Economist: The oil companies grant the foreign expert 10 times the concessions granted to the local

[Mary B]

Economist: The oil companies grant the foreign expert 10 times the concessions granted to the local  

05/23/2020

 

  

 

 

Information / Baghdad.

On Saturday, the economist Bassem Antoine revealed the reason for the increase in the extractive cost of Iraqi oil compared to neighboring countries, noting that foreign companies give foreign experts 10 times what they give to the Iraqi expert, which increases the extractive value.

Antoine said in a statement to the "information" that "foreign oil companies took advantage of the weakness and problems of Iraq and granted great concessions to them and to foreign workers compared to the Iraqis."

He added that "the cost of Iraqi oil production exceeds all countries of the world because of giving companies 10 foreign experts what they give to the Iraqi worker with the same experience, competence and competence."

Antoine explained that "the weakness of the Iraqi negotiator in the past period has negatively affected many of the major economic and crucial files of the country." End / 25D

 

https://www.almaalomah.com/2020/05/23/475599/

[Mary B]

Government bank: departments that repeatedly violate this matter

05/23/2020

 

 

 

 

Baghdad - Mawazine News
, Al-Rafidain Bank announced, on Saturday, that there are a number of state departments that have a Master Card and pay their salaries manually, and this is in violation of the conditions and instructions.
The media office of the bank said in a statement received / Mawazine News / a copy of it, "There are a number of state departments that have a Master Card and pay their salaries manually and this is in violation of the conditions and instructions."
The bank called on these departments to "receive their salaries electronically and by means of a master card", noting that "the accounts of these departments must activate the master cards for their employees by addressing the bank's general administration and coordinating with that for the purpose of activation." Ended 29 / A 43

 

https://www.mawazin.net/Details.aspx?jimare=101704

[Mary B]

Integrity: foiling an attempt to smuggle 41 cars through the port of Umm Qasr

 

2020-05-23 

 

Today, Saturday, the Integrity Commission announced that it had thwarted an attempt to smuggle 41 cars at Umm Qasr Port.

The investigation department at the commission said that the team of the Investigation Authority of the Commission of Integrity in Basra "moved to the port of Umm Qasr after receiving news that there was an attempt to smuggle cars outside the port. It is allowed to enter them (2010, 2011, 2012 and 2013 models) in Umm Qasr Square Square (33).

 

The department added in a statement, Alsumaria News received a copy of it, that "a fundamental arrest record was organized for the operation, which was based on a judicial memorandum, the seizures were seized and deposited with the Border Ports Authority, until a judicial decision is issued on them."

 

https://www.alsumaria.tv/news/اقتصاد/346044/النزاهة-إحباط-محاولة-لتهريب-41-سيارة-عبر-ميناء-أم

[Mary B]

The Minister of Finance reveals details of reducing and deducting employee salaries

 05/23/2020

 

 

 

 

Baghdad - Mawazine News
, the Minister of Finance, Abdul Amir Muhammad Allawi, revealed on Saturday the details of reducing and deducting employee salaries.
Allawi said in a televised interview followed by Mawazine News, "The government will determine the priorities of the crushed and poor class and that any reduction in salaries will not include employees, or retirees at lower levels who receive a salary of 500 thousand dinars or less."
He added, "The rest of the other categories that consume half of the budget with high salaries will be covered by treatment and reduction. Those who are represented in the allocations of higher degrees will also be covered by the reduction."
Allawi pointed out that "the proximity category of the fifth degree we will try to reduce the damage to it by reducing the reduction or withdraw it saving and link it to health insurance or housing or health insurance." Ended 29 / p

 

https://www.mawazin.net/Details.aspx?jimare=101708

[Mary B]

Allawi delivers Al-Kazemi’s message to the Saudi Crown Prince .. This is what he discussed in Riyadh

