The Details Of The Tamkeen Project To Support The Unemployed And Widows Were Announced ... The Central Bank Reveals to "Al-Zawraa" The Reasons For Stopping The 5 Trillion Dinars Initiative To Finance Small And Medium Projects !

[DinarThug]

 

 

     

 

Four parliamentary "solutions" to secure employee salaries for the rest of the year without waiting for high oil prices

 

Localities 05/19/2020 19:37 2596    
 

Baghdad today - follow up

 

Member of the Parliamentary Finance Committee, Muhammad Sahib al-Darraji, proposed 4 solutions that he said that their implementation would allow to secure the salaries of employees despite the collapse of oil prices, while it triggered a surprise in which he stressed that the exchange rate of the dinar against the dinar is currently the one that harmed the national production industrially and agriculturally and encouraged import, proposing to change the exchange rate to 1500 Dinar per dollar.

Al-Daraji said in a televised interview I followed (Baghdad today) that "Iraq gets one billion and 400 million dollars from the value of its oil sales in the month of April, while it needs at least 3 billion for salaries only, and this is a disaster and there are intentions to compensate for the shortage of the central bank reserves and this hit To the country's economy. "

He pointed out, "There are some possible solutions to provide additional funds for the treasury, the first of which is not adhering to the decision of OPEC to reduce oil production, the second is to reduce the exchange rate of the dinar against the dollar and make it worth 1500 dinars to one dollar, and the third is to increase social wage salaries to create a balance of living capacity with a fourth solution that increases salaries. The minimum for employees from nine to five to create the same goal. "

He continued, "There are those who will object to the second option and say that the devaluation of the dinar against the dollar will cause an increase in the value of commodities and a high cost of living.

He indicated that the option to increase the dollar’s exchange rate against the dinar would enable the country to print additional funds with the availability of financial cover from the dollar because its value would increase.

He pointed out that "the current exchange rate has had a negative impact on productivity in Iraq, both agriculturally and industrially, because the value of what is imported from abroad is less than the cost of production in the country." 

The head of the Parliamentary Finance Committee, Rep. Haitham al-Jubouri, on Thursday (April 30, 2020), in turn, offered solutions to secure salaries during the next four months, while he indicated that securing them alone without the rest of the operating expenses requires selling the Iraqi barrel of oil at 31 dollars and this is not currently possible.

Al-Jubouri said during his hosting of the program (Shortest Roads) presented by Dr. Nabil Jassem on Al Sharqiya News Channel, "Iraq may get 25% of the revenues of 2019 in 2020, and we need annually 138 trillion dinars, equivalent to $ 110 billion to meet all expenses, and we need 97 trillion dinars, equivalent to 81 billion, to secure salaries and pay external debt only. "

He added, "The necessary expenditures in Iraq amount to $ 72 billion, and they relate to the salaries of employees, social welfare and other expenses," noting that "Iraqi oil is currently sold at $ 16, half of which is spent as an extraction cost." 

Al-Jubouri revealed, "Securing the necessary funds for operating expenses in the month of May."

He proposed solutions to secure salaries for the next 4 months, explaining that "it is possible to take advantage of the state's cash that is available in the Rafidain Bank and the Iraqi Bank for Trade, and we have a deposit of 4 billion dollars to buy weapons from America, we can negotiate and take half of it, and it is also possible to negotiate with the World Bank to borrow 2.2" One billion dollars, and these solutions can solve the problem of salaries for the next 4 months. "

He stressed that "salary insurance only requires the sale of an Iraqi barrel of oil at $ 31, and this is not currently possible due to the low oil prices." 

The Chairman of the Finance Committee pointed out that "we must sell a barrel of oil at $ 71 to secure all expenditures," noting that "border crossings can provide the budget with $ 8 billion, but what you get is half a billion because of corruption and illegal outlets." 

He continued, "The reserve of the difficult process in the central is 81 billion dollars, and it remains that 52 billion dollars in all cases to preserve the value of the Iraqi monetary currency. If we use the warehouse, we should not exceed this number. In Lebanon".

link

[DinarThug]

21 minutes ago, DinarThug said:

After the article “The Empty Budget” .. Member of Parliament Integrity presents a step to revive the state treasury

 

 

Policy 05/19/2020 15:24 393 Editor: ha   

Baghdad today - private 

 

Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed on Tuesday (May 19, 2020) the most prominent files on which integrity will move to recover the looted funds and revive the state treasury

The Article At The Top Of The Page (Partially Shown) Discussing The Recovery Of The Stolen Funds Along With This Next Article Are Practical And Viable Solutions ...

 

 

The Previous Article Discussing Lowering The Rate To 1500 - Not So Much ...

