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The Iraqi Economy ... The Predicament Of The Situation And The Problem Of The Solution !


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CNN. Broadcasting With The Keys - The exchange rate is one of the “keys” to the solution !

 


The Iraqi economy ... the predicament of the situation and the problem of the solution



KARAR AL-ASADI SUN, 19-07-2020, PM 8:06
 

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By: Dr. Imad Abdul Latif Salem

 

The price of Brent "Al Mubarak" crude today 19-7-2020 .. is 43.10 dollars a barrel.
And according to estimates of the average annual price of Brent crude, the price of selling our blessed oil is usually estimated in our blessed public budget for the blessed fiscal year 2020 ... which is the general budget that has continued in its blessed "voluntary" absence for nearly a year.

The amount of public expenditures in this "absent" or "absent" budget is estimated at 100 trillion Iraqi dinars, or $ 80 billion (not blessed, of course).

However, not all of Iraq’s blessed oil is light and blessed. Much of our oil is heavy, like us, and blessed.
The average selling price of our blessed oil is 6 to 9 dollars per barrel.

Therefore, the sale price of oil, estimated in the general budget for the fiscal year, will either range, or is supposed to range (as a personal estimate) between $ 26-30 per barrel.

This means that the blessed budget deficit will increase .. and that our financial, economic, and social crises will worsen, especially with our disastrous failure to properly deal with the outbreak of the COVID 19 epidemic, and our inability to make a fair trade-off between the death of people “biologically” from the epidemic, and between their death “economically” "As a result of their suffering from worsening unemployment and high rates of poverty among the population.

This means that the blessed austerity will increase, and the salaries of employees and retirees, and the livelihoods of those with limited incomes, not all blessed, will be the blessed victim of all of this.

Total salaries of “workers’ compensation ”are estimated at 3.3 trillion dinars per month, while the salaries of retirees are estimated at 1.3 trillion dinars per month, or a total of 4.7 trillion dinars per month (56.4 trillion dinars annually).

And if these "personal estimates" are logical, or close to the reality of the situation, then this means that the salaries of employees and retirees constitute 56.4% of the total allocations of the state budget for the fiscal year 2020, and this is the highest percentage, or "share" of salaries in the general budgets of countries , Among all the countries of the world.

Also, as a personal estimate, the government (even if oil prices increase slightly at the end of this year), and even if it is able to continue to pay the salaries of July and August 2020, it may be unable to do so (or that it may face enormous difficulties in "a measure" That) in September 2020 .. and that the situation will become more difficult in the months that follow, unless a “party” provides an urgent “rescue” package, to avoid worse than the government's inability to pay the salaries of employees and retirees, in addition to securing sufficient funds to meet With its basic obligations.

In the last statement reported by the media about him, the Minister of Finance says: “The approval of the federal general budget for 2020 is excluded” (to be the same in the case of the 2014 budget) .. And that the government is working on preparing for the next year’s budget 2021, where We need 7.5 trillion dinars per month for operating expenses, and we will continue to borrow from local banks to finance salaries and ruling expenses. "And the government may resort to external borrowing to address the financial crisis.

It is assumed "economically" (and there are those who insist that no single economic law operates in a logical manner in Iraq) that the price of the US dollar rise against the Iraqi dinar, and that we be able to control the rhythm of that rise (if it occurs), so that it has direct and indirect positive effects ..And to avoid as much as possible its negative effects on the economy.

The exchange rate is one of the “keys” to the solution, but the blessed central bank can still defend the blessed “current” dinar exchange rate, in light of all these blessed “rational” expectations ... and that will continue to happen and happen, until God decides (not The "employers of" politics and economics in this "afflicted" country) ... was done.

