni Warti" area.

The President of the Kurdistan Region, Nechirvan Barzani, announced on Sunday during a press conference that a meeting between the two parties was held to discuss the internal affairs of the region.

[DinarThug]

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The Kurdistan government demands Baghdad to commit to the region's rights and constitutional entitlements

 

 

 

04/22/2020 16:24:58

 

 

The Kurdistan Regional Council of Ministers held today, Wednesday, its regular session headed by Prime Minister Masroor Barzani and the participation of Deputy Prime Minister Qubad Talabani, through a closed video circuit with a video conferencing system (video conference).

Barzani began the meeting, according to the media office of the provincial government, "by thanking, on behalf of the cabinet, the people of the Kurdistan region for their steadfastness and commitment to preventive measures and health instructions, thanks to which advanced strides were made in the stages of control of the emerging Corona Virus pandemic." It was pointed out that "the Kurdistan Region's experience in fighting the virus is one of the most successful, although the risks of the epidemic are still what citizens must continue to implement these measures."

The statement continued, "The Cabinet stressed the need to adhere to the precautionary measures," stressing that "normal life began to gradually return to the governorates and administrative units within stages according to which the health instructions in force are observed."

The Council of Ministers congratulated "Muslims in the Kurdistan region on the occasion of the blessed month of Ramadan," stressing that "the doors of mosques, churches, temples and all places of worship will remain closed, as is the case for universities, schools and other teaching centers, for the safety of citizens." The Cabinet directed "thanks to the clergy, and presses them to commit to preventive measures."

After that, the cabinet discussed "the results of the visit of the delegation of the Kurdistan region to Baghdad for the period from 19-21 of this month." It was emphasized that "discussions with the federal government are still continuing to send the financial dues to the federal government for the current month as in previous months."

The Kurdistan government renewed its commitment to the understandings reached in late 2019 with the ministries of oil and finance and planning in the federal government within the framework of the federal budget bill for 2020, as the Kurdistan region expressed its willingness to implement its oil obligations in exchange for securing financial dues as proven in the mutual understanding.

The Council of Ministers stressed "the importance of continuing efforts to secure the salaries of the employees of the Kurdistan region," noting that "the delay in paying salaries is outside the Kurdistan Regional Government's will for reasons related to the financial repercussions of the global oil price drop and precautionary measures against the pandemic, in addition to Baghdad's delay in financing salaries of employees Territory."

And the cabinet called "the federal government to implement its obligations towards the rights of the Kurdistan region and its constitutional entitlements, as it renews the Kurdistan Regional Government's willingness to implement its constitutional obligations on it for the federal government." 

[DinarThug]

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Kurdish lawmaker: Personalities in the Kurdistan government seek to deposit the grant of needy families with their personal accounts

 

 

 

04/22/2020 09:37:52

 

 

The deputy of the Future Bloc, Sarkot Shams Al-Din, accused the Kurdistan government of seeking to deposit the grant of the families of the defective ones with their personal accounts.

 

Shams al-Din said, in a statement that he received {Al Furat News} a copy of it, “The Kurdistan Regional Government’s endeavor to take over the process of distributing the grant of families deserving of government support due to the curfew to prevent the spread of the Corona virus there by itself and depositing the largest part of that money in the accounts of some personal symbols of the system.”

The Kurdish deputy said, "The visit of the government delegation to the Kurdistan region to Baghdad two days ago and their meeting with a number of officials in the central government was to negotiate the inclusion of families there with the grant that was approved because of the curfew measures," noting that "there is an effort to distribute that grant through the government." 
 
Shams al-Din said, "The Kurdish government delegation talked with Baghdad about the desire of oil companies operating in the region to stop their production due to the continuous decline in crude oil prices, which is not commensurate with the costs of extraction, workers' wages and the region's share, which calls for the need to solve the problem as quickly as possible."

[DinarThug]

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Parliamentary committee unveils new measures to facilitate investment to avoid the repercussions of the oil crash

 

 

 

16:07 - 22/04/2020

 

 

The Parliamentary Commission on Economy and Investment revealed, Wednesday, new measures to facilitate attracting investors to revive the Iraqi economy in light of the oil collapse.

Member of the Committee, Mithaq Al-Hamedi, said in a statement to "Information", that "the investment committee, in cooperation with the Ministry of Planning, worked to reduce the bored and repelling routine of local and foreign investors," noting that "easing administrative procedures is a step towards supporting the industrial sector and investment."

