Proposals To Get Out Of The Economic Crisis !

[DinarThug]

CNN. Broadcasting Another Proposal Containing Only 2 Letters - A Little Help From The Audience Please ...
 

 

Proposals to get out of the economic crisis

Tuesday 05 May 2020

 

Baghdad / Farah Al-Khaffaf

 

 

At a time when Iraq is facing a new economic crisis after the decline in the price of selling crude oil in global markets due to the outbreak of the Corona virus in the countries of the world that led to stopping most of the work fields, government and parliamentary agencies are accelerating to find quick solutions to get out of this crisis or reduce its repercussions, amid expectations With the increase in oil prices in the coming months. In this regard, Member of the Finance Committee MP Majida Al-Tamimi submitted a set of proposals that would quickly provide the Treasury with liquidity to overcome this economic crisis.

 

Bold decisions

Al-Tamimi stressed "the necessity of forming a rescue committee of specialists working with different visions and applying new ideas and taking bold decisions to be supported by the government and work will be in two tracks, the first track includes urgent solutions to distribute wealth fairly among all segments of society and reduce total expenses and provide cover for the salaries of employees, retirees and social care In addition to financing health services and security institutions. "Al-Tamimi indicated that" the second track includes corrective proposals for fiscal and monetary policies within the medium and long-term ranges of time. "

Repairs package

The Chairman of the Finance Committee, Haitham Al-Jubouri, also announced the agreement of a package of reforms consisting of 70 paragraphs, stressing the proposal to be in the form of a national project for economic reform.

Al-Jubouri expressed his hope that "the production cut that took effect at the beginning of this month will be reflected on world oil prices and that the crisis will end within the next two months so that the problems of salaries and operational budget are addressed."

Al-Jubouri also said: "The financial crisis in Iraq is serious and the amount of revenue has not reached more than 20 percent of the total budget," stressing "the existence of measures to address the deficit in the issue of salaries."

 

Two borrowing plans

He added in a statement quoted by the Iraqi News Agency that "the financial committee has two plans: the first urgent, which intends to borrow from internal banks, transfer some of the secretariats to some ministries, and assign the central bank through banks with national bonds, as well as external borrowing that needs legislation."

He pointed out that "the second plan includes futures solutions, which are a package of reforms, namely, collection, customs tariffs, taxes, insurance, oil derivatives support issues, and others that need to be reviewed."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, had earlier denied a decision to deduct a percentage of the employees ’salaries.

Saleh said: "Talking about a decision to deduct 25 percent of the employees’ salary due to the low oil prices due to the repercussions of the Corona crisis is a shame for the health".

He added that "deduction of a percentage of the employees' salaries requires a decision by the Council of Ministers, otherwise no decision can be issued."

increasing of demands

Amid this picture, the financial expert, Thamer Al-Azzawi, expected oil prices to rise within three months.

Al-Azzawi told Al-Sabah: “After China and American cities return to opening the economy and Europe begins to recover from the Corona virus, it is hoped that the demand for fuel will increase, and within two to three months, oil reserves in many countries will decrease, which contributes to an increase in Purchases and then price increases. "

Al-Azzawi also suggested that prices fall in the coming months between 30-40 dollars in the best conditions, and then improve at the beginning of the year 2021 with the continued reduction in production according to an agreement OPEC +.
LINK

 

Edited May 6, 2020 by DinarThug

[horsesoldier]

Okay . . . I get-we all get it. They're going to talk every possible angle to death; bury it, dig it up, dust it off and talk it to death all over again. Meanwhile, back in the real world . . . it's still real: avoidance and a stubborn unwillingness to face facts combined with all the sand bagging & stonewalling just exacerbates an already dire straits situation.

 

If they do come through in the end and implement reforms and RI/RV, I suspect 10 seconds before the clock strikes Midnight . . . It's a Miracle It's a Miracle they'll all say. F*^king Tail End Charlies every last one of 'em.

 

KInda feels like 5 minutes to Midnight right now. Guess we'll know soon enough if they're gonna do a header into the abyss OR pull they're heads outta their butts and do what we know they should do.