• Today, 09:42

Iraq and Saudi Arabia held a discussion session that witnessed the delivery of Finance Minister Ali Abdul-Amir Allawi, a letter from Prime Minister Mustafa Al-Kazemi addressed to Crown Prince Mohammed bin Salman.
The Iraqi embassy in Riyadh stated in a statement, "The Minister of Finance and the Minister of Oil and Agency have arrived in Riyadh as an envoy of the Prime Minister, and he was received by Mohammed Abdullah Al-Jadaan, the Saudi Minister of Finance, and Majid bin Abdullah bin Othman Al-Qasabi, the Saudi Minister of Trade and head of the Saudi side in the Coordination Council." The Iraqi-Saudi, Abdul Rahman Al-Harbi, head of the General Authority for Foreign Trade, and the Iraqi ambassador to Saudi Arabia, Qahtan Taha Khalaf.
She added, "A discussion session was held between the two sides, during which a message was sent by Prime Minister Mustafa Al-Kazemi addressed to Crown Prince Mohammed bin Salman, and cooperation between the two countries and mechanisms for its activation were also reviewed."
She pointed out that "the Iraqi side stressed that the government is serious in developing bilateral relations with the Kingdom, and that there is an eagerness from the Prime Minister to activate cooperation in all fields between the two countries and at a faster pace to ensure the achievement of economic returns."
The embassy continued, "The two sides confirmed that the opening of the Arar crossing between the two countries is a key factor in achieving a breakthrough in the fields of economic and investment cooperation between the two countries."
 For his part, the Saudi finance and trade ministers affirmed, "The leadership of the Kingdom, represented by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, has a steadfast approach to developing relations in all fields with Iraq."
The two ministers expressed "the kingdom's readiness to open up to Iraq and open the horizon of economic, commercial and financial cooperation between the two countries," noting that "the Saudi private sector, with its capabilities, has the desire to enter the Iraqi market and invest in Iraq in a way that benefits both countries."
The statement pointed out that "it was agreed to continue holding the bilateral meetings with the aim of assessing the stages of cooperation and their development between the two countries."
He continued, "The Minister of Finance met with Saudi Energy Minister Abdulaziz bin Salman, as the two sides discussed oil cooperation between the two countries and the possibility of benefiting from Saudi goods, the global position of oil prices in light of the price drop due to the Corona pandemic, the importance of adhering to the OPEC + Russia agreement, and reducing production to ensure Striking a balance between supply and demand in the oil market and reaching fair prices for producers. "
The two sides stressed "the importance of continued positive communication between the two countries in unifying the oil policy to ensure market stability and encouraging the rest of the producing countries to commit to reducing production to ensure higher oil prices and to achieve stability in oil prices."
The embassy indicated that "Allawi met with Saudi Foreign Minister Faisal bin Farhan and a number of ministry officials, as the two sides affirmed the depth of fraternal relations between the two countries, and the Iraqi government's willingness to strengthen relations with the Kingdom and coordinate positions on Arab and international issues of common concern."
In turn, Farhan expressed "Saudi support for the government of Iraq and its efforts to overcome the plight of terrorism", expressing "the kingdom's readiness to support Iraq in all fields in a way that guarantees the return of security and economic prosperity."

 

https://glgamesh.com/140833--.html

[Mary B]

The Minister of Finance reveals the categories involved in reducing salaries

Saturday 23, May 2020 

Baghdad / Nina / Minister of Finance Ali Abdul Amir Allawi revealed the categories covered by salary cuts, specifying the deduction mechanism and ways to reduce it or withdraw it saving.

Allawi said in a televised meeting that "the government will determine the priorities of the crushed and poor class, and that any reduction in salaries will not include employees, or retirees at lower levels who receive a salary of 500 thousand dinars or less," noting that "the rest of the other groups that consume half the budget with high salaries will be Included in treatment and reduction. "

He added, “A waste represented in the allocations of the higher grades will be covered by the reduction.” Noting that “the fifth-degree proximity class, we will try to reduce the damage to it by reducing the reduction or withdraw it saving and link it to health or housing insurance or health insurance.”