 

     

 

 

A member of the Parliamentary Finance reveals the fate of the “Economic Crisis” cell formed by Abdul-Mahdi[/size]

 

Policy 05/19/2020 09:07 371    

Baghdad today _ Baghdad  

 

Member of the Parliamentary Finance Committee, Faisal Al-Issawi, affirmed on Tuesday (19 May 2020) that the cell of the economic crisis that was formed by the former Prime Minister, Adel Abdul-Mahdi, is still continuing in its work.

Faisal Al-Issawi said, in an interview with (Baghdad Today), that "the economic crisis cell was formed at the time of Abdul Mahdi and not the current Prime Minister Mustafa Al-Kazemi," noting that the committee "includes at the present time the first deputy speaker of Parliament, Hassan Al-Kaabi, and the head of the economic committee." The investment is Ahmad Al-Kinani, Chairman of the Finance Committee, Haitham Al-Jubouri, and academic figures and heads of other governmental institutions, the Ministry of Finance, the Border Ports Authority, and some other authorities specialized in maximizing resources and reducing expenditures.

A member of the Finance Committee in Parliament asserted that "the cell continues in its work and the recent decisions of the Council of Ministers regarding the control of border crossings and the complement of the economy and the draft law on internal and external borrowing, were the product of the cell."

A member of the Finance Committee, Mahasin Hamdoun, confirmed earlier that "the situation remains in relation to the lack of state resources due to the crisis of the collapse of oil prices, which will increase the poverty rate, but new economic measures can be taken by activating industry, agriculture and trade, and things can improve." 

Hamadoun added, in an interview with (Baghdad Today), that "Prime Minister Mustafa Al-Kazemi promised to control the border outlets electronically, and this bodes well, because revenues can double to 7 trillion of them." 

A member of the Finance Committee in Parliament stressed that "the situation of Iraq will not reach the stage of needing a miracle and overcoming the crisis, because solutions exist with the intentions of reform." 

The Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Henness Blackshart, had expected the Iraqi economy to shrink by 9.7% and the poverty rate to rise to 40%.

"The Iraqi economy is expected to contract by 9.7 per cent in 2020, with poverty rates rising to about 40 per cent, and large losses in employment income are expected, as well as a decrease in economic opportunities," said Blasharat during a briefing at the UN Security Council. . 

She added: "Iraq has been encouraged to build a healthy environment conducive to broad-based growth, equitable distribution and job creation, with the assistance of the World Bank, the International Monetary Fund, the United Nations and other partners."

link

[DinarThug]

The Council of Ministers sets the days for the Eid holiday and directs the salaries of employees and the financial crisis

Policy 05/19/2020 20:05 9748    

Baghdad today _ Baghdad  
 

Today, Tuesday, the Council of Ministers, headed by Prime Minister Mustafa Al-Kazemi, set the days for the Eid Al-Fitr holiday, while instructing employees to release salaries for May without deduction, and discussed the financial and health crisis represented by the Corona virus.

The media office of Al-Kazemi said, in a statement received (Baghdad today), a copy of it, that "the cabinet held its third regular session today headed by Mustafa Al-Kazemi, who in a speech in which the session opened the government's determination to overcome the security, economic and health challenges." 

Al-Kazimi directed during the speech, "by making exceptional efforts in ministerial work and responsibilities in the spirit of one team and closing the doors of corruption, freedom from bureaucracy and not making mistakes in previous mistakes." 

During the session, the council discussed "measures to mitigate the effects of the economic crisis on citizens, where Al-Kazemi directed the Ministry of Finance to release the salaries of employees for the month of May without deduction, and take measures to allow the Ministry of Finance to borrow to cover the financial deficit caused by low oil prices."

According to the statement, "The Council discussed ways to maximize the non-oil revenues of the state and address the financial balances that are not controlled by some ministries that are not included in the state treasury, as well as discuss efforts to confront the Corona pandemic and the latest developments and measures taken to stop the risk of the spread of the virus."

The Council stressed "the importance of intensifying awareness campaigns and the need for citizens to adhere to health guidelines, and the Minister of Health and Environment Dr. Hassan Mohamed Al-Tamimi gave a summary of injury, recovery, and death rates in Baghdad and governorates, preparations related to home and regional quarantine, and laboratory tests." 

The Minister of Health pointed out during the session that "the increasing number of injured people is beginning to put pressure on the health system," noting that "the commitment of citizens to health directives will keep matters under control, while non-compliance may lead to unimaginable consequences." 

To the advent of the Eid holiday, Al-Kazemi offered "congratulations on the occasion, and the council set the days of the blessed Eid Al-Fitr holiday, starting from next Sunday to Thursday, to be throughout the next week, and with the imposition of a comprehensive curfew."

