An Economist Defines 3 Controls For Printing New Quantities Of The National Currency And Warns Of The Harm Of A Group Of Society !

[DinarThug]

CNN. Broadcasting While Shouting - Stop The Presses !   I’ve Always Wanted To Say That ...

 

 

An economist defines 3 controls for printing new quantities of the national currency and warns of the harm of a group of society

 

Economie 05/25 2020 23:22 177   

  Baghdad today _ Baghdad

 

The economist, Rasim al-Akidi, spoke today, Monday, of the 3 most important regulations that must be observed when printing the national currency, in order to prevent the high prices in the country and the poor segments.

Al-Akidi said, in an interview with (Baghdad Today), that "any process of printing the Iraqi local currency must take into account 3 important factors, which are the monetary mass (the amount of money that is printed) the volume of the deal (that is, after the currency is printed how much will be its size in the markets Shops, homes, banks) and trading volume (i.e., the number of activities that deal in the national currency, and how many activities that deal in hard currencies, including the dollar).

Al-Akidi added, "Any process of printing the national currency must be printed according to the economic cycle of the country, i.e. the sum of all commercial activities and practices that take place and on the basis of which the volume of monetary transactions will be." 

The economic expert pointed out that "when Iraq printed 40 trillion dinars and then reached 56 trillion in the past years, that was according to the economic cycle of the country," noting that "any increase in printing is more than the need of the economic cycle will create more monetary mass than the market needs What leads to the creation of inflation that pushes up prices and affects the purchasing power of many segments, especially the simple and the low-income. "

A well-informed source at the Ministry of Finance, on Wednesday (May 13, 2020), denied that there was any resort to the option of printing the currency to face the economic crisis. 

He said in an interview with (Baghdad today), that "the option of printing the currency to provide salaries is excluded and not presented to the meetings of officials at the present time."

Economists offer the option of printing controlled amounts of the currency or reducing the value of the dinar against the dollar to provide additional resources that will flow into the state treasury to secure the operational budget, including the salaries of employees.

link

[DinarThug]

Economist for / Nina:: Facing the current economic crisis requires opening the door for internal and external investment

Monday 25, May 2020 09:21 | Economical

 

Baghdad / Nina / Economist Raad Twij stressed: "The current economic crisis as a result of the Corona epidemic takes place through opening the door for external and internal investment."

Twig said in a statement to the Iraqi National News Agency ( NINA ): "The current government must face the double shock of the Corona pandemic with incentives for investment and wide open investment."

He explained: "The opening of investment will be through direct meeting with local and external investors and bypassing the obstacles of red tape, and dealing with investors economically without the limitations of the investment law and investment bodies, which will work to operate part of the Iraqi local employment and bring capital and technology and give vitality and effectiveness to the Iraqi economy." .

Tuwaij also called for the appointment of a new president of the Investment Authority on professional and economic rather than political grounds, and to lift the heavy political cover on the Investment Authority, which hinders its work and overwhelms it in the lake of politics ./ End 8

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[Wiljor]

Good morning Thugs, always appreciated brother. 

 

Lots of talk about the "printing of currency" shouldn't be long now before we all know what this means (in which direction) printing of currency goes. 

To me, based on the current global scenario and economic situation in Iraq, the only thing that will, lets say, save them,  is making the value of the IQD in accordance with international standards. They must act NOW as the world comes out of lock down and things begin to come back on line, the perfect storm, so to speak. As oil demand begins to increase, and we are already hovering at 33.00 bucks, the potential upside could be BIG. 

And, I'm not sure if they have tapped into their reserves or cashed in some of their gold stash to off set the current Covid19  and, pull back on oil.  I highly doubt it, at least, I haven't seen any articles pertaining to such. 

Edited May 26, 2020 by Wiljor

[DinarThug]

4 hours ago, Wiljor said:

As oil demand begins to increase, and we are already hovering at 33.00 bucks, the potential upside could be BIG. 

And Now It’s Above $36 And Rising !  
 

 

All This ‘Crude’ Talk Will Probably Have It Rising Even Higher ...

 

     

 

 

LINK

Oil prices continue to rise

 

26th May, 2020

 

Oil prices rose on Tuesday, supported by growing confidence in the market that producers will stick to their pledges to reduce crude supplies while demand improves as more cars return to the roads amid easing anti-Corona virus measures around the world

US West Texas Intermediate crude futures rose 3.4%, or $ 1.12, to $ 34.37 a barrel, slightly lower than today's high of $ 34.54

Brent crude futures rose about 1.7%, or 61 cents, at $ 36.14 a barrel, after gains of 1.1% on Monday in meager transactions due to the holiday.

