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The Iraqi government begins to pay the dues of farmers and farmers

4 hours ago
 

 

 

The Iraqi government begins to pay the dues of farmers and farmers
The bank continues with its financial obligations towards citizens regarding the disbursement of funds and other entitlements - an archive picture
 

ARBIL (Kurdistan 24) - The state-owned Iraqi Bank of Iraq, Rafidain Bank, announced Saturday that it will begin disbursing financial dues to farmers and farmers.

The bank said in a statement that it instructed its branches to start disbursing the dues of farmers and farmers after completing all the necessary legal procedures to disburse those funds.

 He added that the bank continues its financial obligations towards citizens regarding the disbursement of funds and other entitlements, while adopting health protection methods against the Corona virus.

The statement did not mention the number of farmers and farmers who receive their financial dues, nor did it indicate whether these dues were for marketing only wheat and barley crops.

 

https://www.kurdistan24.net/ar/news/1cd0a759-582c-44fb-8365-9512af4ba194

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Saturday, July 18, 2020 1:25 PM

 

Former finance official: Iraq’s public budgets are "political" par excellence

Budget
 
 

 


Former Head of the Financial Supervision Bureau, Abdel Basset Turki, called on the parliament to support the government in expediting the approval of the 2020 budget, stressing that the financial damages can increase if the approval is excluded.

Turki said in a press statement: "The exclusion of the approval of the General Budget Law represents the absence of a license to dispose of public money. Therefore, the government must issue the 2020 budget, and Parliament must approve it, regardless of its negative aspects, it is less harmful than not issuing it."

He added: "The exceptional or monthly budgets that are currently being talked about are not a substitute for public budgets, as the first type deals with the exceptions that are received during the exchange of abnormal conditions experienced by the public finance," expressing his fear that spending for this year will continue without a budget law .

He explained: "The general budget in the country comes to meet the requirements of political forces and not the needs of the society that looks to and plans for the future, as it is political with distinction and not economic or future, and for this has led to exceptional inflation in the field of salaries."
 
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Work is looking into the possibility of integrating social security with the employee pension fund

17:00 - 07/18/2020
 
  
%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9

The information / Baghdad ..

On Saturday, Minister of Labor and Social Affairs Adel al-Rikabi discussed amending the pension and social security law for workers and examining the possibility of merging pension and social security funds.

In a statement received / information / on the sidelines of presiding over a meeting, Al-Rikabi said, “Amending the retirement and social security law must be in line with the ministry’s vision of serving the interest of the working class and address all the issues raised previously during the meetings and include radical solutions.” He pointed out “the need to benefit From international experiences in this regard, according to criteria that guarantee more rights for workers. ”

The Minister directed the parties concerned to "make the amendment to the retirement and social security law by submitting a draft amendment within 15 days in preparation for discussion with the National Retirement Authority next week." 25 h has ended

 

https://www.almaalomah.com/2020/07/18/485495/

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12 hours ago, Theseus said:

I wanted to note here that there are those who wonder where the 1.16 USD rate came from that Shabibi never said in his public statement way back when. This actually comes from doing the math of if they removed the zeros from the exchange rate. If they removed the 3 zeroes this would then mean that 1 USD equals 0.86 dinars. And when you divide 1 USD by 0.86 (1/0.86) you would get 1.16 USD. So no Shabibi did not have to state an exchange rate of 1.16 but he did state the removal of the zeros and through math it was simple division to come up with this rate.  

 

In that same vain,, if they were to remove the zeros from the exchange rate today then it would be 1 USD to 0.84 IQD or 1.19 USD to 1 IQD. (1/0.84 = 1.19).  Then if they added something akin to 0.15 USD to this we get 1.34 USD to 1 IQD. The previous post I used LGD's post not the method used to figure out the exchange rate of 1.16 or now would be 1.19.

1.19 🙏🏽
GO RV

GO RI

GO Belize

Go Now 😎

 

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16 hours ago, Theseus said:

The program rate is 1190, not 1166. 

 

This  yields a current exchange rate today of .....

0.00084...  it hasn't been 0.00086 since the program rate was 1166.

 

Delete the zeros and you have ....

0.84  not 0.86

 

This equates to a 20,000 USD difference per million IQD.  