He pointed out that "the method of drawing the budget is wrong and lacks the economic and realistic view and vision, which is a collection of numbers and every year new numbers are added to it," noting that "the budget problem is great because of salaries, allocations and state expenditures associated with legal benefits, as laws are legislated without taking their financial impact, Such as increasing salaries, increasing the social network, increasing benefits, or retirement and all these things are reflected in the budget. "

He continued, "We should not count on high oil prices, and resources and self-possibilities must be relied upon as a major axis of the economy," noting that "the government is now managing the budget based on the 2019 budget and divided into 12 months, and according to these numbers the gap is very large in light of Price drop. "

And Allawi said, "Iraq does not have safety valves like the ones in the Gulf, which drives the government to deal with international institutions such as the International Monetary Fund and the World Bank, but the IMF has a kind of immediate support based on technical measures, which may require months, while our financial problem Real-time processing requires very fast. "

He pointed out that "solutions exist despite the existence of a fundamental error in the structure of the economy of Iraq, this error is reflected on the budget as a whole," noting that "there are some institutions still sound like the central bank and the central bank reserves are 65 billion dollars, which is good, and in these circumstances Unusual requires concerted efforts, including institutions, in general must take a conservative stance against interference in the economic and financial affairs of the country.

Allawi stressed that "there is supposed to be a unified account for all the state's money, but there are pockets that are out of control with billions, and there are trillions of accounts for some ministries," noting that "the government does not want to fund salaries only, as there are state expenditures that must be taken into account such as External debt linked to schedules and has contractual implications, and other issues including necessary security purchases and others related to the ration card and other budget items, explaining that “the problem with operating budgets is the lack of resources with them.”

And he added, "The crisis started in March and April, so the surplus in the country was allocated to cover salaries, including retirees, for the fourth, fifth and sixth months, while keeping partial liquidity at the ministry representing a safety valve," adding that "any new government to start an ideal beginning must have liquidity Cash not less than ten trillion, but what was available at the beginning of the government’s takingover was only two and a half trillion ./ End 3

 

https://ninanews.com/Website/News/Details?Key=833442

[Mary B]

In a message to Masroor Barzani .. Baghdad suggests steps for a financial settlement

Saturday 23, May 2020 

Baghdad / Nina / The Minister of Finance, Ali Abdul-Amir Allawi, sent a message to the Prime Minister of the Kurdistan Region, Masroor Barzani, which included steps for a financial settlement between Baghdad and Erbil.

According to the document, the proposed steps include the payment of 400 billion dinars for the month of April by the ministry to the Kurdistan region, in addition to entering intensive meetings between representatives of the two governments for the purpose of agreeing to a final settlement within a period of not more than 30 days, and adopts the Federal Financial Management Law as a basis for it.

The Federal Financial Supervision Bureau, in coordination with the Federal Ministry of Finance and the Financial Supervision Bureau in the region, calculates and audits non-oil revenues for the region.

The document dated May 19 indicated that funding for the subsequent payments for the month of April takes place after the implementation of the agreement that will result from the meetings. / End 9

 

https://ninanews.com/Website/News/Details?key=833468

[Mary B]

The Zionists: The grace and cancellation of Iraqi diplomatic missions is more important than deductions from the salaries of simple employees

Saturday 23, May 2020 

Architecture / NINA / Former Member of Parliament Mohamed Saadoun Al-Sihoud asserted that the process of streamlining and canceling Iraqi diplomatic missions is more important than deductions from the salaries of simple employees.

The Chihuds said in a press statement today that: Prime Minister Mustafa Al-Kazemi and the Ministry of Foreign Affairs should reconsider the Iraqi diplomatic missions in a number of countries of the world, which are only an extra link and one of the gates of corruption that weighs the budget through the payment of imaginary salaries to ambassadors and embassy staff who are more From the number of Iraqi communities in some countries. "

He added: It is not possible for the government to open embassies to Iraq in countries with which we do not have any commercial exchange and free of Iraqi communities or their presence is scarce and spend large salaries, allocations and petty cash without reconsidering them while going towards deducting the salaries of simple and hard-working employees, calling for the necessity of declaring a massive revolution On corruption and spoilers. ”/ S. Ended

https://ninanews.com/Website/News/Details?key=833444

[Mary B]

The International Monetary Fund: the profitability of banks will face pressure even as the economy recovers

Saturday 23, May 2020 

Baghdad / Nina / The International Monetary Fund confirmed that the banking sector will remain under pressure until 2025, despite the economy recovering from the Corona pandemic.

