Finance Reveals The Need For Iraq To Borrow About $ 38 Billion To Cover The Deficit !

[DinarThug]

CNN. Broadcasting From The Camel Drive Up Window At A Baghdad Payday Loan Center Across From Parliament !

 

 

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Finance reveals the need for Iraq to borrow about $ 38 billion to cover the deficit

 

11th June, 2020

The Parliamentary Finance Committee revealed, today, Thursday, the amount of borrowing funds that the government needs to secure employee salaries and cover the levers in the general budget.

"The finance and planning ministers informed us during the committee meeting, yesterday, Wednesday, that the government needs $ 5 billion in external borrowing and 40 trillion dinars in internal borrowing (equivalent to about $ 38 billion)," the committee’s reporter, Deputy Ahmed Al-Saffar, told Shafaq News. It shall be from the Rafidain, Rashid, Real Estate and Central Bank banks.

He added that "approval of borrowing is subject to a condition," noting that this condition requires the government after 60 days to present a reform paper regarding the provisions of the draft general budget bill. And Al-Saffar said, "Deduction of part of the salaries of employees and retirees is not a solution, but resorting to borrowing is the best solution to get out of the financial crisis and secure salaries and fill the gap that exists in the public budget."

And revealed the Parliamentary Finance Committee, earlier, the percentage of deficit "unprecedented" in the country's general budget for the current year 2020, estimated at "69" trillion Iraqi dinars.

It is noteworthy that sending the federal budget by the government to the Iraqi parliament has been delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdul-Mahdi and its transformation into a caretaker government that is not empowered to send the draft budget budget to the parliament.

[DinarThug]

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Parliamentary finance is looking to cover the salaries of employees and retirees, and calls on the government to send the financial reform paper

 

11th June, 2020
 

Today, Thursday, the Finance Committee discussed covering the salaries of employees and retirees, and calls on the government to send the financial reform paper.

And she stated in a statement received by "Gilgamesh Press", that "the financial committee chaired by the deputy, Haitham al-Jabouri, was held and the committee members attended, today, to complete the discussions on the draft of the local and external borrowing law and put the final touches on it, and the financial committee discussed the presence of a number of other members of the parliamentary committees during the meeting Which was held in the hall (Al-Shabibi) a number of points and inquiries to be clarified regarding the draft borrowing law, the most important of which is the ceiling of this borrowing and the length of time for it, with the government taking into consideration the rise in oil prices in the global market.

The Finance Committee indicated, "By the operating numbers, to cover the salaries of employees, retirees and the social welfare network for the remaining seven months of the year 2020, according to which the amount of borrowing is determined, in addition to the need to specify a percentage of not less than 25% of the total borrowing size of investment projects to move the Iraqi economy and provide job opportunities For the unemployed Uncle's.

The Finance Committee stressed "the importance of the government sending the economic and financial reform paper to the parliament for the purpose of reconsidering the financial and economic policy and correcting this path that affects the citizens’ livelihood, as well as the government adopting various ideas and opinions in filling the budget deficit other than deducting the salaries of employees and retirees, which is something Absolutely rejected in the Finance Committee and the House of Representatives."

[DinarThug]

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Al-Kazemi bodes well for returning deduction amounts soon

 

11th June, 2020

 

Iraqi Prime Minister Mustafa Al-Kazemi announced, on Thursday, that the pension deductions were a financing process due to a lack of liquidity and included 27% of the retirees, indicating that his government will return it in the coming days or with the salary of next month

Al-Kazimi told a news conference followed by Shafaq News, that "we handed 73% of the retirees without prejudice to their salaries," adding that "the Iraqis inside the country deserve a lot and it is surprising that only the Iraqis abroad are compensated

He continued, "The country relapsed and its economy deteriorated when it became a slave to oil," explaining that we "are suffering from poor planning and we do not have an economy

Al-Kazimi pointed out that "the Iraqi economy is a lie and does not exist, but depends only on oil and we lack the banking system. He pointed out that "the waste of public money is very wide, including the lack of control over the border crossings that some entities possess

The government decided to deduct part of the salaries of employees and retirees to reduce the financial crisis caused by the drop in oil prices due to the Corona pandemic

The Rafidain Bank announced yesterday, Wednesday, the distribution of pensioners’ salaries for the month of June, but civilian and military retirees reported deduction of varying proportions from their salaries

Yesterday, Wednesday, the Presidency of the Iraqi Council of Representatives, and Finance and Planning Minister Ali Allawi and Planning Minister Khaled Al-Battal, during their hosting of the Parliamentary Finance Committee meeting, reported that the House of Representatives refused to deduct the salaries of employees and retirees.  She noted, "This government measure violates all applicable laws and has no legislative basis for it

The Presidency of the Iraqi Council of Representatives demanded yesterday, Wednesday, Prime Minister Mustafa Al-Kazemi to dismiss the   Undersecretary of the Ministry of Finance Taif Sami "for not respecting the parliament and its loss of the rights of the Iraqi people

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Al-Kazemi: The deductions in the salaries of retirees will be repeated in the coming days   
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"Finance": the current oil prices are sufficient to cover the salaries of employees

 

11th June, 2020

Member of the Finance Committee of the Iraqi Parliament, Mahasin Hamdan, pledged, on Thursday, to reduce the austerity measures that the Iraqi government had recently taken to increase oil prices.

