Specialists: The Central Bank Initiative To Finance Projects Achieved Positive Results !

[DinarThug]

CNN. Broadcasting The Specialists For Today’s Ramadan Lunch Special !

 

Specialists: The Central Bank initiative to finance projects achieved positive results

 

Tuesday 12 May 2020 - 22:18

Baghdad - conscious

 

A number of specialists in the financial affairs confirmed that the Central Bank initiative to finance small and medium projects has achieved positive results, noting that guarantees are one of the obstacles facing banks ’work in granting loans

Ihsan Shamran, Director General of Accounting at the Central Bank, said in a statement to the program "Under Two Lines" that is presented on the Iraqi news channel, followed by the Iraqi News Agency (INA), that the initiative of the Central Bank to finance small and medium projects has been subjected to great injustice, as it has achieved positive and tangible results on On the ground, it was devoted to real entrepreneurs, indicating that the initiative was 6 trillion and then increased to 7 trillion dinars

He pointed out that the Iraqi environment is considered a dangerous banking aspect, as there are no real guarantees for banks, stressing that if the environment is found safe, banks may pay to reduce the interest rate

He added, that the interest was found to guarantee the right to recover the loan, pointing out that the central bank cannot impose the interest rate on private banks

He continued: The private banks are in control of each other away from the bureaucracy, noting that the central bank is a real supporter of financial policy in Iraq, where he managed to save the Iraqi economy in 2014

For his part, the executive director of the Association of Private Banks Ali Tariq Mustafa said that private banks managed to exchange 175 billion dinars from the initiative of the central bank out of 1 trillion dinars to finance small and medium projects in Iraq

During the program, Mustafa said that the loans were of different values, according to the type of projects that were in different sectors, such as agricultural, industrial and commercial, indicating that 35 private banks participated in the initiative, as the owners of the existing projects had the advantage of loans

He added that guarantees are the only obstacle for banks in granting loans, because the banks want to guarantee their rights to recover the loan, pointing out that most of the unemployed youth do not have a guarantor property or financial guarantor

In addition, the head of the Iraqi Network for Microfinance, Ahmed Abdel Karim Al-Sarifi, confirmed that the network granted loans to 980,000 beneficiaries in 2019

Al-Sureifi said during the program, that the network targets small groups economically active in granting loans, noting that the Iraqi network is made up of a group of organizations that take financial grants from donor countries and finance projects by granting loan

He added that the network was able to exchange 4 trillion dinars since 2004 until now, as the loan recovery rate was 98%, calling on the media to exert pressure on the government to support small and medium enterprises in the country

In turn, the economic expert, Majed Al-Suri, pointed out that the Iraqi citizen lacks banking culture

The picture said during the program, that there are some parasites who entered the banks, which led to some banks suffering from great corruption

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The central bank renews its commitment to the criteria for banks to enter the currency sale window

2020.05.13 - 19:40

 

Baghdad - people   
 

The Central Bank of Iraq affirmed, on Wednesday, its commitment to a list of criteria regarding the introduction of banks into the foreign currency sale window.  

Ihsan Shamran Al-Yasiri, Director General of the Central Bank’s Accounting Department, said in a statement to the official agency, followed by “Nass” (May 13, 2020), that “discrimination does not exist in entering the currency sale window, but some banks do not meet the criteria that the bank adopts, for quality and compliance For decisions, especially regarding money laundering units. "  

Al-Yasiri added that "some of those who fail to reach the criteria of the Central Bank are accused of discrimination."  

And that "the central bank adheres to a list of points drawn up more than four years ago, and those points represent compliance standards, and the bank that meets them to a certain degree is authorized to enter the currency sale window."  

Al-Yasiri went on to say that "the bank that fails does not deal with the central bank in selling the dollar, and remains a bank that practices its other normal activities, without participating in the window."

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[DinarThug]

Proposals for the new government to face the financial crisis

 

Wednesday, May 13, 2020

Baghdad / Hussein Thugb - Hussein Faleh

 

The new government headed by Mustafa Al-Kazemi faces major economic challenges due to the collapse of oil prices and the outbreak of the Corona pandemic, which affects the implementation of the government program for ministries, as a number of experts and specialists in the economic affairs presented a set of solutions and proposals to face the current financial crisis, stressing the need to squeeze expenditures and reduce non-imports Necessary.

The specialist in economic affairs, Fawzi Mohamed, said that "the trend towards the private sector to search for outlets to get out of the current crisis that Iraq is suffering is very important, as we can find solutions to maximize internal financial revenues and start implementing some projects depending on the self-capabilities of the private sector, and this The trend is driving the domestic market. " 

Mohamed pointed out "the importance of developing collection systems and adopting advanced electronic systems that guarantee the rights of citizens and the state at the same time." 

As for the economic expert, Saleh Al-Hamashi, he said in a statement to "Al-Sabah": "The new government faces difficult challenges at various levels, especially at the economic level in light of the drop in oil prices and recent appointments, and for this it needs a quick solution at the present time that does not burden it with future debts." The fact that the country suffers from debts accumulated with its benefits. "

He explained: "Among these solutions is a review of the fair distribution of wealth, making it easier for them to secure the wages and salaries of their employees, as well as reviewing the self-financing institutions, and how to operate them in a way that ensures their expenses are secured through their revenues by protecting their products in the local market."

He continued: "There must be a package of decisions to reduce government purchases, review the purchase prices, develop the collection system by controlling it, not increasing it, and apply e-governance that reduces the hegemony of corrupt people on these. Resources ".

He stressed that "all levies in all state production and service institutions go to the state treasury, and no institution has the right to dispose or impose fees except with the approval of the Ministry of Finance and that these fees go to the state treasury and thus the government can secure a fixed income that may reach about 30 percent , Of its operational expenses needs. "

He called for "developing an expanded plan targeting the industry, agriculture, transport, communications and services sector", noting that "this plan is measurable during a specific period of time in the form of phases and must be protected from the corrupt and not tolerate with them and create a safe environment for investment and attract foreign capital and protect Local investors . "

He pointed out that "among these plans is building industrial cities, defining industrial crops, the areas and governorates producing these crops, and developing the administrative and accounting system of the state so that it can control its resources, especially the interior."

For his part, the academic d. Safwan Qusai, "The possibility of resorting to the postponement of the payment of some salaries of employees whose income exceeds 5 million per month," pointing out that Iraq will not collapse financially within a short period because of the financial reserves it contains.

Qusai said in a press statement: "There are a number of solutions to the financial crisis, as more than one solution must be contemplated simultaneously, and government spending must be pressed with increasing federal budget revenues, as investment budget and projects that have not yet been completed are supposed to be presented to the private sector from For partnership, financing, and hand-picking

 Operating. " 

He added that "the federal ministries must be combined with each other in order to reduce costs, especially the external debts of Iraq, and that the Ministry of Finance possesses scattered and idle funds in most provinces, as it can be sold to employees to provide part of their income in exchange for shares in some of the properties."

