Parliamentary Finance: Al-Kazemi Has The Powers To Cancel The Currency Auction !

[DinarThug]

CNN. Broadcasting While Taking Bids To Sell Off The Auctions ! So Far The Highest Bid Is From Davis Offering A Camel Thong - That He’s Willing To Model !

 

 

Parliamentary Finance: Al-Kazemi has the powers to cancel the currency auction

 

Policy 05/30/2020 15:18 28 Editor: gf   

Baghdad today - Baghdad 

 

Member of the Parliamentary Finance Committee, Hanin Qaddo, confirmed on Saturday (30 May 2020) that Prime Minister Mustafa Al-Kazemi owns the powers to cancel the foreign currency auction at the Central Bank .

Qaddo said in an interview with (Baghdad Today), that "the Prime Minister, has the powers to cancel or stop the auction of foreign currencies in the central bank."

He added, "This matter provided that it is attached to a study or documents proving the existence of money laundering operations, or corruption operations occurring during the sale operations," stressing "the need for the government and the central bank to control the exchange rate of the dollar against the Iraqi dinar in Iraqi markets." 

Often, deputies from different blocs and components talk about the existence of major corruption operations that take place at the auction of currency sales by banks and personalities accused of money laundering operations . 

A member of the mini-parliamentary committee concerned with following up the implementation of the budget, Abdul Hadi Al-Saadawi, spoke Monday (July 08, 2019) about the exit of the currency auction from the control of the central bank, while the latter sold $ 150-200 million on a daily basis . 

Al-Saadawi said in a press statement, that "there are problems and irregularities recorded on the sale of the currency by the central bank, as well as the currency exchange rate, which is often mobile and unstable in most cases," noting that "any candidate for the position of the governor has to sit with the parliamentary finance to discuss These two things . "

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Edited May 30, 2020 by DinarThug

[DinarThug]

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On the Central Bank of Iraq report devoted to maintaining the value of the dinar against the dollar

 

30th May, 2020

by Dr Imad Abdul Latif Salem

This report, tagged with "Reducing the Iraqi dinar exchange rate, determinants and alternatives" (issued by the Central Bank of Iraq), begins by emphasizing that devaluing the local currency DEVALUATION has a different meaning in the rest of the world, compared to Iraq. This "reduction" means (in the rest of the world): "Reducing the official exchange rate of the local currency against an international reference currency, so that the number of units of foreign currency that can be obtained against a unit of the national currency decreases. As for Iraq, this is intended to reduce The value of the Iraqi dinar against the US dollar .. It differs from the low exchange rate DEPRECIATION subject to the mechanism of supply and demand in the market!

What is the difference between the two cases exactly? I swear to you that I do not know what the difference is, and there is never a flaw in this “confession.” All I have been able to understand from this premise is mined in “complex” concepts ((and with a limited mind as a mind)), that there is Whoever requests the central bank to devalue the "Iraqi" dinar, against the value of the "American" dollar .. so does the central bank have to do that? The answer is, of course.

Do you accept that the central bank do that? The answer is: No, a thousand, no, and over 14 pages, it is the full size of the report. The central bank does not tell us what the role of monetary policy is in the current circumstances, nor does it provide us with any assistance to get out of the catastrophic crisis that we are going to solve, march, and march now.

He only talks (and for 13 pages) about "determinants", whereas "alternatives" only exist in the second half of page 14 (and the last) of the report. These "alternatives" from the bank's point of view summarize what "others" must do, and not what the central bank can do as well, to help overcome the current plight of Iraq (and not of course, in playing the full role).

This report reviews all the failures, the chronic structural imbalances in the economy, the mismanagement of the economic file, and these are all borne by the “others”, and their consequences are borne by many other bodies, the most important of which is the Ministry of Finance (which is unfortunately for them, and only the general public knows), but “he” "(I.e. the central bank), he has played the main role: to achieve a foreign reserve of $ 70 billion, and to maintain an inflation rate of between 2.O and 3.0% - (which is better than the rate of inflation prevailing in the United States of America) ... and all of this has been achieved Indeed, without mentioning the feasibility of this in a country where the “official” unemployment rate is 12% (excluding underemployment) and about 40% with it.

What about the main role of economic policy (including monetary policy) in achieving a sensitive “trade-off” between inflation and unemployment in a country like Iraq? Well we do not know anything, so why did the central bank not tell us (in this report), what it could do, In front of the inability of everyone (other than him) to provide solutions?