 

Add 0.15 USD and you get 0.99 USD.

 

Par value (based off the USD Index spot) is 95.9420 trending up.

 

If you disagree with the current exchange rate then you can check out XE: Convert USD/IQD which gives the mid-market rate. But a simple 1/1190 will also give you this rate. 

Symantec's, and I suspect you know exactly what I mean. My example was compared to the situation at the time Dr. Shabibi made his comments. And thus much more relevant to the discussion. 

Have a wonderful day :tiphat:

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Wait - Does He Actually Say That They ‘Have No Choice BUT TO CHANGE THE IRAQI DINAR RATE’ ? :o 

 

:D  :D  :D 

 

Former Head of the Oversight Bureau calls for the approval of the 2020 budget

 
Saturday 18 July 2020

Baghdad / Omar Abdul Latif
 
 
The former head of the Financial Supervision Bureau, Abdel Baset Turki, called on the parliament to support the government in expediting the approval of the 2020 budget, stressing that the financial damages could increase if its approval is excluded.

Turki said in an electronic lecture delivered to the Future College and attended by "Al-Sabah": The exclusion of approving the General Budget Law represents an absence of authorizing the disposal of public money, so the government must issue the 2020 budget, and parliament must approve it, regardless of its negative aspects, it is less harmful than not issuing it.

Turki added that the exceptional or monthly budgets that are currently being talked about are not a substitute for public budgets, as the first type deals with the exceptions that are received during the exchange of abnormal conditions through which the public finances pass, expressing his fear that spending this year will continue without a budget law.

He explained that one of the things that led to the budget deficit is the mechanisms for managing public funds in Iraq and setting plans related to the budget, so it is not permissible to go in a continuous direction towards expansion in an oil country where you can talk about planning, as the budget must be placed on the basis of expenditures and then determine Ladder The basic needs that the government and financial management must cover and which it is obligated to put in place an actual plan that can be implemented, describing the general budget in the country that it comes to meet the requirements of political forces and not the needs of the society that looks to the future and plans for it, as it is a political par excellence and not economic or future and for this it led to Exceptional inflation in payroll.

The former head of the Financial Supervision Bureau referred to the size of salaries in the budget of 2020, which amounts to 66 trillion dinars, after it was in 2019 (56) trillion dinars, meaning that the government has turned into a staff administration and not a management of public services, while the government, administration and society are facing in The current time is the problem of the deficit in the required financing, and the solution is not to reduce spending but to rationalize it and spend it with its right front, warning of the economy going to a “fatal unemployment” in society, and reaching a stage in which social relations explode due to the recession, where unemployment is the worst machine for creating killers, killing opportunities and spreading All the obstacles in society, and if they can be tolerated by one today, but after a while when thousands of young people hang out in the streets, we will not be surprised by the presence of violence and gangs anywhere and under any name.

Turki criticized the dumping of the Iraqi market with imported goods in an exceptional way, which put the state in front of two options either to expand employment to enter in the field of expansion in the operation of continuous elements of persuasive unemployment that is not produced in the state’s departments but possess income, or go to the contribution of the private sector and seek to revitalize investment areas This requires it to spend at least or an expansion in spending.

He pointed to the government's tendency to borrow from banks and deduct the bonds from the central bank to secure the salaries of employees for the first stage, which means that the public authorities are forced to continue with the mechanism itself, meaning that the size of the deficit will double and the budget continues to reproduce its problems, expecting the budget to continue with a real deficit that we faced in the budgets that Prepared after 2014, so the authorities responsible for administration have no choice but to change the Iraqi dinar exchange rate, which is one of the foundations of the economy’s problems, and on the basis of which public expenditures are calculated in the general budget through an integrated economic and monetary economic plan with an economic impact, regardless of all allegations You expect this to lead to inflation in prices.

Turki stressed that the window for selling the currency cannot be abandoned except when the Iraqi economy becomes a product, and leaves dependence on external import only, that is, when the internal production is sufficient, at least, to cover the needs away from dumping in imports, warning that Iraq did not pass through the years The past is in crisis, as it is currently, to achieve achieving the distribution of salaries, and obtaining a salary next month, "a historic achievement."
He pointed out that investment opportunities in Iraq are exceptionally open, but there is a "death triangle" that puts obstacles to its rise and development, which is corruption, quotas and violence, and the political will to break the sides of this triangle has become a necessity for success during the next stage.