He pointed out that "some shares can be offered to the local investment for the private sector in order to create new income for the Ministry of Finance, and it is also possible to use the Ministry of Transport to conclude new contracts and partnership in its companies," stressing the importance of "that all ministries rent or sell part of their property to the private sector from In order to save the necessary money. "

He explained that "prejudice to the salaries of employees is not a logical option, but it may be resorted to in the event of low oil prices to $ 15 a barrel, where it is possible to postpone the payment of salary dues of those who exceed their income 5 million per month."

He stressed that "Iraq will not collapse financially within a short period because of the financial reserves it contains, in addition to the recovery of the markets also depends on finding treatments or controlling the Corona virus."

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[DinarThug]

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Parliamentary Finance confirms: Approval of the budget after Eid Al Fitr

 

13th May, 2020

 

Parliamentary Finance Committee confirmed, on Wednesday, that the federal budget for the current year 2020 will be discussed and approved in Parliament after Eid Al-Fitr, denying the existence of a trend to approve "monthly or bi-annual" budgets

Member of the Committee, MP Ahmad Mazhar al-Jubouri, told Shafaq News, "Parliament is awaiting the budget to be sent by the Council of Ministers for consideration, discussion and approval, according to the financial situation and the requirements of the current current circumstance," noting that it "will focus on salaries and basic expenses and will be free of investment projects due to the financial deficit

Al-Jubouri denied, "The existence of any directions or proposals to approve the budget monthly or half annually, as was recently rumored," stressing that "there is no legal or constitutional basis for adopting monthly or bi-annual budgets

The transmission of the federal budget by the government to the Iraqi parliament was delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdel-Mahdi and its transformation into a caretaker government that is not within its powers to send the draft budget budget to the parliament

The current year’s budget (according to the government’s proposed project) is 162 trillion dinars (135 billion dollars), with a planned financial deficit of 48 trillion dinars (40 billion dollars), including three trillion dinars (2.5 billion dollars) to implement the projects agreed with China

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On 5/12/2020 at 1:23 PM, DinarThug said:

"The economic crisis" at the table of Al-Kazemi and the World Bank

12th May, 2020

 

Today, Tuesday, Prime Minister Mustafa Al-Kazemi received the Special Representative of the World Bank Mission in Iraq Ramzi Numan

According to a statement issued by the media office of the Prime Minister, and reported to Shafaq News, the two sides discussed ways to coordinate work between the Iraqi government and international institutions to overcome the economic crisis, and work to launch economic reform efforts that would encourage investment and reconstruction, enhance the service reality, and provide job opportunities

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The central bank signs a banking arrangement document with the World Bank

            

 

13th May, 2020

 

As part of its strategy to develop its foreign reserves management in line with current and future developments, the Central Bank of Iraq signed a banking arrangement document with the World Bank's Reserves Management & Consulting Program ( RAMP ) Reserves Advisory & Management Program 

This document aims to enable the Central Bank of Iraq to obtain technical support by exchanging knowledge and experience in the field of investment portfolio management based on a performance indicator that helps to maximize financial resources, building human capital through exchanging knowledge and developing expertise in the financial field in accordance with best practices In the field of reserve management

It is noteworthy that this program was developed by the World Bank in 2000, with the aim of building capacities and providing consulting and asset management services, and is considered a meeting place for a network of specialists, and it serves more than (70) members around the world, most of them are from central banks, managing nearly (2) One trillion dollars of sovereign assets

 

The Central Bank of Iraq

  information Office

  May 13, 2020

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[ronscarpa]

25 minutes ago, DinarThug said:

Specialists: The Central Bank initiative to finance projects achieved positive results

 

4 minutes ago, DinarThug said:

The central bank signs a banking arrangement document with the World Bank

 

Thanks Thug for all six articles ... you're running "HOT" today...Ron

[DinarThug]

On 5/11/2020 at 12:50 PM, DinarThug said:

Masroor Barzani meets with the Kurdistan Regional Government delegation negotiating for Baghdad

 

11th May, 2020

The Prime Minister of the Kurdistan Region, Masrour Barzani, will meet on Monday with the Kurdistan Regional Government delegation negotiating for Baghdad.

According to the information received, Barzani will meet this afternoon with the delegation headed by Talabani to see the results of the outcome of the negotiations with Iraqi officials on the differences and outstanding issues between Erbil and Baghdad.

The delegation of the Kurdistan Regional Government negotiated in Baghdad on Friday that it had agreed with the federal government to form two committees to resolve the financial and oil differences between the two sides.

 

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Kurdistan Region: We are ready to deposit financial revenues from oil in the treasury of the Iraqi state

 

13th May, 2020

On Wednesday, the Kurdistan Regional Government expressed its willingness to hand over oil and the financial revenues accruing from it to the Federal Government in accordance with the agreement concluded between the two sides at the end of 2019, stressing that the Kurdistan Regional Government has a "significant deficit" in revenue due to the outbreak of the Corona virus.

Government spokesman Gutiar Adel said in a press conference held today and attended by Shafaq News correspondent after the meeting of the regional cabinet with the government delegation negotiating for Baghdad, that the meeting was under the direct supervision of Prime Minister Masroor Barzani, and his deputy, Qubad Talabani, and discussed three axes, the first of which is: the financial and economic situation in the region The solutions and policies to be taken by the government and measures to mitigate the consequences of the Corona virus were discussed.

He added that the region’s government will do its utmost to secure salaries, without doubt, as the financial and economic situation of Kurdistan differs from that before the outbreak of the Corona virus, and this matter is not specific to Iraq or the region, but rather includes the entire world.

He explained that the second axis of the meetings discussed the community discussions with Baghdad to resolve the differences and outstanding issues. Fortunately, the dialogues will continue as we emphasized the financial dues for the Kurdistan Region," adding, "We confirm that we are ready and within the framework of the agreement concluded in 2019 to deliver oil."

And Adel added, "We are also committed to handing over the financial revenues accruing from oil sales and depositing them in the treasury of the Iraqi state," noting that the delegation of the Kurdistan Regional Government will visit Baghdad again, but he did not specify a date for that.

He noted that "we have a large import deficit, and we are ready to deliver 250,000 barrels of oil production per day to the federal government," noting that the provincial government will distribute salaries to employees and workers in the private sector as the funds are available.

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Kurdistan affirms its official position on the delivery of oil and financial revenues to Baghdad  

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[ronscarpa]

12 minutes ago, ronscarpa said:

 

 

Thanks Thug for all six articles ... you're running "HOT" today...Ron

 

DinarThug ... I'm running out of +'s with all your articles posted today.