In the report, we clearly see something of “populism”, which we should not beg to defend our “method” of maintaining the value of the dinar against the dollar (and not from the bank’s exchange rate policy currently adopted by the bank, according to the distinction mentioned in the introduction to the report). On many pages of the report, it is frequently referred to as an "axiom" that is not disputed, neither by the simple people, nor by the economic elites (with their huge mental potentials and superpowers).

And this populist - self-evident "discourse" is: O poor people, poor employees, poor pensioners, beneficiaries of scarce social welfare benefits ... be careful .. any attempt to reconsider the exchange rate of the dinar against the dollar will make you (you In particular, and not others), you pay a very high price, and the consequences for that will be on you (and not on others) ... very dire .. You may even die, you and your families, from hunger!

When we write what we are writing here now, we are not naive to call for "float", nor "criminals" to demand action in the notorious "shock" method and "traitors" to defend extinction before the IMF's "recipes" ... rather we believe that it is time Now, indeed it is necessary now, for the central bank to study proposals related to the necessity of working (gradually) with a realistic, "managed" exchange rate, and calculated with precision, so that the effect of the "new" exchange rate is less harmful and costly to the vulnerable groups of the population. It is also a truism to know that there is no decision without "costs", and no politics without "returns".

The most important arguments for the central bank in its defense of the "sanctity" (value) of the current Iraqi dinar against the value of the US dollar is the argument (or factor No. 1) on page 3 of the report.

This "Factor 1" deals with the state of the external sector "Balance of Payments". Although the report acknowledges the “rentier” of the Iraqi economy, its unilateralism, its strong openness to the outside, and its chronic structural imbalance, which extends from previous decades ago, it nevertheless affirms that Iraq has a “strong position in its external sector”, and this appears Obviously through the "adjusted current account surplus", and through the adequacy of the foreign reserves of $ 70 billion.

And Iraq "does not suffer from a balance of payments deficit" (without saying that this is very normal, because Iraq is still exporting oil with a value greater than all imports).

However ... despite all of that, the report presents to us on page 10 of it a table that deals with the effect of reducing the dinar's "exchange rate" against the dollar, at the main doors of the state's general budget, and assumes two rates of reduction, 10% and 20%, to show the effect of "reduction" On the public budget in both cases.

This table is based on the state's general budget data for the fiscal year 2019, and on the data of the “estimated” general budget project for 2020, and by relying on an exported oil price of $ 56 per barrel, and an average export rate of 3,880 barrels per day. Is this reasonable, and acceptable, in a report issued? On the most important economic institution, is the institution that monetary policy in Iraq ??

Is it reasonable and acceptable for the report to say (on page 4 of it) ... that the adjusted current account achieved a surplus of 5.75% of GDP in 2019, and is expected to continue in 2020 and beyond!

How were these "future" expectations built with this degree of confidence, contrary to the expectations of all economic experts, throughout this world, including those of international economic organizations ??.

Finally, the central bank has always been the school where it worked and graduated from, the best experts, professors, and economists in Iraq, so we hope that no one will donate to defend this report, or attack the criticism directed at it.

This report was a sincere and noble effort to defend monetary policy, and it was and will remain, in all countries of the world, a topic of controversy and permanent disagreement between its main parties, namely: stakeholders, policy makers, political leaders, and those interested in economic affairs, and those involved in general economic policy. We are not in a fight (or war) with each other, we all belong to Iraq, and we search, and work together, in the interest of this Iraq before any other consideration.

[Pitcher]

9 minutes ago, DinarThug said:

we believe that it is time Now, indeed it is necessary now, for the central bank to study proposals related to the necessity of working (gradually) with a realistic, "managed" exchange rate, and calculated with precision, so that the effect of the "new" exchange rate is less harmful and costly to the vulnerable groups of the population. It

The way I read this they may float this thing at first to keep inflation as low as possible during recovery and reconstruction.  We have talked about this numerous times.   With oil below 40 and Iraq having trouble paying their workers it just seems to me the wait will be longer than we want.  We’ll see.  
 

 

[Pitcher]

Thanks for this article Thugs. I will spend a little more time reading it when I get home. I’m in my car waiting for my wife.

What do you all think about this article?

[DinarThug]

6 minutes ago, Pitcher said:

The way I read this they may float this thing at first

 

3 minutes ago, Pitcher said:

Thanks for this article Thugs. 

What do you all think about this article?

 

I Think That Kaperoni Might Sprain A Pinky Fingernail While Furiously Typing As He Tries To Somehow Take Credit For It !  

