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In Light Of The Indicators Of Deflation And Increasing Unemployment Rates ... "The Specter Of Poverty" Is Chasing Iraqis And Economic Measures To Overcome The Crisis !


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CNN. Broadcasting That "there is a tendency in the cabinet to issue a decision to change the exchange rate of the dollar."!


 

In light of the indicators of deflation and increasing unemployment rates ... "the specter of poverty" is chasing Iraqis and economic measures to overcome the crisis


May 20, 2020 8:51 PM Author: alzawraapaper

 

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Baghdad / Pursuing Zora:


The pessimistic expectations regarding the economic situation in Iraq continue, in light of the expansion of the Corona virus and its implications for oil prices globally, which led to expectations of the economy shrinking and increasing rates of poverty in large proportions, because of the near-total dependence on oil as a basis for the general budget.

On the other hand, the United Nations representative in Baghdad, Jenin Henness Blackshart, expected during her last briefing, "the Iraqi economy will shrink by 9.7 percent, with poverty rates rising to about 40 percent in 2020, in addition to expectations of a decrease in economic opportunities."

There is talk in the economic and political circles of a number of measures that the Iraqi government must take to bypass the nation, by selling treasury bonds, borrowing, and raising the dollar exchange rates, as well as the possibility of reducing employee salaries.

While parliamentary sources told "Independent Arabia" that "there is a tendency in the cabinet to issue a decision to change the exchange rate of the dollar."

The sources indicated that "this procedure may take place gradually, but it has not yet lived up to the decision level." Noting that «the purpose of this measure is to raise the price of the dollar against the Iraqi dinar to address the crisis of low cash and reduce the budget deficit».

According to the Parliamentary Finance Committee, Iraq’s oil imports amounted to about $ 5 billion in February, but it started to decline from March (March), when it reached about $ 2.9 billion. In April, it recorded 1.2 billion. Dollars.

Perhaps the continued decline in oil prices, places the Al-Kazemi government facing a major challenge to provide cash and pay the dues of state employees, as well as to address the crisis of poverty and unemployment.

On the other hand, Ahmed Hama Rashid, a member of the Finance Committee in the Iraqi parliament, said: 

“We have no data yet regarding increasing poverty rates, but it is certain that the economic crisis the country is going through has increased its rates.”

He added, "Overcoming the financial crisis is very difficult because the public debt has increased greatly, and we pay annually about 16 trillion dinars (about 13.33 billion dollars) of interest and debt installments, and this is considered a complete state budget."

And on the procedures for overcoming the financial crisis, Rashid revealed that "the government sent the first bill for internal and external borrowing, by selling treasury bonds," stressing that "the project reached the Finance Committee as a draft, and in the first session of Parliament it will read the first reading."

He added that «the salaries of the employees for this month will be delayed due to lack of cash, and, according to my information, the Ministry of Finance has indicated that it has no financing.»

For his part, Abd al-Zahra al-Hindawi, a spokesman for the Ministry of Planning, said: "Poverty indicators, according to our readings and expectations, have witnessed an increase during the past two months and the ministry is preparing a study on this matter," noting that "estimates are preliminary indicators that poverty rates may exceed 30 percent." .

He explained, "This is called transient poverty, and it is an emergency that touches the near-poverty line, and they are the workers whose work stopped due to the current crisis and were directly affected." As soon as life returns to normal and they return to practice their work, the problem ends.

And on the option of offering treasury bonds to provide external and internal debt, Jabr pointed out that "it is necessary to borrow to overcome the financial crisis, and internal borrowing is better than the external because its terms are easy and set by the state."

He explained that "internal borrowing will not reach its goals, because the public and non-bank financial institutions will not lend to the state, and this will push for external borrowing, which is tiring and with unfair terms that bear the burdens of future generations." However, we have a financial burden of approximately $ 79 billion, and interest and installments due.

He continued, "Nobody lends to Iraq in light of the current economic indicators, and the International Monetary Fund must interfere by providing guarantees to creditors in exchange for Iraq achieving the conditions of the fund that may increase poverty rates."

Iraq faces major difficulties in facing the financial crisis it is going through, with the increasing fears of large classes in Iraqi society that this decline may increase with the continued decline in oil prices.

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Report .. The future of the Iraqi economy between the ebb and flow of global markets


Posted 33 minutes ago
 
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News source / Alsumaria channel
 
 

In the beginning of 2020, after the failure of the meeting of the "OPEC" and with it non-OPEC countries in agreeing to reduce production to control prices due to the lack of approval by the Russian Federation of the reduction, in light of that, the Kingdom of Saudi Arabia put an increase in the quantities of exported oil, and the Russian Federation responded On the other hand, the reduction in oil prices, which led to a sharp decline in oil prices and affected the countries that depend mainly on oil in their economy, especially Iraq, as it determined the state budget for the state based on a fixed price of oil higher than the prices that prevailed after the decline and being a member of OPEC For n I.
 