In the area of tackling unemployment and the employment of the unemployed, the Prime Minister indicated, according to the statement, "the importance of foreign companies and the private sector working to attract youth energies, train them and acquire the necessary skills, and besides that the Ministry of Labor and Social Affairs will tighten its procedures regarding foreign employment in all aspects and effects Consequential. "

The Cabinet discussed "issues prepared for its agenda, foremost of which is the problem of housing, the completion of deficiencies and services, and the main road to the Bismayah Residential Complex, where the head of the Investment Authority was hosted by Salar Muhammad Amin Agency, and problems, proposals and recommendations for this project were discussed and appropriate solutions were found, and the council directed a solution to a problem The main road linking the Basmaya complex to the city of Baghdad and financing it through investment. " 

The Cabinet also discussed "the measures of the ministries of education regarding the current academic year and exam centers for the various levels of education in accordance with health conditions and controls, and Al-Kazemi urged the Ministry of Education to take appropriate decisions for students and their families and their economic circumstance, including adopting the results of mid-year exams and that a school year is not lost on students and students." .

During its regular session, the Council discussed "the preparations and needs of the Ministry of Water Resources for the purpose of providing the necessary water quotas for the agricultural plan."

link

[DinarThug]

A member of the Parliamentary Finance reveals the size of Iraq's debts and is likely not to approve the 2020 budget

Localities 05/20/2020 00:29 1143    

'Baghdad today - Baghdad 

 

He confirmed the parliamentary Finance Committee member, Mohammed Darraji, Tuesday (19 May 2020), that Iraq 's debt stood at $ 124 billion, while the likely failure to approve the 2020 budget

and said Darraji during the host in a program the shortest route ()  provided by Dr. Nabil Jassim Al - Sharqiya News, "Iraq’s debts currently amounted to 124 billion dollars, while expenditures in 2019 amounted to approximately 116 trillion dinars," noting that "the debts owed by Iraq include what we are owed by the Kuwait war."

He added that "the previous government erred when it agreed to reduce oil production because it caused great losses," calling on "Prime Minister Mustafa Al-Kazemi, to take a decisive position on this decision after the appointment of a new oil minister, even if we had to leave the OPEC agreement." 

He pointed out that "there are many solutions that must be followed to save the country from the economic crisis it is going through, including preventing speculation with food and not importing products except the necessary things, as well as imposing control on the border ports by the Iraqi government to ensure that unnecessary products are not imported." It is "possible to achieve this by supporting the anti-terror agency because there are large (militias) controlling these outlets." 

He continued: "The exchange rate of the currency must be changed, and the direct sale to the citizens should be taken instead of the auction, and external relations must be exploited and worked to improve them," stressing that "it is necessary to review Iraq’s decision on reducing oil, and to return from it regardless of circumstances."

On the budget, Darraji commented: "The circumstances Iraq is going through are difficult, and the possibility of passing the 2020 budget, so far, is not certain."

LINK

[dinareffic]

Good stuff.  Lots of exchange rate articles lately.  I know this sounds crazy, but it feels different than the normal lip service coming out of Iraq.   It actually feels like they gonna do this damn thing 

[DinarThug]

Announced the volume of non-oil imports in the federal budget ... Parliamentary finance reveals the most important measures to be taken to get out of the economic crisis

 

May 19, 2020 9:46 PM

Author: alzawraapaper Baghdad / Al-Zawra: 

 

The parliamentary financial committee revealed the most important measures to be taken to get out of the economic crisis caused by the collapse of oil prices, while non-oil imports in the federal budget were estimated at 10 trillion dinars. While the parliamentary strategic planning committee, Muhammad al-Baldawi, confirmed that the salaries of the current month are insured, indicating The salaries of employees and retirees will be paid on time for each category.

The member of the Parliamentary Finance, Representative Jamal Ahmed, said in a press statement: "The government must take measures that reduce the current financial crisis due to the low oil prices." He added, "The government should move toward delaying the repayment of loans and stopping multiple salaries, especially since there are those who receive more than one government salary at the same time." He pointed out that "eliminating corruption is enough to overcome the current crisis," noting that "border crossings can provide the country with good revenues, taking into consideration the elimination of the authorities controlling it."

For his part, the decision of the Finance Committee Deputy, Ahmed Al-Saffar, said in a press statement: “The total imports in the public budget for the year 2019 amounted to 105 trillion dinars, of which 7% are non-oil, which was estimated from 8 to 10 trillion dinars according to the general budget” . Al-Saffar added that "oil imports include export and the use of oil and its derivatives.
As for non-oil, it includes imports of border crossings, taxes, state real estate and other government imports." And Al-Saffar said that "the Iraqi state relies mainly on oil imports in building the structure of the budget bill, considering that it estimates 93% of the volume of imports."