 

     

[DinarThug]

22 hours ago, DinarThug said:

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

 

 

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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The disclosure of a crucial agreement between Erbil and Baghdad, pending the signature of Al-Kazemi in the coming days

 

 

11:07 - 05/30/2020

 

Kurdistan Democratic Party member Mahdi Abdel Karim revealed, on Saturday, the intention of the Kurdish forces to send a high-level delegation to Baghdad to discuss outstanding issues, noting that the final and comprehensive agreement between Baghdad and Erbil is complete and is ready for signature by Prime Minister Mustafa Al-Kazemi.

"The final and comprehensive agreement between Erbil and Baghdad is ready since December, but the launching of the demonstrations and the previous government submitting its resignation prevented the signing of the agreement," Abdul Karim said in a statement to the "information".

He added that "negotiations are currently taking place to re-sign the comprehensive agreement to resolve the budget crisis, borders, customs, federal revenues, peshmerga, agriculture and other files." Likely "the signing of the agreement by Prime Minister Mustafa Al-Kazemi in the coming days."

And Abdul Karim said, "A large Kurdish delegation will visit Baghdad in the coming days to put the final touches on the agreement as well as agree on completing the ministerial cabinet."
 

Edited May 30, 2020 by DinarThug

[DinarThug]

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Barzani hopes active Kurdish participation in the Baghdad and Washington negotiations
 

 

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Barzani discusses with the American side the need to find a mechanism for cooperation between Erbil and Baghdad to confront ISIS

 

30th May, 2020

The President of the Kurdistan Region, Nechirvan Barzani, stressed today, Saturday, the importance of a mechanism and coordination between the region and the federal government to confront the terrorist organization ISIS, especially after the disputed areas that witness ISIS movements and attacks and constitute a real threat to the security of Iraq and the Kurdistan Region, expressing his willingness to cooperate With Baghdad in this regard.

In a statement to the region’s presidency, and it was reported to Shafak News, Barzani met today, Saturday, with the commander of the coalition's Special Operations in Iraq and Syria, Major-General Eric Hill.

The statement said that the meeting, which was attended by the Vice-President of the region, Sheikh Jaafar Sheikh Mustafa, witnessed discussion on the latest developments in the issue of the outbreak of the Corona virus and the endeavors and measures to confront it, pointing out that the two sides discussed its implications, especially in the health and economic fields and their effects on military programs and movements of the coalition forces in Iraq and Syria.

The statement added that the US-Iraqi strategic dialogue scheduled to start next month and it is hoped that a road map for current and future relations between Iraq and America will be formulated was another axis of the meeting, indicating that Barzani stressed the importance of the presence and participation of the Kurdistan Region in this dialogue and in developing and preparing the map.

The statement continued that the meeting witnessed touching on the terrorist organization ISIS, its reorganization and the risks of its expanding activities in Iraq and Syria, which have become a serious threat to security and stability in the two countries.

The statement noted that Barzani, in addition to reaffirming the importance and necessity of continuing to support the international coalition for Iraq and the Kurdistan Region in the war against terrorism, stressed the need to take political steps in Iraq in order to feel the Iraqi components of participation, trust and protection at the present time and in their future in Iraq.

[DinarThug]

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A parliamentary committee discloses the size of Iraq's external debt and recommends negotiation

 

30th May 2020

Jamal Cougar, a member of the Finance Committee in the Iraqi parliament, today, Saturday, called on the Iraqi government to form negotiating delegations to postpone the payment of Iraq’s foreign office.

Cougar told Shafaq News that, "According to the 2019 budget, the foreign office in Iraq was more than $ 15 billion, and we, as a financial committee in the Iraqi parliament, have called on the Iraqi government to form negotiating delegations to request from countries that ask Iraq for funds to postpone payment." Those debts are due to the financial and economic circumstance that the country is going through. "

And between "We asked the Minister of Finance Ali Allawi, to come to the Iraqi parliament, for the purpose of informing us of the files he discussed during his visit to Saudi Arabia and Kuwait, and other files, but he told us that I am still new asked to give a deadline, then sit with him, and we appreciated this request." 

Iraq suffers from a financial crisis caused by the collapse in oil prices and the loss of more than 50 percent of its value due to the Corona pandemic, which has paralyzed the global economy.

Iraq relies on the proceeds of the sale of oil to finance about 95 percent of the country's expenditures.

Proceeds from the sale of oil gradually decreased in recent months to 1.5 billion dollars last April, compared to about 3 billion in March and about 5 billion in February.

