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Parliamentary Source: Al-Kazemi's government Will Print The Currency To Pay Employee Salaries !


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Printing more currency? Two Options:

1-print more of a worthless currency to help yourself

2-Print a new currency, with lower denominations, trade your currency at a high rate to encourage growth

 

Which makes more sense?

 

Comment: Option 1 makes no sense. It doesn't help solve your problems.

                    Option 2 makes sense. It helps solve your problems

 

My guess: They have no choice, due to Covid-19 crash in oil prices. They don't want to do it. The useless Iraqi politicians are still useless. They want to keep the corruption going, deep robbing their citizens blind.....but they simply have no choice. President Trump made a congratulations call to this current politician, so if President Trump has some faith in him, that's good.....International bankers know this is the exact time that it's easy to apply maximum pressure on the corrupt Iraqi politicians. Timing for maximum leverage is part of The Art of the Deal....International bankers don't have to loan them money. We can let Iraq blow up. We don't need their oil.

 

My guess: most of the Iraqi politicians will continue their foot dragging and corruption, till their internal politics, their internal finances no longer allow them that option. It sounds like we are getting close to that now, based on the news. I would not at all be surprised if the Iraqi Dinar started to trade and increased dramatically in value....before July.

 

I once knew a man named Bob. He had a heart attack. Bob survived. For years before that, Bob could never find the willpower to lose weight. After a talk with his doctor to follow up on his heart attack, Bob lost 30 pounds the same year... It's funny how Bob suddenly developed the commitment to get healthier....

 

Keep the faith people. It's gonna happen.

 

:praying::angel::soon:

 

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Financial Reform Emergency Cell

 

Saturday 16 May 2020

 

alsabaah-36746.jpg

 

Samir Al-Nassery
 
 
In the second session of the new cabinet, an emergency cell for financial reform was formed to manage the financial situation in the current circumstance and find remedies and solutions to overcome the country to the complex economic crisis for the known reason, which is the drop in oil prices due to the Corona virus that swept all the countries of the flag and led to economic stagnation and affected most countries ’economies and slowed growth For the global economy. Therefore, the formation of this cell headed by Mr. Prime Minister Mustafa Al-Kazemi and the membership of the competent ministers and the governor of the Central Bank and advisors means that the government has already begun to put its urgent plans and draw a road map to overcome The economic and financial crisis that Iraq is going through. 

Based on the bold decisions taken by the new government at the beginning of its journey, I find it necessary for us economists and financial experts to support and cooperate with the government in implementing its plans for economic and financial reform. Therefore, we propose to the Emergency Financial Reform Cell to study a package of urgent and immediate treatments that can be implemented quickly and strategic solutions that It requires a period of time exceeding one year, which constitutes a driving force for comprehensive and radical reform policies, as follows: -

Prompt and immediate treatments:
First - Preparing an emergency budget based on the expected revenues from the marketed oil for the year 2020 with the minimum price forecast, and a monthly balance is approved from which to spend according to the specified priorities.

Second: Reducing government expenditures by 50 percent for the three presidencies, the House of Representatives, special grades, and special pension salaries, and upwards of the Director General’s level, including those who previously worked in these locations since 2003. Excluding the salaries of employees, retirees, and social welfare from the reduction.

Third - Securing the funds for dealing with the Corona pandemic to the Ministry of Health.

Fourth ‐ Securing the amounts allocated to the reform decisions that the resigned government committed to implement the demands of the demonstrators.

Fifthly, coordination between the financial and monetary policies to maintain the stability of the exchange rate and maintain the standard adequacy of the foreign monetary reserves of the Central Bank and to determine the rates of internal borrowing and not to go for external borrowing.

Sixth: To stimulate and encourage the private sector and its involvement in the management of the economic process, and its involvement in economic decision-making.

Seventh ‐ Halting the import of semi-essential and luxury items and restricting the import of ration card materials, medicine and medical supplies, while increasing the food basket for the Iraqi family.

Eighth: Establishing the National Emergency Fund.

