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DinarThug

After Allawi's Visit To His Country ... A Former Kuwaiti Deputy Talks About "Exempting Iraq" From Debts Of $ 3 Billion !

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CNN. Broadcasting While Ordering Another Round Of Kuwaiti Kahlua Shots South Of The Border !


 

 

After Allawi's visit to his country ... a former Kuwaiti deputy talks about "exempting Iraq" from debts of $ 3 billion

 

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Policy 05/28 2020 09:27 1902 Editor: am   

Baghdad today - follow up 

 

The former Kuwaiti MP, Abdul Hamid Abbas Dashti, revealed, on Thursday (28 May 2020), that his country exempted Iraq from debts amounting to 3 billion dollars, and postponed other payments. 

Dashti wrote in a tweet on the Twitter site and followed it (Baghdad today): "Congratulations for Iraq, to exempt debts of $ 3 billion due to Kuwait, and to postpone a debt of $ 1.6 billion."

He added, "They deserve (deserve) our people in Iraq, and we hope that the Kuwaiti people will enjoy the same treatment."

Neither Kuwait nor Iraq has formally announced the existence of such an agreement between the two countries, as was previously the practice. 

      

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The Iraqi Minister of Finance, Ali Allawi, had said, after his visit to Kuwait, that he had proposed that "Kuwait postpone or cancel about 3 billion dollars due to Iraq on compensation for the 1990-1991 Gulf War."

Allawi said: "This will help the flow of liquidity significantly, in addition to other measures that would help stabilize the situation . " 

Iraq had stopped making payments in 2014 during the war against ISIS, who controlled a third of the country but resumed in 2018, and now, 3% of oil export revenues go to Kuwait, which is also suffering from low oil prices . 

And Iraqi Finance Minister Ali Allawi began a Gulf tour last Friday in an effort to secure sums to avoid the country from defaulting on the salaries of millions of employees in the wake of the collapse of crude oil prices.

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Deputy: Many statements regarding salaries confused public opinion and no worries about spending it

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13:33 - 05/28/2020

 

On Thursday, a member of the government program monitoring committee, MP Mohamed Al-Baldawi, considered the many statements regarding salaries that confused public opinion and created employees' concerns, stressing that the government has not reached the stage of borrowing from the central reserve or the International Monetary Fund.


Al-Baldawi said in a statement to the "information", that "Iraq is not a bankrupt country as some portrayed, and the large number of statements about salaries by responsible and irresponsible personalities and specialists and non-specialists in the government financial side are those that confused public opinion and created an atmosphere marred by fears by employees even The trade movement has been weakened,” he said, calling on the government to “act silently on this issue without allowing interference in its work.”


He added that "the government is able to pay salaries for every month and there are no fears of delaying or deduction from them, and that what the government does with the Ministry of Finance is to deduct special grade allocations, senior officials and senior employees without access to deduction from small employees with low salaries", stressing that "The Ministry of Finance has come a long way in this field.”

Al-Baldawi indicated that "the government position so far does not portend a danger and the government has not reached the stage of borrowing from the central reserve and even from the International Monetary Fund."

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What does it mean to reduce the Iraqi dinar price against the dollar? .. An economist answers

2020.05.28 - 16:16


e8db23d01-31734-202005280416.jpg

Baghdad - people   

 

On Thursday, economist and academic expert Nabil Al-Marsoumi expected a set of results if the proposal to reduce the price of the Iraqi dinar against the dollar was applied to counter the financial crisis.   

"If the Iraqi dinar exchange rate is reduced substantially by 25%, for example, the economies of some of the countries neighboring Iraq that export to it more than 20 billion dollars will be severely damaged," said Al-Marsoumi, an academic at the University of Basra. Annually, because the cost of its exports to Iraq will become high and its competitive capabilities in the Iraqi market will decrease, which is an important brake on taking this type of policy due to the strong influence that neighboring countries possess in Iraq.  

He added, "Given the lack of flexibility of the production base and its limitations in Iraq, the prices of imported goods will rise in the short term, especially, but in the medium and long term this may constitute an incentive to activate the role of the private sector in establishing projects producing consumer goods, especially food, to cover the needs of the Iraqi market, which will lead to lower prices. Later".  

He continued, "The government revenues denominated in the Iraqi dinar will increase by the same percentage of the dinar price, which will increase its ability to cover public expenditures and maintain the cash reserves of the Iraqi Central Bank from erosion."  

He pointed to another point which is that "putting an end to the flight of capital in view of the low value of the dollar in the face of the dinar, as well as reducing Iraqi investments abroad, especially in real estate and reducing Iraqi deposits in foreign banks, as well as the relative reduction of money laundering operations in Iraq."  

In this regard, the decree expected that "reducing foreign labor in Iraq, as work becomes less feasible on the one hand, and foreign labor becomes more expensive compared to national employment."

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One of them is related to multiple salaries .. Member of Parliamentary Finance puts forward 7 proposals to cover the deficit

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28th May, 2020

 

On Thursday, a member of the Parliamentary Finance Committee presented seven proposals to address the “big” deficit in the financial budget, including legislation to end the issue of multiple salaries, in addition to borrowing, in addition to reviewing the file of real estate occupied by politicians or parties, calling on the government to be “ Bold ”in making decisions.

Cougar said in an interview with Alsumaria News, “There are many steps that the Prime Minister must address in case he wants to address the large budget deficit and provide the necessary funds to cover expenses in it,” noting that “the first thing is to resort to loans because there are very few resources, including The internal loans, and in the event that the required of them are not fulfilled, the external loans are going, and the other matter is related to the legislation of a law that ends the issue of multiple salaries because it costs the treasury huge sums.
 