[DinarThug]

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The Cabinet decides to reduce the salaries of the higher grades and opens the files of Rafha and residents abroad

 

 

30th May 2020

 

Today, Saturday, Prime Minister Mustafa Al-Kazemi directed reforms to achieve social justice, including lowering the salaries of higher grades in state institutions and tackling double salaries, in addition to a group of residents outside Iraq who are receiving other salaries

Al-Kazemi’s media office said in a statement, “Gilgamesh Press” received a copy of it, that the latter “chaired today, Saturday, the periodic meeting of the Financial Reform Committee, and the meeting discussed the repercussions of the financial crisis that the country is going through

Al-Kazemi directed, according to the statement, "to take a number of measures to address it, the most prominent of which is the reduction of salaries of higher grades in state institutions

The meeting discussed the repercussions of the financial crisis the country is going through, and directed the Prime Minister to take a number of measures to address it, the most prominent of which is the reduction of the salaries of the higher grades in state institutions

The statement emphasized in its conclusion that "Al-Kazemi also directed to make the necessary reforms in accordance with the principle of achieving social justice, through addressing double salaries, the pensions of detainees in Rafha, and a group of residents outside Iraq who are paid other salaries

[Pitcher]

45 minutes ago, DinarThug said:

Think That Kaperoni Might Sprain A Pinky Fingernail While Furiously Typing

 

 

That’s what happened to Elvis

 

 

Kappy has one crazy big toe that he might use to finish his typing.  He just needs to take lots of breaks so it can drink. 😂 😆 

 

[Pitcher]

29 minutes ago, DinarThug said:

called on the Iraqi government to form negotiating delegations to postpone the payment of Iraq’s foreign office.

 

In Texas we call those kind of people deadbeats and beggars, no need to try to negotiate.  Pay your bills Iraq.  

[DinarThug]

Yo Snap - It’s Jamal Cougar !  

 

 

I Think He’s From A ‘Small Town’ ...

 

     

 

 

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Cougar: Minister of Finance will attend Parliament to discuss three important issues, including salaries

 

 

12:07 - 05/30/2020

 

Member of the Parliamentary Finance Committee Jamal Kujer revealed, on Saturday, the reasons for the absence of Finance Minister Ali Allawi regarding his hosting within the Parliamentary Finance Committee, stressing that the Minister of Finance asked to be given an opportunity to discuss with the advanced staff within the ministry.

"The government has not yet decided to answer the demands of the Finance Committee and meet with the Minister of Finance to discuss three files," Cougar said in a statement to "The Information."

He added that “the first file relates to the federal budget for 2019, secondly, the proposed solutions to the financial crisis, and thirdly, the reforms required by the Minister of Finance.”

He pointed out that "the Minister of Finance Ali Allawi asked the Parliamentary Finance Committee to give the opportunity of being new until he read the departments of the ministry and discussed the files with the advanced staff within the ministry." 

[DinarThug]

If U Want The ‘Cliff Notes’ - Just Scroll Down To #15 !  

 

     
 

 

 

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What Is Required Of Prime Minister Mustafa Al-Kazemi

 

30th May, 2020

It is no secret to anyone the size of the challenges and the gravity of the stage that Iraq is going through, and based on our constitutional and legal experience, I put in your hands the most important solutions, proposals or real demands for building state institutions from the legislative, executive and judicial authorities, to be a strategic or roadmap for getting rid of this dangerous juncture, two years ago Exactly, I had written a letter to Mr. Abdel-Mahdi and told him (I have borne the weight of this great trust and have reached the age of old) and put him almost like an integrated map to come up with solutions for this country, but the man relied on the footnote, so he led us from disappointment to disappointment, and then he was blindfolded with his head Surgeries and failures of 17 years and concluded with bloodshed after the events of October 2019, and today, you have endured the trust of forty million Iraqis who are in your neck.  Although attack and resistance will be fierce on you from many sides, therefore I will place some of the concerns and problems that we discussed in a scientific and field manner, and without them will be failure, and you have enough time because I can assure that your government will remain until the end of the year 2022, and as follows: -

1 - There are thousands of properties belonging to the state in the heart of the capital and the provinces were seized after the year 2003, and here the President will have to issue courageous decisions to retrieve those properties lost to the state to restore Baghdad and the state to its prestige.

2- There are millions of sheets, sheets, evidence, and scenes from the homeless, orphans, days, bereaved, migrants, armies of the poor and sick, and Iraq is still up to this moment without a comprehensive social security law, and here you have to develop an integrated and unified strategy to unify the social security legislation to be a single institution called (Social Security Corporation) The retirement board, the Prisoners ’Foundation, and the Martyrs’ Foundation are merged with it so that the lives of Iraqis can be guaranteed with dignity and fairness in the distribution of salaries, and we have studies and a law proposal for that.

3- There are deliberate health ministries not to draft the health insurance bill, which has led to the exacerbation of mafias and gangs who trade in Iraqi medicine and drug import operations, so it is up to you from now to need to develop a comprehensive health insurance bill and send it to parliament, and we can help you with specialists in this field We have in-depth studies that we conducted with European organizations in order to stop the bleeding of the Iraqi disease and the drug donations.