Hamdan told Shafaq News that "high oil prices will reduce austerity measures and solve many problems, foremost of which is the provision of employee salaries", stressing that "high oil prices will stop external borrowing, and we in Parliament cannot be approved with high prices Oil. "

She indicated that "the oil price situation in its current form is good, and it continues to rise, and this is a good thing for Iraq to face the financial and economic crisis, so the current oil prices can provide the salaries of employees, without the need for external loans."

And "OPEC +" recently agreed to extend the agreement to withdraw about 10 percent of global supplies from the market for a third month until the end of July, after the extension.

[DinarThug]

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Next week .. A high-ranking Kurdish delegation headed by Talabani visits Baghdad

 

11th June 2020

 

The office of the Deputy President of the Kurdistan Regional Government, Qubad Talabani, announced today, Thursday, that a high-level Kurdish delegation will head to the capital, Baghdad, next week

"The delegation will be headed by Talabani and will go to Baghdad next week, in order to resume dialogues with the federal government on the outstanding problems between the two sides," said spokesman for the office, Samir Hawrami, according to Kurdish media

He added, "The negotiating delegation held several rounds of dialogue with the previous government, and will go to Baghdad to complete the dialogues with the new government," stressing "there is a good intention to agree on both sides

It is noteworthy that the Kurdish delegation visited the capital Baghdad several times, and the agreement was agreed in principle between the region and the center on several files, including the delivery of the region's oil, oil imports and salaries of Kurdistan employees

[Donziman]

Here's an idea. Why not ask Maliki for the 38 billion? That's only about half of what he stole. What ever happen to the law Where did you get this ???

[DinarThug]

50 minutes ago, Donziman said:

Here's an idea. Why not ask Maliki for the 38 billion? That's only about half of what he stole. What ever happen to the law Where did you get this ???

The Anti Corruption Bill Still Hasn’t Been Voted On Yet !  

 

 

And Now That It’s Happened - Hopefully They Were Just Waiting For The New Government To Be Seated ...

 

 

But Good Luck Getting It Passed Since So Many Of Them Are Corrupt And Had Their Fingers In The Till ...

 

     

[Pitcher]

16 minutes ago, DinarThug said:

And Now That It’s Happened - Hopefully They Were Just Waiting For The New Government To Be Seated ...

 

They may have a hard time seating the Government.  They have a chair problem. 

 

 

 

[DinarThug]

41 minutes ago, Pitcher said:

They may have a hard time seating the Government.  They have a chair problem. 

They Need To Give Maliki ‘The Chair’ !  

 

 

     

[DinarThug]

1 hour ago, Pitcher said:

They have a chair problem. 

 

 

 

     

[Pitcher]

1 hour ago, Pitcher said:

They have a chair problem. 

 

They also have a toilet problem.  If you can figure this out please let me know. 

 

 

[boosterbglee]

Social Distancing?  😝

[DinarThug]

32 minutes ago, Pitcher said:

They also have a toilet problem.  If you can figure this out please let me know. 

The Additional Chairs Are There In Case U Need Some Help Keeping An Eye On Ur Shiite !  

 

 

     

[DinarThug]

A press conference by Mustafa Al-Kazemi: The deduction of salaries came due to the lack of liquidity .. We reject the political auctions

2020.06.11 - 17:42

Baghdad - people  

 

Prime Minister Mustafa Al-Kazimi confirmed today, Thursday, that the deductions in some salaries were a financing operation due to a lack of liquidity and included 27% of retirees.  

He added during a press conference, which was followed by "Nass" (June 11, 2020) that "this money will be returned in the coming days or with the salary of next month."

He continued, "We reject the political auctions and the mistakes of the previous stages that led to this last collapse," pointing out that "these auctions come from those who want to continue to exhaust the state, and insist on comprehensive reform."  

He continued, "The goal of my government is to reach fair elections, protect the economy from collapse and preserve the prestige of the state," noting that "we do not want Iraq to be a zone of conflict, but peace."  

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[DinarThug]

1 hour ago, Pitcher said:

They also have a toilet problem.  If you can figure this out please let me know. 

(Bonus Punchline Response)**
 

Wtf ? Ur A Baseball Player - Haven’t U Ever Seen The On Deck Circle ?  

 

     

[DinarThug]

Yo Snap ! This Is A ‘Wow’ Article - Not Kidding !  

 

    
 

In a brave message, a senior employee at Rafidain Bank instructs Al-Kazemi to (lost Iraqi funds) that will keep him away from salary deductions!

 

Special files  ,   11/26/2020 21:44   

 

 

Baghdad - Iraq today:

 

A female employee of the Rafidain Bank, who has the experience, courage and courage to say the right without fear or hesitation, sent a message to Prime Minister Mustafa Al-Kazemi, which contains important and dangerous details about the Iraqi financial map and ways to obtain lost Iraqi funds.

Here is the full text of the message (Iraq Today) received a copy of:

Honorable Prime Minister, Mustafa Al-Kazemi.

 If the corrupt corrupted in state institutions hide from you the real state revenues; We, as a people, preferred to help you and we were on the lookout. To uncover corruption and waste of public money, as follows:

 Instead of drowning instead.

