Saleh approves domestic and foreign borrowing law

[yota691]

Saleh approves domestic and foreign borrowing law

 

 25/26/2020 11:53:21

Shafak News / President of the Republic Barham Salih approved today, Thursday, the domestic and foreign borrowing law to finance the fiscal deficit of 2020.

 The President of the Republic confirmed, during   his signature of the law, according to a statement of the presidential media office, which was received by Shafaq News, that "the approval comes to get out of the financial crisis that the country is going through in light of the outbreak of the Kurna pandemic, and to finance the salaries of employees, retirees and necessary government expenses."

He stressed, "Government spending must be rationalized at the current stage."

The statement pointed out that "the approval of the president came after the law came to the presidency of the Republic from the House of Representatives after it was voted on Wednesday."

The law allows the government to borrow 5 billion dollars and 15 trillion dinars to cover the fiscal deficit for the year 2020.

 

[southbeach]

Best  I can guess is, the more they borrow, the higher the IQD rate of exchange will eventually be.

[yota691]

Al-Tamimi: The external borrowing from the International Monetary Fund carries a political shroud covered by the economy

by Editor Economy 2 Hours ago

Legal expert Ali al-Tamimi said that the external borrowing from the International Monetary Fund carries a political shroud wrapped in the economy, while he indicated that he would curb the country’s restrictions in the long run.

Al-Tamimi stressed in a statement that the borrowing law voted by Parliament set the maximum ceiling for external borrowing at five billion dollars and set fifteen trillion Iraqi dinars the highest ceiling for internal borrowing, pointing out that internal borrowing is the payment of salaries, wages and internal spending, while external borrowing is intended by the operational side that The health side, the Karuna pandemic, must be treated, import medicines and health supplies, and cope with the epidemic.

He added that he needs to accompany this borrowing aspect of development and reconsideration of dual and high salaries, customs, border outlets and aviation to provide what can be provided, indicating that external borrowing from the International Monetary Fund is a political side wrapped in the economy and will restrict the country to restrictions in the long run.

 

 

 

[yota691]

The President of the Republic approves the domestic and foreign borrowing law

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25/6/2020 18:45:00

 

 

       

President Barham Saleh

 

Today, Thursday 25-25-2020, President of the Republic, Dr. Barham Salih, approved the domestic and foreign borrowing law to finance the fiscal deficit for the year 2020.

 The President of the Republic, during his signature of the law, stressed that ratification comes out of the financial crisis the country is going through in light of the outbreak of the Corna pandemic, and to finance the salaries of employees, retirees and necessary government expenditures, stressing the necessity to rationalize government spending at the current stage.

The ratification of Mr. President came after the law came to the Presidency of the Republic from the House of Representatives after it was voted on Wednesday.

 PUKmedia flags of the Presidency

 

 

[yota691]

Two experts: borrowing is a way to overcome the challenges of the crisis

Saturday 27 June 2020 73

 

Baghdad / Shukran Al-Fatlawi

 

The economist Bassem Jameel Antoine said in an interview 

To Al-Sabah: “Borrowing is the only way out of this stifling crisis, despite its negatives and burdens that the country will bear.” Pointing out that “internal borrowing is much easier than the external one, as it is devoid of any conditions imposed,” indicating that it is a patchwork and not a radical solution.

This came after the House of Representatives recently voted on the internal and external borrowing law.

A statement of the Media Department of the House of Representatives received a "morning" copy of it that "Parliament voted on the law of internal and external borrowing to finance the fiscal deficit for the year 2020."

Economic terrorism

Jamil Antoine considered "the circumstance in which the country lives in light of the economic crisis, economic terrorism no less than or equal to the crisis of ISIS entry years ago, and specifically in the year 2014."

Stressing that "returning the country's accounts is of great importance as a result of tampering 

The great waste and losses that affected the economic performance and the mismanagement that accompanied this period ».