The market was backed by statements from Russia stating that its oil production had decreased, nearing its target of 8.5 million barrels per day for May and June, under a supply reduction agreement with the Organization of Petroleum Exporting Countries and other major producers, within the framework of the group called OPEC +.

“There is absolutely a feeling that these cuts have crystallized as best as possible,” said Daniel Haynes, chief commodity strategist at Australia and New Zealand Banking Group.

OPEC + countries will meet in early June to discuss keeping supply cuts aimed at supporting prices, which are still down about 45% since the beginning of the year. The major producers had agreed in April to cut production by about ten million barrels per day in May and June.

[DinarThug]

Skip All The Stats (Unless U Want A Headache) And Just Cut To The Super Phat Font Highlighted In Purple About Halfway Down !  

 

 

See - The Clown Be Bringin’ The Super Phat Hookup For The DV Peeps ...

 

     

 

 

LINK

Iraq’s economy in the face of the oil resource crisis

 

24th May 2020 by Dr. Ahmed Ibrahimi Ali

The article presents the most prominent features of the overall economy of Iraq and a little detail, with the utmost simplicity and abbreviation, based on the latest data available from the official authorities. It does not, of course, substitute for extensive, specialized and published studies in its place, and this is an introduction to proposals that come later, dealing with the regulation of the national economy and management of the public sector. For these proposals and other proposals and their dialogue must be based on solid facts from the course of facts, in order not to exceed the scope of the objective assessment of the possibility. The text has included some initial vocabulary to broaden participation and avoid confusion.

Outstanding features in production and sources of income and investment:

 

The gross domestic product is estimated at 255 trillion dinars at current prices in 2018, and the population for the same year is 38.3 million, to reach an average per capita of 5667 dollars according to the regular exchange rates, equivalent to 9.3% of its counterpart to the United States of America and 51.6% of the global average; The national income is 245 trillion dinars, and the average individual is 5445 dollars. Iraq is among the group of middle-income developing countries at the lower end of the upper segment of this group, whose countries are classified into two categories by the standard of gross national product per capita in the current US dollar: the minimum is between 1006 and 3955 and the highest is between 3956 and 12235; The total includes extinction wherever it occurs, and the difference between the national and the local net returns from production agents to and from abroad.

The sectors other than crude oil contributed to the generation of 54.33% of GDP in 2018, including 4.53% of it for agriculture, non-oil mining, and manufacturing. When considering the components of the non-oil output, the three sectors, above, have 8.34%, and construction, electricity and water 12.92%; And the rest of the activities, that is, the services sector by broad definition, 78.74%. The public sector has approximately 39% of the non-oil output and the rest of the private sector 61%.

It appears clearly that economic activity outside crude oil is generally service-oriented. The economy of Iraq, on an exceptional basis, lacks an agricultural and industrial production basis, because 91.66% of the non-oil output is in building and construction, electricity, water and non-merchandise activities. A rapid relative contraction is observed in agriculture and manufacturing, as the output of the two sectors was equivalent to 27.8% of the services output by a broad definition in 2005, it became 9.3% in 2018. Services account for about 60% of the workforce in 2019, 18% in agriculture and 22% in the rest of sectors Mining and extraction, including oil and gas, manufacturing, construction, construction, electricity and water.

From comparing the services share in the output with its share in the workforce, it appears that the average value added of a worker in services is higher than for other sectors except crude oil and in very low agriculture. The widening disparity between activities in labor productivity, or the added value of a worker, is a feature of underdevelopment as labor productivity approaches with development more and more. This pattern of movement is perpetuated by the rapid increase in the dominance of services and the decline in goods. The rentier property that reached its climax in Iraq if added to the picture has other important dimensions: the domination of oil on income generation and its role in the national economy and the financing of government spending and foreign currency resources.

The quantity of oil produced increased by 3.8% in the third quarter of 2019 compared to the same quarter of 2018, but the oil added value decreased according to the change in oil prices, and the quantity exported decreased according to the data of the Ministry of Planning. Output from non-crude oil increased by 4.1% at current prices.

One of the most serious consequences of development faltering, or the postponement of the major task of economic advancement, is the heinous backwardness of the manufacturing industry where the average added value per capita of the population in this sector is $ 108. It is exceptional in its smallness compared to the group of countries to which Iraq belongs, where the average per capita is 1923 dollars; In Germany 9097 dollars per person, and in South Korea 8218 dollars per person.