Instead of borrowing and searching for confused, urgent and ill-conceived solutions to solve the problem of the economic and financial crisis in Iraq and dumping Iraq into debts that cannot be relegated to it, as long as spoilers rejoice in its institutions; Therefore, you must first correct the path of the financial policies of the previous governments and manipulate their officials with the capabilities of the country and the state’s revenues, starting with the correction of the relationship with the Kurdistan region and the control of the parties with all sects in all of their financial resources ..

* Instead of dumping the Iraqi citizen with external and internal debts, their money went and still goes to the pockets of the corrupt We have searched for you in some outlets of waste and systematic thefts, and we would like to draw your attention to the huge and massive revenues hidden inside Iraq!

** We, as a people, know that - the Iraqi Ministry of Oil supplies refineries with a million barrels of oil per day. This was reported by more than one official, especially MP Adnan Al-Zorfi, in documents in one of his television interviews.

** Of course this oil is refined inside the refineries, and converts the barrel of oil to 100 liters of gasoline or 100 liters of gas oil supplied to petrol stations, so it becomes as follows: -

The 1,000,000 barrels of oil x 100 liters of gasoline or Kaz = 100,000, One hundred thousand million liters of gasoline or gas.

One liter of very regular gasoline and kerosene is sold inside Iraq at 450 dinars.

Then the state's imports of oil derivatives (gasoline - kaz) only daily:

100,000,000 liters x 450 dinars = 45,000,000,000 billion dinars per day.

And it comes in monthly:

45,000,000,000 billion dinars x 30 days = 1,350,000,000,000 trillion dinars per month.

And its imports from oil derivatives become annually:

1,350,000,000,000 trillion dinars x 12 months =

16,200,000,000,000 trillion and two hundred billion dinars annually Iraqi imports of oil derivatives (gasoline and gas) only.

* Where does this huge hidden amount go, which is ignored by all the ministers who have succeeded in the ministries of oil and finance and the majority of deputies and officials? And all of them did not dare open this topic at all!

**

This amount is the Prime Minister, and the Minister of Finance is sufficient to pay the salaries of all Iraqi employees from the first degree to the tenth grade for a period of two years.

** Do you have the audacity to talk to us and tell us about this huge amount, where is it going?

** Not to mention revenues from gas, gasoline, aircraft, white and black oil.

Not to mention the non-oil revenues that cover the salaries of employees for years and provide services to all cities, governorates and sectors of the state?

** So, is it time for you to express your people transparently about its lost and most correct (looted) financial resources that parties loot by their workers in state institutions?

Yes their workers. I do not say officials; Everyone is asking and waiting for you to answer: -

1. Where are the revenues of the General Tax Authority ?!

2. Where are the revenues of the Ministry of Communications and Mobile Networks ?!

3. Where are the revenues of the Communications and Internet Networks Authority ?!

4. Where are the revenues of the border outlets and customs departments in all the outlets ?! On our part, we ask: Why do 24 border ports open in Kurdistan, one of which does not enter the state, while they are closed in the center and south due to fear of the transmission of the Corona virus?

5. Where are the revenues of Iraqi airports and airlines ?!

6. Where are the revenues from the Baghdad Municipality ?!

7. Where are the revenues of the real estate registration departments throughout Iraq ?!

8. Where are the revenues of the public traffic departments ?!

9. Where are the revenues of the Ministry of Electricity ?!

10. Where are the revenues of the water and sewage departments all over Iraq ?!

11. Where are the revenues of the Ministry of Health ?!

12. Where are the revenues of municipalities in all governorates of Iraq ?!

13. Where are the revenues of the Ministry of Agriculture ?!

14. Where are the revenues of the Ministry of Water Resources ?!

15. Where are the state property rents ?!

16. Where are the revenues of ships and vessels transporting oil ??

**

Iraq is a country that God has loved rich and pluralistic resources and not a state on the sidelines With its internal imports, it can surmount the greatest crises experienced by countries, and all of its people live in dignity and affection.

It is time for you to stop wasting Iraqi money in each of the following angles: -

**

1. Auction selling currency in the Central Bank of Iraq; Iraq’s annual losses from it are estimated at 4 billion dollars!

2. The loss of two billion dollars annually in the Ministry of Commerce comics!

3. The Waqfin Budgets: The Shia and the Shocking Sunnis!

**

 The important thing is that if these revenues had reached the state treasury correctly, oil would have been a secondary resource for the Iraqi people, not a major resource ??

**

 Signature: Victoria Gerges, Deputy General Manager at Al-Rafidain Bank / General Administration.

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[DinarThug]

Yo Snap ! Clear The ‘On Deck’ Circle - 2 Back To Back ‘Wow’ Articles !  

 

     

 

Washington offers Baghdad comprehensive development in return for the censorship of those loyal to Iran

- 44 Minutes Ago

 

BAGHDAD - Informed political sources in Baghdad revealed that the government of Iraqi Prime Minister Mustafa Al-Kazemi received during the first round of strategic dialogue that started Thursday between Iraq and the United States, indicating an American willingness to support a comprehensive development campaign in Iraq, in exchange for cooperation in curbing the role of pro-Iranian militias.

The sources did not rule out that Washington resorted to exploiting Iraq’s current urgent need for urgent external support to overcome the salary crisis that threatens the outbreak of social conditions, by hinting a financial aid package in exchange for moves against Iraqi figures linked to Iran, and it has a long record of charges of corruption and terrorist crimes, among others. .