[DinarThug]

18 hours ago, DinarThug said:

 

The Cabinet decides to reduce and rationalize the administrative structures of the country

 

Wednesday, May 13, 2020

Baghdad / Al-Sabah

 

During its second regular session headed by Prime Minister Mustafa Al-Kazemi yesterday, the Council of Ministers decided to reduce and rationalize the administrative structures of the state, and while it formed the Emergency Cell for Financial Reform and Managing the Financial Situation in the Light of the Current Crisis,directed the Ministry of Labor and Social Affairs in coordination with the Ministry of Planning and Finance to study the expansion of the base covered by law Social protection.

A statement of the Prime Minister’s Office received by Al-Sabah stated that “Al-Kazemi opened the session with a speech in which he emphasized that this government is the government of difficult challenges, the most important of which is the economic challenge,the fight against poverty and unemployment among young people, and the fair distribution of wealth.” And work to develop state institutions, not political action. "

The Prime Minister reiterated his "protection of the right to demonstrate and intolerance of any aggression against the demonstrators, and that the government aims to achieve their legitimate aspirations," noting by saying: "We will not be courted at the expense of the dignity of the citizen and the interests of the nation, and we will work to save what can be saved, confront crises and diversify state resources."

On the work of the armed forces, Al-Kazemi stressed, according to the statement, that "the heroic army and security forces have endured a lot, and the prestige of the military and security institutions must be restored."

The Cabinet issued a number of decisions, including: -

1. Reducing and rationalizing the administrative structures of the state by providing each government agency with its vision in this area.

2. Take appropriate measures to legislate the laws required for the success of the e-government, and for ministries and government agencies to expedite their procedures to automate their work, especially in the area of customs and tax, and to provide monthly reports on rates submitted to the General Secretariat of the Council of Ministers.

 3.Re-examine the draft laws related to fighting corruption, and to activate the measures to combat it and strengthen their efficacy, and to emphasize strengthening the role of the institutions concerned with that from the Integrity Commission and the Federal Financial Supervision Bureau in coordination with the General Secretariat of the Council of Ministers.

4. Emphasizing the freedom to exchange information and the right to obtain it by expediting the legislation on the right to obtain information. 

5. Assigning the Ministry of Planning in coordination with the concerned authorities to review instructions for implementing government contracts to ensure updating of the approved standards in the awarding of tenders, and also to update the approved standards in selecting investment projects.

6. Providing the Federal Service Council with the appropriate staffing for taking its role and exercising its duties.

7. Agreeing that the Reconstruction Fund for areas affected by terrorist operations implement mobile hospitals to quarantine and treat patients with HIV in the regions that are agreed with the Ministry of Health and the provinces through the grant provided by the Federal Ministry for Economic Cooperation and Development through the German Development Bank of (15,000,000) Fifteen million euros.

8. Accelerate the legislation of the general budget law in line with the requirements of the financial situation, the low level of the oil price, and diversify the budget sources.

9. Urging the Ministry of Oil to expedite the completion of the draft oil and gas law.

10. The Ministry of Labor and Social Affairs, in coordination with the Ministry of Planning and the Ministry of Finance, study to broaden the base of those covered by the Social Protection Law by improving the inclusion mechanism through demographic targeting by adopting poverty and social research data, and the study is presented within a period of one month.

11. Forming an emergency cell for financial reform, forming a cell to manage the financial situation in light of the current financial crisis and putting the necessary solutions to achieve financial reform and improving the performance of financial institutions. The cell will be headed by the Prime Minister and he may authorize the Minister of Finance to manage the sessions in his absence and the membership of each of the Minister of Finance The Minister of Foreign Affairs, the Minister of Planning, the Governor of the Central Bank, the Prime Minister’s advisers whom His Excellency calls the Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers. The cell carries out the following tasks:

1 - Ensure the provision of financial liquidity.

2- Take decisions regarding financial reform by rationalizing expenditures, maximizing resources, and reforming financial institutions, including restructuring them.

3- Establishing financing plans for the reconstruction, development and investment projects, including financing resources and mechanisms outside of government spending.

4- Improving procedures and automating systems in financial institutions.

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Newspaper: Al-Kazemi intends to replace most of the heads
of the 25 independent bodies

 

 

12:25 - 05/13/2020

 

Al-Arabi Al-Jadeed newspaper revealed, Wednesday, Prime Minister Mustafa Al-Kazemi's intention to open the file of independent bodies and replace most of its presidency.

With the advent of the new Prime Minister, Mustafa Al-Kazemi, today the file of independent bodies in Iraq, whose number exceeds 25 different bodies, exceeds some of the tasks and financial allocations allocated to them by government ministries.

She added that “extending the independent bodies in Iraq to more than 25 bodies, the most prominent of which are the Hajj and Umrah Commission, the Central Bank, the Martyrs’ Foundation, the Political Prisoners ’Organization, the Investment Authority, the Financial Control Bureau, the House of Wisdom (Cultural Foundation), the Provincial Authority, the Baghdad Municipality, The Reconstruction Council, the Integrity Commission, the Accountability and Justice Commission, the Media Commission, the Federal Revenue Authority, the Securities Commission, the Independent High Electoral Commission, the Communications Commission, and the High Commissioner for Human Rights, the most recent of which is the Popular Mobilization Authority that was introduced recently.

She added, “The majority of those bodies that have been run by the agency for years, and registered in the last two years serious corruption files linked to them, have become an indefinable file, especially since most of them are monopolized by political parties, while others have become redundant and can be merged or attached to other ministries in The area of specialization or interest itself, which contributes to reducing spending and eliminating corruption. The sources emphasized that some of these bodies turned into party fronts for a number of political entities rather than official institutions.

The newspaper quoted the deputy from the "Al-Fath" coalition, the Charter of Al-Hamedi, in saying that "every file that has not been opened in the jurisdiction of the government of Adel Abdul Mahdi, will be opened by the new Prime Minister Mustafa Al-Kazemi, and on top of that is the file of independent bodies," explaining that "opening this file It will generate new political differences regarding the distribution of independent bodies between the political forces, but in the end there will be agreement, as happened with the formation of the Al-Kazemi government, which was the closest to failure.”

[DinarThug]

Made in Iraq, the brand of the new government

Tuesday 12 May 2020

 

Baghdad / Farah Al-Khaffaf

 

The new government headed by Mustafa Al-Kazemi put the slogan "Made in Iraq" as a basic brand in its ministerial curriculum in its economic aspect, which was a good thing for the followers, in case it was applied on the ground in partnership between the public and private sectors.

Achieving self-sufficiency

"The revitalization of the private sector, its support and making" Made in Iraq "a top priority, is a positive step, according to industrial specialist Aqeel Al-Saadi.

Al-Saadi said to "Al-Sabah": "The national product has proven its place in the crisis of the Corona virus, as it managed to fill a good part of the needs of citizens, and if it had the capabilities of development, it would be able to achieve sufficiency in most materials." He added that "one of the priorities Necessary to achieve "Made in Iraq", is to support the public and private industrial sector alike to achieve high-quality national products and increase productivity according to modern technologies, thus achieving food and industrial security in many commodities. 