4- In front of you the water crisis with Turkey, the draft law of the National Water Council must be sent to Parliament, and a committee of the Council of Ministers and the House of Representatives can be formed from experts to legislate this law because Turkey still threatens us with secret and publicity, and if the rest of the situation remains, we will threaten a catastrophic environment in the future.

5 - Before you pollute the environment with uranium that will kill the Iraqis during the coming years with cancer unless the international community is called upon and the global opinion is moved to compel the coalition countries to remove uranium, especially as we have strategic agreements with them .. Note. The compensation of Iraq amounts to one thousand billion, as well as the compensation from Israel for hitting the July reactor, which amounts to eighty billion. We have prepared reports in this regard with international organizations, knowing that there is a committee to demand compensation in the General Secretariat of the Council of Ministers, then you only support.

6- Before you hundreds of thousands of graduates annually, you must put firm decisions to include them with monthly salaries until they are employed or appointed, and it is imperative that you activate the Federal Service Council in order to be appointed to the state’s sects on the basis of equal opportunities, justice and experience, away from partisan and sectarian influences.

7 - There is a shortage of school buildings, the prevalence of clan conflicts and the bearing of arms, and the war of departments and wills ... all of which need a strategic plan with the assistance of researchers and specialists. All of us have to pause around ..

8- Reintroduce the Iraqi Supreme Criminal Court Law No. 10 of 2005 and start investigating crimes committed retroactively since 4/8/2003, whether crimes against humanity committed against Iraqis and demonstrators, as well as wasting national wealth and corruption crimes against senior officials, whether inside or outside Iraq, and issuing A decision prohibiting travel for all those suspected of corruption who held high office since 2003 during a period of six months until the investigations are completed.

9- Urgent and immediate issuance of stopping the expatriate workers from the Filipinos, Sri Lankans, Bengal and others, which reached more than two million and returning those present in Iraq to their countries within thirty days because their deportation and stopping this farce will provide work for the unemployed of the Iraqi youth, there are malignant hands behind this file ..

10- Presenting draft laws to merge the Ministry of Communications and the Communications Life into one ministry ... and to merge the Shiite and Sunni Waqf and other religions and the Hajj Commission into one institution that will be the Ministry of Awqaf and this will save huge funds.

11- Forming a supreme committee from a group of experts from the supervisory departments to review all contracts and investment contracts that took place during the period from October 2019 and to stop or cancel contracts that are tainted by corruption, and it is incumbent upon you to refer the president to submit a draft of the State Contracting Establishment Law to Parliament, and make all contracts in The hand of this institution and linking it to the Cabinet to stop the farce of the ambushes that take place in ministries and the influence of parties. I personally prepared this law and it was adopted by the head of the Parliamentary Services Committee, Dr. Walid Al-Sahlani in Parliament .. In addition to the need to proceed with the presentation of the draft law of the Council of Reconstruction.

12- Forming a committee with the help of experts and senior advisers from jurists and other specialties to prepare the final draft of the constitutional amendments and present them to Parliament ..

13- Foreign policy has suffered since 2003 from weak performance and confusion, which need to develop a comprehensive strategy and vision for diplomatic action and international relations and to reconsider diplomatic representation with countries of the world, and to issue a decision to form an investigative committee with all violations and violations committed in all Iraqi embassies, missions and consulates in all countries The world, as well as addressing obstacles and challenges in the center of the ministry, as well as the need to choose a list of ambassadors with competence and away from partisan influences ..

14- The capital, Baghdad, has suffered neglect and loss since 2003 due to the lack of clarity in the vision and the overlap in work between the governorate, the provincial council, and the Baghdad Municipality.

15- The fiscal and monetary policy is now subject to a major setback, you have to choose an independent person with expertise and competence to take over the management of the Central Bank of Iraq, and you have Dr. Sinan al-Shabibi or the appearance of Muhammad Saleh and others ..

16 - There is a big crisis with the region, financial belongings, great corruption and tragedy at the border crossings. You have to hold it with an iron fist from Zakho to Fao and set up an investigation committee with the looted funds since 2003.

17- Issue bold decisions to open and rehabilitate factories, develop agriculture, education, youth, sports, trade and the private sector through specialized committees in coordination with the relevant ministries ...

18- You have to stop the farce of the state administration by proxy, and there are many special grades that have been set in the period from October 2019 contrary to the law and instructions.

This is the most important requirement as a first package, and then another package that relates to state institutions follows, including the Integrity, Education, and Culture Authority, among others.