She said that the United States is looking to expand the horizons of support for Iraq, but it will be very careful to prevent this support from reaching the wrong hands, amid many indications that Al-Kazemi’s presence at the head of power in Iraq constitutes a good ground for starting a frank dialogue between Baghdad and Washington.

Despite the clear smear of optimism, which prints the governmental atmosphere in conjunction with the start of the dialogue with the United States, observers warn that Washington may take the path of sanctions with Baghdad if it becomes certain that its encouragement to disengage from Tehran is no longer useful.

The Iraqi Prime Minister, Mustafa Al-Kazemi, said that the dialogue with Washington will depend on the opinion of the religious authority, parliament and the need of the state, stressing that it is conducted according to common interests and will cover many issues, including the issue of security, culture, economy and trade.

Meanwhile, Iraqi political and armed groups loyal to Iran have escalated their rhetoric and movement against the Iraqi-American dialogue to draw frameworks for the relationship between the two countries, hours before its launch, with the aim of disturbing its results, or directing it towards goals that serve Tehran's interests in the region.

Hisham Dawood, political advisor to Iraqi Prime Minister Mustafa Al-Kazemi, said that the Iraqi-American dialogue regarding the future of the two countries' relations started and continues for two days, explaining that his country will talk to the United States on the basis of its interests and needs.

And David believes that "it is wrong to think of the United States as a source of weapons only," noting that "the dialogue will discuss prospects for cooperation in the fields of economy, culture and agriculture, as well as the security and military files."

David did not finish his words until the sirens began to sound at dawn on Wednesday in the Green Zone in central Baghdad, announcing that the US embassy area was targeted by a short-range missile.

And David said that "Iraq will deal in the military part of the dialogue from its sovereignty, and will try to invest its distinguished relations with the United States in all fields." He stressed that "what is happening today is the beginning of dialogue, will develop in the coming stages until it reaches higher levels."

In a separate press conference, US Secretary of State Mike Pompeo emphasized that the "strategic dialogue" between the United States and Iraq had begun.

Pompeo revealed that his assistant for political affairs David Hill will head the US delegation, which will include representatives of the ministries of defense, energy, treasury and several agencies.

"With new risks looming, especially the Corona pandemic, the deterioration of oil prices and the large budget deficit, it is essential that the United States and Iraq meet as strategic partners to prepare a plan for moving forward that notes the common interest of both of our countries," he said.

Political sources in Baghdad say that the military and political escalation by parties and militias loyal to Iran reflects Tehran's great concerns about the results of this communication between Baghdad and Washington, in light of the presence of an Iraqi government that understands the strategic value of relations with the United States.

Tehran fears that dialogue with Washington is the gateway to Baghdad towards strengthening the independence of its political decision, despite the enormous challenges posed by the presence of pro-Iranian militias in Iraq.

The Iraqi military leadership said that the Green Zone, where the embassies of major countries such as the United States and Britain are located, as well as the main compound for the presidency of the Iraqi government and offices of the House of Representatives, was attacked by a missile, at dawn on Wednesday, did not result in casualties.

Witnesses said that the fire broke out after the missile landed in a building near the American embassy, without knowing the size of the losses caused by the missile's fall and the outbreak of the fire.

This missile attack coincided with a coordinated campaign led by political groups in order to pressure the Iraqi negotiator to limit the dialogue to the issue of removing American forces from the country, a demand that tops Iran's agenda in the region.

"The exit of foreign forces from Iraq and respect for its national sovereignty and supreme interests must top the files of the strategic dialogue between Iraq and the United States," says the Supreme Islamic Iraqi Council, which was established by the Iranians in the 1980s by Iraqi fighters to fight the Iraqi army.

This organization, which was accused of dominating the office of the resigned Prime Minister Adel Abdul-Mahdi and managing the affairs of state through him, believes that the chances of a successful dialogue between Iraq and the United States "depend on the commitment of the Iraqi negotiating delegation to the national principles and the strategic interests of Iraq", in a clear reference to questioning The loyalty of a number of members of the delegation.

This reference came after an attack led by Iraqi journalists receiving funds and orders from the Islamic Radio and Television Union of the Iranian Revolutionary Guard, against members of the Iraqi negotiating delegation, accusing them of subordination to the United States and Israel.

The Supreme Islamic Iraqi Council, headed by Shiite cleric Hammam Hammoudi, and includes in its membership some of the most prominent hawks of Shiite extremism, such as Baqir Jabr Solagh and Jalal al-Din al-Saghir, that "the issue of the exit of foreign forces" should be "a focal point in negotiations" between Baghdad and Washington Although the Iraqi government has repeatedly announced that it will negotiate with the United States in the economic, cultural, and other fields.

The Council talked about "the importance of involving military and security figures in the Iraqi delegation as long as the issue of the exit of foreign forces is the focus of negotiations," noting that "in the event of any failure and failure," the government of Al-Kazemi and members of the negotiating delegation "bear responsibility for that before the people, the House of Representatives and the executive branch." .

In conjunction with the council’s statement, Hadi al-Amiri, the leader of the Al-Fateh Alliance, the largest gathering of political representatives of the Shi’ite militias loyal to Iran in the Iraqi parliament, invited members of his country's negotiating delegation to “set their sights on the Iraqi parliament’s decision to expel foreign forces from Iraq and achieve national sovereignty.” Complete. ”

Al-Amiri warned that any "negligence, delay or failure, God forbid, will record the stigma of disappointment and setback in the history of the negotiating delegation and the history of Iraq, you bear responsibility over time and we do not want it for you."