The Monetary Fund said in the "Global Financial Stability Report" released today that banks in nine advanced economies will struggle to achieve profits over the next five years as Corona perpetuates the period of low interest rates.
Adding that the economic decline caused by the pandemic will test the flexibility of banks as they face loan losses and lower profit margins due to low interest rates.

"The pressures on bank profitability are likely to persist in the medium and long term, even when the global economy begins to recover from the current shock," the fund added.

Bank profits have already been hit hard by the economic fallout from the Coruna virus.

The report explained: "The challenges of bank profits appeared before Corona and will extend until at least 2025, beyond the direct effects of the current situation."

The report said that banks are better prepared for this economic shock thanks to the reserves that have been put in place since the global financial crisis. / End 8

https://ninanews.com/Website/News/Details?key=833449

[Mary B]

Ibn Salman receives a letter from Al-Kazemi

 Saturday 23 May 2020

Iraqi Finance Minister Ali Abdul Amir Allawi handed over a letter from Prime Minister Mustafa Al-Kazemi addressed to the Saudi Crown Prince Mohammed bin Salman.

 

The World - Iraq

The Iraqi embassy in Riyadh stated that the Minister of Finance and Minister of Oil Agency had arrived in Riyadh as an envoy of the Prime Minister, and he was received by Mohammed Abdullah Al-Jadaan, the Saudi Minister of Finance, and Majid bin Abdullah bin Othman Al-Qasabi, Saudi Minister of Trade and head of the Saudi side in the Iraqi-Saudi Coordination Council And Abdul Rahman Al-Harbi, head of the General Authority for Foreign Trade, and the Iraqi ambassador to Saudi Arabia, Qahtan Taha Khalaf.

The embassy added that a discussion session was held between the two sides during which a message was sent from Prime Minister Mustafa Al-Kazemi addressed to Crown Prince Mohammed bin Salman, and cooperation between the two countries and mechanisms for its activation were also reviewed.

She pointed out that the Iraqi side stressed that the government is serious in developing bilateral relations with the Kingdom, and that there is an eagerness from the Prime Minister to activate cooperation in all fields between the two countries at a faster pace to ensure the achievement of economic returns.

The embassy continued that the two sides confirmed that the opening of the Arar crossing between the two countries is a key factor in achieving a breakthrough in the fields of economic and investment cooperation between the two countries.

The Saudi finance and trade ministers expressed the kingdom's readiness to open up to Iraq and open the horizon of economic, commercial and financial cooperation between the two countries, noting that the Saudi private sector with its capabilities has the desire to enter the Iraqi market and invest in Iraq in a way that benefits both countries.

The embassy clarified that the Minister of Finance met with the Saudi Energy Minister Abdulaziz bin Salman and the Saudi Foreign Minister Faisal bin Farhan and discussed with them the development of oil cooperation between the two countries and the importance of continued positive communication between the two countries in unifying the oil policy to ensure market stability and coordinate positions in issues of common concern.

https://www.alalamtv.net/news/4946191/ابن-سلمان-يتسلم-رسالة-من-الكاظمي

[Mary B]

By document .. Baghdad addresses the region with four principles and proposes a final settlement

 Time: 05/23 2020 01:37:54

 

 

  

{Baghdad: Al Furat News} The Federal Ministry of Finance, President of the Kurdistan Regional Government, Masroor Barzani, addressed four principles for settling the financial situation between the federal government and the regional government.

According to a book directed by the Minister of Finance Ali Abdul Amir Allawi, to Barzani, {Al Furat News} obtained a copy of it “For the purpose of settling the financial situation between the federal government and the region’s government and for the purpose of implementing the Federal Financial Management Law No. 6 of 2019, we see the adoption of the principles listed below in preparation for their fundamental implementation ".