This deterioration did not stop there, according to a research report on the details of the Iraqi economy, but the Corona virus pandemic had a significant impact on another decline due to a lack of oil demand in the market and a huge increase in supply, which exposed Iraq to another setback, and to become between the hammer and the anvil, In the United States, for example, and as a result of the previous reasons, and because a large proportion of the industry, transportation, and many sectors that depend on oil and its derivatives stopped due to the conditions resulting from the Corona pandemic, American futures prices collapsed to below zero in a scene that did not pass on the US futures market for a long time. Very him.

Speaking in a report examining the details of the Iraqi economy under the fast changes taking place in global oil markets, and in light of the spread of the Corona pandemic that forced the oil-dependent sectors to stop, the former Prime Minister’s advisor replied, Mazhar Saleh, saying, “The world is witnessing a dangerous fluctuation in oil prices today. Globalization and a significant decrease in its prices, as this huge decline caused huge losses to the Iraqi economy, and opened the door to the need to find viable alternatives that contribute to the sustainability of the Iraqi economy stands by the side of oil, with the imperative to diversify the sources of income in the Iraqi economy.

And Dr. added: "Iraq depends on crude oil, which is the main resource for the state budget. As for the rise in investing Iraqi gas locally and building various industries on it, it can contribute to solving the problem of unemployment and creating job opportunities that can attract significant numbers from the youth category, in addition to what can be exported of this gas and the products of the industry that derive from it.

In a related development, Mustafa Abdel-Hussein, an energy expert and former consultant at the International Energy Agency, explained, “I would like to focus here, despite the fact that Iraq is an important oil country in global markets, that few of us do not know that Iraq’s gas reserves exceed 115 trillion. A cubic meter, where the gas associated with oil production constitutes 70 percent of it, and the rest represents free gas and dome gas stocks, and this gas stock can be invested urgently and rely on, especially as it is spread in many Iraqi provinces, and the processes of developing gas fields can be accelerated while continuing to explore Non-safe areas As a result, all of this is in addition to accelerating projects that aim to eliminate gas flaring. ”

Today, Iraq is witnessing a wide movement towards activating the investment role in the Iraqi governorates in general and those rich in oil and gas in particular, despite the difficulties and restrictions imposed on investors, while Aref Muhammad Rafeeq Aref, the regional director of the Crescent Petroleum Company, stated in his talk about the investment saying, “The gas In Iraq, one of the important natural resources that it is necessary to invest urgently and it is necessary to open new horizons for that goal while enhancing the investment vision in this sector. The investment environment is still very weak in legal and procedural terms. The investor suffers from enormous restrictions and many obstacles that contribute to obstructing his efforts inside Iraq and in this particular sector. Here I must note that improving the investment environment leads to the advancement of gas-related industries, which can provide economic opportunities for Iraq To diversify the sources of income as it contributes to absorbing the problem of unemployment by providing job opportunities for the Iraqi manpower in those industries.

In the context of the local efforts exerted by the Iraqi competencies in strengthening the frameworks of industry and supporting them, Ahmed Ali Shanshoul, a professor at Basra University, explained, “The energy-and-gas-related industry has an essential role in promoting Iraq's economic future and opening new doors in diversifying sources of income, whether they are Petrochemicals, plastics, or mineral and construction industries, especially if we know that there are many raw materials and minerals in Iraq, such as glass sand, clay ceramics, iron, phosphates, sulfur and aluminum ores, and these are enormous economic fortunes that must be invested in order Be part of the overall composition of Iraqi income, which contributes to reducing Iraq’s dependence on oil and enhancing the role of the industrial sector in Iraq.

Iraq has a proven gas reserve estimated at approximately 120 trillion cubic feet, to place it in the fifth Arab position and the eleventh globally, i.e. up to 1.9% of the global stock, but the number that can be expected is greater than that and may reach 280 trillion cubic feet, which qualifies it to occupy the fifth place Globally, with the increase in oil production, about 70% of natural gas comes with oil, especially in the southern oil-rich fields, while non-associated gas (free) is concentrated mostly in western and northern Iraq. Iraq also contributes to exporting crude oil to Turkey, India and China.

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The US Secretary of Energy calls Prime Minister Mustafa Al-Kazemi

2020.05.21 - 18:53

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People - Baghdad  
 

Prime Minister Mustafa Al-Kazemi discussed Thursday, with the US Secretary of Energy, Dan Brolett, the joint cooperation between the two countries, especially in the field of associated gas investment .  

The Prime Minister’s Office stated, in a statement, “People” received a copy of it, (May 21, 2020), that “the Prime Minister, Mr. Mustafa Al-Kazemi, received a phone call from the US Secretary of Energy, Mr. Dan Brolett, in which he congratulated him on assuming the premiership, expressing On his aspiration to strengthen economic relations between the two countries, especially in the field of energy.  

In turn, Al-Kazimi thanked the "US Secretary of Energy for congratulations," stressing "the importance of cooperation in the energy field between the two countries, especially with the government's desire to attract American investments in the energy field, and overcoming difficulties before it, especially in the field of associated gas investment."  