"We do not yet have details of the number of soldiers, but the American proposal mentions reducing the number of troops," an Iraqi official said.

Nevertheless, a significant reduction appears to be highly unlikely, as the jihadist threat still exists, as other coalition countries that are not party to the US-Iraqi dialogue still see.

General Kenneth Mackenzie, the commander of the US Central Command in the Middle East, expected that the Iraqi government will request that a US military presence in the country to combat ISIS be launched, on the eve of the launch of strategic negotiations between the two governments.

"I think the government of Iraq will ask to keep American and coalition forces," General MacKenzie said at an online seminar organized by the Center for Studies in Washington.

He added, "As you know, from my point of view, we are in Iraq to accomplish a mission that defeated ISIS and to support Iraq in accomplishing that mission and to reach a final victory over it."

With expectations mounting about the outcome of the hoped-for dialogue between Washington and Baghdad, Robert Ford of the Middle East Institute considered that "the entire US-Iraqi relationship will not be redefined overnight."

"For the first time there are the right people in the right place at the right time," added Ford, a former US diplomat who participated in the last "strategic dialogue" between the two parties in 2008.

In the long term, the "strategic dialogue" can secure US contracts in the area of construction and energy and push for aid from the Gulf or the World Bank.

But Ford asserts that "Washington cannot give money, but it can only offer not to apply its sanctions" that may deprive Iraq of its Iranian energy supplier, and that "does not solve Al-Kazemi's first problem."

The Arabs

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[DinarThug]

Can U Handle Some More ‘Wow’ - C’mon It’s A Friday !

 

Let’s Bro !  

 

     

 

 

 

Finance Committee: We received a notification about a 'paper' coming from the Al-Kazemi government

2020.06.12 - 11:18

Baghdad - people  

 

The Finance Committee in the House of Representatives confirmed on Friday that the government intends to present a paper of radical reforms during the coming period, while pointing to the details of the borrowing law.  

"The Minister of Finance informed the Finance Committee that the government will present a paper of radical reforms that includes all economic and financial aspects," the committee’s rapporteur, Ahmed Al-Saffar, said in a statement followed by “Nass” (June 12, 2020).  

He added that "the Finance Committee discussed government borrowing for the purpose of financing the deficit and paying salaries."  

He continued, "The text of the borrowing law indicates that the government is allowed to borrow abroad at $ 5 billion, and the internal amount is 15 trillion dinars from Iraqi banks for two months," noting that "the vote on the law was postponed after talking about deductions in salaries."  

And the Finance Minister, Ali Abdul Amir Allawi, announced on Sunday, the need for Iraq to 7 and a half trillion dinars for operating expenses.  

"We will continue to vote from local banks to finance salaries and ruling expenses," Allawi said in a press conference, which was followed by "Nass" (June 7, 2020), stressing "work on borrowing from the World Bank to address the financial crisis."    

Allawi ruled out "approving the budget for the year 2020," explaining "we are working on preparing for the budget for the year 2021, and we need 7 and a trillion dinars of operating expenses."    

On Sunday, MP Ahmed Hama Rashid affirmed that the Finance Committee would not agree to pass the borrowing bill except on condition.   

"The Finance Committee is determined not to pass the borrowing bill unless the government sends the economic reform project side-by-side,"Rashid said, a member of the committee, in a statement received by Nass, a copy of it (7 June 2020).    

A member of the Finance Committee added, "The government cannot be empowered to overburden the state with loans unless it is matched by austerity with unnecessary expenditures and an end to the constant waste of public money."    

And the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected, on Saturday, that the 2020 budget will reach 80 to 100 trillion dinars.  

(June 6, 2020), Saleh said, "It is possible to prepare a federal budget bill for 2020 by the government that includes the actual expenses (that were previously achieved and spent) from the beginning of the fiscal year until June, and the sources of its financing, as well as the expenses for the next six months. To be built according to the principle of estimates of the price of crude oil in world markets and non-oil revenues. "      

He pointed out that "after the completion of the preparation of the budget law, it will become clear the size of the total deficit," expecting that "the draft budget law will be presented for approval in the cabinet within the next two weeks to send it to the parliament for study and legislation."      

Saleh added, "In my personal assessment, the rate of calculating the price of a barrel of oil in the Federal Budget Law for the current year will be between 30 and 35 dollars," expecting that "the total budget size will be between 80 to 100 trillion dinars."      

In turn, the decision of the Parliamentary Finance Committee Ahmad Al-Saffar confirmed that "the general budget law for the current fiscal year is supposed to be legislated by the government and parliament," noting that his committee "needs about a month to complete the project review."      

He explained that "not to legislate the budget law in the current period will lose its value, given that the government works for a whole year without a budget," adding that "this reason prompted us to issue a decision that obliges the government to know revenues, expenditures and deficits."      

He added that "the budget will focus on the operational side without investing because the remaining period is few and not sufficient to implement the investment projects that will be carried over to the budget of the year 2021," noting that it "will include salaries for the ration card, medicines, security aspect and urgent and necessary matters."      