He pointed out that "and over the past years, those at the head of government did not think of the necessity of establishing sovereign funds for generations and for continuous crises such as the Gulf states and some European countries such as Norway, although in the year 2008 the price of oil was about 147 dollars per barrel, while we find that the price of a barrel It may have fallen to low prices, ”and the irony is that“ whoever established the sovereign fund in Norway is an Iraqi national at an estimated price of eight hundred and seventy billion dollars, knowing that the same person made proposals to previous Iraqi governments but they were not implemented. ”

Food security

Antoine stressed the need for the country's economy to shift from rentier to productive through the exploitation of the agricultural and industrial sectors as well as services, transportation and tourism in order to achieve food security as a minimum. Noting that “about forty percent of the population are below the poverty line level, as their incomes are lower From 110 thousand dinars per month, ”noting at the same time that“ in the past three or four months because of the quarantine and the stopping of life, the income of workers in the private sector who do not have any other income or salary from the government has run out, ”noting that“ the number of salaries recipients The government is estimated at about seven million, including four and a half million government employees, daily contracts and wages, and two and a half million retirees. ”

Economic expert Manaf Al-Sayegh told Al-Sabah that “the borrowing plan was not linked to a plan to revitalize the private sector and start implementing the structure of state institutions, reorganization and restructuring of public and private banks, canceling the currency auction, and granting loans with very low benefits for the purpose of encouraging young people to establish small and medium-sized projects that have no importance ”

He added, "We do not need external borrowing, explaining that borrowing is a bitter option, and if it is necessary, it is possible that we resort to internal borrowing provided that there is an economic plan, because without the latter with a clear economic program, there will be a problem with increasing and exacerbating its dimensions and repercussions in the long run."

 

True affiliation

And the jeweler pointed out the importance of granting 

Interest-free housing loans with the same housing guarantee with the distribution of land 

At least for young people free of charge to provide them with psychological security and give them 

A real boost to hope, so that they contribute to building the country impulsively, will help them feel a real sense of belonging, in addition to resolving the suffocating housing crisis that the country has suffered from for decades. 

He pointed out that "the problems of Iraq cannot be solved by an individual or a group 

Individuals, "calling for" the necessity of conducting a mini scientific meeting for an elite of specialists, experts, the private sector and university professors and setting an executive plan outside the deadly restrictions for reform and setting a timetable for implementation and follow-up, 

Provided that there is sincere determination and true will.

[yota691]

Parliamentary finance reveals the value of Iraqi debt and reviews a plan for economic reform

Economie

2020-06-28 | 04:42

 

 

9,673 views

The decision of the Parliamentary Finance Committee Ahmed Al-Saffar saw, on Sunday, that economic reform passes through two aspects, one of which is controlling public expenditures while maintaining the necessary spending, noting the government's ability to maximize resources in less than a year, while revealing the value of Iraqi debt.

Al-Saffar said in an interview with Alsumaria News, "The Finance Committee has a paper for reform, which is matched by a paper prepared by the government. And being one of the rich countries with his wealth, as the external debt is estimated at 25 billion and 444 million dollars, while the domestic debt is up to 40 trillion dinars.

 

He pointed out that "the government has a plan to maximize resources, properly access resources, mobilize them and transfer them to the public treasury, offset that unnecessary expenditures are very large, therefore there are two aspects. First, controlling public expenditures, maintaining necessary expenditures on the one hand, and maximizing resources on the other hand."

He added, "The matter needs a serious will from the government and we estimate that the government is able within a year or less to change a lot of things in a way that maximizes imports and reduces expenditures and a large part of the reform plan. As for getting out of chaos, developing economic sectors, advancing the Iraqi economy, and getting out of a situation Corruption and the absence of sound financial and monetary policies, they need to restructure oil policies, financial policies and the budget that reflect the government's approach and sound economic plans. "

And the decision of the Parliamentary Committee went on to say that "the approval that obtained the external borrowing came to an urgent necessity and a need for financial liquidity due to the current circumstances, and we seek not to continue with it."