She added that “the Minister of Planning informed the committee that he would sign all projects within the national project for employing young people to support the Iraqi economy even if it entrusted him with legal accountability”, indicating that “the step to support the national project will contribute to activating economic aspects that can be relied upon as an alternative to oil during the next stage ”

And the Ministry of Planning launched last week two projects within the national project to provide job opportunities for youth, which will provide job opportunities for more than two thousand young people from Dhi Qar. 

[DinarThug]

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Parliamentary Finance: 2020 will be difficult for Iraq ...
to re-price the oil barrel with the budget

 

 

22nd April, 2020

The Parliamentary Finance Committee confirmed, on Wednesday, that the current year will be difficult for Iraq as a result of the drop in oil prices, while referring to the reformulation of this year's budget.

Committee member Shirvan Mirza said in an interview with Mawazine News that "there will be a review of the budget for the current year, and I think that the new government will do that," noting that "the oil price will be adjusted based on the current prices, after it was $ 56 a barrel, In addition to the exchange doors."

He added, "The current year will be difficult for Iraq in terms of the financial side, and I think that will be with regard to the investment issue, and we may see a budget that covers the salaries of employees and the operational budget only."

He pointed out, "The government is the one who redefines the budget and when it reaches the Finance Committee, we will present the proposals." 

[horsesoldier]

Yet other ways for compulsory theft to shine. 

[DinarThug]

After directing the Minister of Finance .. a source in the ministry clarifies about what was reported on `` salary financing '' in the last statement

 

 

Localities 04/22/2020 20:04 4788 Editor: mst   

Baghdad today _ Baghdad  

 

A source in the Ministry of Finance, Wednesday, 4/22-2020, explained the meaning of the term "salary financing", which was directed by Finance Minister Fouad Hussein, yesterday, Tuesday. 

The source said, in an interview with (Baghdad today), "The term salary financing means directing the accounting department in the ministry to finance the salaries of ministries, government bodies and institutions, according to the monthly schedules without delay." 

He added, "The Ministerial Council of Economy held a meeting session in which the first deputy of parliament and the heads of the financial and economic committees, oil and parliamentary energy hosted to study in setting mechanisms and plans to confront the global economic crisis caused by the spread of Corona virus and low oil prices." 

The source, who preferred not to be named, said, "The committee is studying several options to rationalize expenditures, maximize imports, secure salaries and basic services, especially for those with limited income and the protection network, and is also considering asylum towards central bank reserves."

Yesterday, Tuesday, Finance Minister Fouad Hussein directed the relevant departments of the ministry to start work to release salary financing. 

A brief statement by the Ministry of Finance said, "Fouad Hussein, Deputy Prime Minister and Minister of Finance, directed the relevant departments in the ministry to start work and release funding from tomorrow, Wednesday, and based on clear instructions regarding aspects of financing."

He added, "This comes as a result of the difficult financial conditions that the country is going through due to the sharp collapse of oil prices on the world market."

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[DinarThug]

5 minutes ago, DinarThug said:

and is also considering asylum

They Shouldn’t Be Considering Asylum - They Need To Be ‘Fully Committed’ ...

 

     

[DinarThug]

The dollar is a safe haven in the era of the collapse of oil ... and gold is falling

 

- 11 Hours Ago

 

 

The dollar and the yen maintained their strength in early trading in London on Wednesday, as demand for safe haven currencies continued with the continuing turmoil in the oil markets, while the price of gold declined.
The dollar stabilized little changed against a basket of currencies, but it remains high about 0.5%, since the beginning of this week, with investors looking for a safe haven amid turmoil in the markets.

The yen maintained the gains it made, last week, against the dollar, up 0.2%.

And oil prices fell again in trading, on Tuesday night, and Brent crude fell to its lowest level since 1999 amid a collapse in demand for everything, from gasoline to jet fuel, due to the outbreak of the Corona virus, and the isolation measures that were applied to contain it.
US crude futures turned, for the first time in history, negatively on Monday, and dealers who despaired despair paid money to get rid of oil.

The markets are still volatile despite attempts by the Organization of Petroleum Exporting Countries (OPEC) and outside it to reduce supply oversupply, as oil producing countries began, yesterday, Tuesday, urgent collective moves to reduce oil production and reduce supply, after prices collapsed in global markets.
And, "OPEC", in a statement yesterday, Tuesday, that several oil producing countries discussed in the "dramatic market situation" meeting. Oil sources confirmed that the ministers discussed implementing oil production cuts immediately, and not starting May 1, as agreed.

On the other hand, gold prices fell today, Wednesday, while the strength of the dollar and the craving for liquidity after the historic collapse of US crude futures contracts, covered support through purchases of the yellow metal as a safe haven.