The parties stressed, according to the statement, "the need for coordination between producers and consumers globally in order to maintain the stability of the energy market in coordination with the relevant international institutions."  

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Al-Kazemi to the Minister of Energy: The government is willing to attract American investments and market stability

Al-Kazemi to the Minister of Energy: The government is willing to attract American investments and market stability
 

05/21/2020 18:46:33

 
Prime Minister Mustafa Al-Kazemi received a phone call from the US Secretary of Energy Dan Brolett, congratulating him on assuming the presidency of the government, expressing his aspiration to strengthen economic relations between the two countries, especially in the field of energy.
 

For his part, Al-Kazemi thanked the US Secretary of Energy for the congratulations, and according to a statement of his office, Al-Furat News received a copy of it "on the importance of cooperation in the energy field between the two countries, especially with the government's desire to attract American investments in the energy field, and to overcome difficulties before it, especially In the field of associated gas investment."

The two parties also stressed "the need for coordination between producers and consumers globally in order to maintain the stability of the energy market in coordination with relevant international institutions."

 

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Al-Kazemi informs the US Secretary of Energy of the government's desire to attract American investments  
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Parliamentary finance expects 2020 to go without budget and calls for 2021 budget lines


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18:06 - 05/21/2020

 

On Thursday, the Parliamentary Finance Committee expected the end of 2020 without a budget, while the government called for setting the guidelines for the 2021 budget.

Member of the Finance Committee Haneen Al-Qaddou said to "Information" that "the committee asked the government to send the 2020 budget after Eid for the purpose of discussing and voting on it."

He added that "in the event that it is delayed after the Eid, 2020 will pass without a budget," noting that "it is possible that the government will complete its year with the 1: 12 exchange budget."

He explained that "the government is required to start procedures and lay down the general lines of the 2021 budget to not repeat the scenario and error in 2020 and find solutions to the operational budget in light of the low oil prices." 

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In numbers: the actual financial accounts for 2019 ... this is what entered Iraq and what was spent


2020-05-21
 
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Yassin Iraq: Baghdad
 

Today, Thursday, oil and economist Nabil Al-Marsoumi published what he said were the actual financial accounts in Iraq during 2019.

And between the decree in a blog monitored by "Yassin Iraq", that "the actual financial accounts for Iraq in 2019 were oil revenues = 99.490 trillion dinars, while non-oil revenues = 8.076 trillion dinars, and thus the total public revenue = 107.566 trillion dinars."

He pointed out that "employee salaries = 40.633 trillion dinars, social welfare = 19.696 trillion dinars, grants, subsidies and debt service = 16.364 trillion dinars."

And that "current expenditures = 87.300 trillion dinars, and investment expenditures = 24.422 trillion dinars, and thus the total of public expenditures = 111.722 trillion dinars, and the real deficit = 4.156 trillion dinars."

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Al-Kazemi: The government is working to save an economic situation that Iraq has not seen in its history 

 
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17:33 - 05/21/2020

 

Prime Minister Mustafa Al-Kazemi confirmed Thursday that the government is working to save an economic situation that Iraq has not seen in its history.

Al-Kazemi said, in a statement received / information / on the sidelines of presiding over the first meeting of the Supreme Commission for Coordination between the governorates that “the time to work and face difficult challenges and not time to talk, and this government is a reaction to a popular movement and faces serious challenges and has clear and specific goals.”

He added, "The government has a set of goals, the foremost of which is saving the economic situation that Iraq has never seen in its history, and we are trying to find difficult solutions that are not reflected on the citizens."

He explained, "The other goal is to reach early, fair and fair elections, along with the health challenge and the Corona pandemic," calling on the governors to "work together to meet the challenges and focus efforts on the electricity, water and meaningful investments sectors." 

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Iraq faces a "most dangerous" decline in GDP, and the "specter" of poverty and unemployment dominate the scene


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20th May, 2020

 

The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, revealed this evening, Wednesday, that Iraq faces a "most serious" decline in GDP growth due to the Corona epidemic

Saleh said in a statement to the American "Al-Hurra" website that "there is almost absolute dependence on oil revenues in annual budgets, whose ceilings and fixed obligations increase annually without the slightest hedging of fluctuations or risks of the oil market and oil prices

He warned that "the Corona epidemic added a significant negative dimension in the GDP growth for the year 2020, which almost touches a negative 9%, which is the most dangerous because it exacerbates the problems of unemployment and poverty at the same time

Exhausted budget

Each year, Iraq is adding more burden to the budget by adding thousands of employees to a "military" of salary recipients from the state, and most of these employees do daily work for only a few hours

According to the statistics, the actual average working time of Iraqi employees is less than one hour, while it is assumed to be seven to eight hours per day

The number of Iraqi employees exceeded four and a half million, which raises the ceiling of the state’s operating budget to times its investment budget or that devoted to development and infrastructure, and there are added numbers of retirees and recipients of social care salaries

Saleh stressed that "there is a runoff in operating expenses and waste without collecting any revenue corresponding to the budget, as non-oil revenues remained from taxes and fees that do not constitute until today less than 10% of the total actual revenues of the annual budgets