LINK
 
Edited by DinarThug
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"Finance" reveals the date for the payment of salaries of employees and retirees

%D8%AF%D9%8A%D9%86%D8%A7%D8%B1%D9%A3.jpeg
 

18th July, 2020

 

The Finance Committee in the Iraqi parliament revealed, on Saturday, the intention of the Iraqi Finance Ministry to distribute the salaries of employees and retirees in Iraq before Eid al-Adha

"The Iraqi government has the monetary ability to distribute the salaries of employees and retirees in Iraq before Eid al-Adha, thanks to the existence of the effective borrowing law,"the committee's rapporteur, Ahmed al-Saffar, told Shafaq News

He pointed out that the financial received from the Central Bank of Iraq, money and other expenses

And Al-Saffar said, "There is a delay by the Ministry of Finance in the payment of employee salaries, but it has pledged to pay salaries before Eid al-Adha

He added, "We will continue to follow the disbursement of these funds before the Eid. We are afraid of the imbalance in the Ministry of Finance in delaying the payment of salaries

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54 minutes ago, DinarThug said:

so the authorities responsible for administration have no choice but to change the Iraqi dinar exchange rate,

 

54 minutes ago, DinarThug said:

Turki stressed that the window for selling the currency cannot be abandoned except

 

21 minutes ago, Half Crazy Runner said:

Yep. This is why we’re all over here waiting, watching, reading all the news and believing in this investment. 
 

Nice find, Thug!  :tiphat:

 

And This Ain’t Just Some Jive ‘Turki’ That’s Saying This - THIS IS THE FORMER CBI GOVERNOR FROM 2012 TO 2014 ! :o 

 

Cheezburger Image 2013478656


Oh Ya - So Now We’re Really Talkin’ Turki ...

 

:D  :D  :D 
 

Edited by DinarThug
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"so the authorities responsible for administration have no choice but to change the Iraqi dinar exchange rate, which is one of the foundations of the economy’s problems,....."

 

And in the crypto world, they are talking about backing the dollar with gold and changing over to the "digital dollar".  I think this will happen with all currencies, not only the dollar.

 

Something tells me all this above will all happen before the elections.  🙏

Edited by Floridian
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3 hours ago, DinarThug said:

Wait - Does He Actually Say That They ‘Have No Choice BUT TO CHANGE THE IRAQI DINAR RATE’ ? :o 

:D  :D  :D 

Former Head of the Oversight Bureau calls for the approval of the 2020 budget

 
Saturday 18 July 2020

Baghdad / Omar Abdul Latif
 
 
The former head of the Financial Supervision Bureau, Abdel Baset Turki, called on the parliament to support system">support the government in expediting the approval of the 2020 budget, stressing that the financial damages could increase if its approval is excluded.

Turki said in an electronic lecture delivered to the Future College and attended by "Al-Sabah": The exclusion of approving the General Budget Law represents an absence of authorizing the disposal of public money, so the government must issue the 2020 budget, and parliament must approve it, regardless of its negative aspects, it is less harmful than not issuing it.

Turki added that the exceptional or monthly budgets that are currently being talked about are not a substitute for public budgets, as the first type deals with the exceptions that are received during the exchange of abnormal conditions through which the public finances pass, expressing his fear that spending this year will continue without a budget law.

He explained that one of the things that led to the budget deficit is the mechanisms for managing public funds in Iraq and setting plans related to the budget, so it is not permissible to go in a continuous direction towards expansion in an oil country where you can talk about planning, as the budget must be placed on the basis of expenditures and then determine Ladder The basic needs that the government and financial management must cover and which it is obligated to put in place an actual plan that can be implemented, describing the general budget in the country that it comes to meet the requirements of political forces and not the needs of the society that looks to the future and plans for it, as it is a political par excellence and not economic or future and for this it led to Exceptional inflation in payroll.