 

The requirements of public interest

The ministerial curriculum of Al-Kazemi’s government includes the following: “The government is launching a project in the name of“ Made in Iraq ”to encourage local industry and agricultural and animal production through mechanisms, laws and soft loans for medium and small projects, and a comprehensive and thoughtful application of customs tariffs, in line with the needs of the Iraqi market and the requirements of the public interest Local, and achieve food security. "

Al-Saadi praised the provisions of the platform for supporting the local product, calling for "accelerating the implementation of this, as it can save hundreds of millions of dollars that go outside the country in importing materials that can be manufactured locally, with quality that may exceed the importer."

Next stage plan

Meanwhile, the newly appointed Minister of Industry and Minerals, Manhal Al-Baker, announced a clear and sound plan to advance the industrial sector during the next stage.

In a statement, Mr. Al-Khabaz stressed that “the next stage will be a challenge stage, not a slogan stage.” He revealed, “A clear and sound plan will be implemented in cooperation with officials in the ministry to advance the industry sector, and all state ministries and governorates will be supported to meet their requirements and needs.” ".

He pointed out that "his ministerial program will focus on the basic elements of the Ministry of Industry and Minerals, the most important of which are human resources with expertise and competencies that are the capital of the ministry and that will work as much as possible to preserve and restore their rights." He added, "The ministerial program will also focus on revitalizing the private sector." And mixing it with the public sector and operating industrial plants, as well as adopting sound strategic planning and intensifying the field of research and development as it is an important step in developing production. "

 

Integrated industrial plans

Al-Saadi also stressed the importance of prioritizing the national interest in achieving a solid economy supported by the productive sectors, which provide many job opportunities, and the need to develop and implement plans to advance the industrial production sector, and to introduce modern technology to Iraqi factories and laboratories and increase their productivity. 

He pointed out that "the support of the industrial sector requires integrated plans and strategy, in addition to the necessary funding to support new projects, in order to meet the local demand for goods and goods, which has proved its worth at the present time and during the Corona virus crisis that Iraq is going through." 

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Parliamentary law determines the priorities of the upcoming parliament sessions

 

13th May, 2020

The Legal Committee has decided, on Wednesday, the priorities of the upcoming House sessions.

"The most important legislation that should have priority in Parliament is the General Budget Law and the completion of the technical annexes to the election law," said committee member Hussein al-Aqabi, according to official media.

He added, "The House of Representatives is awaiting the legislation sent by the government to proceed with it,including the Civil Service Law, which allows the Federal Service Council to conduct its work in a fundamental and legal manner, as well as the Federal Court needs to vote on its law and its members and resolve the controversy in this regard."

[DinarThug]

Parliament asks to speed up sending the budget law to pass it

Wed 13, May 2020 20:01 

 

 

 

Baghdad / Nina / Two parliamentary committees demanded that the government expedite sending the budget law to pass it in proportion to the current crisis.

Member of the Parliamentary Economic Committee Hamid Al-Mousawi said in a press statement that: the total Iraqi debt exceeded 63 billion dollars, which is a very large number, noting that: 38 billion dollars of this debt is the result of borrowing from the internal authorities.

He pointed out that: Iraq owes it to external parties as well, such as the Paris Club, with 10 billion dollars, 6 billion dollars between the IMF and the World Bank, and 3 billion that should be paid as compensation for the Kuwait war, as are loans to the United States of America.

Moussawi stressed that: economic indicators show that Iraq is unable to meet more loans; Because we rely mainly on oil, whose prices are experiencing significant losses from time to time, asking the government to search for revenues, and there is more than one field that should be activated through the laws in force so that our dependence on oil is not only.

For his part, the rapporteur of the Parliamentary Finance Committee Ahmed Al-Saffar stated that: The government cannot exclusively in external borrowing.

He added that: The House of Representatives voted earlier to prevent borrowing, and that reversing this decision requires another vote.

Al-Saffar pointed out that: the budget is still in the corridors of the Council of Ministers and we are awaiting its arrival in Parliament as soon as possible so that it can be passed with legal articles that enable Iraq to deal with its crisis in the best way. / End 3

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[DinarThug]

An economist makes proposals to reduce unemployment rates in Iraq

Economie

2020-05-13 | 05:46

 

 

 

On Wednesday, economist Ghadeer Al-Attar presented proposals to reduce unemployment rates in Iraq, including supporting the local product and granting medium and small loans without "banking complications."

 

Al-Attar said in a statement, Alsumaria News received a copy of it, that "whoever wants to know the rise in the strange unemployment in the economic sectors should read the Iraqi trade balance," proposing "to provide an economically stable climate," by working out a strategy aimed at making the trade balance equal between the cessation of imports and the cessation of exports. ".

Al-Attar added that there are also proposals that contribute to reducing unemployment rates in Iraq, including "revitalizing the agricultural and industrial sector, supporting the local product, and granting medium and small loans without banking complications."

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[DinarThug]

A deputy proposes doors that cover a large part of the budget deficit

Economie

2020-05-13 | 05:09

 

A member of the Parliamentary Finance Committee proposed, today, Wednesday, "several doors", which it considered possible, "if invested," to cover a large part of the supposed deficit in the budget for the current year.

Deputy Faisal al-Issawi said in an interview with Alsumaria News, "There are many doors through which the government can cover the supposed deficit in the federal budget for the current year." Real to benefit from imports. "

He pointed out that "there are many other doors through which we can cover a large part of the last trillion left from the deficit, whether by treating the large waste in the oil sectors or the industrial sector and major files in the municipalities and the capital's secretariat and other doors that can be managed to enhance the general budget."

Al-Issawi said, "It is possible during a clear strategic study to overcome the crisis with the available resources, and we may need in certain cases to simple borrowing with easy benefits and not loans with large benefits, and this in general depends on the Iraqi negotiator," stressing that "we have many internal outlets that we can By covering the deficit, either by borrowing from the central bank or by selling treasury bonds. "

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[DinarThug]

This Sounds Like A Job For The Bro’s - They’re Bombed All The Time !

     

Warnings of a bomb waiting for the government if the budget crisis is not remedied ... the budget deficit between the proposed chapters and domestic and external borrowing

May 13, 2020 11:19 PM Author: alzawraapaper

 

 

Baghdad / Al-Zawra:

After the cabinet approved the 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, there appeared many proposals that could be invested if it covered a large part of the supposed deficit in the budget for the current year .