He called for the "establishment of the budget stabilization fund to support the budget, its expenditures and fixed obligations for a full fiscal year in the absence of oil and the deterioration of its prices

But the investment sector in Iraq is severely faltered, according to Saleh, who says that العراق “Iraq invests more than $ 12 billion annually in the electricity sector, but electricity losses have remained equal to 60% of energy production, and revenue from collection does not exceed $ 500 million

And Iraq, the source of the oil, imports oil derivatives at more than 3-4 billion dollars annually, due to the failure to use about 50% of its refining capacity, according to Saleh, who says that there is also a "similar amount" of importing gas from outside Iraq to run power stations Or import electricity in exchange for burning the associated gas

Iraq imports gas and electricity from Iran, in light of an American exception to Baghdad from the economic sanctions imposed on Tehran

Saleh says that "there is no escape from a strong reform policy that targets waste and corruption and deals with reality to redraw the country's economic future and rid it of the dilemma of economic and financial decline at the same time

Reform" just a fantasy"

But this may be difficult, especially since "previous governments have not worked to build a strong investment system that supports the Iraqi economy for years to come," according to Iraqi economist Manar al-Obeidi

Al-Ubaidi says, "All talk about the possibility of raising non-oil imports is just a fantasy that cannot be achieved overnight. Control of the border outlets requires a lot of effort and time and activation of the tax system needs to develop operating systems. I do not expect the possibility of raising imports from these two parts during this The year

According to al-Ubaidi, the only hope for Iraq is the high price of a barrel of oil to exceed ‌ 45 dollars a barrel, so that the government can "walk at the lowest expenses

Iraq has faced during the past years a significant increase in government expenditures by increasing staff and increasing the salary scale in an illicit way, and that "the absence of a strict monitoring system has contributed to the consumption of a large part of Iraq's revenues in corruption cases," and also, the "war on terrorism" It consumed a lot of the money," says Al-Ubaidi

And with the advisor to the Prime Minister saying, "Al-Kazemi started his reform program by adopting two tracks. The first is to re-examine the expenditures and the structure of government expenditures, and the second is to maximize resources whenever possible and revitalize the role of the private sector in investment and production without" bureaucratic restrictions that have remained mostly corrupt

Al-Obaidi expert expected a darker future in the event that oil prices continue to fall, or if they do not rise to the safe levels, the government is expected to "stop the salaries of the self-financing entities and stop supporting those agencies, and reduce the additional incentives for some government departments, especially The Ministries of Interior and Defense because they represent the largest group of employees," stressing that the government will try to" sell sovereign bonds with high interest rates in order to obtain the cash needed to finance salaries

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An American report talks about the treasury of Al-Kazemi's semi-empty government ... Where did billions go and what to do?


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Al-Araji: Al-Kazemi must review the auction of the currency

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21st May, 2020
 

The former Deputy Prime Minister, Bahaa Al-Araji, confirmed today, Thursday, the review of the currency sale auction in the event that the new Prime Minister, Mustafa Al-Kazemi, wants to reform the economic situation

Al-Araji tweeted on his Twitter account and followed him, “Gilgamesh Press,” saying, “If Al-Kazemi wants economic and financial reform, he must start by structuring governmental banks and companies of the Ministry of Industry that have become a burden on the national economy, as well as increasing the capital of private banks to be in front of real banks, not financial brokerage stores, With a review of the auction sale of the currency to limit its smuggling

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Al-Araji Al-Kazemi: Government banks and companies of the Ministry of Industry have become a burden on the national economy


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21st May, 2020
 
 

Former Deputy Prime Minister, Bahaa Al-Araji, called on Prime Minister Mustafa Al-Kazemi to start restructuring government banks and companies of the Ministry of Industry that have become a burden on the national economy.


Al-Araji said in a tweet on "Twitter" that "if Al-Kazemi wants economic and financial reform, he should start by structuring governmental banks and companies of the Ministry of Industry that have become a burden on the national economy."

He added, "Also, the increase in the capital of private banks to be in front of real banks, not shops and financial brokerage, with a review of the auction of currency sales to limit its smuggling."

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5 hours ago, Mary B said:

Parliamentary planning reveals new doors for budget financing, most notably the China Agreement

05/21/2020


 

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Parliamentary planning reveals new sections of budget financing, most notably the China Agreement


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16:03 - 05/21/2020

 

The Parliamentary Planning Committee revealed, Thursday, new doors to finance the federal budget bill for 2020 and to keep away from oil.

Committee member Mohamed Karim said in a statement to "Information", that "the government will adopt other chapters to fund the budget without relying entirely on oil", pointing out that "taxes and border funds and communication companies are the most prominent of those doors."

He added that "it is possible to withdraw the money that was disbursed according to the Iraqi-Chinese fund during the Chinese agreement to benefit from it in completing the important projects," noting that "the government will resort to internal borrowing to fill the expected deficit and may not need external borrowing."