He pointed out that "the government began drafting the Federal Budget Law in order to send it to parliament in the specified periods."  

And revealed the Finance Committee in the House of Representatives, on Friday, an upcoming meeting with Prime Minister Mustafa Al-Kazemi and both the Ministry of Finance and the Central Bank to provide 10 alternatives to overcome the current economic crisis and maintain the salaries of employees without deduction, and agree on what can be implemented from those alternatives.  

Committee member Majid al-Waeli said in an interview with the official newspaper of Nass (June 5, 2020), that "there are many alternatives that can significantly reduce the severity of the current crisis, including an increase in the price of a barrel of oil that is sold by $ 5 to the affiliated refineries." To the Ministry of Oil, while the rate of selling it according to the 2019 budget is $ 60, "indicating that" those refineries buy about one million barrels per day; that is, there is a difference in the price of $ 55, meaning that there is a price difference of $ 55 million. "    

Al-Waeli added, "These revenues can supplement the state treasury by 50%."    

And, "The other alternative is to reconsider the sums of real estate sold cheaply and leased with sums, especially those that are located in the heart of the capital and in distinct areas of it, as it can be re-evaluated again because some of them are haunted without paying any sums of rent at all."    

A member of the Parliamentary Finance Committee said, "There is a forthcoming meeting of the Finance Committee with Prime Minister Mustafa Al-Kazemi and the Ministry of Finance next week to present those alternatives before him and implement what can be implemented from them." He emphasized that "the committee is preparing an integrated study in the light of the reports submitted by each of the Central Bank Concerning the financial crisis and the government as a vision by the Council of Advisors, which dealt extensively with deduction of employee salaries as a solution to overcome the financial crisis. "    

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[DinarThug]

3 minutes ago, DinarThug said:

He continued, "The text of the borrowing law indicates that the government is allowed to borrow abroad at $ 5 billion, and the internal amount is 15 trillion dinars from Iraqi banks for two months," noting that "the vote on the law was postponed after talking about deductions in salaries."  

 

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Parliamentary finance reveals the size of borrowing and the government reform paper

 

 

11:34 - 12/06/2020

 

 

On Friday, the Parliamentary Finance Committee confirmed the government's intention to submit a paper on radical reforms during the coming period, while pointing to the details of the borrowing law.

"The Minister of Finance informed the Finance Committee that the government will present a paper of radical reforms that includes all economic and financial aspects," the committee’s rapporteur, Ahmed Al-Saffar, told the Iraqi News Agency (INA).

Al-Saffar added, "The Finance Committee discussed government borrowing for the purpose of financing the deficit and paying salaries", noting that "the text of the borrowing law refers to allowing the government to borrow abroad at $ 5 billion, and the internal 15 trillion dinars from Iraqi banks for two months", pointing out that "voting" The law should be postponed after talking about deductions in salaries.

The House of Representatives finished the second reading of the draft domestic and foreign borrowing law to finance the fiscal deficit of the year 2020”.  The Cabinet agreed to re-prioritize spending items in line with the financial and economic reform adopted by the Iraqi government. 

 

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In numbers .. Parliamentary finance reveals the size of external and internal borrowing  
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[DinarThug]

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America warns of a fate for Iraq similar to Syria and Lebanon and summarizes its demands for dialogue with Baghdad

 

12th June 2020

Via, Gabriel Somma, member of the advisory board of US President Donald Trump, on Friday, expressed his fears that the Iraqi government will use the existing $ 60 billion in cash reserves in the United States, while he warned that this would lead to the deterioration of the Iraqi currency and an increase in prices He stressed that there would be an agreement to "guarantee the presence" of the US military.

And he reviewed Soma in a special statement to the "Shafaq News" agency, the view of the American presidency, in light of the talks taking place between the Iraqi and American delegations on amending and extending the strategic framework agreement.

The US official spoke of the previous situation; He said, "When former President George Bush sent the American army to Iraq in the year 2003, this was based on the decision of the United Nations Security Council, which called for the presence of the army for the alliance based on Chapter Seven of the United Nations sanctions, based on the Senate decision that allowed the American president to send the army to Iraq, "he said, adding that "in the year 2007, the Iraqi government asked the American President George Bush to stop the implementation of the UN Security Council Resolution and Chapter Seven, and this was done, and discussions began between the two countries to find an alternative to that. Political, security, economics, legal, and other matters."

He continued, "The second agreement is a security related to the presence of American forces in Iraqi territory, and this agreement does not allow the United States to have military bases in Iraq, but it includes protection, and it specified the withdrawal of American forces from Iraq on 12/31/2011."

"Three years later, ISIS forces invaded and occupied Mosul and were on their way to occupying Baghdad, and then the Iraqi government contacted former US President Obama and asked him to send American forces to stop the ISIS advance, and the time did not allow a new agreement between the two countries to be concluded and that the previous agreement was over. Their effect."

He added, "But in the last seven months, American forces are receiving hundreds of missiles by militias that receive financial and military support and weapons training by Iran, and that the Iraqi forces are supposed to guarantee the security and safety of the American embassy and American forces," noting that "at the present time the American forces are in Iraq Without an agreement, the United States believes that it is necessary to have an agreement to ensure the presence of the American military."

