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An Economist Reveals The Reason For The Iraqi Dinar’s Decline Against The Dollar !


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CNN. Broadcasting While Pitcher And I Put On Our Dinar ‘Rallying Caps’ !


 

 

An economist reveals the reason for the Iraqi dinar’s decline against the dollar

 

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Economie 06/10/2020 19:53 220     


Baghdad today _ Baghdad  


 

The economic expert, Abdel-Hassan Al-Shammari, revealed today, Wednesday, the reason for the high dollar exchange rate and the Iraqi dinar price. 

Abdul-Hassan Al-Shammari said, in an interview with (Baghdad Today), that "the devaluation of the Iraqi dinar is very little, due to the lack of sales at the auction during this period."

Al-Shammari added, "The rise of the Iraqi dinar will return as it was in the past, immediately after selling at the currency auction," stressing that "the government controls the value of the central dinar through the central bank."

And between the economic expert, that "the dollar's rise and the Iraqi dinar’s decline are temporary, partial and very simple."

And rose the dollar exchange rates, today, Tuesday, on the stock market struggle and local markets, against the Iraqi dinar.

The prices of the Kifah Stock Exchange - Baghdad recorded 124,300 dinars per 100 dollars. 

The selling and buying prices came in the banking shops: 

The sale price of the dollar = 125,000 dinars. 

The purchase price of the dollar = 124,000 dinars.

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Watch a government consultant explain the package of reforms in the new and Kazemii decision, shocked by the higher salaries ... Are we past the stage of danger?


2020-06-10
 
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Yassin Iraq: Baghdad

 

The Adviser to the Prime Minister, Hisham Dawood, said that the Council of Ministers voted on the project of Finance Minister Ali Allawi for economic and financial reform in Iraq, indicating that this project was officially turned into a decision.

Dawood mentioned that Iraq is going through a financial crisis and oil prices are unstable and even at its current price is not sufficient to pay salaries and therefore there is no option but economic and financial reform.

He added, the deduction will include the salaries of high-ranking employees, which is not a large deduction, but the maximum thing is 10 percent.

He continued, We inherited a very flaccid state and among the employees and retirees, who number approximately 6 million people, and these are waiting for a monthly salary from the state and our income is only oil and we do not have national production at the level.

And the decision also included a package of reforms to facilitate the work of the local market, reduce pressure on the local market, encourage investment and attract capitals from abroad.

(VIDEO LINK - ADVISER - APPROX. 25 MINUTES)

Al-Kazemi is shocked by the salaries

The Prime Minister, Mustafa Al-Kazemi, said that the current stage is not a period of austerity, but rather a challenging stage, stressing that there are pensions amounting to 18 million dinars, and this is unreasonable.

Al-Kazefi said in a speech opening the cabinet session yesterday: “A reasonable person looks forward to retirement in the state, and his retirement is 8, 12, and 18 million dinars.” He asked: “What law accepts this?”

And he added: "We must be fair, and we have a sense of people, and feel their pain, we should not forget ourselves."

Al-Kazemi added: "Today we are not in a period of austerity, but rather a phase of greater challenge than austerity, and we have no choice."

He continued: "There will be no harm to the families of the martyrs. People did not understand the paper, and interpreted it in their own way. ”, Referring to the reform paper presented, and the government still did not approve it.

(VIDEO LINK - KHADIMI - 2+ MINUTES)

Ali Allawi worried about the crisis

The Minister of Finance, Ali Abdul Amir Allawi, revealed the day before yesterday, Monday, the size of the deficit in the revenues of this year, compared to the sums the state needs to secure salaries, while it revealed several ways, he said that the government will resort to to solve the financial crisis.

Allawi said during a press conference, held in Baghdad, after the end of the special cabinet session, that "the accumulations of wrong policies since 2003 to this day have led to real problems in the economic infrastructure of Iraq," noting that previous governments did not face the economic side with the required seriousness ”

He added that "we are now working to confront these accumulations and solve them through the cooperation of all to cross this economic crisis and enter a new economic space."

And that "the economic crisis occurred because of the decline in oil revenues very low, and even after the relative rise, the government will import 3 trillion dinars during one month."

Allawi pointed out that "the expenses of the state during each month amount to 7 trillion dinars, and that the deficit that occurs during each month is 5 trillion and we are working to find a way to provide it."

He expected, Minister of Finance, that "oil prices rise in the next stage, but this rise cannot cover the deficit in the budget."