Now, away from the "jurisprudence" and "personal estimates" of the data, we will urge an important, careful and accurate study, prepared by a group of beautiful Iraqi minds, working at the University of Kufa, and in the Central Bureau of Statistics, and issued in May 2020 by a center Al-Rafidain for Dialogue, which is entitled: "A case study: Poverty and living standards in Iraq in light of the repercussions of the Corona crisis" .. Among the most important contents of this study include the following *:

In January 2020, crude oil export revenue was $ 6.163 billion, at a rate of $ 60,139 per barrel.
In April 2020, crude oil export revenues decreased to only $ 1.423 billion, at a rate of $ 13.81 per barrel.
- The volume of gross domestic product achieved in 2019 amounted to about 262.9 billion dollars ... Because of the dual effect resulting from the decrease in oil prices and the decrease in other economic activities due to the effects of "Corona", the volume of this GDP for 2020 may decrease (assuming an average price of oil The amount of $ 30 a barrel, according to the best scenarios, and the closest to logic), to be in the range of 169 trillion dinars only (about 142 billion dollars). This means that this double crisis could cause the GDP of 2020 compared to 2019 to decrease by 36%.

The number of poor people in 2018 was estimated at 7.4 million, with a poverty rate of 20.5%. According to the 10% income or consumption scenario (which is the "basic case" scenario closest to reality in light of the current crisis), the poverty line in Iraq for 2020 was estimated at 123,200 thousand dinars / person / month. Hence, the poverty rate estimated according to this scenario is 22.8%, and the number of poor people is estimated at 9.120 million poor.

All this is happening, and Iran's blessed agreement with the big, blessed countries about its blessed nuclear file is subjected to the blessed "tramp" strikes, so that the impact of the strikes on us will be reversed in politics, security, and the economy.

And for those who ask his traditional question about the "solution" in this "case", there are many solutions that have been presented repeatedly to "decision makers" in this country ... and there are many plans, policies and strategies that have been approved (from the highest legislative and executive levels) And it was all left on the shelf, to be eaten by the dust of neglect, ignorance and forgetting .. Whether we agree or not with the current Minister of Finance, I personally do not think that he needs someone who is “to be seen” in this regard .. Also, he also does not need to sit with a group of Experts and consultants, together, to rediscover the wheel again, to put it under this decaying vehicle called "the Iraqi economy."

What we need, and what it "benefits" is not more "theories" and "jurisprudence" of experts and advisors ... rather that we have supreme sovereign interests "holy", agreed upon by the political "parties" controlling this country, and defending them fiercely, And with unrelenting political will.

What we need is that we are aware that we have no alternative to salvation from our complex economic crises, other than comprehensive and radical reform .. and that this reform has a cost .. and that this cost may be very prohibitive .. and we may continue to pay it for five, ten years Next .. We are the ones who do not tolerate delaying paying our salaries for only five days.

This year 2020 never seems blessed, from its blessed start, until the very moment when it is supposed to be blessed now.
Three presidencies blessed, Iraqis.
Mubarak's House of Representatives.
Blessed government.
Blessed ministers.
Mubarak government program.

But ... with the prices of oil not blessed (externally) .. and with chaos, confusion, and lack of horizon (internally), a lot of things may be unfortunate now, Iraqis.

Many things will not be okay ... neither in the short term nor in the medium term.
In the long run, this may happen ... that is, some things may be on Mayram.

However, many of us will be dead, and they will not be witnesses to that .. in that long term.
So ...
beautiful patience ... or beautiful
desertion ... blessed Iraqis.

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CNN. Broadcasting With The Keys - The exchange rate is one of the “keys” to the solution !   The Iraqi economy ... the predicament of the situation and the problem of the solution

never below 2 iqd to 1 usd ... cheers and i know u new that here's a small brief summary plenty online to read cheers  -----------------------------------------------------------------------

stressed, "The visit of Prime Minister Mustafa Al-Kazemi to Iran, may consider the method of payment, and there is no solution other than bankingdealings in payment,"   Yep no more auctions! 