In the international group that includes Iraq, the manufacturing industry contributes approximately 70% of exports of goods in 2018, as well as in high-income countries, and 86% in developing countries in East Asia and the Pacific. How can Iraq be free from fluctuations in oil prices in the foreign currency supplier with this industrial underdevelopment? It is no secret to those familiar with the fact that the tight connection between industrialization and profound economic transformations in the path of transition towards the threshold of developed countries.

Inflation rates were low: respectively 0.1%, 0.2%, 0.4%, and 0.2% for the years 2016-2019, that is, less than half of one percent, which is the lowest inflation rate in the world. This stagnation in price movements is explained by the decline in aggregate demand below the level sufficient to operate production capacities.  In 2020, after the shock of Corona, aggregate demand will drop further and the level of economic activity will decrease, as it was in 2019, due to the decrease in government spending linked to the oil resource crisis. It is known that government spending, especially in Iraq, is the main factor in determining aggregate demand and therefore the size of economic activity and this role, for government spending of the utmost importance, in addition to maintaining public services and developing investment infrastructure. And these low inflation rates mean, on the other hand, the stability of the purchasing power of the Iraqi dinar and its high merit to preserve the value of wealth compared to the vast majority of currencies in the world.

Compensations for workers in the public sector 43.8 trillion dinars, of which approximately 1.9 in crude oil and 41.9 trillion dinars in the non-oil public sector, representing 76.2% of its GDP. Most of the compensation for workers in the public sector is paid from the public budget. From the experiences of a large sample of countries in the world, the proportion of workers’ compensation is reduced from the total operating government spending, but it is rising in Iraq, and this trend is from the results of the relative decline of commodity production, which the data showed above.

As for compensation for workers in the private sector, it is estimated at 26.1 trillion dinars, at the rate of 30.7% of its GDP. It is clear from these relations the erosion of the productive function of the public sector, as well as the predominance of individual production and non-wage employment in the private sector.

The published estimates showed that capital, in kind, at the national level, is not expected, compared to the familiar proportion between output and capital. This characteristic may be explained by the predominance of service production and the provision of any light capital activities. However, it is necessary to point out the high costs of capital formation in the public sector due to the low efficiency of investment management, fragility of supervision and other reasons.

In the private sector, it is noticed that the accumulation of capital in general and in particular in the fields of commodity production is small, as it is directed to housing, trade, tourism, restaurants ... and other secondary and marginal activities. He did not benefit from the abundance of foreign currency and low tax rates, or even its rare absence in the countries of the world.

And foreign investment remained outside the oil sector, on the few, in secondary activities, and many comments are received on it in terms of the development function. Foreign investment, in its broad definition, includes not only direct investment but all flows other than the current balance of payments operations; Just as the country receives inflows from abroad, there are other exits, so what is the outcome? The answer is known from the macroeconomic account matches: the net foreign investment flows are exactly, always and never, a deficit, or a surplus, the current account. When the economy works with a surplus in current foreign operations, that is, exports of goods and services and income transfers from abroad are greater than imports and income payments abroad, foreign investment abroad is greater from within, meaning that the outcome is negative and vice versa. Thus, we infer that foreign investment remains secondary and on the global average, the inside is outside, and does not exceed the range of 3% of GDP or so.

Unfortunately, the aspiration for foreign investment in most developing countries is based on stories and newspaper articles rather than its reliance on methodological knowledge that helps in an objective perception of the world economy.

The formation of fixed capital, the annual addition of fixed assets in infrastructure and productive capacities, began from very low levels at the beginning of this century against the background of the blockade. It is estimated that the annual average percentage to GDP is 17.3% for the years 2005-2018, and in the last year 12.9%, and the highest in the years 2013-2016, we do not accurately confirm these data, but they are close to reality. In the world for the same years the average rate is 23.8%; In middle-income countries 28.3%; In South Korea and China, 30.3% and 43%, respectively.

From them it is concluded that the Iraqi economy badly needs a higher investment effort, at lower costs, with the content of raising the accumulation rates of assets in kind to develop infrastructure and productive capacities at a faster rate. The lesson is not spending, but actually constructing efficiency on the ground. The public sector is expected to play the main role in investment because it constitutes two-thirds of the national economy in terms of output, and it acquires more than that in the administrative, organizational, technical capabilities and experience in international communications required by complex investment operations.