He pointed out that "Iraq suffers from three basic problems, the most prominent of which is the financial crisis that occurs and how to deal with it without affecting the middle classes of income and the poor." Processed. ”

(VIDEO LINK - ADVISER 3+ MINUTES)

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Parliament hosts the Minister of Finance, Director of the Budget Department, and the Governor of the Central Bank to discuss salary cuts

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Policy 10/06/2020 13:54 683 Editor: ha    


Baghdad today - Baghdad 

 

A parliamentary source said, on Wednesday (June 10, 2020), that the House of Representatives summoned the Minister of Finance Ali Abdul Amir Allawi, the Director of the Budget Department, Taif Sami, and the Governor of the Central Bank, Ali Al-Alaq, to discuss deduction of employee salaries.

The source said in an interview with (Baghdad today), that "the parliamentary finance, headed by the first deputy speaker of Parliament, Hassan Al Kaabi, hosted the Minister of Finance, the Director of the Budget Department, and the governor of the Central Bank to discuss the deduction of salaries and the financial crisis."

The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, had confirmed earlier that the applicable income tax would be applied to the total salary instead of the nominal starting from the current month.

Saleh added, "The proposals issued regarding deduction of salaries have been canceled, but salaries will be dealt with according to the income tax with exceptions to that, as this law will not include those whose salaries are less than 500 thousand dinars." 

The official newspaper, Al-Sabah, quoted Saleh as saying that "the income tax law is on the nominal salary and now it will be applied to the total salary, that is, the nominal with the allocations," noting that "the income tax law is fixed and deductions range between 10 to 15 on All employees". 

He pointed out that "the matter was discussed, but nothing official has been issued yet and the government is working hard to provide the salaries for the current month of June." 

Continued . . .

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Parliament Presidency hosts the Minister of Finance and Budget Director to discuss the deduction of salaries

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10th June 2020

 

The Parliamentary Finance Committee, headed by a member of the Presidency in Parliament, Hassan Al-Kaabi, hosted today, Wednesday, the Minister of Finance, Director of the General Budget, Taif Sami, and the Governor of the Central Bank to discuss the deduction of salaries and the financial crisis

The media department of the House of Representatives stated, in a brief statement, received by "Gilgamesh Press", that "Parliamentary Finance headed by First Deputy Hassan Al-Kaabi hosts the Minister of Finance and Budget Director Taif Sami and the Governor of the Central Bank to discuss the deduction of salaries and the financial crisis

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Parliamentary Finance: Fear of not paying salaries began to recede

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10th June, 2020


The Parliamentary Finance Committee confirmed, on Wednesday, that the fear of non-payment of salaries began to decline with the rise in oil prices.

According to the official agency, the committee member, Mahasin Hamdoun, said, "Oil prices have started to recover again, and the fear of not paying salaries has started to decline." She added, "The decision to reduce salaries has not yet been received," noting that "the committee supports the deduction of the salaries of the three presidencies, and the special grades, and not to prejudice the salaries of the simple employee."

She pointed out that "there are several alternatives to deduction of salaries", explaining, "We have many entities that maximize revenue, including stopping the import of agricultural crops, as well as activating the customs tariff on imported goods." 

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Parliamentary Finance: The state has 3 options to secure the salaries of state employees

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12:17 - 10/06/2020

Member of Parliamentary Finance Committee, MP Jamal Cougar, confirmed on Wednesday that the state has 3 main options to secure salaries for its employees if it does not adopt the real reform.

"If there are no decisive reform decisions to tackle corruption and waste of public money, the state will have to adopt 3 main options to secure the salaries of its employees, which is extending the hand to bank reserves, borrowing internally or externally, or deductions,"Cougar said in a statement to "The Information."

Cougar added, "The financial situation of Iraq is difficult and critical, and it is increasing with  time, stressing the importance of reform in alleviating the difficult situation."  Iraq has beensuffering for months from a very difficult financial situation after the collapse of world oil prices in a way that has become very difficult to secure the salaries of state employees. 
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The Finance Committee excludes the application of the Income Tax Law to employees at 10 and 15%

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10th June 2020


Finance Committee member Jamal Cougar, on Wednesday, ruled out the application of the income tax law to employees at rates of 10 to 15%.

"The government, if it wants to apply the income tax on the nominal salary, it must include those whose salary is more than a million and a half and more, even though what is issued today by the government is guesses only because everything that is proposed must be by amending laws and issuing decisions that vote on it," said committee member Jamal Couger. Parliament."

Cougar pointed out that "what the media are circulating is nothing more than statements that are suggestions. The government is still waiting for how much oil prices will rise," expecting that "salaries for this month will be paid in full, and if oil prices rise to $ 45 per barrel in Next month, the government will abolish the idea of deduction from salaries."