Ninth: Exclusion of staff, economic and health career experiences, and higher education from the law of referring them to retirement implemented from 1/1/2020. And fixing the special grades who had a fundamental role in overcoming the economic and financial crisis that Iraq experienced in 2014-2014.
 
Strategic economic treatments:
First, there is a need for a systematic movement to map a road map for economic reform by Iraqi elites and economic, financial and banking efficiencies and for economic mobility to be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of creating sustainable development, achieving diversity in resources and developing economic and human structures For the sake of proper building of the national economy and building the premises of the transition to a social market economy.

Second ‐ Draw a realistic and ambitious road map that depends mainly on managing and distributing public money in a transparent and fair manner, provided that the beneficiaries in the results and outputs of the people and that the citizen feel that his national economy, resources and goods are dedicated to ensuring decent living as mentioned in the articles of the permanent Iraqi constitution.

Third, the formation of the Supreme Council for Economic Reform to be enacted by a law binding on the ministries to implement its decisions and has the power to monitor, monitor, and evaluate, and to form and preside over and chair a membership of elite government experts and the private sector.

Fourth ‐ Moving to the central administration of the economy so that the principle of (centralization of planning and implementation decentralization) is implemented, and this means that the Supreme Council for Economic Reform takes charge of drawing plans and policies centrally and distributes their implementation to specialized councils for reconstruction and investment and the implementation of development projects in the economic and human sphere These councils are: -
* Private Sector Council 
* Construction Council  
* Small and Medium Enterprises Development Authority  
* Public Service Council 
* Local Product support and Protection Council.
 
Fifthly: Creating and creating the investment climate for local and foreign investors, motivating and encouraging them, and ensuring their contractual rights to attract their capital and protect them from the pressure of spoilers.

Sixth: Providing soft loans to finance small, medium and large projects and establishing a legal and institutional system for managing, developing and developing them, as well as issuing and amending the laws of the legal environment to regulate the economic process. This means issuing new laws instead of laws issued in 2004 due to the changes that occurred in the national economy during 17 Year.

Seventh, activating investment in the sectors .. agricultural, industrial, energy, tourism, services and housing, as well as working to reform, develop and develop the banking sector through monetary policy applications and regulating the relationship and restrictions that govern financial and monetary policies, as well as a serious approach to reforming the tax, financial and customs system, and handling cases of failure In achieving the required growth rates in national income and exceeding the rise in unemployment and poverty rates.

Eighth ‐ Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in managing the economy.

IX ‐ Developing a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing balanced and coordinated plans to overcome the challenges of monetary policy and the challenges of the deficit in non-oil revenue and the deficit in the balance of payments.

Tenth - Reconstruction of a new structure of the government apparatus in line with the emphasis on centralization of planning and decentralization of implementation, including the adoption of a strict and disciplined market economy system as is currently the case in China according to Iraqi doctrine and experience, especially in economic construction, that depends on the material, natural, economic, and human capabilities of Iraq.

Eleven ‐ laying the proper basis for the transition to the health system in Iraq in terms of the number of hospitals, the number of beds, the number of doctors and those with health professions, the manufacture of medicines and medical supplies locally, the development of expertise, and the attraction of Iraqi competencies abroad.

Twelve ‐ Accelerate the implementation of the e-government program and its coordination with the electronic payment system.

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Money laundering and terrorist financing at the experts table

 

Saturday 16 May 2020


alsabaah-36744.jpg

 

Baghdad / Hussein Thugb
 

Seminars continue with the serious participation of experts of economic affairs and through social media platforms in order to discuss the most important aspects of economic work and its evaluation, and today we stand on an important topic dealing with the system of work against money laundering and terrorist financing. 
Academician Dr. Basem Abdel-Hadi ran a symposium "Combating Money Laundering" via the first electronic economic platform and said that "the presence of any country in the gray or black list or under strict follow-up within the evaluation of the Financial Action Group (FATF) means a weakness in the system of fighting corruption and the financing of terrorism, what This makes the country rating highly risky, and consequently, leads investors to refrain from entering it.