A member of the Parliamentary Finance Committee, Representative Faisal Al-Issawi, proposed "several doors", considering that it is possible "in the case of its investment" to cover a large part of the supposed deficit in the budget for the current year.
MP Faisal Al-Issawi said in a press interview yesterday, Wednesday, that "there are many doors through which the government can cover the supposed deficit in the federal budget for the current year," noting that "the deficit estimates are four trillion dinars per month, and it is possible to cover a large part of them if they were "There is a real strategy to benefit from imports."
Al-Issawi added, "There is a trillion dinars that can be collected every month from collecting commercial electricity bills only, if we do not want to talk about collecting from citizens within homes, in addition to two trillion dinars that can be collected from the border outlets every month."
He pointed out that «there are many other doors through which we can cover a large part of the last trillion left from the deficit, whether by addressing the large waste in the oil sectors or the industrial sector and major files in the municipalities and the capital’s secretariat, and other doors that can be managed to enhance the public budget» .
Al-Issawi said that "it is possible during the study of a clear strategy to bypass the crisis with the available resources, and we may need in certain cases to simple borrowing with easy benefits and not loans with large benefits, and this in its entirety depends on the Iraqi negotiator." Stressing that «we have many internal outlets through which we can cover the deficit, whether by borrowing from the central bank or by selling treasury bonds».

While the financial advisor to the Prime Minister, the appearance of Mohamed Saleh, yesterday, Wednesday, the doors of disbursing the loans that the government intends to resort to to enhance financial liquidity.
Saleh said in a press statement: “The government submitted a draft law to Parliament in order to authorize it to borrow from internal and external financing sources in order to bridge the deficit and enhance public financial liquidity when necessary.”
Noting: The borrowing came because of the financial hardship that the country is going through and in order to bridge the revenue deficit gap against fixed expenditures, especially in the operating budget.
He added that «the legal cover did not provide the government with internal and external borrowing due to the lack of a federal budget law for the year 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 case)."
Saleh pointed out that “external loans will go toward supporting investment projects and completing stalled projects 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 Council of Ministers had approved the draft domestic and foreign borrowing law to finance the fiscal deficit of 2020, and referred it to the House of Representatives in accordance with the provisions of constitutional articles.

For his part, the economic expert, Wissam Al-Tamimi, warned of new employees, owners of contracts and daily wages going out with millions of demonstrations due to non-payment of their dues by the new government, stressing the need for the government to resort to several options to solve the budget crisis after the drop in oil prices.
Al-Tamimi said in a press statement that "the increase in oil prices to more than $ 30 a barrel does not serve the purpose and the budget remains below ambition, as the government will not be able to secure employee salaries beyond the first half of this year."
He added that "many of the new employees and owners of contracts and daily wages are still without salaries for more than 6 months, and therefore their dues must be secured, and otherwise they will demand their rights with large millions of demonstrations that bring down the government."
He stressed the necessity of resorting to the communications sector and extending the state’s authority over mobile phone companies, in addition to satisfying Kurdistan’s funds and recovering them, and taking advantage of gas fields to finance the budget instead of resorting to external borrowing that will shackle Iraq with large sums over the coming years.

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[DinarThug]

Amid calls to invest in supporting the country's economic, financial and health files ... The conquest of "Al-Zawraa": the broad international and regional welcome to Al-Kazemi will restore balance to Iraq's external relations

May 13, 2020 11:48 PM Author: alzawraapaper

 

 

 

Al-Zawra / Hussein Faleh:

 

The Al-Fateh Alliance confirmed that the broad international and regional welcome to the government of Prime Minister Mustafa Al-Kazemi will restore balance to Iraq’s external relations, and while he called for investing this support in supporting economic, financial and health files in the country, the head of the Iraqi Political Thinking Center indicated that the Arab welcome Al-Kazemi's broader Western will restore the world's confidence in Iraq to achieve a true renaissance in various fields.

The deputy of the Al-Fath Alliance Fadel Al-Fatlawi said in an interview with Al-Zawraa: It is a difficult labor that was formed by the Iraqi government headed by Mustafa Al-Kazemi, pointing out that there is a wide international and regional welcome received by the Al-Kazemi government, and this will achieve balance in Iraq’s external relations. 
He added: This international welcome It can be invested in addressing the crises that the country is going through, especially in light of the economic crisis, the drop in oil prices and facing the Corona pandemic, stressing that there are pressure files on the government represented by the health and economic crisis that requires the government to invest its foreign relationsin advancing the country’s reality under difficult conditions. 

That the international welcome and overload of congratulations received by the Government Kazmi is a good and acceptable and should be invested, stressing the hope that will be the government Kazmi government restore the prestige of the state and the Iraqi sovereignty and promote vital sectors, particularly agricultural and industrial sectors to diversify the sources of revenue under Alrahenh.utaba

financial crisis: Al-Kazemi’s government is numbered days because it prepares for early elections, but its steps must be correct and expedient in all fields to overcome the current crisis. That confidence that was shaken during the government of Adel Abdul Mahdi, and that Iraq in that period has refrained from communicating with its Arab, regional and western surroundings in particular.
And he added: The Al-Kazemi government, by virtue of this welcome and wide acceptance and support, there will be employment for all that has been made towards the return of the Arab Closer to the space of balance in his external relations.

He pointed out that the nature of rescuing Iraq from the state of collapse represented by the financial crisis until the outbreak of Corona and the nature of the grants that will be presented indicate that the government of Al-Kazemi enjoys the confidence of the international community other than the government of Abdul-Mahdi, which did not happen, and even the donor countries informed the government of Abdul-Mahdi that it did not proceed towards the delivery of grants that I approved in the time of the Abadi government in what is known as the donor states conference. And I confirm that the matter is moving in this direction and therefore Al-Kazemi is well aware that the balance of interests or building common interests from Baghdad on the one hand and other countries turned out to be the most successful policy. 

For his part, the leader indicated in the National Conference Sophisticated Mohammed al-Musawi that"investment regional and international support for the government requires a state of internal political stability and a supportive environment for the head of government, both at the grassroots or parliamentary level."

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[dinarham]

I can't take any more good news 

[DinarThug]

Wednesday, May 13, 2020 4:04 PM

Baghdad is unable to secure the salaries of employees due to the collapse in oil prices and the consequences of corona

In numbers .. Al-Kazemi’s government faces the specter of bankruptcy .. and experts: betting on international support

 The head of the Parliament’s Finance Committee, Haitham Al-Jubouri, said that Iraq will face problems in securing the salaries of the month of June (2020), following the crisis caused by the collapse of oil prices and declining demand rates due to Corona.

No staff statistics.
Official records do not provide final statistics on the number of civil, military and retired employees who receive fixed salaries, nor on the numbers of the unemployed, the poor and the needy who receive monthly benefits, but sources in the Ministry of Finance and others in the Central Bank and the Finance Committee in the House of Representatives agree that Iraq It spends about 43 billion dollars annually on salaries and fixed benefits.

A sharp decline in Iraq's oil revenues and economic challenges looming on the horizon
and Iraq was planning to reap about 98 billion dollars during the year 2020, based on previous estimates indicating that oil pricesIt would be around $ 70 a barrel, and with non-oil revenues such as customs and taxes, more than $ 100 billion could have been reached, but the oil price war and the Corona epidemic overthrew all these expectations.