He explained, "The third issue is related to controlling the border outlets because there are at least six border outlets that are outside the control of the government, in addition to that there are outlets with large customs exemptions like Anbar outlets," noting that "licensing rounds that cost very large amounts of up to 12 -15 billion dollars, and in light of the global drop in oil prices and the forced production volume, it should be reconsidered and reviewed.

He added, “The other issue is related to the issue of paying off external debts. Here the government should send negotiating delegations to countries that have debts payable in order to postpone it to other years. The other matter relates to the many real estate that are mostly occupied by politicians or parties and the government does not get them On the money of very little, this also needs to be reviewed in detail, in addition to the issue of government factories and factories, which have become a burden on the state and we do not get anything from it, so its matter should be resolved through the law of the partnership between the public and private sectors and put it for external or internal investment.


"The government must be bold in making decisions, because unfortunately, the governments that have been in the last period, especially the government of Adel Abdul Mahdi, have been clinically dead, and they have been the reason for strengthening the parties at the expense of the government, therefore the new prime minister should extract power from the parties," he added. To the government and to be in control of the parties, not the other way around.”

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Parliamentary Finance: Any salary cut will include these

Parliamentary Finance: Any salary cut will include these
 
 
05/28/2020 15:01:48
 
 
Member of Parliament’s Finance Committee MP Sherwan Mirza confirmed today, Thursday, that the news that talks about reducing employee salaries is just proposals.

Mirza said in a press statement that "the news that talks about reducing the salaries of employees is just suggestions," explaining that "any change in salaries will include the higher levels of employees." He added, "The House of Representatives did not receive any proposal from the Council of Ministers regarding employee salaries."

The head of the parliamentary Finance Committee Haitham al - Jubouri announced today that preparations are under way for the disbursement of the sixth month salaries, and the state is able to initialize tax and activated and customs, and in addition to the internal and external borrowing." He stressed that "any deduction for the salaries of the month of June did not happen, "he said, adding that “Reducing salaries and compulsory savings is naked talk.”

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Deputy: Many statements regarding salaries confused public opinion and no worries about spending it

 %D8%A7%D9%84%D9%86%D8%A7%D8%A6%D8%A8-%D8
 

13:33 - 05/28/2020

 

On Thursday, a member of the government program monitoring committee, MP Mohamed Al-Baldawi, considered the many statements regarding salaries that confused public opinion and created employees' concerns, stressing that the government has not reached the stage of borrowing from the central reserve or the International Monetary Fund.


Al-Baldawi said in a statement to the "information", that "Iraq is not a bankrupt country as some portrayed, and the large number of statements about salaries by responsible and irresponsible personalities and specialists and non-specialists in the government financial side are those that confused public opinion and created an atmosphere marred by fears by employees even The trade movement has been weakened,” he said, calling on the government to “act silently on this issue without allowing interference in its work.”


He added that "the government is able to pay salaries for every month and there are no fears of delaying or deduction from them, and that what the government does with the Ministry of Finance is to deduct special grade allocations, senior officials and senior employees without access to deduction from small employees with low salaries", stressing that "The Ministry of Finance has come a long way in this field.”

Al-Baldawi indicated that "the government position so far does not portend a danger and the government has not reached the stage of borrowing from the central reserve and even from the International Monetary Fund."

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15 hours ago, DinarThug said:

Bloomberg" Methods Of Storing Crude Oil In Tankers Allow Manipulation Of World Oil Prices"


May 26, 2020


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Bloomberg has identified the main controllers of global oil prices, and has pointed to traders who store oil in tankers anchored off the coast around the world.

The agency noted, that in recent weeks many tankers are loaded with fuel off the coast of the United States, China, European countries, and South Africa for safer oil storage than other countries.

In addition, the geographical location of South Africa permits the rapid transportation of oil to Asia or Europe. Essentially, the oil extracted is delivered in Nigeria, Angola and the Congo on the coast of the Gulf of Saldanha in South Africa.

There are more tankers off the northwestern coast of Africa, near the entrance to the Mediterranean.

Anchored tankers carry about 20% of the world's daily oil consumption and this is sufficient to manipulate prices or increase or reduce supply as necessary.

The agency noted, that traders and companies producing oil, usually prefer to store crude oil, in tanks distributed on land but currently fully filled, while the high costs of storage in tankers can be compensated thanks to the possibility of immediate delivery to the consumer.

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Fyi - These Are Iraq’s Two Largest Markets ! ;) 

 

:D  :D  :D 

 

 

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China and India withdraw from floating oil stocks as demand recovers


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28th May, 2020
 

Commercial sources and analysts said the quantities of crude oil stored on ships in Asia have declined from a peak reached earlier this month as demand recovered in China and India

Fortexa said for an analysis of the oil market that 3.4 million tons of crude (24.8 million barrels) were withdrawn from floating stocks in Asian markets in the past seven days, and China was the main destination with about 1.8 million tons, while India occupied the second position by withdrawing 842 thousand and 679 tons

Trade sources said that major oil companies and trading companies offer oil stored at sea from the Middle East and West Africa, with the spot prices of crude gaining strength in Asia

They added that refiners buy oil in the hope of recovering demand for fuel with more countries easing the restrictions of Corona and with expectations that crude prices and shipping will rise further despite the refining margins remaining weak, which limits the ability of refining companies to increase production

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The President of the Republic participates in the Summit
Meeting on Financing Sustainable Development to Confront the Epidemic


Thursday 28 May 2020


alsabaah-37177.jpg

Baghdad / Al-Sabah 


Today, Thursday, President of the Republic, Dr. Barham Salih, participated in the summit meeting on financing sustainable development to face the repercussions of the Covid-19 virus, at the invitation of the United Nations Secretary-General Antonio Coutures and the Prime Ministers of Canada Justin Trudeau and Jamaica Andrew Hollins.