The former head of the Financial Supervision Bureau referred to the size of salaries in the budget of 2020, which amounts to 66 trillion dinars, after it was in 2019 (56) trillion dinars, meaning that the government has turned into a staff administration and not a management of public services, while the government, administration and society are facing in The current time is the problem of the deficit in the required financing, and the solution is not to reduce spending but to rationalize it and spend it with its right front, warning of the economy going to a “fatal unemployment” in society, and reaching a stage in which social relations explode due to the recession, where unemployment is the worst machine for creating killers, killing opportunities and spreading All the obstacles in society, and if they can be tolerated by one today, but after a while when thousands of young people hang out in the streets, we will not be surprised by the presence of violence and gangs anywhere and under any name.

Turki criticized the dumping of the Iraqi market with imported goods in an exceptional way, which put the state in front of two options either to expand employment to enter in the field of expansion in the operation of continuous elements of persuasive unemployment that is not produced in the state’s departments but possess income, or go to the contribution of the private sector and seek to revitalize investment areas This requires it to spend at least or an expansion in spending.

He pointed to the government's tendency to borrow from banks and deduct the bonds from the central bank to secure the salaries of employees for the first stage, which means that the public authorities are forced to continue with the mechanism itself, meaning that the size of the deficit will double and the budget continues to reproduce its problems, expecting the budget to continue with a real deficit that we faced in the budgets that Prepared after 2014, so the authorities responsible for administration have no choice but to change the Iraqi dinar exchange rate, which is one of the foundations of the economy’s problems, and on the basis of which public expenditures are calculated in the general budget through an integrated economic and monetary economic plan with an economic impact, regardless of all allegations You expect this to lead to inflation in prices.

Turki stressed that the window for selling the currency cannot be abandoned except when the Iraqi economy becomes a product, and leaves dependence on external import only, that is, when the internal production is sufficient, at least, to cover the needs away from dumping in imports, warning that Iraq did not pass through the years The past is in crisis, as it is currently, to achieve achieving the distribution of salaries, and obtaining a salary next month, "a historic achievement."
He pointed out that investment opportunities in Iraq are exceptionally open, but there is a "death triangle" that puts obstacles to its rise and development, which is corruption, quotas and violence, and the political will to break the sides of this triangle has become a necessity for success during the next stage.

LINK
 


Here’s Another Article With Turki’s Comments ...

 

:D  :D  :D 

 

LINK

He warned of "deadly unemployment" and "the triangle of death" .. Turkish: Iraq is going through the worst crisis that has made salaries accomplished! 

%D8%B1%D9%88%D8%A7%D8%AA%D8%A8-696x437.j
 
 
10:13 - 07/18/2020

 

Former Chief of the Financial Supervision Bureau Abdel Baset Turki warned, on Saturday, of the economy going to "fatal unemployment" in society, and reaching a stage in which social relations erupt due to the recession, pointing out that Iraq has not gone through a crisis in the past years as it is currently to become a distribution Payroll, and getting a salary next month is a "historic achievement".

Turki said in a dialogue with him / information / that, "The size of salaries in the budget of 2020, which amounts to 66 trillion dinars, after it was in 2019 (56) trillion dinars, meaning that the government has turned into a staff administration and not a management of public services, while facing The government, administration, and society at the present time are the problem of the deficit in the required financing, and the solution is not to reduce spending, but to rationalize it and spend it with its right front.

He warned against "the economy going to" deadly unemployment "in society, and reaching a stage in which social relations explode due to the recession, where unemployment is the worst machine for creating killers and killing opportunities and the spread of all sins in society, and if it can be tolerated by one today but after a while when Thousands of young people hang around in the streets, and we will not be surprised by the presence of violence and gangs anywhere and under any name.

Turki criticized "the dumping of the Iraqi market with imported goods in an exceptional way, which put the state in front of two options either to expand employment to enter in the field of expansion in the operation of continuous elements of persuasive unemployment that is not produced in the state departments but possess income, or go to the contribution of the private sector and seek to revitalize areas Investment and this requires them to spend at least or an expansion in spending.