Included the proposed steps in accordance with the document "pay 400 billion Iraqi dinars for the month of April by the Ministry of the Kurdistan region, as well as entering intense between representatives of the two governments for the purpose of agreeing on a final settlement within a period not to meetings of more than 30 days, and based Administration Act Financial Federal basis.
As the The Federal Financial Supervision Bureau in coordination with the Federal Ministry of Finance and the Financial Supervision Bureau in the region to calculate and audit non-oil revenues for the region
The document dated May 19 indicated that funding for the subsequent payments for April is taking place after the implementation of the agreement that will result from the meetings.
Ammar Al-Masoudi

 

https://alforatnews.com/news/بالوثيقة-بغداد-تخاطب-الاقليم-بأربع-مبادئ-وتقترح-تسوية-نهائية

[Mary B]

Towards creating job opportunities - Haider Farouq Al-Samarrai

May 22, 2020

 

 

 

 

 

Towards creating job opportunities - Haider Farouq Al-Samarrai

I do not want to present a problem without a solution, but I will start from how to provide job opportunities, and here we must work according to the tools available for the country from technical, human and consumer capabilities. Here we start by proposing projects that can be established in a short period that does not exceed the year, while providing a guaranteed field for the disposal of these goods. We come here to The proposal to build four battery factories in four provinces that produce different types of batteries for cars, trucks, other means of transportation and even batteries for electronic devices. Even if we assume that there are approximately 4 million cars in Iraq of various types, each laboratory should produce one million batteries per year and if we set a margin Profit is $ 20 after meeting all production and extinction costs in machinery. In light of that, the net profit for one plant will be $ 20 million. If we assume that the employees ’salary will be below the level of $ 500, then each laboratory will provide approximately 4 thousand jobs and that the group of laboratories will provide approximately 16 thousand direct job opportunities and nearly 6A indirect job opportunity, and for the success of these laboratories, the government must impose an economic protection law on the importer of the same product, so that the customs will be 100 percent of the importer so that the local product can compete and rise.

 

https://www.azzaman.com/نحو-خلق-فرص-عمل-حيدر-فاروق-السامرائي/

[Mary B]

the minister of planning reveals the most prominent files discussed with a representative of the world bank

Author: Ahad7 On 5/23/23 

On Saturday, the Ministry of Planning revealed the most prominent files discussed with a representative of the World Bank.

Planning Minister Khaled Battal said in a statement that "the meeting with the representative of the World Bank did not address the new borrowing but rather was devoted to discuss activating development projects funded by the World Bank before the current financial and health crisis," noting that "the meeting also witnessed a discussion of the funds available by the bank International Iraq. ”

Battal added that "he also discussed with the representative of the World Bank some of the current problems between the bank and some sectoral ministries benefiting from the projects and how to solve them in light of the lack of approval of the budget law, which represents the legal cover for these projects."

 

https://alahadnews.net/66234/السياسية-2/

[Mary B]

 

kurdish deputy accuses the center of complacency with the region in solving the problem of non-oil revenues

Author: Ahad6 On 5/23/2020 

Al-Ahed News- Baghdad

Member of the House of Representatives for the Future Bloc, Sercot Shams al-Din, seriously questioned the governments of the center and the region in conducting the financial settlement between them, indicating that the two sides want the situation to remain unresolved during the next stage.

Shams al-Din said in a statement that the Minister of Finance, Dr. Ali Abdel Amir Allawi, wrote a letter to the Prime Minister of the Kurdistan Regional Government, Masroor Barzani, for the purpose of a financial settlement that came in the third paragraph of it: “The Federal Financial Supervision Bureau coordinates with the Federal Ministry of Finance and the Financial Supervision Bureau in the region to calculate revenue Non-oil and auditing of the region, ”noting that this paragraph will allow the region to continue prevarication and its refusal to hand over imports of airports and border ports to the center as it had done previously.

He added, that the work of these joint committees is known to everyone in advance, because their members will be managed by the ruling parties, and their agreements will be ink on paper only while what is going on behind the scenes is to allow the provincial government teenagers to control the fate and capabilities of the people, to end then with a problem between the two sides, the aggrieved The only ones are employees who are threatened with cutting their salaries.