It is noteworthy that the prices of a barrel of oil have decreased since the outbreak of the Corona virus, which led to fears of the impact of the decline and lack of revenue on the budget of Iraq for the current year 2020 and was affected by the operational budget and the salaries of government employees and retirees. As a result, the Parliamentary Finance Committee estimated the size of the deficit in the country's general budget for the current year, at “69” trillion Iraqi dinars, describing it as an “unprecedented” deficit.

For his part, member of the Parliamentary Strategic Planning Committee, Mohammed Al-Baldawi, confirmed yesterday, Tuesday, that the salaries of this month are insured and there is no delay in paying them. Indicating that the salaries of employees and retirees will be paid within the deadlines specified for each category. 
Al-Baldawi said in a press statement that “the delay in the salaries of retirees in the past month was the result of a book sent by former Prime Minister Adel Abdel Mahdi to the Ministry of Finance to stop the payment of funds, and caused confusion in paying the salaries of employees and retirees who receive an appointment after the book’s release.” 
He added, "The salaries of this month are completely insured, and they will be paid on the specified dates and with the dates previously fixed for each of the categories that receive monthly salaries from the government."

LINK

[DinarThug]

The specter of bankruptcy hangs over Baghdad

 

 

Perhaps Iraq will need to purchase wheat from abroad besides borrowing from the "Monetary Fund" (AFP)

 

Iraq News 

Wednesday 20 May 2020 
 

In an article published yesterday, Iraqi Prime Minister Mustafa Al-Kazemi revealed his assumption of his duties “in the shadow of an empty treasury, imperfect sovereignty and a loose weapon outside the framework of the state”, stressing that the Iraqi reality “is not envied after 17 years of change ... 
our country is intended to become An arena for the struggle of others, and the security of our citizens is threatened, not only from the continued ISIS and its sleeping cells, but also from the fugitive weapon. ” Al-Kazemi said, “Restoring the prestige of the state requires that the power of any party not be above the constitution and the law, and that the arms become in the hands of the state and its armed forces.” Referring to the economic crisis that the country is underneath, which revealed the fragility of the economy, by saying: “The crisis includes all state institutions and their fabric And impede its economic rise, as it did not take place in the past period, the promotion of vital sectors such as industry, investment, food security and others, ”calling on political and parliamentary blocs to“ support the new government by voting on candidates for vacant ministries. ” 

Many questions were posed by political sources after Al-Kazemi published his article, especially that it was a "bankruptcy declaration" according to the expression of some, at a time when people familiar with the financial and monetary reality rejected this "description". These, they told Al-Akhbar, they distinguish between "the storage available at the Ministry of Finance, and the storage available at the Central Bank," noting that former President Adel Abdul-Mahdi received the "storage" from his predecessor Haider al-Abadi and has approximately 20 trillion Iraqi dinars ( Approximately $ 1.6 billion). 

Abdul-Mahdi, in his attempt to accommodate the demanding demonstrations that started last October 1, launched a number of reform packages that cost this "storage" approximately 15 trillion dinars (1. Approximately $ 2 billion); Accordingly, Al-Kazemi received approximately five trillion dinars (approximately $ 400 million), and this does not suffice the public sector salaries for one month, prompting the current government to go to the International Monetary Fund to borrow and secure liquidity of five billion dollars in the next few months.

Sources considered that Al-Kazimi's article on the treasury vacuum is a "bankruptcy declaration."

Today, Al-Kazemi’s major challenge is securing public sector salaries. If the government can secure it (about 6.5 billion dollars a month), this means preserving the existing political system, not just the political process. These concerns are attributed to the decline in oil prices globally, and the income has fallen to below 1.5 billion dollars a month.

According to the information, Al-Kazemi’s government reduced its operating expenses, and adopted a policy closer to being a “financial emergency”. The priority is to secure salaries, and this is what I announced yesterday by securing the salaries of this month without any deduction, provided that the budget is approved monthly, not annually, as usual.

To that, the Iraqi parliament announced yesterday the purchase of 1.363 million tons of local wheat since the beginning of the harvest season in the twentieth of last month, at a time when the Ministry of Agriculture expects that the local production will reach six million tons, in the current season, between April and May . 

And last March, Baghdad announced its need to import 1 million tons of wheat this year to “boost the stockpile, in anticipation of problems in supply chains due to efforts to combat the Corona pandemic across the world,” noting that last year, during the government of Abdul-Mahdi, Iraq achieved self-sufficiency in wheat and wheat production.