President Saleh said, in a televised speech, "The exchange of ideas and finding solutions for sustainable development in the era of the Coronavirus is extremely important for the world as it confronts this pandemic and the economic and social devastation it has left."

During the meeting, in which French President Emmanuel Macron, German Chancellor Angela Merkel, Italian Prime Minister Giuseppe Conte, President of the World Bank David Malpas and a number of other world leaders, the President of the Republic stressed that the challenges we face as an international community are huge and urgent challenges that can be overcome if we make united efforts And concerted, indicating that some tend to look internally, and let each country solve the problem alone. Although the effect of the virus is local, the crisis is a global crisis and therefore needs an international response.

President Saleh added, "We are fully aware that the road ahead will be long and arduous, but we have no choice but perseverance and victory. We must act with a high sense of embarrassment of the situation with compassion and determination to achieve positive results, otherwise we will fail our people, especially our youth."

"We are still a country in a recovery phase. We have gone beyond a civil war and the violence and terrorism practiced by the so-called Islamic State, but our efforts to rebuild are still fragile. Popular demonstrations in the past autumn and winter, and the tragic victims, are considered As a stark reminder that the patience of the Iraqi people has limits. "

He emphasized that "people are ready to sacrifice their lives for a better and more prosperous future; our mission, as leaders, is to fulfill those aspirations", explaining that "achieving a more prosperous future and addressing the weaknesses of the Iraqi economy are promises made by the new government to Prime Minister Mustafa Al-Kazemi in its program. Whereas, it is committed to starting the structural reform process in Iraq. "

The President of the Republic stressed that "we need transitional mechanisms to bridge the gap so that we can immediately implement fiscal stimulus policies that take us out of closed circles in order to enable the stability of our financial affairs and our economy so that we can counter the effects of Covid-19."
 
The following is the text of Mr. President's speech:
 
Excellencies, Ladies and Gentlemen,

I would like to express my deepest gratitude to the Prime Ministers of Canada and Jamaica and to the United Nations Secretary-General for organizing this important meeting. 

Sharing ideas and finding solutions for sustainable development in the Corona Virus era is critical to the world as it confronts this pandemic and the economic and social devastation it has left.

The challenges we face as an international community are huge and urgent; Especially in the Middle East and developing countries, where the effects of the virus can extend for longer periods and have more damage because they have burdened health infrastructure. 

But those challenges can be overcome if we make united and concerted efforts. Some may be inclined to look internally, and let each country solve the problem alone. Although the effect of the virus is local, the crisis is a global crisis and therefore needs an international response. We need to unite in our commitment to counter the spread of Covid-19, to find a vaccine, and to recover our economic recovery. The specific topics of this forum are essential for achieving these goals. 

My country, like other countries around the world, is urgently striving to chart a path out of the current crisis. The measures we have taken to limit the spread of the virus within our borders have been relatively successful so far. But despite this, we felt the economic impacts of the epidemic. The requirements of social separation have stopped many sectors of our economy. According to World Bank estimates, the number of Iraqis living below the poverty line increased from less than 20% at the end of 2019 to about 40%. .

Where Iraq was subjected to multiple shocks: the collapse of domestic demand due to the restrictions imposed to combat Covid-19, the sharp drop in oil prices since March and recently the significant reduction in Iraq's oil production by about 23% as part of the OPEC + agreement in April. 

Our dependence on oil imports means that our budget imports have decreased by more than 70% compared to pre-crisis levels, which compels us to take emergency measures to cover basic expenses. We may need, as a result, an inevitable rationing of our spending, but even so we may face the possibility of a large budget deficit this year; This will require funding to withdraw reserves and increase debt. In general, our economy is expected to shrink by about 10% during 2020, with an expected prospect for recovery in 2021. 

All this comes at a sensitive time for Iraq. We are still a country in the recovery phase. We have gone beyond civil war, violence, and terrorism practiced by the so-called Islamic State, but our efforts to rebuild are still fragile. The popular demonstrations in the past autumn and winter, and the tragic victims that have fallen, are seen as a stark reminder that the patience of the Iraqi people has limits.

People are ready to sacrifice their lives for a better and more prosperous future; Our mission, as leaders, is to fulfill those aspirations. This is not an easy task. As a public profile, about 350,000 people each year reach working age, but many suffer as a result of not being able to find jobs. The government is trying to employ some of them, but this deepens the long-term financial problems in the country.

Achieving a more prosperous future and addressing the weaknesses of the Iraqi economy are promises made by the new government to Prime Minister Mustafa Al-Kazemi in its program. Where I committed to start the process of structural reform in Iraq: strengthening the role of the private sector, eliminating corruption and establishing the rule of law and strengthening our institutions by restructuring and revitalizing our public sector and by using our abundant natural resources more productively. 

We are fully aware that the road ahead will be long and arduous, but we have no choice but perseverance and victory, and we must act with a high sense of embarrassment of the situation with compassion and determination to achieve positive results, otherwise we will fail our people, especially our youth. 