The collapse of revenue 
and instead of Iraq reaping about nine billion dollars in one month, according to the plans prepared in advance for 2020, public income decreased to one billion and 200 thousand dollars during the last April (April), which caused panic in the hearts of politicians and citizens alike, In light of these data, it is expected that Iraq will face a deep economic recession, and perhaps a liquidity crisis, which may push it to harsh solutions, including reducing the rate of salaries in the way of compulsory savings for government employees, internal and external borrowing and the revitalization of the private sector to contribute to absorbing widespread unemployment.
Haitham Al-Jubouri, who is the head of the Parliamentary Committee that monitors the legislation of the country's annual budget law, says that Iraq now reaps about nine dollars in net profits from selling each barrel, while at the beginning of the year it targeted $ 56, at a rate of growth in the volume of exports based on Increasing global demand, until it reaches the $ 70 mark.
And Iraq will get, according to Jabouri, during the current months about a quarter of its revenues that he was getting at the same time last year 2019, and he warned that the government may pay the salaries of employees in late May (May) in full, but it will not be able to do the same during the two months The next two.
Iraq has not yet approved the budget for the year 2020, so there are no official figures available to the government or parliament on the size of expected revenues and the size of the expected deficit in the budget.

Reserve and debt
According to the Governor of the Central Bank, Ali Al-Alaq, the Federal Reserve of Iraq amounts to about $ 70 billion, with a surplus of about $ 12 billion over the available currency block in the local currency, and experts say that these figures indicate that the new Prime Minister Mustafa Al-Kazemi’s government, which won the confidence of Parliament, has Maneuvering margin related to about $ 12 billion in coordination with the cash-controlling authority, without prejudice to the standards of financial security in the country, but the relationship also recognizes that Iraq's internal and external debts in 2019 approached the $ 100 billion barrier, or about 100 percent of Gross national product.
And with low oil prices, it is not expected that Iraq will consider any importance in paying for external debt until the end of this year in the best estimates, and observers say that Al-Kazemi may save a lot in his inventory regarding the file of foreign relations and his ability to use it to provide urgent solutions to the crisis His country is economic.

International pledges
did not pass 24 hours on the life of his government, until Al-Kazemi received a series of supportive international steps, the first by the British ambassador in Baghdad Stephen Hickey who confirmed his country's readiness to help Iraq overcome the effects of the Corona confrontation, and the second from US Secretary of State Mike Pompeo who called the Prime Minister Iraq, notifying him of Washington's new decision to extend the exception granted for importing electricity and gas from Iran for a period of 120 days.
The third batch came from European Union Vice President Josip Borrell, who saw the formation of the new government as an "essential step for the long-term stability in the country and ensuring that the multiple challenges facing the country are currently addressed," and he said, "The remaining ministerial positions will be filled as soon as possible, allowing the government the next rapid response and effective economic, security and the urgent health needs of the country, stressing that " the European Union is ready to support the government 's new in these efforts with the full sovereignty of Iraq and respect."

oil facilities and loans
, says MP in parliament high Nassif, said that Kazemi T. Pray to the preliminary agreements in two files, in the face of the financial crisis efforts, the first is an international promises with the exception of Baghdad From the OPEC + agreement to reduce oil exports by a quarter, and the second is for the country to obtain an urgent loan from the International Monetary Fund worth six billion dollars without interest.
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[Rochester]

The news just keeps getting better and better. The "Stars are Aligning", folks. 

 

Pigs are ready to fly!

[DinarThug]

LINK

Association of Private Banks: Private banks funded 5,360 small and medium-sized enterprises

 

13th May, 2020

 

The Association of Iraqi Private Banks announced on Wednesday that the private banks operating inside Iraq funded 5360 small and medium-sized projects within the one trillion initiative launched by the Central Bank of Iraq to finance small and medium projects

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a press statement received by "Al-Iqtisad News", "So far, private banks have funded 5360 projects worth 175 billion dinars within the one trillion initiative launched by the central bank," noting that "these projects have varied between Industrial, agricultural, commercial and service

He added that "the only obstacle facing private banks in increasing project financing is the absence of real guarantees for most of the young people in Iraq," explaining that "the loans granted by banks within this initiative are to support small and medium enterprises with a maximum of one billion dinars, as well as to support citizens to purchase housing units with a higher 75 million dinars, 4% interest, for 10 years. There is a loan of more than one billion dinars for large projects

[DinarThug]

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Boosting Iraq's Tech Start-Ups

 

14th May, 2020

IBBC Tech Forum hosts investor panel on 'What Iraq can do to boost its Tech Start up Economy'

 

The Iraq Britain Business Council (IBBC) has held a well-attended panel discussion on Iraq tech start up economy, with leading investors and practitioners, including :

Mohammed Khudairi, partner of Khudairi Group and Co-Founder of Iraq tech Ventures; Dawssar Charchafchi, MD of Media World digital agency; Bassam Falah, CEO of Innovest and Ruwad Al Iraq start ups; Bilal Qureshi, Manager of GSMA Innovation Fund; and, Patricia Letayf, Operations Director of Five One Labs.

The vibrant discussion covered the evolution of investment from idea to start up and scale ups, articulating some of the challenges and reforms that investors need to enable further investment in Iraq's tech market.

Of particular note is the observation that Iraqi talent is no different from elsewhere, but the conditions for it to flourish are more challenging on a number of levels, not least Government bureaucracy, lack of long term patient capital, the need to encourage corporate families to invest in innovation and access to internet and sufficient tech skills for start ups.

The IBBC is noting the key obstacles and formulating suggestions for reform, not just for Tech start ups but also Fintech requirements that will speed up and enable the adoption of new businesses and tech into Iraq.

Please watch the recording of this webinar on the link below   Watch here

[DinarThug]

LINK

Al-Kazemi of the Security Council: My priorities are to confront Corona and formulate the budget

 

 

10:43 - 05/14/2020

 

Prime Minister Mustafa Al-Kazemi confirmed on Thursday that the government's priorities are to intensify efforts to confront Corona, and to draft an exceptional budget draft that enhances the ability to face financial and economic crises, stressing the government's eagerness to release salaries without delay.

The spokesman said Foreign Ministry spokesman Ahmed al - Sahaf said in a statement received/ information/, a copy of it, "The delegate of the Republic of Iraq permanent United Nations Mohammed Bahr al- Ulum will address Iraq on behalf of Prime Minister Mustafa Kazemi in the Security Council meeting held to discuss the report of the Secretary - General, Hear the briefing of the head of the UNAMI mission, Jenin Hennes-Blackshart.”

In the Prime Minister’s speech, the permanent representative affirmed the importance of safeguarding the sovereignty of Iraq, strengthening the law and restricting arms to the state’s hand, and preventing other countries from transferring land Iraq is a battlefield or a platform for directing attacks against a third country.”

The permanent delegate stressed that "the government's priorities are to intensify efforts to confront the Corona pandemic, and to draft an exceptional budget draft that strengthens the capacity to respond to financial and economic crises." He pointed out, "The government is keen to release salaries without delay,compensate the families of the martyrs and wounded demonstrators, and form a committee of experts to support the Independent High Electoral Commission in its efforts to organize early elections, and the formation of a special committee to prepare for strategic negotiations with the United States of America." 