A member of the committee ruled out, "the application of the income tax law to employees at rates of 10 to 15%," noting that "deduction of 5 percent may be a reasonable rate."

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President Saleh and the Minister of Finance discuss the financial crisis and measures to overcome it

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10th June, 2020


The President of the Republic, Barham Salih, received today, Thursday at the Baghdad Palace, Minister of Finance Ali Abdul Amir Alawi.

The President of the Republic stressed the necessity of undertaking appropriate reforms and combating corruption, and working to rationalize government spending and preserve public money, and to develop and diversify the sources of the economy while the country faces the new Corona epidemic, stressing that economic remedies to get out of the current conditions should not affect layers Limited income, employees and retirees and their life obligations.

It was also stressed that the outstanding issues between the federal government and the Kurdistan Regional Government should be resolved in accordance with the constitution and legal frameworks in a manner that preserves the rights of all citizens. The meeting also discussed the necessary means to support Iraq to face the current financial crisis and the plans and measures required to overcome it, and the importance of unifying efforts and solidarity among all to reduce the deficit in the public budget in order to achieve social justice and economic stability for all Iraqis.

In turn, the Minister of Finance reviewed the procedures followed by the Ministry in dealing with the economic and financial conditions, and what the current circumstance requires in concerted efforts to overcome the current stage and its implications for public life.

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The House of Representatives adjourns the vote on the domestic and foreign borrowing bill

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10th June 2020

Today, Wednesday, the House of Representatives decided to postpone the vote on the domestic and foreign borrowing bill to finance the fiscal deficit for the year 2020.

The Chairman of the Council also instructed the Finance Committee to hold a meeting to discuss the economic crisis and the draft borrowing law in the presence of the deputies and the relevant committees.

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Al-Halbousi directs a meeting to discuss the economic crisis and the draft borrowing law 

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10th June, 2020


Speaker of the House of Representatives, Muhammad Al-Halbousi, on Wednesday directed a meeting to discuss the economic crisis and the draft borrowing law.

"The House of Representatives has decided to postpone the vote on the draft domestic and foreign borrowing law to finance the fiscal deficit for the year 2020," the media department of the House of Representatives said in a statement received by Mawazine News.

The statement added, "The Speaker of the House of Representatives, Muhammad al-Halbousi, directed the Finance Committee to hold a meeting to discuss the economic crisis and the draft borrowing law in the presence of the deputies and the relevant committees." 

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Who cut the salaries of retirees? .. Representatives, experts, and citizens are asking ... a sensation and a legal impasse in which the government and parliament lie to the organization


2020-06-10
 
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Yassin Iraq: Baghdad

 

A source in a government bank revealed that the government started deducting the salaries of retirees for the month of June.

The source stated to "Yass Iraq" that "the government has started this month withholding salaries according to the decision of the Council of Ministers to apply the income tax and that it will be 10% for those of his retirement salary 500 thousand dinars and less than a million dinars and 15% for his salary one million dinars or more."

He added that "the deduction in the employees salaries will start from the end of this month and with the same percentages and amounts mentioned in the salaries of retirees."

Economic advisor to the government

The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, said today, Wednesday, that the applicable income tax will be applied to the total salary instead of the nominal starting from the current month.

And Saleh stated, in a press statement that "the income tax law is on the nominal salary and now it will be applied to the total salary, that is, the nominal with the allocations," noting that "the income tax law is fixed and deductions in it range from 10 to 15 for all employees."

Saleh added, "The proposals issued regarding deduction of salaries have been canceled, but salaries will be dealt with according to the income tax with exceptions in that, as this law will not include those whose salaries are less than 500 thousand dinars, indicating that the matter was discussed but was not issued Anything formal yet, and the government is working hard to provide the salaries for the current month of June. ”

Law experts stressed that the government cannot prejudice the salaries of employees and retirees without a law that the House of Representatives votes on.

Deduction is against the law

The economist, Nabil Al-Marsoumi, said in a clarification shared with him, “Yassin Iraq,” that the tax deduction for the pensioners ’salaries that actually took place today is completely contrary to the Income Tax Law No. 113 of 1982 and its amendments in the year 2004, as Article 7 in paragraph 6 of Chapter IV of the Special With exemptions, it provides for exemptions of pensioners' income from income tax, which includes pensions, retirement benefits, end of service benefits and regular leave salaries.