LINK

[DinarThug]

Financial Advisor: This month's salaries were released after Al-Kazemi's efforts and Parliament's support

2020.05.19 - 19:33

 

Baghdad - people   
 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Tuesday that the employees' salaries for the month of May were launched after the efforts of Prime Minister Mustafa Al-Kazemi and the team in charge of financing this month.  

Saleh said in an interview with the official agency "Nass" (May 19, 2020), "The salaries of the employees were launched after the efforts of the Prime Minister, the Council of Ministers, and the team in charge of financing this month, intensified with efforts that continued throughout the past days and in positive cooperation with the House of Representatives, in a way that strengthens confidence And the ability to walk with the government program of Prime Minister Al-Kazemi and his government in building the Iraqi state with solid and solid foundations, aware of the enormous financial difficulties facing Iraq. "  

On Tuesday, Prime Minister Mustafa Al-Kazemi directed the salaries of employees for the month of May without deduction.  

The official news agency quoted urgent news that "Nass" (May 19, 2020) affirmed, affirming that "the Prime Minister directed the release of salaries this month without deduction."    

On Monday, a responsible government source confirmed that employees ’salaries would be secured.  

The source said to the official news agency and its follower, "NAS", today (May 18, 2020), "The government will pay the salaries of employees in full for the month of May, stressing that" the Eid al-Fitr holiday may affect the date of payment of salaries until the end of the month or early June, but it is insured. "      

He added, "There are measures in the cabinet to not repeat what happened with the salaries of retirees." 

LINK

[DinarThug]

Between bankruptcy and massive money of corruption!

 

 

Tuesday 19 May 2020 - 12:18
 

Dr.. Muhannad Al-Barrak

 

 

As discussions and deliberations escalate for officials and experts in the media and in the leaked news, about the serious financial crisis facing the country with bankruptcy. . And they arrive at them to find solutions by increasing taxes and by making various deductions from entering employees, workers, employees and retirees in a bad attempt to put burdens on the people, or resort to internal and international loans that incur the country giant financial losses and long periods of time because of the benefits, because of the weakness of the government economy To pay it off. . 

Demonstrations arenas and independent national experts argue the great importance of obtaining funds in pursuit of whales of financial and administrative corruption, beginning to name them publicly, presenting them to the judiciary, and most importantly recovering the enormous money they looted, at a time when the media crowded high-credible financial institutions and ministries of major countries In addition to continuous US Treasury bulletins, they were published in The Washington Post and The New York Times. . The astronomical money recorded in the American and European banks and the internationally renowned Panama Bank and the names of those depositors (who can be sued on the basis of where did you get that ?? approved by the Iraqi parliament) were published, in addition to funds from the US Treasury sanctioned them to freeze their money On charges of terrorism. .

Many wonder about the money looted by former ministers and leaders of the Dawa Party, a number of ruling parties, senior officials, and former parliamentarians, who escaped and smuggled major looters out of the country, and Interpol delivered them to the government at their request, and some of them were referred to the judiciary and Some of them were released, and nothing was said about what they were sentenced to, nor about the fate of these huge smuggled funds.

Observers and specialists believe that the government of Mr. Al-Kazemi should employ the great international support for his government now, in following up and chasing those hundreds of billions of dollars in money to recover them, in addition to the money deposited by senior officials from the dictatorship era and it was announced to lay hands on them.  

And the recovery of the astronomical money that was delivered to the Iranian government from officials who were active in its orbit on the basis that it is compensation for the losses of the Iraq-Iran war, which requires a rapid scrutiny of the extent of its validity, especially as it took place without the right and without an international fundamentalist account at the discretion of specialists, as it opened The country’s treasures are in front of it. . 

And you see increasing numbers, the necessity of downloading and checking salaries, allowances and retirement of employees of the three presidencies and parliament. . And to cancel the money spent in the name of (Rafha’s retirement) and the types of retirement of the jihadist service for individuals and families with its children and for the children born after the fall of the dictatorship, the space money and the elimination of double salaries, which amount to $ 18 billion a month, according to parliamentarians and senior financial officials in the Iraqi state and its institutions. 

On the other hand, and in what a department thinks, this cannot be done with a single blow, but rather in time phases, a large portion of it can be started immediately according to the rapid scrutiny of: currency auctions, offices of economic parties, government contracts, coupons and agencies, acquisition of state properties , Governmental positions exchange, border crossings, oil and gold smuggling and liquid money, prison economics and centers. .