Shams El Din demanded that the Finance Committee in the House of Representatives be included in these meetings and monitor the implementation of the agreement later to cut the road on the region’s government from continuing to fabricate problems with the center every time, and return non-oil revenues to the center to improve the financial and economic situation of the country in general instead of placing it in banks Global account for the provincial government inmates.

 

https://alahadnews.net/66240/العراق/السياسية/

[Mary B]

Iraq is discussing four files with the World Bank

 05/23/2020

 

 

 

Baghdad - Mawazine News The
Ministry of Planning revealed, on Saturday, the most prominent files discussed with the representative of the World Bank.
Planning Minister Khaled Battal said, according to the official news agency, that "the meeting with the representative of the World Bank did not address the new borrowing, but rather was devoted to discuss activating development projects funded by the World Bank before the current financial and health crisis," noting that "the meeting also witnessed a discussion of available funds By the World Bank, Iraq. "
Battal added that "he also discussed with the representative of the World Bank some of the current problems between the bank and some sectoral ministries benefiting from the projects and how to solve them in light of the non-approval of the budget law, which represents the legal cover for these projects." Ended 29 / A 43

 

https://www.mawazin.net/Details.aspx?jimare=101725

[Mary B]

High dollar exchange rates in the Iraqi market

2020-05-23 

 

The exchange rates of the dollar rose on the Kifah Stock Exchange and local markets, on Saturday, (May 23, 2020).

The prices of the Al-Kifah exchange were recorded - Baghdad123,200 dinars per 100 dollars.

Buying and selling prices in banking shops:

the selling price of the dollar = 123.750 dinars.

The purchase price of the dollar = 122.750 dinars.

 

https://www.alsumaria.tv/news/اقتصاد/346054/ارتفاع-أسعار-صرف-الدولار-في-السوق-العراقية

[Mary B]

Finance: Wrong budgeting method .. New numbers added every year

 05/23/2020

 

 

 

 

Baghdad - Mawazine News The
Ministry of Finance confirmed, on Saturday, that the budget method is wrong and lacks the economic and realistic view and vision, which is a collection of numbers and every year added new numbers.
Finance Minister Abdul-Amir Allawi said, "The way to draw the budget is wrong and lacks the economic and realistic view and vision, which is a collection of numbers and every year new numbers are added to it," noting that "the budget problem is great because of salaries, allocations and state expenditures associated with legal benefits, where laws are enacted Without taking its financial impact, such as increasing salaries, increasing the social network, increasing benefits, or retirement and all these things are reflected in the budget.
He added, "We should not count on high oil prices and depend on resources and self-possibilities as it is a major axis of the economy." He pointed out that "the government is now running the budget on the basis of the 2019 budget and divided into twelve months, and according to these numbers the gap is very large in light of the decline the prices".
And Allawi said that "Iraq does not have safety valves such as those in the Gulf, which drives the government to deal with international institutions such as the International Monetary Fund and the World Bank, but the IMF has a kind of immediate support based on technical measures, which may require months, while the financial problem we have requires Processing is very fast. "Ended 29 / p

https://www.mawazin.net/Details.aspx?jimare=101737

[Mary B]

Finance Minister tweeting: Agreement to activate the electrical connection between Iraq and Saudi Arabia and develop the energy market

 05/23/2020

 

 

 

 

 Baghdad - Mawazine News
, Finance Minister Ali Abdul Amir Allawi announced, on Saturday, an agreement with Saudi Energy Minister Abdul Aziz bin Salman to activate the electrical connection between Iraq and Saudi Arabia.
Allawi said in a tweet on Twitter: "During my meeting with Prince Abdulaziz bin Salman, it was agreed to activate the electrical connection between Iraq and Saudi Arabia."
He added, "It was also agreed to develop the energy market in addition to investment and participation in financing projects for the generation, transmission and distribution of electrical energy (renewable and conventional) in Iraq." Ended 29 / A 43

 

https://www.mawazin.net/Details.aspx?jimare=101751

[Mary B]

Parliamentary Finance: Preparing the 2021 budget should start two months from now

 

Saturday, May 23, 2020

 

Member of the Parliamentary Finance Committee, Hanin al-Qaddo, said: "The government should start preparing the budget of 2021 in July, which requires it to complete the 2020 budget as soon as possible, while denying that there are numerical estimates about the budget deficit.