Masoud Haidar, a member of the Finance Committee in the previous parliament, described today, Thursday, the approved solutions to tackle the financial crisis by "patchwork", and while he warned that the Iraqi economic situation will reach the point of collapse even after a while, he stressed that waiting for the high oil prices will lead us to the deadly.

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The Iraqi government sends a delegation to Saudi Arabia

 

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21st May, 2020
 


The Iraqi government announced on Thursday that it had sent a delegation headed by Finance Minister Ali Allawi to Saudi Arabia.

The government said in an official statement today, "Allawi is heading to the Kingdom of Saudi Arabia as an envoy of the Prime Minister to discuss bilateral relations and economic conditions in the region and encourage investment."

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Al-Kazemi sends an envoy to Saudi Arabia  

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A first step to sign a “full agreement” between Baghdad and Erbil and a source revealing the details

 

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Policy 05/21 2020 13:43 213 Editor: ha    


Baghdad album - private 

 

Member of the Kurdistan Regional Parliament Sirwan Hassan revealed, on Thursday (May 21, 2020), that the negotiations of the governments of Baghdad and Erbil have reached advanced stages during the recent dialogues, while a source indicated that Al-Kazemi agreed to send 370 billion dinars as a `` first step '' to sign the full agreement .

Hassan said, in an interview with (Baghdad Today), that "the negotiations with the federal government have reached advanced stages and there is a promise from Prime Minister Mustafa Al-Kazemi to send the salaries of the region's employees, without specifying a date for sending it until the moment." 

He added, "The Kurdistan government, headed by Prime Minister Masroor Barzani, has continuous lines of communication with Al-Kazemi and has repeatedly stressed its readiness to implement all conditions, including the delivery of oil and non-oil revenues, provided that it continues to send financial dues and not subject it to political differences."

For his part, revealed a source familiar with the territorial government, "The amount that will be sent is 370 billion dinars, which is allocated for the salaries of the month of April only, which was cut by the General Secretariat of the Council of Ministers in the previous government."

And the source stated in his interview with (Baghdad Today) that "these amounts are for one month and it is a first step before signing the full agreement to hand over all the returns, after which the transmission will be done on a monthly basis." 

He pointed out that "these salaries include only the employees of the region without the Peshmerga, and that Baghdad has requested a pledge from the Kurdistan government to hand it over to employees on fixed dates without delay." 

And Kurdish media reported yesterday that the head of the central government, Mustafa Al-Kazemi, decided to send 400 billion dinars of financial dues to the region's employees for the month of April, which was cut during the caretaker government headed by Adel Abdul-Mahdi.

In the meantime, the capital Baghdad witnessed during the past days and months, the presence of Kurdish delegations to meet officials and discuss the agreement on the delivery of Kurdistan oil in exchange for sending salaries.

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The World Bank to the Ministry of Planning: ready to help Iraq quickly

2020.05.21 - 16:31


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Baghdad - people   
 

On Thursday, Minister of Planning Khaled Battal Al-Najm received the World Bank mission, and discussed with them ways to enhance national efforts to confront the Corona virus pandemic and the financial crisis.  

A statement of the ministry, "People" received a copy of it (May 21, 2020) that "the Minister of Planning received the resident representative of the World Bank in Iraq Ramzi Noman and his accompanying delegation, and they discussed a number of issues of common concern, ways of enhancing national efforts to confront the emerging coronary virus pandemic, and ways The guarantor of addressing the effects of the current financial crisis that Iraq is going through, due to the drop in oil prices. "  

Battal valued, according to the statement, "the level of support provided by the World Bank mission to the efforts of the Iraqi government," calling for "a review of the structure of support provided to Iraq in accordance with the priorities of the current health and economic conditions."  

He explained that "measures adopted by the Ministry to mitigate these consequences at the immediate and medium levels, and to present a reform plan to address the future repercussions that the crisis will exert,represented by the high rates of poverty and unemployment, as a result of the economic downturn, the decline in growth rates, and the decline in gross domestic product."  

For his part, Ramzi Noman expressed "the mission's readiness to provide all kinds of rapid and possible support that Iraq needs to face the current conditions", praising at the same time, "the measures taken by the Ministry of Planning to face the repercussions of the crisis and contribute to protecting fragile segments of society, and the perpetuation of the wheel of life ".  

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The financial benefit of Islamic banks ... Saddam Abbas


2020-05-21
 
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Saddam Abbas wrote:

 

Are there banks that do not deal with interest or usurious transactions as Islamic Sharia calls them?

The entire global financial system is built on interest rate, which is the primary driver behind all financial activities without exception, as the cost / return of capital that represents one of the factors of production.

However: There are Islamic financial products that take into consideration the legal aspects of Islamic society.

These products are based on the mechanism of its work based on Islamic law, to spare its clients from the prohibition of trading or dealing with it, and it certainly has its users.

These products were developed in response to the need of Islamic societies, as well as the commercial motives practiced by banks for sure.

Its development and spread falls under a broad concept that has undergone great development in recent years, which is Islamic Finance - and it has become an important discipline taught in well-known universities.