He pointed out, "The government is moving towards borrowing from banks and deducting the bonds from the central bank to secure the salaries of employees for the first stage, which means that the public authorities are obliged to continue with the mechanism itself, meaning that the size of the deficit will double and the budget continues to reproduce its problems, expecting the budget to continue with a real deficit that we faced in the budgets. Which was prepared after 2014, so there is no front of the authorities responsible for management except to change the Iraqi dinar exchange rate, which is one of the foundations of the economy’s problems, and on the basis of which public expenditures are calculated in the general budget through an integrated economic and monetary economic plan with an economic impact, regardless of all allegations You expect this to lead to price inflation. ”

Turki stressed that "the window for selling the currency cannot be abandoned only when the Iraqi economy becomes a product, and leaves dependence on external import only, that is, when domestic production is sufficient, at least, to cover the needs away from dumping in imports, warning that Iraq did not pass through The past years have been in crisis as it is now, in which the achievement of the distribution of salaries and obtaining the salary of the next month becomes a historical achievement.

He pointed out that "investment opportunities in Iraq are exceptionally open, but there is a" triangle of death "that puts obstacles to its rise and development, which is corruption, quotas and violence, and the availability of political will to break the sides of this triangle has become a necessity for success during the next stage."

 

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And Here’s Some More Turki - Pass The Gravy ....... And The HCL .....

 

:D  :D  :D 

 

 

LINK

Al-Kazimi's government criticized for not approving the 2020 budget

%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%
 
 
10:05 - 07/18/2020
 

Former Head of the Financial Supervision Bureau, Abdel Baset Turki, called on the House of Representatives on Saturday to support the government in expediting the approval of the 2020 budget, stressing that the financial damages could increase if its approval is excluded.

Turki said in a dialogue followed by / information /, that "excluding the approval of the General Budget Law represents an absence of authorization to dispose of public money, so the government must issue the 2020 budget, and parliament must approve it, regardless of its negative aspects, it is less harmful than not issuing it."

Turki added that "the exceptional or monthly budgets that are being talked about are not a substitute for the public budgets, as the first type deals with the exceptions that are received during the exchange of abnormal conditions that the public finances go through, expressing his fear that spending this year will continue without a budget law."

He explained that "One of the things that led to the budget deficit is the mechanisms for managing public funds in Iraq and setting plans related to the budget, so it is not permissible to go in a continuous direction towards expansion in an oil country where you can talk about planning, since the budget must be placed on the basis of expenditures and then the ladder outlines the basic needs that the government and the financial administration must cover and which it is obligated to put in place an actual plan that can be implemented, describing the general budget in the country that it comes to meet the requirements of political forces and not the needs of the society that looks to the future and plans for it, as it is a political par excellence and not economic or future and for this it led to an exceptional salary inflation.” 

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The new cash version

Saturday 18 July 2020

Dr.. In the name of Brahimi
 
 
Some have recently circulated a proposal to print the new currency or monetary issue, as it is called, in terms of possible solutions to address the financial crisis the government is going through as a result of the Corona pandemic, so can this proposal be implemented? What are the possible consequences if applied? .

In order to clarify the merits of the matter, we point out that the government, through the Ministry of Finance, has two main accounts (in addition to other accounts), the first in dollars in which its external revenues (from oil) are deposited, which constitute up to (95 percent), and the second in dinars, in which its local revenues are deposited (from taxes and fees And other returns) which are within (5 percent).

Thus, when the government wants to pay internal dues, it requests the central bank to transfer from its balance in dollars to its account in dinars, meaning that it buys the dinar from the central bank. The question is what if the financial balance is not sufficient to meet its requirements?

Before the issuance of the Central Bank Law No. 56 of 2004, one of the main solutions was to borrow directly from the Central Bank (overdraft) without the latter having the right to object, but after the issuance of the aforementioned law, this mechanism stopped, and the reason is that the law has prevented The central bank is able to provide direct debt to the government while allowing it to provide indirect debt by re-deducting government bonds in the secondary market, i.e. buying them from banks and not from the government, 

And that is within the framework of the independence granted by this law to the monetary authority, which aims to define the government borrowing process and not to use the latter this policy for political purposes and the issuance of more currency and consequently lower its value as a result of inflation resulting from the increase in issuance, meaning that the law was aimed mainly To prevent the improper use of religion.

Accordingly, the new monetary issuance process cannot be implemented before amending the law first, but if this is done, Iraq will lose one of the important achievements after the year 2003 which is the independence of the central bank, and this has a negative impact on the confidence of international institutions and organizations, and its consequences On the credit rating of Iraq, as well as dealing with those institutions and the ability to obtain financial and technical support, as this measure has negative consequences for the process of attracting foreign capital that we aspire to.