 
Modern topics
Advisor to combat money laundering and terrorist financing d. Ali Muhammad Jawad said: "Combating money laundering and terrorist financing is one of the modern topics in the world and has recently become a preoccupation for countries and international organizations." He added that "the 1988 United Nations Convention to Combat Illicit Traffic in Narcotic Drugs and Psychotropic Substances (the Vienna Convention) is the first to He referred to the financial returns achieved in the drug trade that affect the economies of countries, and therefore an interim committee was formed to study the impact of illicit flows on the economy. 
 
Financial work
On the position of the Republic of Iraq on the recommendations of the Financial Action Group, Jawad said: "Iraq was listed on the blacklist for not adhering to the forty recommendations issued by the Financial Action Group and in light of this a joint team was formed by the Financial Action Group and the Central Bank of Iraq to follow up on the measures taken by Iraq and raise A report every six months to assess the extent of commitment. The topic was adopted by the Central Bank of Iraq and took several steps, the most important of which was the issuance of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, the formation of the Anti-Money Laundering and Terrorist Financing Council in the Central Bank of Iraq, and the establishment of a counter office Torrent of money and the financing of terrorism in the Central Bank of Iraq 
And granting administrative independence, a committee was established to freeze the money of terrorists in the General Secretariat of the Council of Ministers headed by the Deputy Governor of the Central Bank, and obligated all financial institutions to inform the Anti-Money Laundering and Terrorist Financing Office immediately of any process suspected of involving money laundering and terrorist financing, as well as the Governor of the Central Bank issued Iraqi Instructions No. 1 of 2017 regarding the due diligence rules. 
 
Regular follow-up
He noted that "in 2018, the joint team to follow the Republic of Iraq made a field visit to verify the measures taken and submit a report to the Financial Action Group. A decision was issued to remove the Republic of Iraq from the blacklist in June 2018, and Iraq became part of the regular follow-up every two years, and the visit will be field by the Financial Working Group in 2021 to assess Iraq's commitment to the forty recommendations. "
He cautioned that the recommendations of the financial work group are obligated according to the Security Council’s decision. Therefore, in case of non-compliance with the recommendations, the state is put on the blacklist of what affects the state’s economy in several areas, including stopping financial transactions and banking relations with the state and its citizens and classifying them (high risk), and avoiding Global partnerships are direct commercial dealings with the state and its private companies, and investment advisors are advised not to invest in these countries, as the interest on loans from the World Bank and the Monetary Fund is high, and emphasis is placed on the border outlets of these countries by neighboring countries. 
 
High risk
As for Dr. Imad Al-Hamash, he asked about the risks facing Iraq, which could affect the degree of evaluation of Iraq in 2021, and what are the procedures that must be followed to overcome these risks, and that electronic payment tools are usually with high risks due to the difficulty of controlling the funds that are transferred through electronic payment tools The various and difficult to follow, especially in developing countries, what are the risks related to this type of activity and how to make it to a minimum and what are the experiences of countries in controlling this activity.

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Parliamentary Integrity: The next stage will see serious reforms in fighting corruption

1589525489_2233.jpg15th May, 2020

Member of the Parliamentary Integrity Committee, Hassan Shaker Odeh, confirmed today, Friday, that the next stage will witness serious reforms in combating and eliminating corruption

"There is a serious trend in fighting corruption and eliminating it, despite the current difficulties," Odeh said in a statement to the Iraqi News Agency, "Awa

He added that "a lot of reforms will take place through the activation and acceleration of laws that will fight and combat corruption

The Cabinet issued, earlier, a package of new decisions, most notably the acceleration of the legislation of the General Budget Law in line with the requirements of the financial situation, low oil price levels, diversification of budget sources and a re-examination of laws related to fighting corruption

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17 hours ago, ChuckFinley said:

There is a lot of WTF and I believe it is in the translation.

 

Al-Kazemi will go to print a new local currency – To me the new Local Currency would be the small notes as it would serve the local population to do business. Why trade in a 10 dinar internationally. 

 

 

 "after the application of this procedure, we expect a decrease in the Iraqi dinar exchange rate against the dollar," – Could this be that when translated by a native Iraqi as “we expect the dollar to decrease against the dinar”. How many times have these auto translators screwed translations up? 