[yota691]

Saleh approves the project and citizens see him as unable to find solutions and destroy the economy

June 26, 2020

247

 

 

 

 

A broad public disapproval of the borrowing law for fear of future risks

Saleh approves the project and citizens see him as unable to find solutions and destroy the economy

 

 

Baghdad - Time

 

The law of domestic and foreign borrowing to finance the country's financial deficit, which was approved by the House of Representatives last Wednesday, faced widespread public rejection, as law and economists showed their reservations on the provisions of the law, while the President of the Republic, Barham Saleh, approved the law on Thursday. The law allows the government to borrow about $ 18 billion from home and abroad to fill the fiscal deficit for the year 2020, and the House of Representatives passed the law during its session chaired by Speaker of Parliament Muhammad Al-Halbousi, and the presence of 168 deputies without the presence of journalists due to the restrictions of Corona Virus. Federal Finance is the authority to borrow locally and externally by issuing treasury transfers, bonds and local loans). The law also authorizes the government (borrowing from international financial institutions and foreign banks to finance public expenditures, provided that the amounts of external loans are allocated to investment projects and the development of continuing regions, bearing in mind that the priority of funding for governorates that are less funded in previous years). From abroad, 15 trillion dinars (about 13 billion dollars) from within. Just one day earlier, the Council of Ministers authorized Finance Minister Ali Allawi to negotiate and sign loans amounting to more than one billion euros ($ 1.126 billion), to finance electrical energy projects in the country. On Thursday, the President of the Republic approved the law and conveyed a presidential statement from Saleh as saying during his signature of the law that (ratification comes out of the financial crisis the country is going through in light of the outbreak of the Corna pandemic, and to finance the salaries of employees, retirees, and necessary government expenditures), stressing (the necessity of rationalizing Government spending in the current stage). In the reactions, activists on social media sites rushed to reject the law and stressed that they would lead campaigns to reject it because it would mortgage the future of future generations with loans of immense benefits that would overburden the country’s budget and shackle it and lead to a retreat of the Iraqi economy, steps back instead of rising and seeing There are many resources in the country that can be invested to cross the crisis, and they pointed out that fighting administrative and financial corruption and reducing unnecessary expenditures are enough to reduce the effects of the crisis. They pointed to the huge numbers of employees who earn more than a salary in six ministries as follows, in the Ministry of Education 18. 111 employees, in the Ministry of Water Resources 649 employees, in Finance 4215 employees, in Justice 1605, electricity 10887, and agriculture 3344 employees. They stressed that work is continuing to complete the inventory of all employees in other ministries. For their part, the pioneers of the networking sites expressed their support for the voices rejecting the law, and they said in their comments that this law reflects the inability of the authorities that run the country to find appropriate solutions to the problems it suffers from. And they warned that it would be a destruction of the Iraqi economy, which would not be able to rise in the future because it would be tied with harsh restrictions. Independent politician Mohammed Hassan al-Musawi warned that the middle class would be seriously damaged by this law. He said in a tweet on Twitter monitored by (Time), yesterday (it was the first of the government to tackle the roots of the chronic financial crisis instead of resorting to borrowing that would pay the price for the middle and poor classes because it would double the cost of the postponed solution for fear of facing the corrupt and recovering the stolen money from them) stressing the necessity (imposing state control On all the oil fields, ports, customs and federal imports). Law expert Tareq Harb considered that Parliament had to determine who spent the money he decided for investment projects in order to keep it away from commissions - commissions - when disbursing an unworthy project and withholding it from a worthy project. Harb said in a comment that Al-Zaman said yesterday that (Parliament achieved in its legislation for the borrowing law unless it was achieved by another parliament in modern and ancient history, as parliament can add to the government’s bill 10 percent, 50 percent, 100 percent, or 200 percent, but that would be an addition. More than that, this is what was not submitted by another parliament) and indicated that this happened last Wednesday. He explained that (the government’s borrowing law with only one article and Parliament changed it became nine articles, all of which we accepted as long as they were issued by Parliament, which found the government’s bill subject to downloading all that Parliament desires) without repeating (but we did not and will not accept the amendment of Parliament that encourages litigation - commissions) - It is the disbursement of sums for investment projects as there is no room for profit from the salaries mentioned in the law because they are specific, but the field, the whole field, is in the disbursement of funds for investments, as here, bargains and commissions begin to spend sums for this project without anyone else).