Malaysia is the first Islamic country to develop and use these Islamic financial products.

These products are usually dealt with by Islamic banks, and recently, conventional non-Islamic banks started to deal with them (certainly for commercial reasons), which is good in any case.

Well-known examples in the markets: Islamic Sukuk in the Debt Market.

Quoted from: Iraqi economists

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Finance launches the salaries of employees through banks

 

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Localities 05/21 2020 12:49 2055     


Baghdad today - Baghdad 

 

An informed source said, on Thursday (May 21, 2020), that the Ministry of Finance will release the salaries of employees through banks. 

The source said in an interview with (Baghdad today), "The Finance Ministry directed the release of employees' salaries, through banks, before the Eid."

He explained, "The process of launching the salary payment was done through the release of funding for all ministries." 

A well-informed government source said yesterday, Wednesday, that Prime Minister Mustafa Al-Kazemi directed the continuous payment of employees' salaries on Friday and Saturday.

The source said, in an interview with (Baghdad Today), that "Prime Minister Mustafa Al-Kazemi directed the Ministry of Finance and all banks at all times on Friday and Saturday for the purpose of disbursing the employees salaries for the month of May." 

Prime Minister Mustafa Al-Kazemi issued a directive regarding employees ’salaries for the month of May.

And his media office said in a brief statement that "Prime Minister Mustafa Al-Kazemi directs the release of employees' salaries for the month of May without deduction."

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Member of Parliamentary Finance proposes solutions to mitigate the effects of falling oil prices and reveals the price of the Iraqi barrel

 

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Policy 05/21 2020 13:30 141 Editor: am    


Baghdad today - Baghdad 

 

Member of the Parliamentary Finance Committee, MP Ahmad Mazhar al-Jubouri, confirmed on Thursday (May 21, 2020), that Iraqi oil is sold at less than the global market price of 7 units, while revealing the net amount of the price of oil entering the treasury.

Al-Jubouri said in an interview with (Baghdad Today), "The fact that public opinion must be aware of Iraqi oil is that oil is sold at less than the global market price of 7 tigers due to impurities." 

He added, "The foreign companies involved in the extraction take 9 dollars per barrel, so if the current prices are 33 dollars per barrel, then the net that enters the treasury is 15 dollars, and more or slightly less." 

He pointed out that "the financial crisis in Iraq is not easy, but there are doors through which it can be mitigated, especially attention to the customs file, taxes and ports, which can, if dealt with according to decisive measures by addressing all the negatives, lead to providing financial liquidity that helps in pushing us To cross the crisis. " 

He pointed out that "Prime Minister Mustafa Al-Kazemi is approaching internal and external borrowing to bridge the large budget deficit", stressing that "the current crisis requires radical solutions to complex files related to the country's economy in general, and the revival of agriculture and industry and ending negatives in the outlets that can provide financial sums Big money. " 

Yesterday, Wednesday, the Parliamentary Finance Committee revealed the fate of the budget law for the current world, in light of the drop in oil prices and the financial crisis facing Iraq, while noting that the budget will be not expanded and will depend on the paragraphs included in the government program of Prime Minister Mustafa Al-Kazemi, which will be operational More 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. "

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Adviser to the Prime Minister: We have a problem securing the June salaries ... Our revenues are very weak

 

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Policy 05/21/2020 21:38 4655    


Baghdad today _ Baghdad  

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the existence of a supreme committee specialized in public financial engineering re-engineering in Iraq.

The official news agency quoted him as saying today, Thursday, that "the revenue collection for the month of May came less than 2 trillion dinars, while the actual need is more than five trillion dinars only to secure salaries except for the expenses of the other country," noting that "non-oil revenues are very few as It is about 100 billion dinars per month. "

Saleh added that "the government secured the salaries of this month through borrowing from the three government banks," noting that "there is a certain mechanism to secure salaries only."

He stressed that there is a big problem in how to secure the salaries for the month of June, especially since the oil revenues for the month of May are very weak, pointing out that "the work team that formed the finance is working to secure the salaries for the month of June." 

Saleh announced a financial reform that includes a review of high salaries and at the same time protecting small employees who receive few salaries with the possibility of raising them, taking into account that the sixth month salaries will be spent in accordance with the financial reform in addition to revenue, explaining that "the government is currently using a monthly financing budget Not allocation. "

Saleh disclosed that a higher committee for financial and economic reform works to properly re-engineer public financial engineering in Iraq and put it in new controls and standards.

And on the budget law, Saleh drew attention to the possibility of issuing the law after the month of July to cover a whole year while preparing for the budget for next year, indicating that the new appointees cover and their salaries if their administrative orders are legal.