We cannot hope to succeed without the cooperation of the international community, including international financial institutions and partners. The financial and liquidity crises we face make it difficult to achieve our core financing and debt obligations. We hope that the international community will support these efforts, including helping us with economic restructuring and supporting us in achieving our investment budget, which are important efforts to build infrastructure, maintain basic services and create jobs. 

And for developing countries, such as Iraq, that face these challenges; The possibility of employing rapid means that help us guarantee local liquidity and the ability of the private sector to obtain loans that alleviate the direct debt burden on the state are important means if we want to ensure that the current crisis does not enable us to restrict us and limit our ability to implement the much needed reform in the long run. 

We need transitional mechanisms to bridge the gap so that we can immediately implement fiscal stimulus policies that take us out of closed circles in order to enable the stability of our financial affairs and our economy so that we can counter the effects of Covid-19, then we can use it as a platform to make smarter exchange choices in the future that will stimulate economic growth. 

Sustainability and resilience to impacts are key factors for building a better tomorrow for all Iraqis. We must ensure that economic growth and development occurs and that this crisis is not allowed to turn into a choice between people's lives and their livelihoods, or to become a catalyst for renewed social turmoil or violence and terrorism that threatens state institutions. But first we have to establish stable foundations to build on, and we look to this forum to discuss ideas and initiatives that will help us achieve this. 
thank you.

Barham Salih
President of the Republic of Iraq
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Get Bent, Salih. Stop talking. Stop the auctions. RI/RV your toilet paper 🧻 Currency and  Implement reforms.  

16 1/2 years later, still talking-MEAT PUPPETS !!!!!

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Member of Parliamentary Finance clarifies the fact that it is directed to distribute employee salaries every 40 days

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Localities 05/28 2020 18:06 928     


Baghdad today - Baghdad 

 

Member of the Finance Committee in the House of Representatives, Ahmed Mazhar Al-Jubouri, confirmed on Thursday (28 May 2020) that the employees ’salaries are a red line and cannot be touched, indicating that talking about distributing them every 40 days is not correct.

Al-Jubouri said in an interview with (Baghdad Today), that "the House of Representatives and the Finance Committee have not yet discussed the issue of distributing the salaries of employees every 40 days, and any talk in this regard is a shame about health."

He added that "the salaries of employees are a red line that cannot be touched, and there are many ways to provide financial liquidity to be paid regularly by the state," noting that "one of these ways is to reduce the salaries of private bikes from a general manager and above."

He continued, "The state will resort to internal and external borrowing in order to provide the salaries of employees and not prejudice them in any way."

And the member of the Finance Committee, Ahmed Al-Jubouri, yesterday, Wednesday, explained the fact of going into the option of deduction or compulsory saving for the salaries of employees who hold regular grades. 

Al-Jubouri said in an interview with (Baghdad Today), that "the financial crisis of the country is a realistic matter that is not hidden from anyone, and the people bear full responsibility for it, and we must join hands to cross the crisis." 

And he stated, "The Finance Committee agreed to reduce the salaries of the higher grades from a general manager and above. As for the employees of the regular degree, we will be a defense attorney for them not to prejudice their salaries." 

He stressed, "The salaries of the fourth and fifth months are distributed, and we are in the process of preparing the sixth month, and the state is able to prepare through taxes and activate them and customs, in addition to internal and external borrowing." 

He pointed out that "any deduction for the sixth month's salaries did not take place," noting that "salary cuts and compulsory savings are false statements."

He added: "We are working not to go to compulsory savings or deduct the salaries of employees, because the situation has not yet reached the real crisis that makes us study savings."

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10 hours ago, DinarThug said:

Given the lack of flexibility of the production base and its limitations in Iraq, the prices of imported goods will rise in the short term

 

10 hours ago, DinarThug said:

which will lead to lower prices. Later

10 hours ago, DinarThug said:

"If the Iraqi dinar exchange rate is reduced substantially by 25%, for example

 

10 hours ago, DinarThug said:

the cost of its exports to Iraq will become high

 

10 hours ago, DinarThug said:

will increase its ability to cover public expenditures and maintain the cash reserves of the Iraqi Central Bank from erosion."  

 

This guy is talking about revaluation of Iraqi dinar.... 

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Thief

  • Member
  •  
  • Thief
  • Members

 

2 hours ago, Thief said:

This guy is talking about revaluation of Iraqi dinar.... 


Nice Breakdown ‘Thief’ - Especially With Ur ‘Bold’ Highlights In Ur Quote Above ! ;) 

 

 

And So Once Again - Here’s The Article That U Stole It From ! :o 

 

:D  :D  :D 

 

 

What does it mean to reduce the Iraqi dinar price against the dollar? .. An economist answers

2020.05.28 - 16:16


e8db23d01-31734-202005280416.jpg

Baghdad - people   

 

On Thursday, economist and academic expert Nabil Al-Marsoumi expected a set of results if the proposal to reduce the price of the Iraqi dinar against the dollar was applied to counter the financial crisis.   

"If the Iraqi dinar exchange rate is reduced substantially by 25%, for example, the economies of some of the countries neighboring Iraq that export to it more than 20 billion dollars will be severely damaged," said Al-Marsoumi, an academic at the University of Basra. Annually, because the cost of its exports to Iraq will become high and its competitive capabilities in the Iraqi market will decrease, which is an important brake on taking this type of policy due to the strong influence that neighboring countries possess in Iraq.  