[horsesoldier]

Enough borrowing . . . geeez. Get with the program you smirking booty burp milquetoast and wake the hell up ! ! !  Get you country into the global community ! ! ! 

[yota691]

Parliamentary economy shows the interest rate for foreign loans

17:59 - 29/06/2020

 

  

Information / private ...

The Parliamentary Economy and Investment Committee revealed, on Monday, the interest rate that will be imposed on external loans to finance the federal budget.

Committee member Ibrahim Charter said in a statement to the "information", that "the interest rate will be less than 1% for external loans because the country is unable to pay a high fouad because of the collapse of the Iraqi economy in the shadow of the Corona pandemic," pointing out that "loan funds were not secured even Now you need time to talk to the International Monetary Fund. ”

She added that "the government is obligated to support local industries and the private sector to maintain the hard currency inside Iraq and avoid the collapse of the currency", indicating that "external borrowing is an incorrect solution, except that the government is obligated to it because of the financial situation it is going through at the moment."

And the Parliamentary Commission on Economy and Investment indicated, the day before yesterday, Saturday, that the borrowing law voted by the House of Representatives will be valid for only three months. It ended 25 T.

[yota691]

Parliamentary Economy Committee reveals the interest rate for foreign loans

Editing Date: 6/19/2020 18:17 • 73 times read

Ayna News - Baghdad

Parliamentary Committee on Economy and Investment revealed, on Monday, the interest rate that will be imposed on external loans to finance the federal budget.

Committee member Ibrahim Charter said in a press statement, "The interest rate will be less than 1% for external loans, as the country is unable to pay a high fouad because of the collapse of the Iraqi economy in light of the Corona pandemic," pointing out that "loan funds have not been secured yet and need to A time to discuss with the International Monetary Fund.

She added that "the government is obligated to support the local industries and the private sector to maintain the hard currency inside Iraq and avoid the collapse of the currency", indicating that "external borrowing is an incorrect solution, except that the government is obligated to it because of the financial situation it is currently undergoing."

And the Parliamentary Committee on Economy and Investment indicated, the day before yesterday, Saturday, that the borrowing law voted by the House of Representatives will be valid for only three months.

[yota691]

The Iraqi Central is concerned about a "wrong" policy ... domestic borrowing is at stake

 

 

 06/2020 2020 05:24:35

 

Shafaq News / The Parliamentary Economy and Investment Committee revealed, on Monday, the central bank's fear of the wrong economic policy of the Iraqi government, while noting that the bank may refrain from granting financial loans at the present time.

"After the approval of the domestic and foreign borrowing law, the government may face difficulty securing funds from the central bank, banks and the International Monetary Fund due to the low oil prices, the global economic crisis and the Corona pandemic," committee member Mithaq Al-Hamedi told Shafaq News.

Al-Hamidi added, "The Central Bank informed the House of Representatives earlier about its fear of the wrong economic policy of the government," noting that "this may prevent it from granting any financial loans at the present time."

On Wednesday, the Iraqi Council of Representatives approved a bill that would allow the government to borrow internally and externally to cover the country's fiscal deficit.

Parliament voted by majority, during its session in the presence of 168 deputies (out of 329), to approve a bill submitted by the government for internal and external borrowing. 

The government has submitted the draft law and includes foreign borrowing worth $ 5 billion, and an internal amount of 15 trillion dinars to fill the financial deficit in the country.

 The Iraqi government is struggling to secure employee salaries and other operating expenses due to the collapse in oil prices due to the Corona pandemic, which has paralyzed large sectors of the world economy. The country relies on revenue from the sale of crude to finance 95 percent of the country's expenditures.