He added, "On the other hand, Iraq is going through a difficult economic stage due to its 95% dependence on oil revenues, and with the fall in prices, the Iraqi government income decreased by 50%, which created a difficult economic situation in which it is difficult to pay employees salaries and compensation," expressing his fear that "The government is using the existing reserves in the United States, which is estimated at $ 60 billion. If it uses the reserve, this will lead to a deterioration in the value of the Iraqi national currency and an increase in prices, as is currently happening in Lebanon and Syria."

He explained, "This means that the Iraqi government, if it uses financial reserves, also needs financial assistance from the International Monetary Fund and then undertakes obligations towards citizens to purchase medical materials and foodstuffs," noting that "the Iraqi government previously requested assistance from the International Monetary Fund and the assistance of the United States." He is the most contributor to the fund, and in 2016 Iraq managed to borrow it 5 billion and 340 million dollars, and at the time Iraq was suffering from a financial crisis in light of the low oil prices. All this was done with the assistance of the United States of America.

Turning to the security situation, the US official said, "From the security standpoint, there is a danger from the emergence of a renewed ISIS, as well as a threat from increased Iranian influence and the necessity of confiscating weapons from militias that receive orders from Iran and not from the Iraqi military leadership," adding that for all these reasons the United States sees a need Concluding a new security agreement and concluding an economic agreement or extending and amending the strategic framework agreement. The new agreements will guarantee the safety and security of the Iraqi citizen as well as the Iraqi economic security. "

In a joint statement, the American and Iraqi governments announced that the United States will "continue to reduce" its military presence in Iraq in the coming months. The governments of the two countries said in a joint statement after the launch of their "strategic dialogue", that "in light of the great progress made towards eliminating the threat of ISIS, the United States will continue in the coming months to reduce its forces in Iraq."

[DinarThug]

A Tweet From Deputy PM Allawi Regarding A Meeting With The International Monetary Fund...

 

     

 

 

Ali Allawi

 

@AliH_Allawi

 

 

Deputy Prime Minister Allawi and members of the Emergency Cell for Financial and Economic Reforms held discussions today with the 

@IMFnews 

, led by Jihad Azour, Director of Middle East and Central Asia Department at the IMF. (1/2)

The conversation was positive, focusing on modalities of support the 

@IMFnews can provide for Iraq, in particular technical and financial assistance. The IMF team expressed their readiness to assist Iraq. The Iraqi team will follow up with IMF in the upcoming week. (2/2)

 

LINK

[DinarThug]

LINK

Al-Fatlawi: The government has huge resources that can be used instead of cutting the salaries of retirees

 

 

09:20 - 12/06/2020

 

Between the deputy from the Al-Fateh Alliance Fadel Al-Fatlawi, that the government has several options to get out of the financial crisis instead of compensating for oil losses through the salaries of employees and retirees.

Al-Fatlawi said to the "information", that "Iraq has several doors to get out of the current financial crisis, but there is a lack of proper exploitation of the available resources."

He added that "the border crossings, industry and agriculture, especially the telecommunications file, can provide Iraq with large revenues that cover its need for the funds needed to cover the budget instead of relying on oil revenues as a main source for financing the budget."

He indicated that "Parliament took its decision regarding deduction of salaries and decided to compel the government to withdraw its decision and resort to other resources instead of deducting the salaries of retirees and employees." 

[DinarThug]

LINK

Religious reference marking 17 years of corruption
with large budgets
 

 

12:22 - 12/06/2020

 

Religious authority, Muhammad Taqi Al-Madrasi, called on the government today, Friday, to take care of the main issues of the country and think about real solutions to its problems, especially those related to the economic crisis, through planning for the country's economic rise.

He said in a televised speech seen by him / the information: “Some of the person who takes over the seat of government does not think about the problems of the people, but rather begins to think about his own problems, and searches for a way to establish his rule by appointing agents to the positions surrounding him, but this will not benefit him, As the way to establish judgment is by working for God’s sake and for solving the people's problems.”

He pointed out that seventeen years was a sufficient period for the advancement of the country and the end of all its service crises, with large budgets, but the mentality of quotas and partisanship and the spread of corruption prevented this, at a time when other countries were able to overcome those crises in short periods and with limited budgets.

On the other hand, the school reference stressed the necessity of the return of the Iraqi people to their original culture represented by the spirit of civil peace, indicating that the successive crises on Iraq, including dictatorship, occupation, terrorism and economic stagnation, contributed to creating a culture of pessimism and hostility, and the established media hired that false culture, to create rivalries between People of this country.

He said, "We need to return to God, the Most High, who commanded us in his book, that we live together and not take each other as heads, and that He commanded the believers to enter all peace, and we must reject every word that is bad for one another." 

[DinarThug]

The Big Financial Seminar Featuring The CBI Governor Is Getting Ready To Take Place ...

 

      

 

 

 

We are now less than two weeks away from Iraq’s first-ever virtual finance and investment conference- The Iraq Finance Expo (IFEX), officially Co-Hosted with the Ministry of Finance and the Central Bank of Iraq, and taking place online from 22-24 June.

 
Don't miss the chance to hear directly from top government officials and business leaders as they plan their future business development strategies for Iraq.
 
Using the very latest conferencing technologies, you will be able to arrange 1-2-1 business meetings virtually, as well as listen to the outstanding conference content live as it is broadcast from Baghdad and around the world! Overcome distance barriers and conduct business like never before!