Mr. President: The people do not have to be a herd anymore, and another 35 years cannot wait until a new system, a new constitution, another abstraction organization is held, elections are held, the boxes are burned, burning with them continues years of life, and we return to our alienation in exile and the torments of the days that do not end ..

[Shelley]

I love all 18 time needed bullet points , when they can’t even figure out how they are going to pay June salaries in two days 

thanks Thug

[Thief]

2 hours ago, DinarThug said:

we believe that it is time Now, indeed it is necessary now, for the central bank to study proposals related to the necessity of working (gradually) with a realistic, "managed" exchange rate, and calculated with precision, so that the effect of the "new" exchange rate is less harmful and costly to the vulnerable groups of the population

 

"The NEW exchange rate must be realistic, calculated with precision so that the effect is less harmful and costly to the people"

 

Just a confirmation that

1. The current exchange rate ( which is a program rate) is not realistic and was not calculated with precision ~ meaning it was not at equilibrium with the real open economic indicator. 

2. They are working on a new exchange rate. 

 

 

[Pitcher]

25 minutes ago, DinarThug said:

15- The fiscal and monetary policy is now subject to a major setback, you have to choose an independent person with expertise and competence to take over the management of the Central Bank of Iraq, and you have Dr. Sinan al-Shabibi or the appearance of Muhammad Saleh and others ..

 

I like the Cliff Notes version. Thanks Thugs.  

[DinarThug]

2 hours ago, DinarThug said:

The disclosure of a crucial agreement between Erbil and Baghdad, pending the signature of Al-Kazemi in the coming days

 

Member of it: Parliamentary Finance will call the Minister of Finance against the background of sending 400 billion to Kurdistan Ali Abdul Amir Allawi

 

Policy 05/30/2020 15:37 286     

Baghdad today - Baghdad 

 

Naji Al-Saeedi, a member of the Finance Committee in the Iraqi Parliament, said Saturday (30 May 2020) that his committee will summon the Minister of Finance, Ali Allawi, against the backdrop of sending 400 billion dinars to the Kurdistan Regional Government. 

Al-Saeedi said in an interview with (Baghdad Today), that "the committee will have a position and a word, from the deposit of Finance Minister Ali Allawi, 400 billion dinars in the Kurdistan region account." 

And Al-Saidi said, "The Parliamentary Finance Committee will work to summon the Minister of Finance, for the purpose of placing points on the letters, regarding these violations, and the behaviors rejected and in violation of the laws," as he put it.

The Finance Minister, Ali Abdul Amir Allawi, had 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). 

To that, a source in the Kurdistan government said, "The sums sent from Baghdad will be distributed as salaries early next month to the employees and the Peshmerga after completing the revenues that the region gets from selling oil and border outlets." 

The transfer of the amount of 400 billion dinars comes after the resignation of the government of Adel Abdul-Mahdi to stop the disbursement of funds to the Kurdistan Region, and his request to recover the money spent in violation of the budget law for the salaries of the region's employees, as the region has not delivered oil imports to the federal government.

In this regard, the leader of the victory coalition, Ahmed al-Hamdani, said in his interview with (Baghdad Today), that "at every stage the Minister of Finance gives half of Iraq's money to the Kurdistan region, with the approval of the federal government or not with it, and most of the money goes to the region without supervision or Accounting". 

He added, "This transfer came according to political settlement deals to pass the ministerial cabinet, and this money is in exchange for the Kurdish forces voting on Mustafa Al-Kazemi's government, and every prime minister who comes will have great Kurdish pressure to obtain concessions and gains."

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[DinarThug]

Member of Parliamentary Finance comments on the possibility of paying the salaries of employees in dollars and warns against stopping the currency auction

 

Economie 05/20/2020 21:50 595 Editor: ht   

Baghdad today - Baghdad
 

A member of the Finance Committee in the House of Representatives, Naji Al-Saeedi, commented, on Saturday (30 May 2020), on the possibility of paying the salaries of employees in dollars and not in the Iraqi currency, while he warned against stopping the currency auction held by the Central Bank of Iraq.

Al-Saeedi said in an interview with (Baghdad Today), that "paying the salaries of state employees in dollars according to what some claim is considered a burning and destruction of the Iraqi currency that we are working to strengthen and not weakening it with such a step." 

He added that "this step cannot be taken because it will destroy the Iraqi economy."

Al-Saeedi pointed out that "stopping the currency auction on the pretext of maintaining foreign exchange is an incorrect step because Iraqi exports are dependent on this auction, which is the best solution at the present time." 