Public Finance and Financial Sector:

 

For the years 2011-2018, the revenues of the public budget peaked in 2012 at about 120 trillion dinars; As for expenditures, they reached their highest levels in 2014 in the range of 125 trillion dinars. In 2016, revenues and expenditures lowered 54 trillion dinars and 74 trillion dinars, respectively. The highest revenues from non-crude oil are approximately 12 trillion dinars in 2017 ... but these data are also estimated in some of their components. The fluctuation of revenues is clear and expected as long as oil is the main source of financing and its revenues are controlled by the price in its international market. Also, linking government spending mechanically with revenues means permanent confusion and erratic demand and operation. The limited volume of non-oil revenues indicates that the expansion of the non-oil economy does not provide a solution to the dilemma of financing public spending unless the structure of the economy changes according to activities and its organization, with a different approach in the philosophy and management of developing public revenues.

The balance of the domestic debt on the government is 41.8 trillion dinars in 2018, an increase of 32.3 trillion dinars from 2014, which is low relative to GDP compared to the group of middle-income countries. As for the external debt, its balance increased by $ 9.4 billion in 2018 compared to the level of 2014, and in this year it was lower than that for 2011, and the result is an increase of $ 5.4 billion from what it was in 2011, data of the Ministry of Planning. These indicators show that the Iraqi economy cannot be described as heavily indebted; Iraq's cooperation with the international financial institutions, the United Nations, and the intensity of its external contacts have not resulted in generous lending. At the same time, it does not appear that the rich and developed countries want a serious participation in the reconstruction or the flow of foreign investments with a clear impact. It is necessary to reassess Iraq’s experience in this area before looking towards external support in its current crisis.

The deposits of the private sector in banks increased from about 25 to 30 trillion dinars, which are low relative to the size of the Iraqi economy, compared to the international. The size of the credit is 41 trillion dinars more than the deposits, but it is less than the appropriate size of the local product. The total capital of joint-stock companies is still low and this characteristic is a result of the regulatory underdevelopment of the private sector, and most of the shares traded in the market for banks. Banks capital increased from almost 4 trillion dinars in 2011 to 15 trillion dinars in 2018, and the relative inertia in their capital is observed due to insufficient deposits, and hence credit, to operate them.

The total foreign assets of the central bank, gold, foreign currency, and investments abroad, are about $ 66.6 billion, data of the central bank, March 2020. In November, 2019, the monetary base, deposits of banks in the central bank, and the issued currency, amounted to 77.2 trillion dinars, knowing that the currency The issuer is the currency in trading outside of banks in addition to the amount that banks hold for their customers ’requests; And money by narrow definition, the currency in circulation and current deposits, 86.5 trillion dinars; And money, by broad definition, is 102.9 trillion dinars.

At the end of 2018, money was narrowly defined, at 77.83 trillion dinars, of which 40.5 trillion dinars was currency in circulation, outside of banks, and the rest was current deposits. And when adding other deposits, 17.6 trillion dinars, the money, by broad definition, is 95.4 trillion dinars, and it is not large, and its ratio to GDP is called financial depth. With deposits increasing in interaction with credit, money multiplies faster than output growth, making the Iraqi economy deeper financially. The increase in the financial depth is associated with the increase in the ratio of stocks and debt securities to output, and the deeper the economy becomes, the more tolerant of government debt.

[DinarThug]

State of Law: Our financial position is better than some Gulf countries

 

Policy  ,   05/26 2020 22:15   

 

 

 

Baghdad-Iraq today:

 

A member of the State of Law coalition led by Nuri al-Maliki, Deputy Kata al-Rikabi, saw on Tuesday that Iraq’s financial situation is better than some Gulf countries.

Al-Rikabi said that "the financial crisis has not only affected Iraq, but the whole world, including the regional and Gulf states."

He added, "The Iraqi economy is rentier, relying heavily on oil to secure its annual budget, which is more like petrol box (a filling station). We sell oil and receive money that does not come directly but goes to American banks before they reach the country to pay expenses and salaries."

Al-Rikabi added that "the words of some heads of government that he received the budget is empty, because Iraq is not storing money and what is sold of oil, and we pay salaries and expenses," stressing that borrowing is not a very serious matter and this is taking place between countries, the World Bank and financial bodies.

Al-Rikabi pointed out that "Iraq has yet to officially announce its intention to borrow from any Gulf country, and despite that we have long suffering with it except for the Emirates that have waived their debts, while there are countries that we are still paying for them, including Kuwait," adding that "Saudi Arabia is passing through." The other is in a financial crisis, and talk about the possibility of lending it to Iraq is not tangible, especially since it previously pledged to build a large stadium in Baghdad and nothing has been achieved on the ground. "

He continued, "The financial situation of Iraq is better than some of the Gulf states now, despite the difficult crisis," pointing out that "the Minister of Finance's latest tour is to attract investment and economic cooperation, not to borrow in addition to re-strengthening relations."