He added, "Given the lack of flexibility of the production base and its limitations in Iraq, the prices of imported goods will rise in the short term, especially, but in the medium and long term this may constitute an incentive to activate the role of the private sector in establishing projects producing consumer goods, especially food, to cover the needs of the Iraqi market, which will lead to lower prices. Later".  

He continued, "The government revenues denominated in the Iraqi dinar will increase by the same percentage of the dinar price, which will increase its ability to cover public expenditures and maintain the cash reserves of the Iraqi Central Bank from erosion."  

He pointed to another point which is that "putting an end to the flight of capital in view of the low value of the dollar in the face of the dinar, as well as reducing Iraqi investments abroad, especially in real estate and reducing Iraqi deposits in foreign banks, as well as the relative reduction of money laundering operations in Iraq."  

In this regard, the decree expected that "reducing foreign labor in Iraq, as work becomes less feasible on the one hand, and foreign labor becomes more expensive compared to national employment."

LINK

Edited by DinarThug
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27 minutes ago, DinarThug said:

And So Once Again - Here’s The Article That U Stole It From ! :o 

 

:D  :D  :D 

 

😂🤣😜

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Oil is falling but is heading for the largest monthly increase in years thanks to the reduction in production

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29th May, 2020

 

Oil prices fell on Friday, heading towards the first weekly decline in five weeks, after US inventory data showed a lukewarm demand for fuel in the world's largest oil consumer while worsening tensions between the United States and China are pressing global financial markets

By 0643 GMT, Brent crude fell 43 cents, or 1.2 percent, to $ 34.86 a barrel. US West Texas Intermediate crude reached $ 33.14 a barrel, down 57 cents, or 1.7 percent

The benchmarks are heading for the biggest monthly gain in years as prices receive support from production cuts and optimism about China-led demand recovery, analysts say

West Texas Intermediate crude is on the upward trajectory by 76 percent in May, its biggest monthly gain ever, while Brent gained 38 percent, the strongest monthly rise since March 1999

Analysts said data from the US Energy Information Administration on Thursday showed that crude oil stocks and distillate products in the United States rose strongly last week while fuel demand remained tepid even as several states began lifting travel restrictions imposed to contain the Corona pandemic

Looking ahead, traders will focus on the outcome of talks on production cuts between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, the group known as OPEC +, in the second week of June

Saudi Arabia and some OPEC members are considering extending a record production cut of 9.7 million bpd after June, but have yet to win Russian support

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Talking everything until you’ve driven it into the ground like a tent stake is a way of life over there. The flip side: they dig it up, dust it off and then do it all over again. 

 

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18 minutes ago, horsesoldier said:

Talking everything until you’ve driven it into the ground like a tent stake is a way of life over there. The flip side: they dig it up, dust it off and then do it all over again. 

 

 

Horsesoldier.......you are quite the wordsmith.  :tiphat:

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5 hours ago, DinarDavo said:

Horsesoldier.......you are quite the wordsmith.  :tiphat:


If U Think That’s Impressive - U Should’ve Seen ‘SandFly’ ! :o 

 

 

Now That Guy Really Had A Way With ‘Word’ ...
 

:D  :D  :D 

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Soon .. a deputy in Parliament Finance announces the move to cancel the dual salaries

 

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Policy 05/29 2020 12:38 229 Editor: Zs   

Baghdad today - special 

 

Member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, announced on Friday (May 29, 2020) that the parliament will move after the Eid holiday to cancel the double salaries, indicating that 70 percent of the deputies support this approach.

Al-Jubouri said in an interview with (Baghdad Today) that "there is duplication in the distribution of salaries to employees or officials, and many may receive several salaries at the same time away from social justice."

He added, "There is parliamentary support reaching 70% of the deputies to cancel these salaries, and there will be movement after the end of the Eid holiday and the start of the parliament sessions."

Al-Jubouri said, "The file is receiving the attention of the financial committee of the intention, especially since there is popular support for this framework through the need for the employee to have a salary, not several salaries, and that the country is going through a severe financial crisis." 

On May 13, 2020, the former deputy, Saad Safouk al-Masoudi, called on Prime Minister Mustafa al-Kazimi to issue a decision to cancel all double salaries and keep one salary. Al-Masoudi said in a statement that "the new government's reform steps require starting with the implementation of social justice among people, the abolition of all double salaries, and the maintenance of one salary per person." He added that "this step is an application of justice and to address the financial crisis."

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Livelihood has also increased at sea ... a stunning recovery of Iraqi products due to Corona

- 6 Hours Ago

 

%D8%B1%D8%A7%D9%82-1-300x200.jpg


Buying Turkish, Iranian, Jordanian or Chinese products is normal in Iraq, the country of palm trees that imports even dates from the Gulf. But the global ban imposed by the Coruna epidemic has begun to slowly change the equation.

Amin Qasim says: Frankly, the epidemic that has killed about 170 people in Iraq is a blessing. The man who owns an ice cream factory since 2006 in the southern city of Basra said that "the crisis allowed us to prove ourselves in the Iraqi market."

In the past, and in front of foreign products, "Made in Iraq" had no opportunity, because of its high price, small quantities, and long-time production. Consequently, the domestic product did not have all the attractions against the imported product chain.

Restoring the market,
but by closing those borders with the global embargo, Iraqi factories - whose numbers have decreased dramatically during a decade of the international blockade (in 1991-2003) and years of repeated violence and wars - managed to enter the game again.