Earlier, member of the Parliamentary Finance Committee, Hanin Qaddo, affirmed on Saturday (30 May 2020) that Prime Minister Mustafa Al-Kazemi possesses the powers to cancel the foreign currency auction in the Central Bank.

Qaddo said in an interview with (Baghdad Today), that "the Prime Minister, has the powers to cancel or stop the auction of foreign currencies in the central bank."

He added, "This matter provided that it is attached to a study or documents proving the existence of money laundering operations, or corruption operations occurring during the sale operations," stressing "the need for the government and the central bank to control the exchange rate of the dollar against the Iraqi dinar in Iraqi markets."

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[DinarThug]

A member of the Finance Committee makes a proposal to secure the salaries for the month of June and talks about a prospective breakthrough

 

Policy 05/20/2020 21:14 1553     

Baghdad today - Baghdad 
 

Member of Parliamentary Finance Committee, Ahmed Al-Saffar, on Saturday (30 May 2020) presented a proposal to the government to secure the salaries of next June, while he spoke about a prospective breakthrough regarding the financial crisis in Iraq.

Al-Saffar said in an interview with (Baghdad today), that "the government must go towards internal borrowing from Iraqi banks and the central bank to secure the salaries of next June and this is a good proposal to deal with the current situation," noting that "the crisis is temporary and the financial situation will improve over the coming months according to Our indicators. " 

He added that "the barrel of oil has reached today to $ 38 and is on the rise, therefore it is possible to compensate for these loans and secure salaries in the coming months."  

Al-Saffar pointed out that "other solutions will be costly to the government," noting that "deducting salaries or resorting to saving will create a new problem for the government represented by demonstrations at a time when the government needs to calm the street."  

He continued, "The Finance Committee was to meet with the Minister of Finance with the Prime Minister, but because of the comprehensive curfew that was announced today, the meeting was postponed and will take place after the ban ends."

Earlier, the committee member, MP Haneen Qadu, ruled out the possibility of deducting or saving employee salaries.

Qaddo said in a press statement, "The Finance Committee in Parliament has not received any serious proposals by the government regarding 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 emphasized that any "reduction or change in the salaries of employees must be through amendments to legislation and laws that stipulated salaries, and otherwise the government cannot reduce salaries."

LINK

[Pitcher]

Damn Thugs. I can’t keep up so I got my cat to help out.  

 

She always has great speed notes.  

 

 

[DinarThug]

1 hour ago, DinarThug said:

Yo Snap - It’s Jamal Cougar !  

I Think He’s From A ‘Small Town’ ...      

Cougar: Minister of Finance will attend Parliament to discuss three important issues, including salaries

Hold Up Ur Lighters - Jamal Cougar’s Doing An Encore !  

 

     

 

 

Corona changes the priorities of spending in Iraq .. What is the truth about borrowing $ 36 billion from local banks to pay salaries?

 

 

Localities 05/20/2020 20:30 468 Editor: amm    

Baghdad today - Baghdad 

 

Member of Parliamentary Finance Committee Jamal Cougar, on Saturday, saw that the government has 3 priorities in financial spending during the year 2020, indicating that the Corona pandemic changed Iraq’s priorities in dealing with all its files. 

Cougar said in an interview with (Baghdad Today), that "the government of Prime Minister Mustafa Al-Kazemi has 3 important priorities in financial spending for the current year due to the successive crises: securing the salaries of state employees, supporting measures to confront the Corona virus, and returning the displaced to their areas."

He pointed out that "all other files will be postponed until further notice because the virus changed the priorities not only in Iraq but in the whole world," noting that "there are huge economic setbacks hitting large countries including the United States of America, especially with the proximity of thousands of companies declaring their bankruptcy due to the crisis Health. " 

Cougar added, "The Corona crisis in Iraq has intensified with a record high infection rates, so it will take a greater area of attention, especially since the imposition of a comprehensive curfew if it extends to other periods of time will have a very large economic impact, which makes the country in front of taking decisions supportive of the situation." Humanity. "

Regarding information that indicated that previous governments borrowed about $ 36 billion from local banks to pay the salaries of employees in previous years, among a member of the Finance Committee, "The number is large and amounts to 30% of the Iraqi budget," noting that "these numbers were not recorded in any From past annual budgets, we have not heard of any such debt. " 

He stressed that "all loans that are borrowed by the state are recorded in the budget and discussed by the Parliamentary Finance Committee."

The Supreme Committee for Health and National Safety decided earlier to extend the curfew, while issuing 11 other decisions regarding dealing with the Corona pandemic.

In a statement, the committee stated that, "Saturday, the Prime Minister, Mustafa Al-Kazemi, chaired a joint meeting of the Supreme Committee for Health and National Safety and the Parliamentary Crisis Cell."