 

Therefore

 

 

"this will have a positive impact on activating the industry in Iraq and not resorting to global or regional markets that provide goods to Iraq at low prices because of the high exchange rate The dinar compared to the price of currencies in Turkey, Iran and others. "  - We will be on par with our neighbors such as Kuwait. 

 


WTF Chuck ? :o 

 

 

Nice ‘E-Valuation’ There Chucky ! ;) 

 

:D  :D  :D 

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An Iraqi bank provides employees with electronic cards that allow them to shop in it


rafidiaias.jpg

 

16th May, 2020


The Rafidain State Bank said on Saturday that the electronic card is known as the "Master Card", which allows the employee working in the public sector to shop in it from malls as well as receiving monthly salaries.

The media office of the bank said in a statement today that the salaries of a number of employees of ministries and state institutions have been localized, given an electronic card and received their monthly salaries through them.

The statement added that masters of card holders can take advantage of the financial features and services recently launched by the bank and benefit from that card in shopping and purchasing from other places and commercial centers.

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Al-Rafidain: Localizing the salaries of a number of state employees and granting them a Master Card   
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Prison for a former director of an Iraqi government bank wasted $ 30 million


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16th May, 2020


The Federal Integrity Commission announced, on Saturday, the issuance of a seven-year prison sentence against the former director general of the Iraqi Trade Bank, stating that the decision came against the backdrop of willful harm to public money.

The investigation department of the commission, while talking about the details of the case that it investigated and referred to the judiciary, indicated, according to a statement issued by the Integrity Commission, to Shafaq News, that "the convict was brought in 2014 during his tenure as director general of the Iraqi Trade Bank to cause willful damage to public money through The financial loan granted to a company amounting to (30,000,000) million dollars without taking adequate guarantees.

And the department continued, "The Rusafa Criminal Court for integrity issues found that the evidence obtained by the statements of the legal representative of the bank that requested the complaint against the convict, and the administrative investigation minutes that proved its negligence; being responsible for the granting process and ordering the release of his payments, as well as the report of the Financial Supervision Bureau, which diagnosed a whole Violations, including: granting the loan without a banking study of the customer's financial efficiency, and the project's lack of an economic feasibility study.

The department pointed out that "there is a violation of the instructions regarding granting the loan, and the suspicion of collusion between the company and the bank branch in one of the governorates, as it was not clear that the company paid the monthly installment," noting that "the evidence obtained plus the escape of the convict from the face of justice brought the court to sufficient conviction to convict The accused, based on the provisions of Article (340) of the Penal Code, and decided to judge him according to it.

The Commission had announced in late December of the issuance of an arrest warrant and investigation against the former director of the Iraqi Bank for Trade, against the backdrop of not appearing before the court in the case of violations in granting banking facilities to a private bank with weak guarantees.

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On 5/15/2020 at 12:16 PM, DinarThug said:

An economist is surprised to continue wasting huge amounts of money through the currency auction, and no action has been taken yet !!


image.php?token=298f7a489c1ad51c97fd07d0cddd0901&c=1523833&size=
 
 
13th May, 2020

 
Today, Wednesday, economic expert, Majed Al-Suri, called on Prime Minister Mustafa Al-Kazemi to open the file of corruption and parasites on private banks to deal with the financial liquidity crisis.

 

You will only find it in Iraq .. a hard currency that is wasted through the auction at a difficult time


iraqi_dinar_and_us_dollar_29062013.jpg   Doc-P-345358-637252200086983011.jpg

 

Saturday 16 May 2020 - 16:00 (Alsumaria News) - 

 

It appears that the Central Bank’s continued daily auction to finance imports described as miserable and fake through banks, some of which have never practiced credit work ... will sooner or later lead to depletion of hard currency, especially with low oil prices, which is the main financier of the bank’s reserves from This currency, which seems to be wasted at a difficult time, according to the specialists.