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A deputy comments on deduction

Member of the Finance Committee in the Iraqi parliament, Abdul-Hadi Al-Saadawi, confirmed today, Wednesday, that their committee will intervene to find out the reasons for deducting the salaries of retirees, while noting that the Council of Ministers did not issue a decision to deduct.

Al-Saadawi said in a press interview, “Any decision to deduct any part of the pensioners’ salaries does not exist, nor is there any law that allows any government agency to deduct the pensioners ’salaries, except through legislation within the Iraqi parliament, to be according to a specific mechanism and in accordance with the unified pension law.” .

And, "The deductions that took place in the salaries of retirees have not been announced by any government agency, and we will intervene and know who the retirement organization is, what are the reasons for deductions from the salaries of retirees," stressing that "there is no decision by the Council of Ministers to deduct, as even the Ministry of Finance is not entitled to She has it. ”

Cabinet decision

And the cabinet agreed at its meeting yesterday to re-prioritize spending items, in line with the financial and economic reform adopted by the Iraqi government, which includes its first package, salaries of senior state employees, double salaries, treatment of imaginary employees, pension salaries for the detainees of Rafha and what the entity’s employees receive. Dissolved for the previous system of pension salaries in accordance with the retirement law and within the minimum pensions.

Al-Kazemi's advisor explains the reform project

The Adviser to the Prime Minister, Hisham Daou, said that the Council of Ministers voted on the project of Finance Minister Ali Allawi for economic and financial reform in Iraq, indicating that this project was officially turned into a decision.

Dawood mentioned that Iraq is going through a financial crisis and oil prices are unstable and even at its current price is not sufficient to pay salaries and therefore there is no option but economic and financial reform.

He added, the deduction will include the salaries of high-ranking employees, which is not a large deduction, but the maximum thing is 10 percent.

He continued, We inherited a very flaccid state and among the employees and retirees, who number approximately 6 million people, and these are waiting for a monthly salary from the state and our income is only oil and we do not have national production at the level.

Citizens are wondering

The issue of sudden deduction raised the citizens' frustration on social media, as many questions began about the reason for the deduction so quickly and the beginning will be retired.


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Soon .. a Kurdish delegation visits Baghdad

4UEJxyzlsHPTh8JeJXbym7H7uYmQTrRkdbxeTE3j

 

10th June, 2020


The office of the Vice-President of the Kurdistan Regional Government, Qubad Talabani, revealed, on Wednesday, the visit of the delegation of the Kurdistan Regional Government to the capital Baghdad to discuss tackling the outstanding problems with the federal government.

Samir Hawrami, a spokesman for the office, said, according to Kurdish media, that "the dialogues with the federal government will continue and the negotiating delegation to the Kurdistan Regional Government will visit the capital Baghdad soon to resume dialogues with the federal government."

He added, "The negotiating delegation of the Kurdistan Regional Government held a round of dialogues with the previous government, and the delegation will go to Baghdad to complete the dialogues with the new government, stressing that there is a good intention to agree on both sides."

This was the negotiating delegation for the Kurdistan Regional Government headed by Qubad Talabani had held a series of dialogues with the previous government on financial files and oil imports, and the two sides reached several recommendations and important points that it is hoped will lead to a final agreement on the outstanding files.

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In the document .. Kurdish Deputy: 400 billion dinars, which was allocated as salaries for Kurdistan employees, went to companies and the region's debts

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Localities 10/26/2020 18:59 933    


Baghdad today - Baghdad 
 

Kurdish lawmaker, Sercut Shams Al-Din, today, Wednesday, called the Integrity Commission to investigate the financial amount allocated by the Baghdad government as salaries for employees of the Kurdistan region, which amounted to 400 billion dinars. 

Today, Baghdad News, obtained a document issued by the Kurdish MP and addressed to the Integrity Commission in the Federal Government, including a request to open an investigation to go the amount referred to. 

Shams al-Din had said earlier, that the Kurdistan government decided to use the amount it had recently obtained from the federal government of 400 billion dinars "to pay fake loans", while stressing that "political bargains and deals" led to granting this amount to Kurdistan

The deputy stated that "despite the fact that the goal of the financial financing obtained by the region's government from the federal government, which is estimated at (400 billion dinars), was for the purpose of paying the salaries of the region's employees, the Masroor Barzani government decided to use that amount to pay loans, which are originally loans ( Fake) is unfounded. " 

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He added that "a pleased government claims to have loaned sums in order to pay the salaries of employees, but the issue of borrowing money to distribute the salaries of employees was not raised to the (parliament of the region) basically, meaning that the (alleged) loan process did not get the approval of Parliament!" And he continued, "And if there was a loan operation for money on the ground, why was it not presented to Parliament ?!" He concluded, "The truth, my dear, that basically the pleased government did not borrow a dinar, but rather it is (a lie) in order to loot the amount funded by the federal government for the region's government, which is estimated at (400 billion Iraqi dinars )."