 

Here is just a snapshot of some of the confirmed speakers at this ground-breaking digital summit:

 

✦ H.E Dr. Ali Al Allaq, Governor, Central Bank of Iraq.
✦ Wadee Al-Handal, President, Iraqi Private Banks League.
✦ Dr. Waleed Eidy, Deputy Governor, Central Bank of Iraq.
✦ Ahmed Tabaqchali, CIO Iraq Fund, Asia Frontier Capital.
✦ Taha Abdulsalam, CEO, Iraq Stock Exchange.
✦ Hani Idris, Executive Consultant. Arab Payment Services APS Iraq.
✦ Karam Saridar, CEO, Manahil El Ryan & Elryan.com.
✦ Haroun Khwaja, Senior Associate TMT, Al Tamimi & Co.

✦ Bashar Arafeh, Managing Director MEA, IrisGuard.

✦ Aysegul Ozge Ozgur, SVP, Head of Research, Rabee Securities.

✦ Duha Abdulkareem, Director General of the Payments Department, CBI. 

✦ Dr. Mahmoud Dahger, Director General of Financial Operations, CBI. 

✦ Ali Al-Saffar, MENA Programme Manager, International Energy Agency.

✦ Bilal Rabah Sugheyer, Iraq Senior Country Officer, IFC.

✦ Christine Van Den Toorn, Founder & President, Iraq Fund for Higher Education. 

✦ Caroline Mcgarr, Managing Director, thinkbank.
✦ Alice Bosley, Executive Director, Five One Labs. 

✦ Herman Wang, Managing Editor, OPEC and Middle East News, S&P Platts. 

✦ Dr. Renad Mansour, Senior Research Fellow, Chatham House.
✦ Alexandre Laure, Senior Private Sector Specialist, World Bank.
✦ Wael Mansour, Senior Economist, World Bank.
✦ Raed Hanna, Managing Director, Mutual Finance Ltd.
✦ Toby Iles, Director, Sovereigns EMEA, Fitch Ratings.
✦ Majed Sifri, CEO, Optimaiza, Board Member, Int@j. 
✦ Grant Felgenhauer, Managing Partner, Euphrates Advisors LLC. 
✦ Zaab Sethna, Partner, Northern Gulf Partners. 
✦ Yadgar Meerani, CEO and Co-founder, Lezzoo. 

 

Following the outstanding success of both the Iraq Banking and Investment Summit, and Iraq: A Leap Forward, we are delighted to announce IFEX: IRAQ Finance Expo, the premier online conference and exhibition for Iraq’s financial future. Officially co-hosted with the Central Bank of Iraq and the Government of Iraq, IFEX is the only digital conference of its kind tackling the critical challenges affecting Iraq’s finances.

The current global lockdown and depleted oil price has left Iraq in a vulnerable position. With high levels of unemployment, oil dependency and dilapidated public infrastructure, Iraq is in need for financial change. International donors and development finance institutions are ready to support the country in its current crisis. IFEX will tackle the key challenges ahead that lie in Iraq and the subsequent opportunities that arise in the country. IFEX will discuss a range of subjects from the future investment landscape in Iraq to financial & digital technologies that will drive the local economy.

Not only will large financing projects be under the spotlight, but the fastest growing industries from mobile banking to e-commerce will be discussed through our unique online conference. Join us for an unrivalled online 3-day VIP conference programme and learn about the outstanding opportunities within Iraq’s financial services.

The future of Iraq’s banking and financial service industries. Meet the following industries and exhibit your ground-breaking product!

1. BANKING: Payments, Digital Banks, Money Transfers, Mobile Wallets, Remittances, Retail, Investment, Automation

2. FINTECH: Credit & Lending, Payments, Security, Authorisation, Money Transfers, Insurance, Microbanking, Cloud, P2P Lending

 

3. E-COMMERCE: Commerce, Home Delivery, Grocery, Retail, POS Systems

 

4. INNOVATION: Accelerator, Entrepreneurship, AI, Startups

 

https://ifexiraq.com/

Edited June 12, 2020 by DinarThug

[DinarThug]

And Here’s Another International Iraqi Financial Seminar For Next Week In London - Leading Up To The Big Expo...

 

     

 

 

LINK

Zoom Invitation: Iraq 2020, a Country at the Crossroads

 

12th June 2020

You are invited to hear a discussion of the IBBC Advisory Council's paper on 'Iraq 2020, a country at the crossroads'

 

When: Monday 15th June at 2pm UK

Where: Zoom Platform

 

The paper published for the new Iraqi Government recommends a number of decisive changes to be implemented without delay, in order for Iraq to be able to navigate the rapidly deepening economic crisis she is facing.

This open public forum takes place in partnership with IRIS (Institute of Regional and International Studies) at AUIS (American University of Iraq, Sulaimani) and Chatham House.

 

Speakers include:

 

Professor Frank Gunter, Lehigh University Dr Renad Mansour, Chatham House Mr Ahmed Tabaqchali, IRIS at AUIS Professor Mohammed Al-Uzri, University of Leicester Mr Abdul Aziz Shwan Ahmed, Iraqi Government Mr Hani Akkawi, CCC

Click below to read the full paper:

Iraq 2020: a country at the crossroads - English

Iraq 2020: a country at the crossroads - Arabic

CLICK HERE TO REGISTER