Away from all of that, the results that the cash issuance process can achieve do not differ from the indirect lending process initiated by the Central Bank a few days ago by re-deducting government bonds worth eight trillion dinars, but this process remains subject to the approval of the monetary authority and its appreciation of the actual need The size of the crisis and the need for government spending, which calls on us not to compromise the independence of the Central Bank, which is an important economic safety valve and the need to use specialists to deal with the crisis.

LINK
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Parliamentary Finance warns of financing policy through the cash issue

%D8%A7%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8
 
22:10 - 07/18/2020
 

The Parliamentary Finance Committee warned, on Saturday, of the Central Bank of Iraq resorting to the policy of financing inflation through the cash issue, indicating that it leads to raising prices and harming those with limited and fixed incomes.

The committee's rapporteur, Ahmed Al-Saffar, said in a statement that followed him / the information: “There is a difference between printing the currency and the new monetary issue, because printing is an ongoing work by the central bank, to compensate the cash categories that are damaged after being withdrawn from the circulation stream, so the money supply remains as It is, which does not affect the state of the market or inflation.”

As for the new monetary issuance, between Al-Saffar that this means creating a new amount of paper cash in different categories and this process is called in financial literature for inflation financing, because it leads directly to raising prices, and consequently low purchasing power of the national currency and lower real income of the individual, and harm to people Limited and fixed incomes, landlords and others.

He added that "monetary issuance is one of the solutions for financing the deficit, and it is usually used in economically developed countries that have a developed productive system that has flexibility, and is able to easily and quickly produce goods and services that are pumped to the market to meet the new amount of cash. When there are broken resources, new cash is used. To play it. ”

However, he added, "However, it is not advisable to use the new monetary issuance method in developing countries or that possess inflexible, slow and backward production devices, as is the case in Iraq. We in Iraq do not have production at all and depend on exporting oil and using oil revenues for import."

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What is Velocity of Money? 

The velocity of money is a measurement of the rate at which money is exchanged in an economy. It is the number of times that money moves from one entity to another. It also refers to how much a unit of currency is used in a given period of time. Simply put, it's the rate at which consumers and businesses in an economy collectively spend money. The velocity of money is usually measured as a ratio of gross domestic product (GDP) to a country's M1 or M2 money supply.

 

remove cash.....electronic....can’t have it without private banks

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Parliamentary Finance: The employees’ salaries will be paid without delay
 

22014.jpg

 

19th July, 2020

The Finance Committee of the House of Representatives confirmed, on Sunday, that the salaries of employees during the next three months are insured and will be disbursed without delay.

"The Finance Committee is awaiting the economic reform paper that will be presented by the government," said committee member Mohamed al-Daradji. He added that the Finance Committee is working to merge the legislative reform paper with the executive paper, stressing the importance of activating the draft economic reform law. 

On the salaries, Darraji indicated that “the borrowing law has secured the payment of employee salaries during the next three months without delay.” The Central Bank announced, earlier details of his contribution in the face of the financial crisis, and while confirming the re-deduction of bonds to the Ministry of Finance to secure salaries for a period of three months, it is likely to exchange them early next week.

Ihsan Shamran, Director General of Accounting at the Central Bank, said, “The central bank has a big role in facing the current financial crisis, confirming the re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars.” He added that "these bonds will enable the ministry to secure the salaries of employees for the months of July and August and September, pointing out that the bank made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years."

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By infograph ... Iraq ranked 11 in the largest gas reserves in the world

1595142952_8-1595162263.jpg

 

19th July, 2020


Iraq ranked 11th in the largest gas reserves in the world during 2019 according to the American Noema data and research platform. 


According to the platform, Iraq ranked 11th in the world with the largest gas reserves in the world with an amount of 132.22 trillion cubic feet, indicating that Russia came first in the world with a reserve of 1.688.23 trillion feet Cubic, followed by Iran in second place with a reserve of 1.193.97 trillion cubic feet.

According to the government investigation office, about three quarters of the natural gas reserves in Iraq are linked to oil, and most of them are located in giant fields in the south. According to the US Energy Information Administration (EIA) it showed that Iraq’s production of dry natural gas reached 357 billion cubic feet (Bcf) in 2017, with an additional 18 billion cubic feet during the year.