And while the broader circles see the great importance in that of providing tremendous funds to the country, that of the people who suffer the two things, other circles see that starting these operations will build the people's confidence in Al-Kazemi’s government, after the people's confidence in successive governments has been shattered since 2003.

 

5/16/2020 

Muhannad Al-Barrak

ahmedlada@gmx.net

LINK

[DinarThug]

2 hours ago, dinareffic said:

Good stuff.  Lots of exchange rate articles lately.  I know this sounds crazy, but it feels different than the normal lip service coming out of Iraq.   It actually feels like they gonna do this damn thing 

There’s More Of Those Article's Posted In This Thread Alone - Much Less During Most Previous Month’s Or Quarter’s !  

 

     

[DinarThug]

Professional financial invitation to review and review the Financial Management Law No. (6) for the year 2020 in a manner consistent with the challenges of Corona  

 

Praatha News Agency

2020-05-19

Aqeel Jabr Ali *

 

Due to the lack of financial stability and macroeconomic stability and the lack of financial economic reform on the drawn and planned aspects of the past and the near term and the existence of a real financial crisis represented by the lack of funding sources for the public budget, confusion in financial decisions and the lack of a wise and rational financial reference that can be referred to in setting a road map for solutions The best to overcome the financial crisis ...

A pure financial invitation for professionals and experts in the financial and economic affairs and for decision-makers that requires reviewing and reviewing the Financial Management Law No. (9) for the year 2020 in a manner that takes into account variables of low oil prices and quantities, and the consequences of corona's outbreaks and keeping pace with changes and global changes and developments, due to the apparent deficit in facilitating procedures and requirements Necessary to produce a realistic public budget for the year 2020, as well as for the reasons for the deficit in finding realistic, professional solutions for the process of finding renewable financial tools and discreet and flexible financial policies and procedures to meet the challenges and risks of the current financial crisis, and to achieve stability Financial and enhance the allocation of the budget and improve the efficiency and effectiveness of spending resources and ensure cash management as optimization and improve the quality of the budget information provided to the House of Representatives and to the public, and to achieve the upgrading and development of the real financial and economic reality in Iraq.

 

financial management :

Financial management is a set of rules that work to study the best possible ways to obtain financial profit and provide the ability to finance all the tasks that take place within the facility.

The financial department seeks to support the production, and marketing of goods or services that are provided through the company or the institution to which it is affiliated. It is worked on, and the more financial decisions that are taken contribute to reaching correct results, the more that indicates the success of the financial management with the task you undertake. The role of financial management for financial management thought is an important role, in helping the growth and advancement of companies, based on the following points: Its important role in pursuing competition, between companies working in one field. Keeping pace with high economic inflation; As a result of the economic and epidemiological crisis that emerged in the twentieth century. Looking for ways to regulate cash. Contribute to support companies to avoid bankruptcy. It interacts with the merger policy between companies, in order to provide a cooperative institutional environment, which contributes to the consolidation of financial departments. It studies the financial budget of the corporation and the business sector it belongs to. Legal legislation links with financial decisions.

Financial management sectors Financial management contributes to achieving success, and financial development in a group of sectors, namely:

Financial management in the public sector, which is concerned with the development of studies and financial research, especially for public sector institutions, owned by the government of the state, such as: ministries, its directorates, and others. General, to analyze financial and economic conditions.

Financial management in the private sector, which is concerned with developing studies and financial research, especially for private sector institutions, owned by businessmen and capitalists, such as: commercial, service, and other companies, and financial management works to follow the financial situation of the company, by linking it with The capital allocated to it, and seeks to assess the extent of its success, under conditions of competition with other companies. Individuals sector Financial management, which is concerned with monitoring the income and expenses of individuals, and measuring the extent of success of savings, when making a purchase decision, specifying the appropriate methods for studying personal expenses, and the percentage of the financial return resulting from the receipt of the value of income, which is usually associated with the monthly salary, in return for working with a job What. Financial decisions for the success of any project, or work that money is part of, must take care to take a set of decisions, including: Take the appropriate investment decision. Establishing a specific time plan for carrying out the required works. Estimate the appropriate financial amounts that will be spent on administrative work. Dividends distributed to shareholders at the end of the fiscal year. Preparing an economic feasibility study to finance the projects that will be worked on.

Financial Researcher

LINK

[DinarThug]

So What’s About To Happen Over The Next Couple Of Weeks That ‘The Financial Crisis Will Be Released’ In July ?  