"We were able to restore markets where exports were crushed by us," says Qassim, who runs three thousand employees in his factories for ice cream and foodstuffs that he exports from Basra to the rest of Iraq. He added, "We no longer need to cut prices in the face of cheap Iranian ice cream to avoid loss."

The numbers in Iraq are misleading, and if the trade balance is still largely surplus, it is because it is artificially inflated by oil.

In 2018, according to the World Trade Organization, Iraq exported $ 97.2 billion worth of goods and services, but it was 98% of oil and gas.

Meanwhile, he imported $ 70 billion worth of goods and services such as electricity, tomatoes, cars, and frozen chicken.

Oil and austerity
But today, with oil prices almost three times more, Iraq stands on the brink of a financial abyss. Import taxes have already begun to be claimed by affected domestic producers for years, so new income rose from $ 2.5 million in the first half of April to 7.3 million in May.

To reduce purchases abroad, Iraqi imports will drop to 81 billion dollars next year from 92 billion last year, according to the International Monetary Fund.

Indeed, in April, Chinese imports fell from nearly $ 1 billion four months ago, and barely reached 775 million, according to official figures from Beijing.

On the Iranian side, imports decreased from 450 million dollars a month to 300 million, but only with the re-opening of the border points from the Kurdistan region of Iraq recently.

In this context, the diversification of the economy and the resumption of industries - which were looted and stolen during wars - are imperative today. The country, which was no longer able to employ, became dependent on the private sector for wealth creation and job creation.

Basra fishermen and fish traders more than touch change due to Corona (Reuters)

Hadi Aboud works in the production of plastic pipes. In addition to the almost non-existent private sector, the fluctuating banking system, and simple import taxes, it also has to face competitors with a declining currency from Iran and production at minimal costs like China.

But the citizen asserts that the recovery in the midst of the Covid-19 crisis was amazing. "Now I sell plastic pipes before they are manufactured," he says. With the large demands for materials sealed in “Made in Iraq,” the factory manager confirms that “the situation has changed well.”

And more than touching change in Basra, the country's only southern coastal city, are fishermen and fish traders. "For about a month, the number of fish has increased," says fish seller Mohamed Fadel, whose simplicity has been placed on the central market daily.

"The Kuwaitis and the Iranians are not leaving now," he says, and therefore Iraqi fishermen now control water and fish. As a result, Fadel says, the fishing has become a miracle, to the point that the price of a kilo of al-Zubaidi fish "decreased from 20 to 11 thousand dinars," or about nine dollars.

Not only did the livelihood increase at sea, to meet the new demand, Hani Abboud plans to open the doors of employment, and raise the number of his employees soon from one hundred to 150.

The Arabs

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On 5/26/2020 at 1:22 PM, DinarThug said:

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

 
Economy  ,   05/26 2020 18:27  

 

42565.jpg?watermark=4
 

 

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.

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Economist: We are facing a fatal crisis and reveals 54 trillion dinars in banks and individuals

 
Economist: We are facing a fatal crisis and reveals 54 trillion dinars in banks and individuals 
 
 
05/28/2020 21:47:55
 
 
The economic expert, Alaa Al-Fahd, described the current economic crisis in the country as a “lethal”, while revealing that there were 54 trillion dinars in banks and individuals.

"The government is currently studying several tools for the state's financial policy, including internal tools by trying to diversify revenues for other sectors and revitalize them, such as the industrial and agricultural sectors, and the participation of the private sector, which can contribute to providing the state and operating many stalled projects," Al-Fahd said.  He added, "There are several tools on the table of the government and parliament, including the direction of revitalizing the private sector and supporting it to be a partner of the state," noting that "the economic crisis due to the reduction of oil prices in Iraq is not a result of today, and in every drop we notice the government resorting to reducing expenditures."

Al-Fahd pointed out that "this crisis is the most deadly in the Iraqi economy, especially its entry with the Corona pandemic crisis, which are multiple challenges that may portend two financial and health catastrophes, so there should be revenue diversification and rationalization in spending, and this is what the International Fund report confirmed by having multiple jobs with more than 250 thousand jobs and horizons can be pressured according to productivity, "stressing" the government's endeavor to work on this by adopting the 2020 budget law." He continued, "All the solutions currently presented are immediate solutions, either resorting to internal or external loans by selling bonds or resorting to funds funds in addition to the trust accounts with the ministries, which have not been disposed of until now."

Al-Fahd noted that "Finance Minister Ali Abdul Amir Allawi has experience in managing the financial file during previous years through which tools and alternatives can be found that contribute to supplying the budget," asking, "Are these solutions close to reality, especially since banks are mostly idle and the cash block is mostly at homes?"  He revealed, "The presence of 54 trillion Iraqi dinars, 4 of which are in banks and 50 among individuals in homes, how can the government withdraw this large cash block? What are the encouraging means to buy government bonds and lending? This is what the state's financial policy is currently looking at." 

Al-Fahd added, "The government is currently working to close simple computers {trust accounts}; but our problem in Iraq is most of our operating expenses, not investment, and our dependence on oil mainly." He added, "There are job slack and double wages. Radical solutions must be put in place. Most countries in the world, especially oil, have suffered from the crisis, but they have sovereign funds through which the deficit can be bridged," returning to resort to withdrawing cash reserves from the central bank that "will weaken the Iraqi currency." 

He concluded Fahd his speech by saying , "There are things that many are on the table, including savings mandatory for employees," pointing out that "the withdrawal of funds frozen and smuggled out of the country file legal needs to raise claims and evidence and the timing of the long and the government is currently looking for quick solutions to get out of this crisis."