She noted that Iraq ignited 629 billion cubic feet of natural gas, to become the second largest exporter of flammable gas in the world after Russia, indicating that natural gas is being burned due to insufficient pipelines and other infrastructure in the water. Iraq consumed 422 billion cubic feet of dry natural gas in 2017.

 

1595142841_extimage-7744664-680656768.jpg

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1 hour ago, DinarThug said:

Parliamentary Finance: The employees’ salaries will be paid without delay
 

22014.jpg

 

19th July, 2020

The Finance Committee of the House of Representatives confirmed, on Sunday, that the salaries of employees during the next three months are insured and will be disbursed without delay.

"The Finance Committee is awaiting the economic reform paper that will be presented by the government," said committee member Mohamed al-Daradji. He added that the Finance Committee is working to merge the legislative reform paper with the executive paper, stressing the importance of activating the draft economic reform law. 

On the salaries, Darraji indicated that “the borrowing law has secured the payment of employee salaries during the next three months without delay.” The Central Bank announced, earlier details of his contribution in the face of the financial crisis, and while confirming the re-deduction of bonds to the Ministry of Finance to secure salaries for a period of three months, it is likely to exchange them early next week.

Ihsan Shamran, Director General of Accounting at the Central Bank, said, “The central bank has a big role in facing the current financial crisis, confirming the re-deduction of bonds in favor of the Ministry of Finance by about 8 trillion dinars.” He added that "these bonds will enable the ministry to secure the salaries of employees for the months of July and August and September, pointing out that the bank made it easier for the Ministry of Finance to process the debt repayment for a period of 10 years."

 

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Darraji: Finance Directed The Distribution Of Employees’ Salaries Before Eid Al-Adha
 

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19th July, 2020

Member of Parliamentary Finance Committee Muhammad Sahib al-Darraji affirmed on Sunday that the salaries of employees for the next three months are secured through the borrowing law, and it will be paid "without delay".

"The Finance Committee is awaiting the economic reform paper that will be presented by the government," Daraji said in a statement to government media.

He continued, "The Finance Committee is working to merge the legislative reform paper with the executive paper," stressing "the importance of activating the economic reform bill."

An informed source said, last Thursday, that the Finance Ministry directed the distribution of the employees’ salaries before Eid Al-Adha.

And the source indicated that "the guidance came after the salaries were secured for the month of July according to the internal and external borrowing law for the year 2020."

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7 files on the presidential table: Al-Kazemi presents his upcoming tour program
 
7 files on the presidential table: Al-Kazemi presents his upcoming tour program
7 files on the presidential table: Al-Kazemi presents his upcoming tour program
July 19, 2020
 
The meeting of the three presidencies discussed 7 hot files

Ultra Iraq - Editorial Team

On Sunday, Prime Minister Mustafa Al-Kazemi presented his trip program to Saudi Arabia and Iran to the Presidents of the Republic and Parliament prior to his departure to Riyadh, while the meeting discussed 6 other files, most notably the pandemic crisis, ports and relations with Kurdistan.

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The meeting of the three presidencies discussed 7 files, including the program of Al-Kazimi's trip to Saudi Arabia and Iran

At the Baghdad Palace on Sunday evening, July 19, the President of the Republic, Barham Salih, the Prime Minister Mustafa Al-Kazemi, and the Speaker of the Parliament, Muhammad al-Halbousi, met, according to a statement issued by the Presidency.

The meeting examined the latest results of the health situation in light of the Corona pandemic, as well as the overall political, economic and security developments in the country.

It was stressed the importance of the health authorities to continue to provide treatment requirements and examinations, and to develop the capabilities available for hospitals and places of health isolation, in a manner that secures the provision of the best treatment services to citizens, according to the statement.

The meeting also stressed the importance of responsible work that can be undertaken by the citizen and the Iraqi family through strict adherence to preventive health instructions, in order to help create symbiotic health relations between citizens and health authorities.

The meeting witnessed the circulation of various possible ways "to overcome the implications of the current financial situation on the lives of citizens, especially social classes with limited income and capabilities, and in a way that helps to provide services, mainly in the health field, and to sustain the movement of life and the market."