And gold fell in spot trading 0.2% to $ 1682.35 an ounce in early trading, after touching the lowest level in two weeks, on Tuesday, as the collapse of oil prices led to panic sales in the wider markets, and that fueled the craving for liquidity.

Gold fell in the futures trading in the United States 1% to 1704.10 dollars.

Analysts said that gold may be subject to pressure in the longer term, as it is used to hedge in the face of inflation, and low oil prices tend to increase deflationary pressures in the market.
They added that the massive fiscal and monetary stimulus measures by global central banks, especially the Federal Reserve and the governments, will keep gold supported.
In terms of other precious metals, palladium rose 2.6% to $ 1972.57 an ounce, after touching the lowest level in about a month in the previous session.

And platinum gained 0.4% and reached $ 749.29 an ounce, while silver lost 0.8% and reached $ 14.80.

New Arab

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[DinarThug]

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Parliament discusses deferral of debts, review of licensing contracts, and other mobile companies

 

 

 

4/22/2020 18:34:14

 

 

Today, Wednesday, the Presidency of the House of Representatives discussed debt deferral and review of licensing contracts and amounts owed by mobile companies.
 

This came during Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, chaired an expanded meeting with the heads of the parliamentary committees to discuss the latest repercussions of the economic and epidemiological situation in the country, and the expected governmental steps and measures to address the economic and financial crisis in Iraq and all countries of the world due to low oil prices, and the plight of Corona.

A statement of his office said, "The Euphrates News" received a copy of it, "The meeting needed the necessary remedies and reforms that are addressed in tackling the current economic crisis, including urgent decisions that would impose tight control on border crossing points, activate the private sector and launch a self-sufficiency initiative to support local products - agricultural, animal, and others.", As well as quick procedures for investing in available alternative resources."  He added, "The meeting also reviewed the outcomes of the specialized meetings conducted by the First Vice-President of the Council and the Chairman of the Finance Committee with the Ministerial Council in line with the difficult current situation and fluctuations in oil prices. And other things and effective solutions."

Al-Kaabi said during the meeting that "the Iraqi state is going through a critical and dangerous economic stage that it has not gone through throughout its history represented by the drop in oil prices in light of its dependence of more than 90% on oil in the budget, which coincided with the Corona virus crisis." He stressed that "the efforts of all decision-makers to overcome this crisis must be coherent, explaining that the package of urgent reform measures pertaining to the financial situation must not touch the basic requirements of the citizen and secure his food, medicinal and living security."

[DinarThug]

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Source : Iraq adopts the price of $ 30 a barrel of oil in the
budget for the year 2020

 

22nd April, 2020

 

A well-informed source revealed, today, Wednesday, that the cabinet approved the price of a barrel of oil at $ 30 for the current year budget and a deficit of 20 trillion dinars

The source, who preferred not to reveal himself to "Al-Iqtisad News", said that "the advisory committee in the cabinet discussed with the Ministry of Finance and the Parliamentary Finance Committee the issue of adopting the price of $ 30 instead of $ 56 and that was approved by the Ministry of Finance

He added that "the planned deficit in the budget for the current year after its recent update amounted to 20 trillion dinars

He stressed that the Iraqi government will put forward a set of proposals to parliament to reduce the deficit, including offering bonds that the central bank purchases and borrow from government banks and external borrowing

[Calijim]

On 4/22/2020 at 9:18 AM, DinarThug said:

Likewise, the Ministry of Finance will stop financing all projects for a period of one year, and transfer them to pay salaries, medicine, and food, while stopping dual and fake salaries and retrieving them."

😆😆🤣🤣🤣😆😆😜🤪

so their openly admitting they new all along they were stealing money and allowing this as standard practice?

 

[screwball]

On 4/23/2020 at 2:35 AM, DinarThug said:

in addition to losing the national currency to its value in exchange for gold."

It needs to valued against gold as,per Iraqi law...

[DoD]

On 4/23/2020 at 1:50 AM, DinarThug said:

Source : Iraq adopts the price of $ 30 a barrel of oil in the

budget for the year 2020 

 

 

 

 

I can hear all those parliament thieves now asking themselves how they gonna live on just 30 dollars a barrel? Then a smile comes across their face as they remember all that money in the CBI...

[horsesoldier]

Pretty upsetting to know the good times are gone and you’ve got to scale back the amount of money you embezzle & launder to Iran and squirrel away into your off shore accounts.

 

Just getting tougher & tougher theses days to make ends meet, huh.