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2 hours ago, DinarThug said:

the accumulations of wrong policies since 2003 to this day have led to real problems in the economic infrastructure of Iraq," noting that previous governments did not face the economic side with the required seriousness ”

He added that "we are now working to confront these accumulations and solve them through the cooperation of all to cross this economic crisis and enter a new economic space."

God I hope these people can get their shite straight once and for all!

Thank you Thugs!

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soon

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2 hours ago, DinarThug said:

Soon .. a Kurdish delegation visits Baghdad

4UEJxyzlsHPTh8JeJXbym7H7uYmQTrRkdbxeTE3j

 

10th June, 2020

 

1 hour ago, soon said:

looks like the Barzani clan has struck again, left the workers empty handed. what do you think?   :butt-kicking:

 

What Did U Say Ur Name Was Again ? :o     :soon: 

 

:D  :D  :D 

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After the commotion, the government issued a "confident" statement of the cuts: 73% received fully .. and this is our plan


2020-06-10
 
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Yassin Iraq: Baghdad

 

The Iraqi government issued a statement on the uproar of the deductions that affected the retirees ’salaries, while stating that its step is within the context of“ justice ”, while revealing that more than 40,000 people from the Rafha detainees and political prisoners have not received their salaries.

The government media said in a statement, "Yes Iraq" received a copy of it, that "1,786,771 retirees today received their full salaries without any deductions because they are not covered by the recent cabinet decision that excluded those who receive a salary of less than 500,000 dinars per month from any deductions."

He indicated that he received 73.55% of retirees without their deduction, with those who receive a salary less than 500,000 dinars per month excluded from any deduction.

He pointed out that "the Iraqi government adopted the principle of justice as a basis for its reform program and to protect people with low and low incomes and not to include them in any deductions."

He confirmed that 30,975 people did not receive the salaries of the detainees of Rafha, and were asked to review the institution of political prisoners and prove that they resided in Iraq, and 13,210 of the political detainees did not receive their pension because they received second salaries as employees in the Iraqi state.

Government media confirmed that “the financial reforms in its first package include: salaries of senior state employees, double salaries, imaginary employees, pensions for the detainees of Rafha, and salaries of employees of dissolved entities of the previous regime.”

The House’s decision does nothing

And it seems that the decision of the House of Representatives that was voted upon, regarding the rejection of salary deductions by the government due to the absence of a law that allows this, will be “air in the net”, while the decision to deduct and suspend it depends on the decision of the executive government.

Today, during its regular session, the House of Representatives voted on a decision rejecting deductions from the salaries of all employees or retired people in any way and rejecting any taxes imposed on it unless it was stipulated by a legal law.

The political expert, Basil Hussein, said, "The parliament’s decision regarding rejecting deductions has no value, because according to the constitution, Article 61 has the right to issue laws and oversight. As for issuing decisions binding on the executive branch, this is something that Parliament has absolutely no possession."

He added that "the Federal Court had previously issued a final and binding decision for all authorities under Article (94) of the Constitution in the year 2018 in which it was decided that (it is not within the competence of the Council of Representatives to issue binding decisions for the executive authority)."

For his part, the head of the Center for Strategic Studies, Munqeth Dagher, said in a tweet monitored by "Yassin Iraq" that "the non-binding decision issued by Parliament today to prevent the government from deducting salaries indicates: Our parliament is populist with distinction because it knows that this decision is not binding on the government, so Parliament He legislates laws, monitors implementation, and does not issue decisions. ”Moreover,“ the rift began between Parliament and the government and (next night we hear the sense of Ayat)! ”, According to Dagher’s expression.

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Retirement Board: We will start returning the deductions from retirees tomorrow

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11th June, 2020


The Director of the General Retirement Authority, Ahmed Al-Saadi, announced today, Thursday, that the authority has received a directive from Prime Minister Mustafa Al-Kazemi to return the sums cut from the salaries of retirees.

Al-Saadi said in a statement, followed by "Gilgamesh Press", that "the prime minister directed to return the sums deducted from the salaries of retirees, and we started work immediately and we will raise them to their smart cards."

Prime Minister Mustafa Al-Kazemi confirmed earlier today that the deductions in some salaries were a financing operation due to lack of liquidity.

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