[DinarThug]

20 hours ago, DinarThug said:

Parliament asks to speed up sending the budget law to pass it

Wed 13, May 2020 20:01 

 

LINK

Parliamentary Finance: We will approve the budget within two weeks if it arrives from the government

 

 

10:33 - 05/14/2020

 

Member of Parliamentary Finance Committee Jamal Kujer announced on Thursday that Parliament is in the process of approving the federal budget for the year 2020 within two weeks if it reaches the House of Representatives.

"The current government is similar to a daily caretaker government unless the House of Representatives approves the budget as soon as possible," Cougar said in a statement to "Information", noting that "work is underway with Law 12/1 for the year 2019 to not pass the 2020 budget."

He added, "The budget for the current year is an austerity budget, operational and its doors are fixed, which exceeds only the low oil prices, the Corona crisis and the employees' salaries." Cougar pointed out that "approval of the budget is the only opportunity through which to overcome the status quo." 

[DinarThug]

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They have to do with the 2020 budget ... Two proposals before the Al-Kazemi government to overcome the economic crisis

 

14th May, 2020

Member of Parliamentary Finance Committee, Shirvan Mirza, revealed on Thursday (14 May 2020), that two proposals are presented to the government of Prime Minister Mustafa Al-Kazemi to overcome the economic crisis and secure salaries. 

Mirza said, in a press statement, that "the economic advisers in the cabinet presented two proposals to the new government to bypass the economic crisis and secure salaries," noting that "the first proposal is to prepare a monthly federal budget law based on imports and expenditures for each month, and the second suggests that it be one budget For the remaining six months of the fiscal year." 

And he added, "These two proposals or options are still under study, research and discussion between the government and its economic advisors and the Ministry of Finance teams to adopt one of them," explaining that "both options aim to secure payment of salaries of employees, retirees and social welfare." 

Mirza pointed out that "the two proposals or options presented for discussion will be adopted by one of them in the Federal Budget Law before sending it to the House of Representatives to legislate it," adding that the budget for the year 2020 (monthly or for the remaining six months) will be operational and austerity without an investment budget. 

The MP from the PUK bloc continues that "the next budget will be free of job grades due to the Corona pandemic crisis that has paralyzed the economic movement in all countries of the world," expecting that "the government's plan to prepare the federal budget law will be clear after the holiday." 

Mirza stressed, "The government also has proposals to bridge this austerity budget deficit by resorting to external and internal borrowing, compulsory savings, state-of-the-graceful aggravation and the last currency printing," stressing that "the government is studying all of these proposals before proceeding to prepare the general budget law." 

On Monday (May 11, 2020), Finance Minister Ali Allawi sent a letter of reassurance to employees regarding salary insurance. Abdul Amir told the Iraqi News Agency (INA): "We seek to distribute the salaries in full with our expectations for the continued improvement in oil prices." He added, "Financial matters are difficult, but salaries and people's strength are among the first concerns and priorities of the government." He stressed that "this government will face the crises in a serious manner," noting that "the necessary reforms for the state apparatus require a change in the economic atmosphere." He explained that "the global situation is now very difficult and has an impact on the economic movement," noting that "oil prices will be improving soon and we expect financial and economic stability at the global level in the coming months."

[DinarThug]

Tic-tac ... overtime, how will Al-Kazemi handle the headache of Iraq ?

 

 

05/14 2020 09:17:09 

Twilight News / 

 

What did not proceed with Mustafa Kazmi and ministers of government rolling about their sleeves and get down to open files living quickly, the repercussions of the crisis economic threatens everyone explosion does not keep nor WeatherBug . 

Do not need numbers available, and the state of deterioration of the public of living, to sophisticated economic reveal hidden, everyone saw, from the citizen 's normal to officials of the local in the provinces and districts of the Iraqi access to the deputies of parliament and members of the government to come who may ill luck - or good luck if you do good work - that responsibility Great Devolved to them in one of the most difficult stages that experienced by the Iraqis . 

There is optimism in the government Kazmi may be better than its predecessors, as it came after more than an attempt to form a government that after a period of Adel Abdul Mahdi, Vtlaguet of the created conditions of equations and facts, may not be available before, and opened the roads of the settlement before it . 

But this optimism forced too, and due this perhaps more importantly, that the hopes of the people and their choices are almost cease to exist after it became the conditions of living for the whole of Iraqis, in a country is assumed that among the most affluent in natural resources of oil on the level of the world, from the bad to the point of no longer accepts no sane or insane . 

We have been at the end of the era black Saddam Hussein 17 years old, no longer the idea of wasting the resources of Iraq previously, acceptable to the level of popular, to justify the fragility of the case of economic public after the passage of all the years . It is true that Iraq has gone through difficult security and military conditions and challenges during the past years, but the feeling prevails in Iraq, that people do not feel, and proportions great, the benefits of the wealth of oil enormous, nor the plans of reform , development and prosperity , which is the governments of Iraq successive and almost achieved them nothing . 

Take , for example , a letters of Adel Abdul Mahdi , in October the second 2019 , a remote start demonstrations to protest the popular , which included a set of promises and put them on his page on Facebook, to publicly shed light on the paradox of pledges Streptomyces which launched officials to over the years, and then discovers the Iraqis gradually it ink on paper . 

What did Abdel Mahdi pledge ? He said that the priority for increased resources non - oil and the strengthening of the economy and the resulting gross and opportunities to work, and to control the debt external and internal, and a budget able to manage the economy in a scientific properly and increase the resources non - oil . He talked about adhering to the government program , strengthening oversight, and pledging reforms "Seriousness " , and the settlement of the problems of financial outstanding and thorny spirit of national and equitable , including the oil source from the province of Kurdistan, and organizing projects ( worth 17 billion dollars ) and activated after it has disabled to the loss of more than 350 a thousand chance of work . 

No need to say that the majority of the points that talked about the President of the government previously did not materialize . The say the man who said that the four events of major, disrupted the possibility of success : explosion demonstrations popular, ruined Daesh, the emergence of the virus Corona, and the collapse of the export of oil . 

It may be all that, or some of it , true, but the important reminder that Iraq has achieved revenues during the years of the 17 years, hundreds of billions of dollars, and we take the year 2018 alone , for example, as it has achieved the state revenues from oil amounted to about 84 billion dollars, where I went all these money since the year 2003 , and the structures Infrastructure essential in the case of pitiful to her, including the so service of electricity , water and millions of Iraqis are suffering from unemployment or destitution . 

Iraq can be described by numbers that speak for themselves away from reality away from political - economic analysis and theory , and alone reveal the size of the terrible contradictions , and give legitimacy to the questions and concerns of Iraqis , which places Al-Kazemi, and he has just received the presidency of the government, before the difficult examination : What will he do? 