 

Preparing to Standby 

 

[fancy]

It's pronounced..........RV. com'on the conditions couldn't be more ripe. Do it Iraq, you'll feel better. Thanks Thuggie 

[DinarThug]

2 hours ago, DinarThug said:

CNN. Broadcasting Another Proposal Containing Only 2 Letters - A Little Help From The Audience Please ...

 

1 hour ago, fancy said:

It's pronounced..........RV. com'on ...

Oh Ya - I Think That We’ve Got Our Winner !  

 

 

Go Fancy - Go Fancy ! Twerk It Like U Own It - That’s What I’m Sayin’ ...

 

     

[blueskyline]

Thanks Thug...

 

[gregp]

Get some sleep Thug! 
Thanks!

[fancy]

8 hours ago, DinarThug said:

 

Oh Ya - I Think That We’ve Got Our Winner !  

 

 

Go Fancy - Go Fancy ! Twerk It Like U Own It - That’s What I’m Sayin’ ...

 

     

How'd you find my picture with my twin haha #Thuggiegroopie 4 ev'aaah

[jcav]

10 hours ago, horsesoldier said:

Okay . . . I get-we all get it. They're going to talk every possible angle to death; bury it, dig it up, dust it off and talk it to death all over again. Meanwhile, back in the real world . . . it's still real: avoidance and a stubborn unwillingness to face facts combined with all the sand bagging & stonewalling just exacerbates an already dire straits situation.

 

If they do come through in the end and implement reforms and RI/RV, I suspect 10 seconds before the clock strikes Midnight . . . It's a Miracle It's a Miracle they'll all say. F*^king Tail End Charlies every last one of 'em.

 

KInda feels like 5 minutes to Midnight right now. Guess we'll know soon enough if they're gonna do a header into the abyss OR pull they're heads outta their butts and do what we know they should do.

 

Preparing to Standby 

 

 

10 hours ago, fancy said:

It's pronounced..........RV. com'on the conditions couldn't be more ripe. Do it Iraq, you'll feel better. Thanks Thuggie 

 

I agree with both of you but they are not going to tell us that they're gonna RV.  

Edited May 6, 2020 by jcav

[DinarThug]

12 hours ago, DinarThug said:

 

 

Go Fancy - Go Fancy ! Twerk It Like U Own It !

 

     

 

3 hours ago, fancy said:

How'd you find my picture with my twin haha #Thuggiegroopie 4 ev'aaah

 

 

     
 

7 hours ago, gregp said:

Get some sleep Thug! 
Thanks!

CNN Is Good At Multi Tasking - I Can Both Sleep And Drink On The Job Simultaneously !

 

     

[DinarThug]

LINK

Debt relief is an urgent necessity during a pandemic

                       
   Gordon Brown                             Lawrence Summers

 

6th May, 2020

 

The developed world has responded to the emerging crisis of Coronavirus (Covid 19) by supporting their local economies and financial systems in bold and unprecedented ways, on a scale that no one would have imagined three months ago

By contrast, when the world's finance ministers and central bankers meet online this week in the framework of the semi-annual meetings of the International Monetary Fund and the World Bank, steps will be taken to fortify the international system. But nothing could match what countries do at the local level

Historians such as Charles Kindleberger have made convincing arguments to demonstrate that it was the failure of international cooperation that made the Depression of the 1930s "great." Even when the world witnessed coordinated movements in response to the crises that have occurred since then, it was often taken after incurring heavy human costs

The Bretton Woods conference on rebuilding the international financial system followed the devastation of a global war.  Brady's plan to solve the Latin American debt crisis was approved only after the region suffered a lost decade

However, the 2009 G20 meeting in London, which dealt with the global financial crisis, demonstrated the value of early and coordinated action to reduce the damage to the global economy, maintain trade and support fragile emerging markets

The next wave of (Covid 19) crisis is expected to occur in the developing world. About 900,000 people are likely to die in Asia, and about 300,000 others in Africa, according to grim estimates, but they may be wary, from Imperial College London