 

     

 

LINK

Retirement Board Chairman: The financial crisis will be released in July


 

20th May, 2020
 

Chairman of the Retirement Commission, Ahmed Al-Saadi, confirmed on Wednesday that the financialcrisis that has befallen Iraq in general and retirees in particular will be resolved in next July

Al-Saadi assured the retired people in a televised interview seen by Al-Iqtisad News, that "the salary crisis in Iraq is during the months of May and June, and conditions will return to normal in July," noting that there is absolutely no delay in the salaries of retirees

And he stated that "there is no intention to reduce the salary of any employee or retired, and this is what I touched on by the Prime Minister, and all that was presented in the media is unofficial

Edited May 20, 2020 by DinarThug

[DinarThug]

A proposal on the government table to face the parliamentary economic and financial crisis warns!

 

Economie 05/20/2020 15:41 180 Editor: Zs    

Baghdad today - special 

 

The decision of the Parliamentary Finance Committee, Ahmed Al-Saffar, on Wednesday (May 20, 2020), warned against demands to raise the price of the dollar against the Iraqi dinar to confront the financial crisis and maintain the hard currency, stressing that this decision is not in the interest of the Iraqi financial system.

Al-Saffar said in an interview with (Baghdad today) that "raising the dollar exchange rate to face the financial crisis and preserve the hard currency is one of the proposals and monetary measures that the state may take to avoid the liquidity crisis."

He added, "It is not in the interest of the financial system to raise the exchange rate of the dollar because it will lead to a decrease in the Iraqi dinar price and a decrease in purchasing power and will lead to inflation," noting that "the classes with limited income and those with salaries will be the first affected by this decision."

Al-Saffar pointed out that "raising the price of the dollar depends on the government's ability to apply the necessary public spending from other sources."

The economist, Rasem Al-Akidi, warned, Thursday (14 May 2020), of floating the Iraqi dinar against the dollar, that is, reducing the value of the Iraqi dinar against the dollar according to a proposal put forward by economists to provide additional funds for the Iraqi budget to be paid as salaries for employees. 

Al-Aqidi said in an interview with (Baghdad Today), "The issuance of any decision to float the dinar against the dollar in light of the current conditions in Iraq is very dangerous for the country which is basically suffering from uncontrollable losses, namely fees, customs, taxes and many other financial resources." 

And that "the flotation does not constitute an increase in the value of the Iraqi dinar, but rather we will see an increase in the exchange rates of the dollar due to the lack of its acquisition in the global market, especially with the decline in global oil prices." 

He added that "the flotation will lead to a significant increase in prices, and will be paid by the poor," noting that "the flotation is taken in light of the stable financial conditions of the state, as well as the diversification of the economy and its dependence on resources other than oil."

Al-Akidi said that "floating the dinar against the dollar is launching the process of buying and selling without any limits, and the country will face an unprecedented rise in prices with limited and steady salaries, so conditions will be more difficult, especially in the humanitarian context."

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[jcav]

Ok then.  Just reinstate (RI) the prior value of 3.33 or 3.50 and peg it to a basket of currencies, gold, gas and phosphorus and call it a day. 

 

Edited May 20, 2020 by jcav

[DinarThug]

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The Finance Committee unveils a law to cover the deficit and determines the nature of asylum loans

 

20th May, 2020

The Parliamentary Financial Committee revealed, on Wednesday, a law to bridge the budget deficit, while determining the nature of resorting to internal or external loans.

The head of the financial committee, Haitham al-Jubouri, said, according to government media, “The government prepared a law form, sent to the parliament for the purpose of authorizing the finance minister to borrow internally or externally to pay the deficit in the 2020 budget. It could be set off in the future."

He added that "the total salaries amount to six trillion and the state's income does not exceed one and a half trillion," noting that "there is a shortage of 4 and a half trillion a month until the salaries problem is addressed, it must be borrowed."

Al-Jubouri pointed out that "the crisis, if it continues from 3 to 4 months, can be internal borrowing, but if it continues at the end of the year, we need the intervention of the International Monetary Fund or the World Bank for the purpose of borrowing."

[DinarThug]

With the historic collapse in oil prices, parliamentary finance talks about the 2020 budget and reveals its fate

 

Policy 05/20/2020 09:12 2528 Editor: ha    

Baghdad today - Baghdad 

 

The Parliamentary Finance Committee revealed, on Wednesday (May 20, 2020), the fate of the budget law for the current world, while indicating that it will be non-expanded and will depend on the provisions contained in the government program of Prime Minister Mustafa Al-Kazemi, which will be more operational than investment.

"The government will send the Federal Budget Bill for 2020 to the House of Representatives to make some amendments and discussions by the Finance Committee before it is put to a vote," Committee Rapporteur Ahmed Al-Saffar said in a press statement.

He added that "the new budget will not be expanded because it is semi-annual and will depend on the matters included in the government program, which are operational issues rather than investment, related to fighting the Corona epidemic, the security aspect, and addressing the economic crisis." 