Al-Kazimi praised, according to the statement, at the beginning of the meeting, "the distinguished efforts of the health cadres standing in the first line of confrontation to face the threat of the Corona pandemic, and they are standing like a warrior in the face of the enemy. 

He thanked "the armed forces and security services that are dedicated to fulfilling their duty, whether in implementing the curfew, or by accompanying health teams." 

He pointed out his high appreciation to "the families who committed themselves to applying the curfew, and the rules of health protection, which he described as essential aid in the war against the pandemic, and that government agencies are obliged to take certain measures that limit the movement of citizens in order to protect their safety and protect them, by crossing this ordeal." ". 

In his speech, the Prime Minister clarified, "The importance of high-level coordination and concerted efforts between the various government and security agencies on the one hand, and among all segments of citizens for the success of the confrontation process, and that the citizen is the cornerstone of this success, and relying on his efforts and commitment is the pillar of hope In overcoming this challenge. " 

The statement included 12 decisions that the meeting concluded to be agreed upon, provided that the health authorities should follow up the health situation of those coming from abroad in all aspects, as follows:

1- Imposing a total curfew in Baghdad and all governorates for a week from the date of May 31, 2020 to June 6, 2020, and the relevant authorities must strictly implement the decision and apply the penalties referred to in the decision of the Supreme Committee for Health and National Safety No. (40) for the year 2020. After that, Review the decision according to the evolution of the epidemiological situation, provided that the teams formed from the Supreme Committee present their studies during the curfew week to switch to the regional prohibition. 

2- The security authorities tighten their procedures within the popular areas and prevent all forms of gatherings that contribute to the spread of the virus. 

3- The media network, the media, communications, and the community police sensitize citizens on the ground and in the media, enter the alleys and markets, and address negative phenomena in a civilized manner. 

4- Oblige all persons to wear the muzzle outside the homes and not be allowed to move around without it. 

5- Traffic police detachments detain any vehicle carrying more than 50% of its capacity, and do not wear masks for the people inside it without exception. 

6- Allowing food, fruit, vegetable and ovens shops to operate, provided that no more than five people are allowed inside the store and wearing a mask, and in case of violation, it is closed. 

7- Restaurants are allowed to operate the home delivery service system, and in case there are customers inside the restaurant, the restaurant is closed. 

8- Pharmacies are allowed to work with the requirement to wear masks for all employees and auditors. 

9 - Prevent all excluded segments from using their vehicles to work as a taxi, and they are seized in case of violation. 

10 Disrupting all government institutions, with the exception of health, security agencies and service departments, including (electricity, municipalities, Baghdad Municipality, agriculture, water resources).  

11- Health teams in health departments follow all markets and restaurants; To supervise compliance with health conditions and preventive measures, and to ensure compliance with previous relevant decisions and instructions. 

12- Determine the quarantine site for those coming from outside of Iraq who are working in the ICRC delegation and the International Federation of Red Cross and Red Crescent Societies and National Red Cross and Red Crescent Societies operating in the Republic of Iraq within the buildings of the International Committee of the Red Cross, taking into account health instructions and regulations approved by the Ministry of Health in this regard .

LINK

[DinarThug]

9 minutes ago, Pitcher said:

Damn Thugs. I can’t keep up

Don’t Worry - I Hooked U Up Phat With A Jamal Cougar Concert T Shirt !  

 

 

And Here’s The Back ...

 

 

 

     

[Pitcher]

Putting out some great articles and cracking me up at the same time.

 

Great stuff man.  

[keylime]

1 hour ago, Thief said:

 

"The NEW exchange rate must be realistic, calculated with precision so that the effect is less harmful and costly to the people"

 

Just a confirmation that

1. The current exchange rate ( which is a program rate) is not realistic and was not calculated with precision ~ meaning it was not at equilibrium with the real open economic indicator. 

2. They are working on a new exchange rate. 

 

 

Working on it?  How about make it $3.45? Doesn't take any work. Which is right down their alley. Since they don't know what real work is. Just a flip of the switch. BANG! Dinar worth $3.45!!! 

[Thief]

40 minutes ago, DinarThug said:

Al-Saeedi pointed out that "stopping the currency auction on the pretext of maintaining foreign exchange is an incorrect step because Iraqi exports are dependent on this auction, which is the best solution at the present time." 

 

46 minutes ago, DinarThug said:

He added that "this step cannot be taken because it will destroy the Iraqi economy."

 

Of course. 

Unless dinar becomes a convertible currency.....( a currency that can be readily bought or sold in order to purchase another currency incl. USD, without CBI restrictions.