And here are the numbers paint a picture of an Iraq that Iraqis do not want . Among the country 's fifth - largest reserves of oil crude, estimated at about 150 billion barrels ( about 8.8% of the reserve World ) , resulting from it about 4.3 million barrels per day, and exported mostly to the outside, what makes Iraq between five Adult in the export of this item vital to the economy of the world . 

Which was that Iraq, which is the second largest producer of oil in the " OPEC " , the collapse of the price of oil globally and the disruption of the capacity of production and export because of the virus Corona, did not achieve the revenues of oil only 1.4 billion dollars during the month of April last . Cause stalled the ability of the government to pay the salaries of its employees monthly In the public sector , compensation and other government expenses , estimated at four billion dollars . 

The Iraqi Finance Minister Ali Abdul- Amir Allawi admitted last Monday that things are " difficult " regarding the financial affairs in the country, adding , " But salaries and people's strength are among the first concerns and priorities of the government ." 

To illustrate the size of the gap reality in which Iraq, says a member of the Committee of Finance Parliamentary Jamal PANTHER told Twilight News, that " the government of Iraq does not have a solution not to resort to loans internal and external to bridge the deficit in the budget general for the year 2020" , stressing " the need of Iraq from 15 to 20 billion Dollars To fill the deficit in the budget . "

Is the " Group of Jefferies " Services Financial in New York, considers that Iraq needs to 40 billion dollars . In While the governments of foreign bodies finance such as the Fund Monetary International, pledged to support Iraq, but that " Jefferies " believes that " Iraq greater than that borne by states creditor " , And that the Iraqis need to rely on themselves than through the adoption of measures of austerity harsh in the budget, and reduce the size of government .

It is well known that Iraq did not acknowledge until now balancing the country 's fiscal year , the current result of protests popular since October first, which forced the government of Abdul - Mahdi to resign early December first / December . At the same time , he lost $ 11 billion in financial revenue due to the collapse in oil prices , compared to the period The same of the year last, according to statistics company SOMO national which sold Iraq and its time is worth about 27 billion dollars . 

If, the scene is bleak performance and the annual is the worst since the year 2003 according to the assessment of Bank International , which is expected to decline in gross domestic product of Iraq by 9.7%. It considers that the demonstrations reflect on the extent of the fragility of the system of social and economic . Fear the bank of the system of care and health do not have the capabilities of operational and financial sufficient To contain the risk of Corona and control it . 

Instead of combating corruption and implementing reforms , structural deep and stimulate the sector 's of the order to create opportunities to work in front of young people, according to Bank International, deliberately the government to carry out operations set wide in the sector , the public and increase pensions pensions and transfers social .

More than that . Indicates Bank International to it during the year 2019 , he went most of the spending of investment to sectors related to oil, and reached the proportion of the implementation of investments in the sectors of non - oil 18% only, which raised concerns about the level of provision of services public, and the growing gap infrastructure infrastructure, and stop the program re - reconstruction . 

If, Iraq front gap financing sharp will not be limited to the results on the postponement of the implementation of the projects infrastructure of basic vital in sectors providing services only, but the postponement of the implementation of the programs of building the head of capital human, and will limit the ability of government to meet the needs of recovery and economic as after the decline of pandemic Corona, according to the Bank International. 

In confirmation on this, he said the actress for the Secretary- General of Nations United in Iraq Genin Hennes Blaschart, during the briefing the Council of the Security International, it is " the expected contraction of the economy of Iraq by 9.7% in the year 2020 , with high rates of poverty to about 40%. It is expected to occur losses great in the income of work, And also a decrease in economic opportunities . " 

And can Iraq resort to reserves of cash from the currency and estimated at about 63 billion dollars, but it needs a decision from the government enjoys the consent of the parliament . While put the budget last on the basis of the price of a barrel of oil 56 dollars, it is estimated now up to the 30 dollars only . 

The economy achieved in the year 2019 growth by 3.9% after the end of the war Daesh, with improved exports of oil , which reached to 4.7 million barrels per day, the active movement of re - construction , which requires 88 billion dollars . But the Fund Monetary International from his part, is expected now growing negative output local to 4.7Negative in 2020 , noting that last year's budget was a record size , as it was estimated at 111 billion dollars . 

According to estimates to the debt year constituted 51% of the year 2019 , and will increase slightly in the years 2020 and 2021 even if it dealt the government is actively now to address the situation .

And Iraq is under the burden of external debt , says the Governor of the Central Bank, Ali Al - Alaq, it amounts to 23 billion dollars, while internal debts amount to about 40 trillion Iraqi dinars . But that these debts do not include 40 billion dollars representing debt outstanding for the period of before the year 2003 , and believes it is the largest Which replaces disagreement with Saudi Arabia , which calls for them . 

The situation of public does not tolerate a delay, The Organization of UNICEF, indicate to that the children from among all four children, live in a state of poverty, and there are four million children need to help directly .

Not available numbers are accurate about rates of unemployment, but it is certainly high , especially among young people and women in the country constitutes the State party employment the largest, as according to the bank 's international, it is during the years recent, hired by the state 4 of among all five people who got the job in Iraq . And the Iraqis make up without The age of 24 , more than 60% of the census population . According to the newspaper " Washington Post " , the employment for the majority depends on the relations of family and clan and a network of corruption and bribery list . 

Based on the figures available from the Ministry of Planning Iraq, it has reached the rate of rate of poverty during the year 2018 about 20% on the level of Iraq, but in some provinces was higher than that much . In Muthanna, it recorded 52% , Al-Diwaniyah 48% , and Maysan 45%.

Does not constitute a sector of agriculture, despite its importance in the country 's census population up to the 40 million people, only 2% of total gross domestic product , and the fertility of a quarter of an area of its territory because of the rivers Tigris and Euphrates . For this, the Iraq is forced to import most of its needs food from abroad . 

According to data from the agency intelligence US, it is still the state 's largest in the economy of Iraq approved degree high on the sector oil as providing them 85% of their income and currencies of foreign .  

And in all cases, it has proceeded Kazmi his movement to address the crisis economic, and for this purpose met Tuesday representative of the Special Mission Bank International in Iraq , Ramzi Noman, said a statement from the Office of the Presidency of the Government received by the agency Twilight News may discuss the two sides discussed ways to coordinate work between the government of Iraqi institutions and international to overcome the crisis Economic, and working on the launch of efforts to reform the economic that of would encourage investment , reconstruction and strengthening of reality service, and to provide opportunities for employment . 

Of hard to imagine that the plans for economic vessels would be sufficient to prevent the collapse of the economic - financial rolling, what did not initiate Kazmi to declare a plan of emergency economic comprehensive 

You need government Kazmi to review the radical policies of Iraq economic and diversify their options and then declare a plan of emergency economic rescue includes certainly a war on the networks of corruption inherent . It is without it, may get government Kazmi in the killing soon .

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