Al-Saffar stressed that "after the decline in oil prices in global markets, the state is currently moving to collect funds to cover salaries and basic necessities, including the ration card, medicines, and others," noting that "the emergency cell for financial reform formed by the Prime Minister began to prepare the Federal Budget Law for the current year."

The committee’s rapporteur stated that “the general budget will depend on two prices for the sale of oil, the first is fixed to cover salaries and the operational budget, the second is a variable that depends on the high price of oil and in the event that the financial abundance is achieved it will go towards investment aspects,” calling on the government to pay attention and focus on the operational aspects in preparing Budget for the remainder. "

Meanwhile, member of the committee, Hanin al-Qaddo, said, "Parliamentary finance does not have any details about the draft budget law that the government began preparing in the hope of sending it to parliament in the coming days," noting that "there is an expected meeting that will bring members of the parliamentary financial committee with a minister Finance to discuss the economic crisis and the draft budget. "

Al-Qudo continued that "the delay in the legislation of the general budget law until the end of May may push to cancel the approval of this law in Parliament and the approval of monthly accounts or budgets with the elimination of unnecessary expenses," noting that "these measures are sufficient to secure the employees’ salary. "

And that "monthly budgets mean spending 1/12 of last year's budget 2019 until the end of the current fiscal year, and therefore do not require voting on it in the House of Representatives, it will be among the powers of the government."

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[DinarThug]

Al-Rasheed Bank resumes work in two branches in Baghdad after confirming that its employees are free from Corona

 

Corona News 05/20/2020 15:45 176     

Baghdad today - Baghdad 

Al-Rasheed Bank announced, on Wednesday, the resumption of work in the Al-Habibiya and Al-Rafidain branches, after the results of the examination appeared negative. 

The bank’s flags stated in a statement that the latter “announced directly the two branches of Al-Rafidain and Al-Habibiya neighborhood to work and receive customers as of tomorrow, Thursday.” 

He explained, "This is because the results of the tests for the branch manager are negative and the two branches are not free of the Corona epidemic." 

The General Administration of Al-Rashid Bank announced the closure of the Al-Habibi and Al-Rafidain branches, to ensure the results and the safety of employees.

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[DinarThug]

The central bank announces the direct launch of a grant affected by the curfew

 

Localities 05/20/2020 20:07 304    

Baghdad today - Baghdad 
 

The Central Bank of Iraq announced, on Wednesday, the launch of a grant affected by the health curfew imposed in April due to the Corona crisis.

The Central said in a statement, "According to the decision of the Council of Ministers and in coordination with the Ministry of Planning and the Ministry of Labor and Social Affairs, and after completing the preparation of the database for the beneficiaries of the grant allocated to those affected by the Corona virus, the CBI announces the direct launch of these grants through electronic payment companies for Mobile phone path. "

He added, "The mobile phone companies have started opening the portfolios for citizens covered by the emergency grant to be disbursed by depositing them directly in those portfolios, where the exchange will be made from the outlets of those companies spread throughout the country, and the recipient of the grant will not bear any costs of depositing or withdrawing the amounts allocated to him. ". 

On Wednesday (20 May 2020), the Minister of Labor and Social Affairs, Adel Al-Rikabi, announced the launch of the emergency grant for those affected by the curfew measures today.

Al-Rikabi said in a statement, "The launch of the grant will be in the form of meals to reduce overcrowding at distribution outlets in order to preserve the health of citizens in accordance with the conditions of the Supreme Committee for Health and Safety."

He added that "those covered will receive text messages via the phone numbers that they included in the application form, and an electronic page will be organized on the same site as the previous application during the coming days to inquire about those whose names did not appear," noting that "the number of those covered by the grant amounted to (11583731) beneficiaries."

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[DinarThug]

Parliamentary Communications Committee: A judicial decision will return huge sums to the state from the telecom companies

Politics, security and economy

4 hours ago

 

 

The Parliamentary Communications and Media Committee announced that very large sums will be returned to the state treasury from the debts of mobile phone companies after the committee received a letter from the Supreme Judicial Council regarding the debts of those companies.

The head of the committee, Naeem Al-Aboudi, told the official news agency and its follower Al-Mirbad, "His committee received a letter from the Supreme Judicial Council in which he confirmed that the decisions of the Appeal Board in the Media and Communications Authority are binding, while the Council considered that the decisions taken in the courts of discrimination of the Kurdistan Region regarding the debts of telecommunications companies are not valuable." to her".

He explained that "there are huge sums that will return to the treasury of Iraq, which is from the debts of these companies," benefiting that "this matter will be implemented very soon."

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