Banks, to say the least, were established to live on the currency auction and to be more like offices for financial transfer. Most of their doors are closed to citizens and they carry banners for the names of banks, but they do not practice their banking activities. 

The auction is a drain for hard currency  

Financial expert Mohamed Al-Khuzai said in an interview with Alsumaria News that "the average of what the Central Bank sells annually to finance private sector imports exceeds $ 40 billion, which is a large amount compared to what Iraq imports, which does not exceed $ 30 billion annually," noting that "the drop in oil prices significantly It will inevitably lead to a depletion of hard currency. "  

Al-Khuza’i added that “the auction has become a place for profit for banks and out of the hard currency for imports, some of which are fictitious, by providing some banks with forged documentary credits on the pretext of covering commercial deals.”   

Al-Khuza’i pointed out that “some banks obtained a license to practice the profession without checking the eligibility of these banks, which completely refrained from practicing their credit work, while their only work was limited to participating in the currency auction.”  

Expert: The contribution of banks to development is less than 13%  

Economist Dhargham Muhammad Ali said in an interview with Alsumaria News that "the contribution of the banking sector in Iraq is still 13% less by indicators of financial inclusion that place the local banking sector in the tail of the sector in the Arab world and in a late world ranking according to World Bank indicators and despite raising the percentage of financial inclusion after Localization of salaries, but it is still much less than expected. "  

He adds that "private banks in Iraq do not have real development, but are a consumer sector similar to the rest of the sectors in Iraq, where they moved away from the credit development role and went to trade in currency and give limited loans with high benefits."  

And Ali points out that "the large increase in the number of private banks without real economic feasibility is offered in a way that cannot be doubted that their establishment came against the background of auction profits and not the practice of regular banking activity," noting that "until now the percentage of private banking system participation does not exceed 15% Of the total volume of deposits in the Iraqi banking system. "  

"Miserable" goods import   

For his part, the economic expert, Adel Mohamed Saeed, considered in an interview with Alsumaria News that "millions of dollars are released daily through the auction conducted by the Central Bank to import goods and goods that are not useful and described them as" miserable ", noting that" these goods flooded the market and harmed local production. " .  

Saeed adds that "a lot of private banks in Iraq have moved away from credit work because of the low return from it, and therefore have gone to get their share from the Central Bank of Iraq auction, which keeps them away from their banking competence and makes them closer to the banking offices."   

Saeed calls for "the central bank to re-check the licenses of these banks and seriously stand on the ability of these banks to operate banking and finance imports of goods and goods for the benefit of the citizen."  

The Central Bank of Iraq sells the dollar to private banks and money transfer companies through the auction that it conducts daily at an amount of 150 million dollars, which increases these numbers or decreases according to demand by these banks, which affects in one way or another the reserves of the Central Bank of Iraq, which was affected significantly in recent times As a result of the lack of symmetry between what he gets from the dollar and the auction sale process.  

A large number of financial policy professionals opposed the currency auction, which they considered to be a waste of public money in this circumstance if it was not organized and used properly to serve the public and economic interests and led to the conversion of hard currency out of the country.  

It is noteworthy that the frequency of accusations escalated regarding the currency smuggling operations that cast a shadow over the selling prices of the dollar in local markets and led to an increase in its exchange rate a few months ago, while deputies called for the government to stop selling the currency at auctions of the central bank, others confirmed that Iraq was losing Significant money from being smuggled daily out of the border.

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Stop draining the hard currency


Saturday 16 May 2020

alsabaah-36780.jpg

 

Yasser Al-Metwally
 

The most important challenge facing the new government is how to diversify the sources of financial resources to face the repercussions of low oil prices, so what steps are required to achieve this goal?


The first steps lie in the necessity of issuing immediate decisions to reform the floundering trade policy and start stopping imports of unnecessary goods and commodities, foremost of which are luxury goods, which may constitute 60 percent of the country's import curriculum.

By this we reduce the pressure of demand on hard currencies and keep the Federal Reserve from decreasing as a safety valve for the future of any country and the fate of any people.