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On 5/23/2020 at 12:45 PM, DinarThug said:

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In the document .. The Kurdistan government approves the Baghdad proposal to settle the financial situation

1590219676_82642020_92242020_civata_weziren_kurdistan.jpg
 

23rd May, 2020
 

The Ministry of Finance of the Kurdistan Region announced today, Saturday, its approval of the content of a letter sent by Federal Minister of Finance Ali Allawi on May 19th, which included four proposals for a financial settlement between Baghdad and Erbil

According to the document, obtained by "Gilgamesh Press", "The proposed steps include the payment of 400 billion dinars for the month of April by the Ministry of Finance 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 the basis for it

In response to this document, the provincial finance minister, Awat Sheikh Janab, sent a letter to Allawi's Minister of Finance, saying, "The Kurdistan Regional Government confirms its approval of the content contained in your book

The Kurdistan Regional Council of Ministers announced earlier that the federal government had verbally agreed to send 400 billion dinars to the Kurdistan region


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In the document .. the Minister of Finance directs to deposit 400 billion dinars in the Kurdistan government account

 

122765.jpg?watermark=4

 

Policy 05/29/2020 21:24 306     


Baghdad today - Baghdad 

 

The Finance Minister, Ali Abdul-Amir Allawi, directed last Saturday to deposit 400 billion dinars in the Kurdistan Regional Government account. 

In a book issued by the Minister of Finance, on (24 May this year): (1) In order to disburse the region’s dues for the month of April 2020, and to note that the amount has been debited to our current account granted to the Central Bank of Iraq, with the number (70009).

 

1d1835e7-18f8-4ca4-9909-92265b315d09.jpg

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On 5/25/2020 at 1:14 PM, DinarThug said:

Can U Say ‘Implementation Of The Financial Management Law’ Bro ? :o 

C’mon ! Sing It With Jamal Cougar - Kurds So Good ...     :D  :D  :D 

With a comprehensive agreement, a Kurdish delegation will visit Baghdad soon to discuss its delivery of the region's oil revenues and border crossings

1590403564_122374-810x455.jpg

25th May, 2020

 

On Monday (25 May 2020), the deputy of the Patriotic Union of Kurdistan, Hassan Ali, confirmed that the Kurdistan government delegation will visit Baghdad again immediately after the end of the Eid Al-Fitr holiday, while a source in the Kurdistan government revealed that the delegation will agree to hand over oil revenues and border ports to the central government in exchange for sending it The salaries of the region's employees and the financial dues

And Ali said in an interview with (Baghdad today), that "the step taken by Baghdad to send 400 billion dinars is a good step towards solving problems and differences and concluding a comprehensive agreement between Baghdad and Erbil

He added that "the government delegation will discuss all the files with Prime Minister Mustafa Al-Kazemi and with the Minister of Finance Ali Abdul Amir Allawi, and during this visit, a comprehensive agreement will apply to both parties

On the other hand, a source in the Kurdistan government revealed that "Prime Minister Masroor Barzani directed members of his government in cooperation with Baghdad and revealed all files and revenues that enter the region for audit by the technical committees

And the source said in an exclusive interview with (Baghdad Today), that "Kurdistan will deliver revenues of 250 thousand barrels of oil and border crossings completely in exchange for the federal government sending salaries of employees, peshmerga and other entitlements

The Ministry of Finance announced, on Friday (May 22, 2020), that 400 billion dinars will be spent to employees of the Kurdistan region for the month of April


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Within hours .. a Kurdistan delegation to negotiate the budget and Fouad Hussein's foreign minister

image.php?token=b233c7c2d81b07f92877b27aa4647ee7&c=5190871&size=
 
 
29th May 2020
 
 
A leader in the Barzani party revealed today, Friday, that a Kurdish delegation will visit Baghdad within hours to negotiate the budget and Fouad Hussein's foreign minister.

Mahdi Abdul Karim, leader of the Kurdistan Democratic Alliance, led by Masoud Barzani, told Al-Ikhbaria, "We have a successful and strong alternative for Fuad Hussein, which will be presented in the coming days, if the parties in Baghdad insist on rejecting Hussein."

He added, "The Democrat will not cling to a specific person to lead a sovereign ministry in Baghdad, but rather will try to make the Kurdish negotiators strong in the capital, Baghdad."

And Abdul Karim pointed out that "the Kurdish blocs will visit Baghdad in the coming hours to present several files to the government, including the agreement between the two parties on the budget, as well as to resolve the issue of Fouad Hussein's absence or not to the Ministry of Foreign Affairs."

It is noteworthy that most political blocs and parties in Baghdad refuse to hand over the Ministry of Foreign Affairs to the leader of the Barzani Party, Fouad Hussein, due to his mismanagement of the Ministry of Finance in the government of Abdul-Mahdi, in addition to his hard-line separatist stances.

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Expert: Reviving the private sector is the key to economic development


Friday May 29, 2020


Baghdad / Soha al-Sheikhly

 

"The private sector has an important role in the economic crises that passed through the country, and it was able to meet its need, whether through mixed companies and daily production, and a form of local production of 92 percent, and the builder of hopes after changing the system was to take his role, especially In the productive sector, and in 2008 we developed a strategy for the private sector, 
with the advisory board and its pillars (knowing who is the private sector, and implementing small and large projects in practice) and approved this strategy in cooperation with international organizations, particularly UNIDO in 2014.