Earlier, the Ministry of Finance denied a statement to it, "The validity of the news circulated regarding Iraq’s request from Saudi Arabia to borrow about $ 3 billion." She emphasized that "these words are not true."

LINK

[DinarThug]

An economist talks about a "rare" financial problem in Iraq

 

Economy  ,   05/26 2020 18:27  

 

 

 

Baghdad - Iraq today:

 

 Economist Rasem Al-Aqidi spoke on Tuesday of a problem that Iraq suffers from, describing it as "a rare occurrence" in the world in the financial field.

Al-Aqidi said that "Iraq suffers from a rare problem occurring all over the world, in the financial field, in terms of its cash block amounting to 56 trillion dinars, which the central bank is supposed to return periodically after the payment of salaries and commercial activities to the banks within The economic cycle, "noting that" what happens that 20% go to banks only and 80% remain in markets, stores, homes, and even in neighboring countries, which are used to buy dollars within the central bank window. "

Al-Akidi added, "All countries of the world have resorted to the method of modern technologies in the distribution of salaries and commercial activities, via KeyCard, and every employee has a current account and all dues are paid by electronic methods, but this method faces obstacles in its implementation by the symbols of corruption, because it will end the process Sell the dollar, and secure great liquidity for the government to pay its expenses. "

The promise of "using modern technologies to perform the economic cycle is very important, and it will allow the central bank and government banks to control the national currency, based on the three elements: the monetary block, the volume of dealings, and the volume of trading."

And Iraq is suffering from an economic crisis, against the backdrop of low oil prices, due to the fact that the Corona virus was invaded to the country, and the consequent disruption to travel, stopping travel, and closing some border points.

LINK

[DinarThug]

LINK

Analyst: No need to borrow ... the government needs courageous decisions against corrupt people

 

 

25th May, 2020

 

 

Political analyst Muhannad Al-Azzawi believes that the government does not need to borrow from abroad to solve the economic crisis, but rather it requires courageous decisions against the corrupt.

Al-Azzawi said in a tweet on "Twitter", that "there is no reason to borrow from countries. Iraq needs courageous decisions against corrupt people, and a financial policy that adopts governance."

He added that "Iraq needs to stop the financial waste, salaries, high benefits, multiple pensions, and the government, and the dissolution of the popular crowd."

And he stated that "Iraq needs to unify the resources of the armed forces. We are in the era of the smart small army more powerful and less expensive."

[DinarThug]

LINK

Member of Parliament Finance talks about the salaries of employees and confirms: Compulsory saving is normal

 

26th May 2020

Member of Parliamentary Finance Committee Ahmed Al-Saffar confirmed on Tuesday that low salaries are not allowed, while he pointed out that compulsory saving is a natural matter in the case of the state’s resort to treasury bonds.

Al-Saffar said in an interview with Alsumaria News that “prejudice to low salaries is something that we will not allow, but the government's hint of saving may affect only large salaries and a certain percentage of these salaries”, indicating that “resorting to other issues must be done with all force to overcome the crisis".

Al-Saffar added, "Compulsory saving is a natural case, in case the state resorted to treasury bonds," noting that "the bonds are in two types, the first of which is permanent treasury bills, and temporary treasury bills, since the last within a year the government pays them to the lenders."

Al-Saffar stressed that "among the options presented is borrowing, where external and limited borrowing can be made, in order to provide financial liquidity to secure the operational budget."

[DinarThug]

Luckily This Guy Is A ‘Former Minister’ !  

 

     

 

Reducing salaries 
or reducing the value of the dinar .. 
Two options to face the financial crisis!

27 مايو، 2020 

May 27, 2020

 

 

The former Minister of Planning, Salman Al-Jumaili, today, Tuesday, presented two options to face the financial crisis in the country.

Al-Jumaili said in a tweet on his Twitter account, that "to face part of the financial crisis represented by the cost of public job compensation, we have two options, either to reduce salaries or reduce the value of the dinar against the dollar and each option has a cost."

He added, "But going to the second option is more feasible and acceptable, provided that it is carried out in a carefully calculated and managed manner that guarantees the protection of vulnerable groups of citizens."

LINK

 

Edited May 26, 2020 by DinarThug

[southbeach]

The GOI, not dis guy, already said they would not devalue the IQD.