" Al-Qaddo said in a press statement: " Legislation of the 2020 budget law needs to be speedy with achievement, as the government must start two months from today to discuss next year's budget.

”He added:“ The deficit in the budget is still unknown, and this matter cannot be speculated in light of the crisis and low oil prices, as The budget needs a new study from the government and a quick completion to present it to Parliament. ”And

between:“ If the government completes this year's budget, Parliament will vote on an austerity budget, even though the legislature has no knowledge of the amount of deficits the budget suffers. ”

 

https://www.thebaghdadpost.com/ar/Story/195548/المالية-النيابية-إعداد-موازنة-2021-يجب-أن-يبدأ-بعد-شهرين-من-الآن

[tigergorzow]

MaryB Thanks,  Keep bringing the excellent articles....Positive information feeds our mind, body & soul..🙏🙏

 

GO RV & RI

[Mary B]

Finance Minister: There are 50 to 100,000 space employees who get government salaries

 

Saturday, 23 May 2020

 

Finance Minister Ali Abdul-Amir Allawi revealed that there are between 50,000 and 100,000 space workers who are paid government salaries. 

 Allawi said that "the country has become inflated with staff and there are no resources for appointment or contracting." 

The Finance Minister explained that "to fully secure salaries, we need a barrel price of $ 55, and it is not possible to expect oil market prices and all indications that oil prices do not exceed $ 40-45 as the best case, and this is after about two years.

" We are now living in a collapse in demand for oil. But it has started to increase and grow recently, and we need the solidarity of the people and the financial circumstance in the government of Haider al-Abadi is much better than this government.

Allawi warned of the danger of printing currency on the Iraqi economy, noting that "printing money in Iraq without controls may lead to a collapse of the currency against the dollar as it happened in Lebanon."

He added that "the security ministries and electricity consume a large percentage of the financial budget," noting that "95% of the people do not pay electricity bills and citizens consider energy as a gift to him" and it is expected that "the financial crisis will continue for a year and a year and a half."

 

https://www.thebaghdadpost.com/ar/Story/195562/وزير-المالية-هناك-50-إلى-100-ألف-موظف-فضائي-يتقاضون-رواتب-حكومية

[Mary B]

Deputy: The government will resort to preparing a specific budget and can benefit from the Chinese agreement

05/23/2020

 

  

The information / Baghdad ..

Member of the Parliamentary Economy and Investment Committee Nada Shaker Jawdat confirmed, on Saturday, that the government will resort to preparing a new budget with specific goals to complete the current year in order to secure the operational budget, noting that the government can benefit in implementing the necessary private investment plans through the implementation of the Iraqi-Chinese agreement.

He said in a statement Jawdat / information /, that " the budget developed by the previous government never Ataatlaim the current status of being built in the circumstances of collapses did not get the selling price of oil and exposure of Iraq and the world epidemic of Corona."

She added that "the government of Mustafa Al-Kazemi will resort to preparing a new budget with specific goals to complete this year in order to secure the operational budget."

Jawdat pointed out that "the government can benefit from the implementation of investment plans, especially necessary projects, through the implementation of the Iraqi-Chinese agreement." 25 AD has ended

 

https://www.almaalomah.com/2020/05/23/475655/

[Mary B]

Monetary Fund: Bank profitability will face pressure even as the economy recovers

 