 
Economic Council
He emphasized thatThere are several strategies that were not implemented, until the year 2019, which were returned by the Ministry of Planning as part of the food security project and the proposal was to form an economic council from the private sector and to be composed of agricultural, industrial, contractors, tourism and transport, and we agreed on several points, including that the councilor should have a university degree and he has Practicing no less than 20 years and has economic activities, research, lectures, good behavior and reputation, not accused of corruption and away from partisan pressures and affiliations and the owner of a successful economic project, and that he lives in Iraq and not expatriate, and the Minister of Planning took it upon himself to be the President of the Economic Council representing the private sector In the Council of Ministers, and that the private sector be in the first stage also under the supervision of UNIDO (United Nations Industrial Development Organization) and that 50 percent of the government sector and 50 percent of the private sector and in subsequent years the percentage increase to (60 - 70) percent for the private sector, and the sector takes over Governmental operationRegulation and exchange. "
Antoine pointed out that "the private sector is now absent and has no role, and we want an authentic Iraqi private sector, not a parasite. As for the characteristics of this sector, it is the will to achieve this purpose and that it be a productive sector that meets the country’s need and that the agricultural sector be at the forefront as it will provide the food basket And to achieve the food security of the country, as well as the industrial sector and the operation of the private sector factories, which exceeded 50 thousand suspended industrial projects and could be operated through partnerships between the public and private sectors to supply the local market with production, and it proved at the time of Corona that if we had real production and not a parasite, we would not have been subjected to these The Big Tremor. "
He added, "We must first of all pay attention to agriculture and prevent the entry of crops produced abroad, as well as for industry, and take care of the industries that occupy the largest number of manpower, which are the construction and food industries, which will provide us with hard currency and will achieve food security." 
 
Private sector obstacles
He pointed out that "the most important obstacles are the lack of a real will to support and encourage it, especially the productive one, the entry of a parasitic layer in the commercial business, the dumping of the market with import, the absence of infrastructures in the industrial sectors, the lack of entry of raw materials for industries, as well as a major deficiency in supporting the agricultural sector .. And the routine is still prevalent, and the productive investment sector is very important and now the markets are flooded with imported goods and when agreements are concluded it should be to operate the factories and not convert the markets to exchange the goods and merchandise of the neighboring countries.
He stressed that the private sector employs 8 million Iraqis, that is, more than state employees, and we do not have a social security and pensionable law for workers. 
 
Legislation
And between "the importance of legislating laws to protect the private sector that prohibits the import of locally produced goods and activating standardization and quality control to examine every commodity entering the country and in customs and preventing the entry of goods that are not subject to income tax conditions and that the customs tariff determines the nature of the material entering and controlling border ports and preventing any unofficial port, and we hope now By leaving the impasse of import, preventing smuggling, and working hard to establish cooperative societies, preventing the greed and exploitation of some merchants to increase prices and creating an authentic private sector that believes in citizenship, and this is applied in neighboring countries that prevent the entry of goods to them, and to ensure the sale of local goods in the markets and have priority and activate the slogan ( Made and planted in Iraq) by execution, not by words, which makes the investor hesitate to work. "

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Parliamentary Finance: We have not received any government proposal regarding salary cuts


Friday May 29, 2020
 

alsabaah-37236.jpg

Baghdad / Al-Sabah / Shaima Rashid

 
 
The Finance Committee in the House of Representatives ruled out the possibility of deducting or saving employee salaries without making legal amendments, while assuring that the 2020 budget will arrive in Parliament soon. 

Committee member Hanin Qaddo said in a statement to "Al-Sabah" that "the Finance Committee in Parliament has not received any serious proposals by the government related to deduction or reduction of salaries and allowances for employees and retirees."
He added, "All rumors on this issue are unconfirmed leaks, while Parliament expects to receive a budget this year soon in order to develop economic and financial solutions and treatments." 

Qaddo stressed that "any reduction or change in the salaries of employees must be through amendments to legislation and laws that stipulated salaries, otherwise the government cannot reduce salaries." 

On the other hand, a member of the committee, Thamer Theban Al-Hamdani, called on the cabinet to rely on other revenues to fill the budget deficit.

In a statement received by Al-Sabah, Deputy Al-Hamdani said that "employees depend mainly on their salaries as their only source of living at a time when these salaries are not without deductions from loans, advances and rent." 

He pointed out that "the Iraqi government has significant financial revenues other than oil from the border outlets, taxes and wages of the departments of the Ministry of Oil from filling stations for gasoline, water, electricity and imports that the Kurdistan Region can rely on to fill the budget deficit."

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Deputy of the Finance Committee: Employees are involved in loans .. and their salaries are a 'red line'

2020.05.29 - 12:27


d75def333-31797-202005291227.jpg
 

Baghdad - people  

 

On Friday, the Parliamentary Finance Committee expressed its categorical refusal to prejudice the salaries of employees and retirees, calling on the government to resort to other alternatives.  

"The salaries of employees and retirees are a red line to allow for prejudice, and they must be outside the process of high and low oil prices," committee member Haneen Qaddo said in a statement, which "people" received a copy of, (May 29, 2020).  

Al-Kiddu explained that "the class of employees and retirees has served Iraq for many years and has ruined its youth in building the country. It must be supported and removed from the tensions and problems of low oil prices."  

He pointed out that "most employees and retirees are involved in loans and rents because the government did not provide them with residential plots of land," calling on the government to "follow many alternatives, most notably the region's oil revenues, border ports, customs and taxes in addition to those with salaries and other sources of income."  

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