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Al-Araji: Al-Kazemi must review the auction of the currency

21st May, 2020
 
The former Deputy Prime Minister, Bahaa Al-Araji, confirmed today, Thursday, the review of the currency sale auction in the event that the new Prime Minister, Mustafa Al-Kazemi, wants to reform the economic situation
 
Al-Araji tweeted on his Twitter account and followed him, “Gilgamesh Press,” saying, “If Al-Kazemi wants economic and financial reform, he must start by structuring governmental banks and companies of the Ministry of Industry that have become a burden on the national economy, as well as increasing the capital of private banks to be in front of real banks, not financial brokerage stores, With a review of the auction sale of the currency to limit its smuggling
 

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41 minutes ago, HowieC said:

Al-Araji: Al-Kazemi must review the auction of the currency

21st May, 2020


True Dat Howie ! ;) 

 

:D  :D  :D 

 

 

5 hours ago, DinarThug said:

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Al-Araji: Al-Kazemi must review the auction of the currency

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21st May, 2020
 

The former Deputy Prime Minister, Bahaa Al-Araji, confirmed today, Thursday, the review of the currency sale auction in the event that the new Prime Minister, Mustafa Al-Kazemi, wants to reform the economic situation

Al-Araji tweeted on his Twitter account and followed him, “Gilgamesh Press,” saying, “If Al-Kazemi wants economic and financial reform, he must start by structuring governmental banks and companies of the Ministry of Industry that have become a burden on the national economy, as well as increasing the capital of private banks to be in front of real banks, not financial brokerage stores, With a review of the auction sale of the currency to limit its smuggling

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Iraq .. Parliament's finance shows the possibility of ending the service of redundant employees with rewarding rewards

 

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Policy 05/21/2020 19:37 1050    


Baghdad today _ Baghdad  

 

Member of the Finance Committee in Parliament, MP Ahmad Al-Saffar, said on Thursday 21-5-2020, that a quarter of the Iraqi population receives salaries from the state, while stressing that the country is living in a unique case of job inflation for the countries of the world.

Ahmed Al-Saffar said, in an interview with (Baghdad Today), that "job inflation in Iraq is very large and cannot be reduced by a decision by parliament or the government, and it is the product of wrong economic policies for many years that transformed the economy from a product to rentier dependent on oil", indicating that "change The economy is a product that needs a five-year or ten-year plan. " 

Al-Saffar added, "The Parliamentary Finance Committee has a vision of many of the current problems in the country, including job inflation, but it is awaiting the arrival of the budget project, which should be a special project because it is a semi-annual budget in light of successive crises hitting the country, whether economic, health, security or even political." .

He continued, "The first solutions to Iraq’s economic crises, including job inflation with its negative repercussions, is the formation of an economic council that studies the country's economy file with all its axes, negatives and mistakes that accompanied it for years," stressing that "a quarter of the Iraqi population receives salaries and financial grants from the state from employees, retirees and social care And the rest of the segments, and this is unique in the world and puts great pressure on the state treasury, while the countries of the world pay large segments to the private sector in order to create flexibility in dealing with the economic file in general. "

A member of the Finance Committee in Parliament pointed out that "the state cannot abandon the surplus of its employees even if it paid them financial rewards, because in the end the rewards will end and create another crisis in how to provide job opportunities and help them," noting that "the matter needs solutions that contribute to providing alternatives and moving Real for the important sectors wheel, including agriculture, industry and the private sector in all its forms and addresses. "

In 2018, the World Bank announced that more than 600,000 employees working in public companies are redundant, while stressing the need for partnership between the public and private sectors to absorb this surplus.

She said, the representative of the World Bank, Yara Salem, in a research paper, which she presented during her participation in the third episode of a series of workshops organized in partnership between the Baghdad Economic Forum and the General Secretariat of the Council of Ministers today, that the World Bank stresses the importance of partnership between the private and public sector, noting that there are challenges Facing the role of public companies in the partnership between the public and private sectors.

And signals that the Iraqi economy is a central economy and public companies suffer from high production costs and a surplus in the workforce of more than 600,000 employees, about 60 percent of whom are surplus, in addition to unemployment, which is a major problem in Iraq.

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Tips for going towards gas investment

Friday 22 May 2020

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Baghdad / Al-Sabah 
 
 

The energy sector around the world is witnessing a swing in the prices of crude oil, supply and demand, confusing the reality of prices and making them descend to levels that negatively affected the reality of this sector in all producing countries, and in Iraq, experts advise the actual approach towards gas investments and the various wealth that Iraq possesses. 
Speaking of the reality of Iraq and its economic future in light of the rapid changes taking place in the global oil markets, and in light of the spread of the Corona pandemic that forced the oil-dependent sectors to stop, the former Prime Minister’s advisor, Dr. Mazhar Muhammad Salih, answered, saying: “The world is witnessing a swing today Serious in the world oil prices and a noticeable decrease in its prices, as this huge decline caused huge losses to the Iraqi economy, and opened the door to the necessity of finding viable alternatives that contribute to the sustainability of the Iraqi economy stands by the side of oil, with the imperative to diversify the sources of income in the Iraqi economy.

He added, "Iraq depends on crude oil, which constitutes the main resource for the state budget. As for the rise in investing Iraqi gas locally and building various industries on it, it can contribute to solving the problem of unemployment and creating job opportunities that can attract significant numbers of youth, as well as what can Exporting it from this gas and its products.
 