[gregp]

A- I’m tired of economists.  
B- I hope reducing the value means reducing 1184 down to zero. 

[DinarThug]

1 hour ago, gregp said:

A- I’m tired of economists.  

I Think That U Spelled Economist Wrong - It’s Econo’missed ...

 

     

[DinarThug]

Disclosure of the date of the arrival of the budget law 2020 to the Iraqi parliament

 

Policy 05/26/2020 23:30 1093 Editor: amm    

Baghdad today - Baghdad 

 

A member of the government program and strategic planning in Parliament, Hassan Al-Masoudi, revealed today, Tuesday, the date of the arrival of the 2020 budget law to parliament, to impose his reading and voting on it.

Al-Masoudi told (Baghdad Today) that "the 2020 budget law will reach the Iraqi parliament immediately after the end of the Eid al-Fitr holiday," noting that "drafting and preparing the law is exclusively a task of the cabinet, and there is no participation of the parliament, But after reaching parliament, there will be a role for the relevant parliamentary committees, to give their comments on the law and to amend what they see appropriate. " 

He added that "if the budget arrives, the parliament will hold its sessions in order to read the law and then vote on it, despite the existence of the Corona virus epidemic, there is a determination to pass the budget quickly upon its arrival to Parliament."

LINK

[DinarThug]

Advisor to the Prime Minister: emergency and structural measures to confront the economic crisis

 

Tuesday 26 May 2020 - 18:37

 

 

Baghdad - conscious - Nassar al-Hajj

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that urgent structural measures and reforms will be taken to confront the economic crisis.

 Saleh said to the Iraqi News Agency (conscious), today, Tuesday: "The economic crisis is temporary and extends to the end of this year or to the first quarter of next year," noting that "there are emergency measures that the government will take and it is very difficult in addition to a long-term reform process." In dealing with private sector mobilization. "

Saleh added, "Without real investments, the country has no ability to advance and develop, and that most of the existing investments are in the oil sector in order to achieve a financial increase for Iraq," noting that "the electricity sector spends 14 trillion dinars, while the revenues do not reach One trillion. "

He explained that "the country suffers from the absence of non-oil revenues and does not represent anything in the budget," calling for "the necessity of creating a large structure in the energy and electricity sectors in order to turn the country into a product."

And Saleh continued that "Iraq burns the associated gas in the oil fields while importing gas because of poor investment, in addition to that Iraq was exporting oil products and now it imports", noting that "Iraq imported oil products during ten years by about 50 billion dollars, and this amount could be invested In building 10 large oil refineries. "

He pointed out that "Iraq must establish properly for oil investments and management of the electricity sector in addition to managing industrial investments, restarting factories and ending the wrong investment policy that led to all these damages."

LINK

[horsesoldier]

If the Budget arrives - - ??????????? It will be difficult to type while laughing - 

 

The Budget has been purposely buried by the Criminal Element in the Parliament basement, under the bathroom tiles of a dis-used lavatory with a sign posted on the door that says " Beware the Rabid Camel " 

 

Okay, maybe not . . . but they need to dust that damn thing off and shove right up everyones AZZ and vote it through. I'm gonna leave the Whiskey in the cabinet and break out the EVERCLEAR. I need something stronger to really hold me down.

 

The Human body contains over 7 trillion nerves  . . . and these fool are stepping on every one right now. 

 

 

[DinarThug]

1 hour ago, horsesoldier said:

The Human body contains over 7 trillion nerves  . . . and these fool are stepping on every one right now.

Beware The Power Of The Camel Toe !  

 

 

     

[DinarThug]

LINK

Al-Kazemi’s government breathes a sigh of relief temporarily after securing one-month salaries

  27th May, 2020

 

Informed Iraqi sources revealed that "Iraq's revenues from selling oil, between the beginning of last March and the end of May, will reach about $ 5 billion at best, while the actual salaries need is approximately $ 12 billion, which puts the government in the face of a devastating deficit

The sources said to Arab media that "the prime minister received very encouraging Arab and international promises regarding providing adequate financial support to Iraq in order to overcome this economic crisis

Beneficiaries of government salaries and benefits breathed a sigh of relief when the government announced that it would pay the salaries of this May, without deduction but the government's use of the term "deduction" to talk about salaries in June has fueled widespread speculation that deductions will inevitably come in the coming months

In the case of adding the amounts allocated to the investment and development budgets, the amount that Iraq needs to cover all aspects of operational, investment and development spending will be about 10 or 12 billion dollars, which amounts were previously included and even spent in previous budgets during the era of former Prime Minister Nuri al-Maliki when oil prices were high very