The statement pointed out that "the meeting praised the government measures keen to secure the diversity of national income sources and strive to limit the rentier nature of the economic and financial system." It preserves public money and the national economy and affirms the sovereignty of the state and the force of law. "

In the security field, the meeting examined with special interest the ongoing security, intelligence and military measures "in order to continue the war on terrorism and eliminate its outposts and its sleeping and active cells"

Prime Minister Mustafa Al-Kazemi presented to the meeting his two expected visits to the Kingdom of Saudi Arabia and the Islamic Republic of Iran, according to the statement. The importance of relations between Iraq and the two neighboring countries was emphasized and keenness to improve them in a way that enhances constructive cooperation in various fields, and in what secures the interests of the peoples in the region. It contributes to the creation of a regional environment based on good understanding, observance of national sovereignty, and the consolidation of enhanced understanding of security, peace and progress for the region. "

The meeting pointed out that "the cooperation of Iraq with its brothers and neighbors will help in rebuilding and improving the economy," while discussing "the need for serious and determined work to create the potential of early elections and setting a date for holding them in light of the pledges and commitment to responsibility before the people and its demands, and the speedy completion of the necessary law amendments to achieve Free, fair and fair elections that respond to the people's democratic will.

In the context of the legislative and supervisory work, the meeting witnessed "a discussion of the upcoming legislative program for the House of Representatives," and the presidencies affirmed "their full support for the investigative committee's efforts in the electricity sector, access to the causes of the deterioration in this sector and accountability of the negligent."

The meeting stressed, "The national project in support of the capable and sovereign state, capable of protecting the rights of the citizen, the security and sovereignty of the country, and at the meeting various measures were discussed, at various levels, necessary to enhance the role of the state and consolidate its sovereignty," in the words of the statement.

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The presidencies supported government operations at border crossings and Parliament moved to investigate the electricity sector

It was also stressed, "The necessity of continuing the work and procedures that would enhance the national partnership and achieve the national balance according to the constitution, in order to consolidate the principles of the state of citizenship and the rule of law."

The statement concluded by noting that "the meeting also witnessed the handling of the relationship between the federal government and the Kurdistan Regional Government, and the emphasis on the need to work for practical measures that contribute to resolving outstanding issues, in a manner that secures the rights of citizens without discrimination and according to the constitution, and consolidates responsible national understanding."

 

https://ultrairaq.ultrasawt.com/7-ملفات-على-طاولة-الرئاسات-الكاظمي-يعرض-برنامج-جولته-المرتقبة/الترا-عراق/أخبار

 

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Can Iraq diversify its economy?

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19th July, 2020

The Economist" magazine stated in a study published on its official website, that "the era of oil has ended with the Arab Gulf states, and that they are no longer able to bridge the deficits in their budgets because of low oil prices."  Against the background of the comprehensive closures of countries to confront the Corona virus outbreak, it is expected that "the resources of the oil producing countries will decrease to half of what they obtained in 2019."

She pointed out that the International Monetary Fund expects a contraction of the economies of these countries by 7.3%, even after the decline of the Corona pandemic, noting that the reason is "oversupply in oil supplies", which will lead to lower oil prices. The study showed that "Arab countries are now facing a situation with which they cannot fill the budget deficit, and they are required to adapt to the new situation.
Here comes the question:

According to a report published by the Russian agency Sputnik, the economist, Ahmed Al-Hathal, says that "oil for at least ten years will remain the master of energy, and there are reports that prices will rise more than expected, knowing that it is difficult to predict oil prices, as they are subject to several considerations Including political and military, the problem is not born today, but mismanagement and planning affect the economies of oil states, especially Iraq.

Al Hathal continued by saying, "There is almost complete dependence on oil in Iraq, which made it a rentier country, and there are recommendations issued by the International Monetary Fund in this regard, but Iraq did otherwise, because there is no real will to effect economic development, as this development constitutes a danger To some policymakers."  He added, "The economic plans in Iraq have existed for a long time, but they are only ink on paper. There is no harmony between the ministries of finance and planning, and the issue requires that the government have tools to bring about development, including financial liquidity, and a cadre of staff who can harmonize with reforms," Today, the prime minister is working on laying down steps to achieve the desired economic reform."

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