On the other hand, the activation of the industrial and agricultural productive sectors that guarantee the demand for the provision of basic foodstuffs, as they have several advantages related to food security. The alarm has sounded through the countries ’decisions not to export food commodities, especially the main producing countries, and this is a new challenge that must be paid attention to. .

These steps need to re-establish a commercial import approach that limits the method of indiscriminate import and unjustified commodity dumping, which has contributed to changing the pattern of consumer behavior towards wastefulness.

Here, the government must approach the people by the necessity of postponing the wishes of the public for many commodities. The citizen must guide his consumption at this critical stage. The responsibility lies with the media and the economic press and through its indicative programs regarding rationalizing consumption in everything.

Another benefit of activating the productive sectors is that it is an effective way to tackle unemployment by providing job opportunities for the unemployed as well.

This urgent urgent part is the most important to start diversifying financial resources. As for the second step to diversify resources, lies by implementing partnership programs between the private and public sectors, participation and privatization, and encouraging external and internal investment. These joints are of great importance that require reviewing them separately, and there are many other steps that do not accommodate the article space. For presentation, we will deal with later articles.

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Al-Bayati: Iraq has a "golden" opportunity to cancel oil licensing contract


1589610088_2020115163829694yy.jpg

 

16th May, 2020
 

Member of the High Commission for Human Rights, Ali Al-Bayati, confirmed today, Saturday, that international agreements in light of the crises, including the Corona epidemic, allow Iraq to reconsider or cancel oil licensing contracts, and considered it a "golden" opportunity to work to cancel them, especially as they eat half of the oil imports.

Al-Bayati mentioned in a tweet via "Twitter", followed by "Gilgamesh Press", saying, "According to the force majeure theory of the Corona epidemic, Iraq can reconsider or cancel contracts for oil licenses that eat half of Iraqi oil imports."

He added, "International agreements allow in such exceptional circumstances unforeseen and stand in the way of implementing the provisions of the agreement, by reviewing it and even canceling it, which is a golden opportunity.

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14 hours ago, DinarThug said:

An Iraqi bank provides employees with electronic cards that allow them to shop in it


rafidiaias.jpg

 

16th May, 2020

 

A statement from the Rafidain Bank: new benefits for employees


2020.05.16 - 11:39


People - Baghdad  

 

Rafidain Bank confirmed, on Saturday, that the electronic card "Master Card" allows the employee working in the public sector to shop in it from malls as well as receiving monthly salaries.  

The bank’s media office said in a statement, which “people” received a copy of (May 16, 2020).  

The statement added, "MasterCard holders can take advantage of the financial features and services recently launched by the bank and benefit from that card in shopping and purchasing from other places and commercial centers."  

On Friday, the Rafidain Bank called on some state departments to expedite the activation of the MasterCard and receive the salaries of its employees for the month of May electronically, not manually.  

The bank’s media office said in a statement, which “NAS” received a copy of, (May 15, 2020), that “the bank demands from some of the departments’ account managers to activate the mastercard cards of its employees that were received by the bank so that the salary for this month can be disbursed electronically. ” .    

He pointed out that "the directors of the accounting departments of some departments must address the general administration of the bank and instruct to complete all procedures related to the activation of the Master Card, especially in light of the conditions the country is currently experiencing as a result of the Corona virus and the need to leave manual cash and deal with the electronic system for salary payment."  

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Al-Kazemi confirms Iraq’s desire to enhance the stability of energy markets

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16th May, 2020

 

Prime Minister Mustafa Al-Kazemi affirmed Iraq’s desire to strengthen stability in international energy markets

The media office of the Prime Minister said in a statement seen by "Al-Iqtisad News", that "Prime Minister Mustafa Al-Kazemi received (yesterday evening) Friday a phone call from the Executive Director of the International Energy Agency, Fatih Birol, during which he congratulated Al-Kazemi on the occasion of assuming the premiership." The IEA is ready to provide advice and support to Iraq in dealing with the oil price crisis

For his part, Al-Kazemi thanked Birol, expressing Iraq’s desire to strengthen the stability of energy markets internationally, and played a role in its recovery after the end of the Corona pandemic crisis

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