On Tuesday, Al-Kazemi received promising news about the oil markets, as the Brent mix recorded a remarkable increase, amid expectations that global markets will continue its gradual recovery in conjunction with the expected increase in demand due to the easing of the closing procedures in many countries

Previously, planners at the Ministry of Finance had set a virtual default barrier for the price per barrel in the global market, which is $ 56 to build upon the budget for spending but economists believe that selling Iraq per barrel of oil now at a price revolving in the orbit of$40 will secure the necessary spending needs amid expectations that this price may beaffordable for producers within weeks from now

The rapid announcement of the provision of staff salaries during the month of May, in full and without deduction, in conjunction with a visit by the Iraqi Finance Minister Ali Allawi to Saudi Arabia, in his capacity as an envoy from Al-Kazemi, is an indication of what decisive steps the new government can take

Edited May 27, 2020 by DinarThug

[gregp]

6 hours ago, DinarThug said:

I Think That U Spelled Economist Wrong - It’s Econo’missed ...

 

     

Foe Tru....

[DinarThug]

4 hours ago, DinarThug said:

Beware The Power Of The Camel Toe !  

 

 

     

 

7 minutes ago, gregp said:

Foe Tru....

U Mean Tow True !  

 

 

     

[gregp]

Just now, DinarThug said:

 

U Mean Tow True !  

 

 

     

Oh dang! A hooker helping out a camel...

[DinarThug]

LINK

Hakim calls for the approval of the budget law in accordance with "verified resources"

 

 

27th May, 2020

 

The President of the National Wisdom Stream, Mr. Ammar Al-Hakim, discussed with the Minister of Finance Ali Abdul Amir Allawi the financial and economic reality and the treatments required to face the financial crisis that Iraq is suffering from.

Al-Hakim stressed, according to a statement to his office, that "Iraq is a rich country that possesses many capabilities that need to be activated and good management, as it needs real remedies to end the phenomenon of a single source economy, and that this crisis in one of its aspects is an opportunity to escape from the rentier state and diversify the sources of income through attention Agriculture, industry, tourism and other resources."

He stressed "the necessity of the remedies of the financial crisis being far from pressuring the owners of limited incomes and reclassifying the exchange in proportion to the current stage."

Al-Hakim called for "approving the budget law in accordance with the verified resources so that the current year will not be without a budget, making it difficult to obtain the final accounts of the state and work to organize the program budget."

[DinarThug]

11 minutes ago, DinarThug said:

Hakim calls for the approval of the budget law in accordance with "verified resources"

 

 

27th May, 2020

 

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Al-Hakim discusses with the Minister of Finance the diversification of income sources and reclassification of exchange

 

27th May, 2020

The President of the National Wisdom Stream, Ammar Al-Hakim, discussed with Minister of Finance Ali Abdul Amir Allawi the diversification of income sources and reclassification of exchange.

Al-Hakim said in a statement received / Mawazine News /, a copy of it: "We discussed during our reception the Minister of Finance the financial and economic reality and the treatments required to confront the financial crisis that Iraq is suffering from."

Al-Hakim stressed that "Iraq is a rich country that possesses a lot of capabilities that need to be activated and good management, as it needs real remedies to end the phenomenon of a single source economy, and that this crisis in one of its aspects is an opportunity to get rid of the rentier state and diversify the sources of income by paying attention to agriculture, industry, tourism and the rest The sources "stressing" that the financial crisis remedies should be far from pressure on those with limited incomes, and reclassification of exchange in proportion to the current stage.

He called for "approving the budget law according to the verified resources so that the current year will not be without a budget, which makes it difficult to obtain the final accounts of the state and work on organizing the program budget," noting "the importance of improving the investment environment and reviewing the laws so that Iraq is an attractive environment for investment in all its dimensions."

[DinarThug]

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On top of which are new alliances: What are the options for Al-Kazimi's government to overcome the financial crisis?

 

27th May, 2020

 

An equally important danger from the threat of the spread of the Corona virus threatens the world and it is not known yet how to face it and get rid of it, it is the risk of the economic crisis whose features have appeared in various countries, including Iraq. The current crisis has many repercussions at the international and local levels. On the last level it has negative repercussions Her strands were clear for months ago now, and it was largely evident in conjunction with Mr. Mustafa Al-Kazemi’s assumption of the premiership after major differences between the leaders of the political blocs, particularly Shiites.