While social estrangement in the West has been the way to suppress the virus, the busy cities of the developing world and its densely populated slums often make isolation extremely difficult. Advice on washing hands becomes meaningless when the ability to access running water is minimal. In the absence of basic social safety nets, the choices become narrow and harsh

Either you go to work and risk getting sick, or you stay at home to starve you and your family. But if the disease is not contained in these places, it will return - in second, third and fourth waves - to chase every part of the world

The spread of economic and financial failure in emerging markets also threatens the viability of supply chains on which all countries depend. Given its sheer size, emerging market debt threatens the stability of the global financial system, which is already dependent on strong central bank support. And because emerging markets account for more than half of global GDP, global growth is also under threat

Just as the Federal Reserve in the United States and other major central banks have expanded their balance sheets in ways that could not have been imagined before, the international community this week, in the words of the former central bank chief Mario Draghi, should “do whatever it takes” to maintain the performance of the global financial system. And at a time when the United States is borrowing an additional $ 2 trillion to meet its needs, it will be tragic for austerity to be imposed on the already exhausted developing world

First, the International Monetary Fund, the World Bank, and regional development banks must move as strongly as global central banks have done to expand their loans. This means realizing the fact that the interest rate environment currently close to zero makes it possible to use more leverage than before, and that maintaining reserves becomes meaningless if it is not possible to benefit from them now

The World Bank almost tripled its lending in 2009. Perhaps a more ambitious target is appropriate now, along with a significant increase in subsidized lending at a time when low lending rates in rich countries are making lending cheaper. The International Monetary Fund, with its gold reserves equal to $ 150 billion and a networkof credit lines with central banks, should be prepared to lend up to a trillion dollars

Second, if there is an appropriate moment to expand the use of the international currency known as special drawing rights, it is now.  If global money is to remain balanced with domestic monetary expansion in rich countries, the urgent need to increase special drawing rights to more than $ 1 trillion

Third, it would be a tragedy and a farce at the same time if increased global financial support to developing countries ended in helping those countries' creditors, not their citizens. National debt due before the crisis should be at the top of the international financial agenda

The current proposal is that creditor countries offer to freeze bilateral debt payments for a period of six or nine months, at a cost of $9 billion to $13 billion. But this proposal is restricted in its timeframe and the scope of the creditors it includes

We suggest reducing more than $ 35 billion owed to official bilateral creditors over the next year and the next, because the crisis will not be resolved within six months and governments need to be able to plan spending with certainty

Here, the role of China, which holds more than a quarter of this bilateral debt, becomes crucial

Nearly twenty years ago, when we argued in favor of debt relief for nearly 40 heavily indebted poor countries, nearly all of the debt was owed to several official or multiple creditors, a small portion of which was owed to private sector actors. Now, we find that $ 20 billion - borrowed at often high interest rates - is due by the end of 2021 for private creditors

The international finance provider, representing the creditors of emerging markets from the private sector, also admitted that the private sector must bear its share of the pain. It is unreasonable to use the money flowing from our multilateral institutions to help the poorest countries not to spend on health care or anti-poverty measures, but simply to pay off private creditors

Especially creditors such as the major American banks that continue to pay dividends to their shareholders in a time of crisis. Ministers and governors meeting this week should work to unify their authority with the authority of the International Monetary Fund and the World Bank to mobilize the private sector around a voluntary plan to deal with this debt

Just as the epidemic can be contained in the most effective and least costly way with bold early measures, the lesson from the past is that the best way to deal with periods of international recession and their human costs is rapid, bold action. Now we have to move quickly and work together

 

Gordon Brown - Former Prime Minister of the United Kingdom (2007 - 2010) and Secretary of its Treasury (1997 - 2007

 - Lawrence Summers - The United States Treasury Secretary (1999 - 2001), the Director of the National Economic Council US (2009 - 2010 and  President of Harvard University (2001-2006

[DinarThug]

LINK

The first direct flight from America arrives in the Kurdistan Region

 

6th May, 2020

Erbil International Airport received a flight belonging to the Egyptian Airlines, coming directly from the United States of America.

According to a statement issued by the airport today, it has received a Pyeong 787-9 plane.