Invasive fields
In a related development, Mustafa Abdel-Hussein, an energy expert and former consultant at the International Energy Agency, explained: "I would like to focus here, although Iraq is an important oil country in the global markets, that few of us do not know that Iraq’s gas reserves exceed 115 trillion. Cubic meters, where the gas associated with oil production accounts for 70 percent of it, and the rest represents free gas and gas stocks 
The dome.
He stressed that "this gas stock can be urgently invested and relied upon, especially as it is spread in several governorates, and gas field development operations can be accelerated while continuing to explore unproductive areas, all of this in addition to accelerating projects that aim to get rid of gas flaring."
 
The investment role
Today, Iraq is witnessing a wide movement towards activating the investment role in the Iraqi governorates in general and those rich in oil and gas in particular, despite the difficulties and restrictions imposed on investors. 
Speaking about the investment, Regional Director of the Crescent Petroleum Company Arif Muhammad Rafik Arif said, "Gas in Iraq is an important natural resource that needs to be invested urgently and it is necessary to open new horizons for that goal while enhancing the investment vision in this. Sector. " 
He continued, "The investment environment is still weak in legal and procedural terms, and the investor suffers from enormous restrictions and many obstacles that contribute to obstructing his efforts inside Iraq and in this particular sector."
He noted that "improving the investment environment leads to the advancement of gas-related industries, which can provide economic opportunities for Iraq to diversify sources of income as it contributes to absorbing the problem of unemployment by providing job opportunities for the Iraqi manpower in those Industries. "
 
Sources of income
In the context of the local efforts exerted by the Iraqi competencies in strengthening the frameworks of industry and supporting it, Professor Ahmed Basra Shanshoul University stated, “The energy-and-gas-related industry has an important role in promoting Iraq's economic future and opening new doors in diversifying sources of income.”
And between it, "whether it is the petrochemical and plastic industry, or metallurgical and construction industries, especially if we know that there are many raw materials and minerals in the land of Iraq, such as glass sand, ceramic clays, iron, phosphates, sulfur and aluminum ores, which are enormous economic fortunes that must be invested to be part of The total composition of Iraqi income, which contributes to reducing Iraq’s dependence on oil and enhancing the role of the industrial sector in the country.
It is reported that Iraq possesses 9 percent of the world's reserves of phosphates, and Iraq ranks second in the world, after Morocco. 
Iraq also possesses a stockpile of mining sulfur amounting to 600 million tons in the Al-Mishraq area, south of Mosul, to which 40 million tons are added in the Al-Fatthah region (Baiji).
It is worth noting that Iraq has a confirmed gas reserve estimated at approximately 120 trillion cubic feet, to place it in the fifth Arab position and the eleventh globally, i.e. up to 1.9 percent of the global stock.

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Microfinance addresses chronic economic problems

Friday 22 May 2020


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Baghdad / Hussein Thugb
 
 

The collar to escape the impact of the economic problems is represented by the total solutions that represent recipes for the treatment of diseases that afflict the joints of the Iraqi economy. 

In Iraq, for more than 16 years, the Iraqi Microfinance Network has been able to provide loans in excess of $ 3 billion through the circulation of capital amounting to $ 97 million over the period in question. 

The president of the network, Ahmed Al-Sarifi, stressed that "microfinance is an important hub to tackle unemployment and provide stable job opportunities, as it creates a permanent job for the project owner that can be expanded through the frequent funding provided by the network for projects that record success that is indicated by the follow-up teams within the network."
 
Local market
Al-Sureifi pointed out that "many projects were granted more than one loan, as the department expanded its work and projects that exist and provide job opportunities for a number of young people, and provides the local market with the materials it makes in various professions, even though it started with a final loan. 
Filigree. "
He pointed out that "the capital of the network is 97 billion dollars, and through the loans and the great response by the project owners, the borrowers managed to exceed the total loans that targeted the citizens of the 3 billion dollar barrier over the period from 2004 to now."
 
Banking culture
Al-Suraifi said, "The network has managed to provide loans to 978,596 people who are owners of small and micro projects, and has created job opportunities for a wide segment of young people. More than 15 million banking movements have been deposited and deposited, and this is a positive trend that has strengthened the citizen's relationship with banks and created a banking culture, especially 45 percent of the borrowers are women, have financial independence and have better dealings with the banking system. " 
He pointed out that "microfinance was launched from Bangladesh, and the unemployment rate in society was more than 44 percent, and during the year 2015 the ratio declined to 15 percent according to the statistics of the World Bank," noting that "the projects that are targeted for financing are commercial, service, craft, agricultural and educational projects, and all projects Those that achieve success are backed by additional loans in order to expand their business. " 
 
International experiences
Al-Suraifi called for the importance of benefiting from the experiences of Egypt and Sudan in this joint which has achieved great successes and as a support to their economy and managed to absorb large proportions of unemployment. Sudan, the Central Bank of Sudan obliged the banks to go 
With 15 percent of its credit portfolio towards microfinance companies, this created competition between banks and strengthened the financing capabilities of microfinance companies. ”

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