Finally, they calmed to the right and agreed to choose to silence the angry street, the deteriorating economic situation in the country due to infection with the Corona virus and the low price of oil in general, placing restrictions in the hand of Al-Kazemi and reducing his movement, and killing his ambitions that he dreamed of in achieving his government program that he announced before filling, and thus cannot He may evaluate the projects that the public aspires to, and hopes that it will be an outlet to attract the national workforce and reduce the unemployment rate, and to reduce the severity of the mass resentment of the previous governments, which were satisfied with looting and looting, and disregard for the tragic situation that the country reached, and retreated in all its buildings Infrastructure, this is accompanied by a deterioration in the health, educational and educational sectors, as well as security.

Al-Kazimi's heavy inheritance is very difficult to deal with and get out of it with minimal losses, he must convince the groups in the streets in search of appointment in government institutions, and he must also find solutions to complete the suspended projects and complete them in a timely manner.

Even more so is the insurance of employee salaries, as the problem still exists and confusion is present in the mind of the Prime Minister, who saw it appropriate to rearrange his international relations and send his representative to the Kingdom of Saudi Arabia in order to request financial assistance, and to stand with Iraq in this difficult circumstance.

Here is the question that must be asked, why Saudi Arabia in particular?

We speculate on the answer, and we were corrected, and we may be wrong. Resorting to Saudi Arabia carries many messages and gives few indications. The first of these messages is the desire of the White House government to invest the financial hardship that Iraq is going through and withdrawing it a step back from its archenemy in the region Iran.

This rapprochement with Saudi Arabia means reducing the distance between Iraq and the Arab house, which for years lost one of its influential members in the Arab region, by standing next to the neighboring country, which always blames the Arab countries for the reason of instability, and also bears the cause of foreign interference in the affairs of its neighboring countries. 

Besides asking for financial aid, this visit may be a prelude to start the process of importing gas and electricity from the Kingdom of Saudi Arabia instead of Iran, and to ensure the implementation of the American desire, US Secretary of State Mike Pompeo gave Iraq a hundred and twenty per day and then he must search for alternatives.

The alternatives this time will be from the Arab brother with American blessing, acceptance, and even recommendation. The western community, especially the United States and its allies, do not want Iranian influence to continue in Iraq, which has become an American protectorate.

What Al-Kazemi needs today is financial liquidity capable of activating the work of some slow projects, in addition to giving reassurances to employees regarding their livelihoods, as all he is trying to achieve now is to absorb the raging street rage and silence the tongue of the people who have been raging for rights for months.

The situation does not bear further escalation, and he must complete his advice, which he followed in his first steps when Lieutenant General Abdul Wahab Al-Saadi returned to service and assumed his chairmanship of the Anti-Terrorism Service, because the fact that Al-Saadi enjoyed great popularity during the period of fighting the terrorist groups, made him a hero and a national symbol. It is not fair to be treated in this way previously.

Al-Kazemi has at the moment one map if he is going to walk, success will be his ally, and the outlines of this map are focused on strengthening the relationship with the international community and convincing him of the need to stand by Iraq to move towards success.

 

Edited May 27, 2020 by DinarThug

[DinarThug]

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Petrel Raises Capital to pursue Iraq Prospects

 

27th May, 2020

 

Petrel Resources Plc (Lon: PET) has announce that the company has arranged a placing with ETX Capital to raise £250,000 (before expenses) via the issue of 7,692,308 new ordinary shares (the "Placing Shares") at a placing price of 3.25p per Placing Share.

Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the Ministry of Oil.  Discussions may cover Petrel's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert.

Pending, such discussions, this investment will strengthen the company's Balance Sheet.

David Horgan, Director, commented:

"Petrel is fortunate to have maintained strong relationships with Ministry of Oil officials, even during the darkest hours of sanctions, invasion, conflict, and Covid-19.  Our Iraqi Director, Riadh, is a son of the renowned "driller", Mahmoud Ahmed.  In Iraq we found World-class geology.

"Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010.  We saw too many challenges - both governance, political and financial - to justify risking Shareholders' funds given the then-limited upside available."

"Recent events are transforming this situation. A three-way rivalry among Saudi Arabia, Russia and American producers - aggravated by an unprecedented demand-hit caused by Covid-19 - crashed the oil price.  This cripples high cost operations offshore, and unconventional reservoirs.  As a low-cost producer, Iraq is now well positioned to exploit this historic opportunity.  I believe that Petrel has the experience, contacts and board commitment to help drive forward the next phase of Iraqi oil development."