The statement pointed out that the flight lasted 10 hours and 33 minutes, and it is the first flight in the history of Erbil International Airport, which connects it directly from America.

"It is the first flight of this kind, but it is a historical event for us," said the director-general of Erbil International Airport, Talar Faeq, of the flight.

It is noteworthy that the Erbil International Airport is suspended from receiving commercial flights until May 22, by order of the Iraqi Civil Aviation Authority to limit the spread of the Corona virus.

[DinarThug]

LINK

Reuters: Iraq has not told oil buyers to cut exports

 

6th May, 2020

 

Commercial sources and the sector said that Iraq has not yet notified regular buyers of oil from it to reduce its exports, which indicates that it is facing difficulties in fully implementing the OPEC agreement with Russia and other producers on a record supply cut, according to "Reuters

A source in the Ministry of Oil said that Iraq, the second largest producer in OPEC, directed its largest company, Basra Oil, to cut production from May, as part of efforts to reduce production by one million barrels per day or one percent of global supplies

But a spokesman for Basra Petroleum Company said that the company had not yet agreed on a business plan with the rest of the oil companies such as BP, Exxon, Eni and Lukoil, which operates the largest fields
in the country

##########

[DinarThug]

LINK

An Egyptian billionaire: the price of oil will reach $ 100

 

 

12:46 - 05/06/2020

 

In March, OPEC, led by Saudi Arabia and a group of other major producers, led by Russia, failed to reach an agreement to reduce production, coinciding with the start of the Corona virus pandemic in stifling demand for crude. Prices reached their lowest levels in 18 years, before the OPEC + coalition in April was able to reach an agreement to cut 9.7 million barrels per day, equivalent to 10% of global production and the largest production cut in history. Prices rose yesterday to around $30 a barrel.

Egyptian billionaire Naguib Sawiris confirmed on Wednesday that the price war that broke out between Saudi Arabia and Russia two months ago, was a "calculated" attempt to kill the shale oil industry in the United States, and that Riyadh understands what is related to the oil market in the long run.

He said during an interview with "CNBC", that the international oil prices were on the way to decline in any case due to the decrease in consumption, but it would not have reached the levels reached if producers were able to conclude their agreement early.

Sawiris added: “I think it was calculated, and they knew this was going to happen and they still wanted it because it killed the competitor. The price will go above $ 50 and $ 60 a barrel. So I really think that 18 months from now the price of oil will reach $ 100.”

[horsesoldier]

The whole world keeps getting played and dry humped.

[DinarThug]

Economic problems require supporting productive investments

Thursday 07 May 2020

 

 

Baghdad / Hussein Thugb

 

The voices calling for supporting investment and creating an ideal environment attractive to the effort to enter the Iraqi labor market are increasing, as investment is the most important entry point for the economic problems that the country suffers from, which requires the cooperation of all concerned parties to make the country a kiss for local, regional and international capital and employ them towards a direction that serves sustainable development.

The economist, Thamer Al-Heims, said that "the stage requires that efforts go towards creating an ideal investment environment that promotes the economy, addresses its problems, and achieves financial returns for the general federal budget," stressing that "the investment portal represents urgent solutions to the declining economic performance in the country for all its sectors, productivity and service."

 

Approved projects

Al-Heims warned that "there are investment projects that have been licensed for years but the intersections and the lack of vacating the place caused a delay in their implementation, including in Baghdad and several other places, for example an investment project in the central Tuesday market, which is expected to develop into a large commercial center that achieves many benefits." For the country, as it provides job opportunities for a large number of the workforce in the qualification stages and beyond, and it is also a national center for displaying locally manufactured products, and this is important to support the national industry and agriculture, as well as providing the state budget with large sums of money during one month, but this project Need To coordinate with the Ministry of Interior, which occupies a part of it for the purpose of executing handed over to the company. "

 

Productive projects

He added that "this mentioned project is one of several projects that can absorb unemployment and benefit the federal budget, and when it provides support to the investment sector, we will find productive projects in various sectors and other services", pointing out that "the field of work in Iraq is large and wide and absorbs the local and regional effort" And the international, as Iraq is characterized by the presence of great wealth and a privileged location on the globe that provides renewed job opportunities and this is almost unique to the country.

