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Disclosure of the mechanism for securing the salaries of employees for the current month and the fact that resorting to printing the currency


DWS112
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Disclosure of the mechanism for securing the salaries of employees for the current month and the fact that resorting to printing the currency

05/13 2020

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Baghdad today - Baghdad

 

A source familiar with the Ministry of Finance revealed, on Wednesday (May 13, 2020), the mechanism that will be adopted in securing the salaries of employees, retirees and social welfare beneficiaries for the current month of May, while 👉denying resorting to the option of printing the currency.👈

 

The source said in an interview with (Baghdad today), that "a meeting held by senior officials in the Ministry of Finance on the 4th of this month, discussed the development of mechanisms to manage the crisis in the country."

 

He explained, "The meeting was directed to rely on Iraqi government banks to secure the salaries of the current month."

 

And on the printing of the currency to supplement the budget, the informed source said,👉 "The option of printing the currency to provide salaries is excluded and not presented to the meetings of officials at the present time."👈

 

On the fourth of May this month, the former finance minister, Fouad Hussein, chaired a meeting of senior officials of the ministry and banks, to discuss mechanisms for managing the financial crisis in Iraq.


A statement by the Ministry stated that "an expanded complementary meeting was held by Fouad Hussein in the presence of Ali Al-Alaq, the governor of the Central Bank, the undersecretary of the Ministry of Planning and the directors of the Rafidain and Rashid banks and the Iraqi Trade Bank. The economic and financial situation in order to secure the needs of the country, especially in advance of the May allocations, in light of the continued decline in oil prices. "


He added, "The current and deposited cash flow situation has been studied by the government in banks and entities that generate annual profits and how to restructure these funds and use them to bridge the current shortfall to secure the salaries of Iraqi state employees, and the meeting discussed the government's obligations to pay internal and external debts."


For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed a project submitted by the government to Parliament in order to authorize it to borrow from internal and external sources of financing,

👉in order to bridge the deficit and enhance public financial liquidity when necessary.👈


Saleh said in a statement to the Iraqi News Agency, "The borrowing came because of the financial hardship the country is going through, and in order to bridge the revenue gap in relation to fixed expenses, especially in the operational budget," adding that "the legal cover did not provide the government with internal and external borrowing, because of the lack of issuance Federal Budget Law of 2020 ".


He pointed out that "internal or external loans will be included in the event of legislation for the budget for the year 2020 or its alternative the final account at the end of the fiscal year (as a reality)."


Saleh said, "External loans will go toward supporting investment projects and completing the stalled ones and the urgent need to launch them, while internal loans will be allocated towards the operational budget in the government's needs for insurance of salaries and others."


The Iraqi Council of Ministers had approved a draft of the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020 and referred it to the parliament in accordance with the provisions of the constitutional articles.

Edited by DWS112
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More of the same Is it ? More borrowing ?  Just enough of a change in the “ status quo “ to resort to external borrowing ? Let’s get deeper in debt with no possible way to dig ourselves out.

They want everything their way but will not implement reforms. You won’t get the international investment unless you show sincerity with a global IQD & massive reforms. 

If borrowing is the extent of this administration I would not expect a whole lot ...of change.

 

My god what a mind set these people have. 

Edited by horsesoldier
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12 minutes ago, horsesoldier said:

More of the same Is it ? More borrowing ?  Just enough of a change in the “ status quo “ to resort to external borrowing ? Let’s get deeper in debt with no possible way to dig ourselves out.

They want everything their way but will not implement reforms. You won’t get the international investment unless you show sincerity with a global IQD & massive reforms. 

If borrowing is the extent of this administration I would not expect a whole lot ...of change.

 

My god what a mind set these people have. 

The mind set is corruption 

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2 hours ago, Laid Back said:

Al-Kazemi government just passed the internal and external borrowing law.

Looks like they resort to borrow more money to cover fiscal deficit.
 

Putting the RV in the back burner for now.!

 

 

Just because they passed the law really doesn’t mean much if you have no one to borrow the money from. the IMF has already told them they will lend them no more money so who are they going to borrow from is what I would ask?

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6 hours ago, Dinarrock said:

Just because they passed the law really doesn’t mean much if you have no one to borrow the money from. the IMF has already told them they will lend them no more money so who are they going to borrow from is what I would ask?

I hope you are right my friend Dinarrock,

But it is interesting that the borrowing law was approved as soon as the new government was formed.

 



 

 

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