Economy News _ Baghdad The International Monetary Fund said that the banking sector will remain under pressure until 2025 despite the economy recovering from the Corona pandemic. The Monetary Fund added in the "Global Financial Stability Report" issued today, Friday, that banks in nine advanced economies will struggle to achieve profits over the next five years as Corona causes the period of low interest rates to continue. The fund said the economic downturn caused by the pandemic will test the flexibility of banks as they face loan losses and lower profit margins due to lower interest rates. "The pressures on bank profitability are likely to persist in the medium and long term, even when the global economy begins to recover from the current shock," the fund added. Bank profits have already been hit hard by the economic fallout from the Coruna virus The report explained: "The challenges of bank profits appeared before Corona and will extend until at least 2025, beyond the direct effects of the current situation." The report said that banks are better prepared for this economic shock thanks to the reserves that have been put in place since the global financial crisis. Add date 05/23/2020 http://economy-news.net/content.php?id=20393

[Mary B]

After visiting Saudi Arabia .. Will Iraq go to Kuwait to develop economic relations and obtain financial support?

2020-05-23

Yassin Iraq: Baghdad

It seems that the Iraqi Prime Minister, Mustafa Al-Kazemi, will work on obtaining loans from some countries to finance the state’s treasury and provide financial liquidity to pay the salaries of employees, since after the first visit of the Deputy Prime Minister and Acting Minister of Finance and Oil Ali Allawi to Saudi Arabia and agreement on several axes, including monetary support For the budget, Iraq will go to Kuwait to activate the same files.

The features of the upcoming agreement with Kuwait became clear, whether by obtaining financial loans or activating trade and economic cooperation through a meeting that brought together the Iraqi ambassador to the State of Kuwait, Mohammed Reda Al-Husseini, with the Kuwaiti Finance Minister Barak Al-Shitan. This indicates the existence of Iraqi moves to activate cooperation with Kuwait.

 

And revealed the economic advisor to the Iraqi government, this month, the government's resort to borrowing three trillion dinars to secure employee salaries for the month of May.

Mazhar Muhammad Salih said in a press statement, "The actual expenditures of the Iraqi government are more than seven trillion dinars per month, of which five trillion and 500 billion dinars are salaries for state employees, retirees and beneficiaries of social protection."

He added that "the financial liquidity and oil revenues and others do not pay the salaries and do not meet their insurance," stressing that "the government borrowed 3 trillion dinars from government banks to secure the salaries of this month."

The adviser to the Iraqi government, that "the financial benefit of the loans was five percent annually."

 

https://yesiraq.com/بعد-زيارة-السعودية-هل-سيتوجه-العراق-إل/

[Mary B]

The Iraq Stock Exchange trades 2 billion shares, with a value exceeding two billion dinars

 05/23/2020

 

  

The information / Baghdad ..

The Iraq Stock Exchange announced the organization of three trading sessions in the regular market and the second market, last week, indicating that the number of shares traded (2.405) billion shares, rising by (15.8%) compared to the week before.

The CEO of the market, Taha Ahmed Abdel Salam, said in a statement received / information / that “the number of companies listed in the market reached (104) joint stock companies, of which (58) are listed companies in the regular market and (45) companies are listed in the second market where they were traded during sessions Last week, the shares of (32) companies in the regular market and (4) companies in the second market, while shares of (45) companies were not traded during the sessions of last week, and the number of companies suspended from trading reached (22) companies.

Abdul Salam added, “The number of shares listed on the market reached (12.288) trillion shares, and last week the number of traded shares reached (2.405) billion shares, to increase by (15.8%) compared to the week before, and the value of traded shares reached (2.788) billion dinars to rise is The other by (24.9%) compared to the week before. ”

He pointed out that "the market index ISX 60 at the last session of last week closed at (424.67) points, to decrease the index by (0.9%) from its closing for the week before when it closed at (428.57) points."

And investors trading indicators of non - Iraqi market Iraq Stock Exchange between Abdel - Salam said , " the number of shares bought from non - Iraqi investors last week reached 246 million shares valued at 218 million dinars through the implementation of (131) transactions on the shares (4) Companies, while the number of shares sold by non-Iraqi investors for the past week (419) million shares, at a value of (494) million dinars, through the implementation of (250) transactions on shares of (6) companies. 25 h finished

 

https://www.almaalomah.com/2020/05/23/475663/