Local voltage

Heims pointed out that "the local and international effort is waiting for the appropriate opportunities to enter the local labor market, due to the country's need for projects in all regions, as well as for investment in industry, agriculture and tourism, and these sectors are able to transfer the national economy to a new stage, and here we need the national administration that All efforts are harnessed to promote investment and make Iraq a kiss for all investments, "and" the investment portal represents urgent solutions to the decline in economic performance in the country in all its sectors, productivity and service. "

 

Investment market

And the expert in the investment affairs, Qassem Al-Bahdali, had stressed that "the Iraqi economy must move to a new work stage, as the reality requires moving the investment market in Iraq to reduce the aggravation of the economic problems that Iraq suffers from and that can only be overcome through the portal of investment investments that bring benefit to Iraq." ".

He added that "activating the investment is not a complicated matter, but rather it needs to have the will to achieve that." He pointed out that "the investment is characterized by the freedom to transfer funds across the countries of the world and can be settled in any place that has the appropriate conditions, and that foreign capitals enter Iraq and employ them to serve the sectors." Productivity".

Al-Bahadly stressed "the importance of the state entering in certain proportions in speaking investment projects that achieve an integrated economic feasibility without delay and reserves the project to the central bank and here it realizes resources to the general budget and the investor and in the long term and uses the investments to be a financial supporter of the budget in the term 

link

[gregp]

12 hours ago, DinarThug said:

LINK

The first direct flight from America arrives in the Kurdistan Region

 

6th May, 2020

Erbil International Airport received a flight belonging to the Egyptian Airlines, coming directly from the United States of America.

According to a statement issued by the airport today, it has received a Pyeong 787-9 plane.

The statement pointed out that the flight lasted 10 hours and 33 minutes, and it is the first flight in the history of Erbil International Airport, which connects it directly from America.

"It is the first flight of this kind, but it is a historical event for us," said the director-general of Erbil International Airport, Talar Faeq, of the flight.

It is noteworthy that the Erbil International Airport is suspended from receiving commercial flights until May 22, by order of the Iraqi Civil Aviation Authority to limit the spread of the Corona virus.

This is really good news. Totally international. We should see a new rate. 
Thanks!

[DinarThug]

LINK

Parliamentary finance holds the government responsible for
handling the 2020 budget

 

 

08:50 - 07/05/2020

 

Between a member of the Parliamentary Finance Committee, Hanin al-Qaddou, that the government bears the responsibility of finding remedies for the 2020 budget after the drop in oil prices, pointing out that the treatment of the crisis lies in handing over the region of its money to Baghdad in addition to other treatments related to border outlets and others to finance the budget. And that "the Kurdistan government has made large sums to be delivered to Baghdad in order to take one of the treatments of the current financial crisis, in addition to resorting to border crossings as another option to finance the budget after the low oil prices." 

Al-Kiddo said in a statement to "Information", that "the orientation towards making changes in employee salaries or deductions must be through Parliament and through legislation for employees, judges, professors of universities and the three presidencies."

He added that "the executive authority bears the responsibility to pay the salaries of employees, as the committee will file its grievance with the 2020 budget law in order to know the government's special remedies for the crisis."

[DinarThug]

LINK

Politician: The economic and security situation will slip into a catastrophe without Washington

 

 

6th May, 2020

 

Political expert, Mujahid al-Ta'i, confirmed on Wednesday that the economic and security situation will slip into a catastrophe without Washington.

Al-Tai said in a statement to "Foreign Policy" magazine that "the American-Iraqi relationship is heading towards a fateful turn," noting that "the forthcoming strategic dialogue between Baghdad and Washington is a last chance to reverse the devastating path by walking alongside Tehran."

He added, "The time has come to put difficult options in front of the Iraqi government," noting that "the economic and security situation will slip into a catastrophe without Washington."

[ChuckFinley]

Morning DT, see you are out early as usual.