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Basem Antoine to {Al-Sabah}: The government is serious about supporting the private sector


Monday 20 July 2020

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Baghdad / Hussein Faleh

 
 
Specialists believe that the Iraqi economic affairs, that the Prime Minister’s vision of supporting the private sector, creating the actual partnership between the public and private sectors and implementing real reforms that will maximize financial resources and advance the national product, in what they called for the need to legislate laws that support the private sector, and stressed the importance of fighting corruption and eliminating red tape and bureaucracy To create an attractive investment environment. The economist on behalf of Antoine said in a statement to "Al-Sabah": "The government has a serious intention to support the private sector and its contribution to the process of economic development, as it has the components of success in various industrial, agricultural, political and transportation sectors," noting that "the private sector is the main pillar In the process of economic construction, because its productivity may be more than twice the productivity of the public sector in the process of construction and development. "
 
Strategic projects
Prime Minister Mustafa Al-Kazemi has visited the holy city of Karbala to open strategic projects that serve the city.
He said in a tweet posted on Twitter, "My gratitude and gratitude to the sincere Karbalians who carried me love and welcome, adding responsibility to me, our people will triumph over corruption and waste." The Governor of Karbala, Nassif Al-Khattabi, confirmed that Prime Minister Mustafa Al-Kazemi promised to support the projects of the province, adding that “the Prime Minister’s visit to Karbala is an important step for the completion of the projects that are completed and faltering and that need support to complete them.” And that "Al-Kazemi was acquainted with the projects of sacred thresholds, the mechanism of partnership work between the local government and the thresholds, and the mechanism of activating the private sector." He pointed out that "the Prime Minister promised to support the projects of the province, and give them important powers, especially as he directed the cancellation of projects that are lagging behind investment projects, especially those that have a great relationship with the service of citizens and that have long been neglected."  
 
White paper
Antoine added: "The white paper presented by the Prime Minister clearly indicated the need to support the private sector and its contribution to the development process, and that the Prime Minister's ongoing meetings with representatives of the private sector mean that there is great interest on the part of the government in this important sector."
He pointed out that "the private sector suffers from several problems, the most important of which is the political decision's control over economic work, and also the beneficiaries of politicians constitute a stumbling block to the advancement of this sector, stressing that the Iraqi environment is still repelling domestic and foreign investment and also laws, blackmail, red tape and bureaucracy still dominate the state apparatus." ".
 
Discontinued projects
Antoine explained: "The contribution of the private sector requires the presence of competent and professional experts and consultants in the cabinet, in addition to eliminating corruption, which is also a stumbling block to the progress of the private sector."
He pointed out that "the government started correct steps by placing its hand on the border outlets and preventing blackmail in them, which is an important aspect of economic reform, calling for support to the private sector to become productive, not consumption or import."
He stressed that "there are more than 50 industrial projects stalled due to the lack of means of support for this sector, pointing out that" the capabilities of the private sector are unlimited, but it has contracted due to the lack of real support for it.
 
An important step
Member of the Baghdad Economic Forum, Jassem Al-Aradi, pointed out that "the Prime Minister's orientation towards multiple resources by activating the private sector and partnering with him, represents an important step on the path to a real multiplication of financial resources that can be reached in a country that has a large market for work, production and demand for production."
 
The two sectors partnership
For his part, the expert in industrial affairs, Abdel-Hassan Al-Shammari asserted that the government’s support for the private sector will create a major economic development process in the country, pointing out that supporting the private sector and creating a true partnership between the two sectors needs a serious economic vision by the government. 
Al-Shammari told Al-Sabah that the first and basic touches should be put in place to build the private sector, stressing that there is no need to create cooperation between the public and private sectors, because the public is responsible and its tasks and production are different from the private sector.
 
Support to the private sector
Al-Shammari indicated that "the private sector differs from the public sector in terms of its small and medium enterprises, stressing the need to support the private sector by providing goods and services to citizens."
He continued: "The private sector has retreated a lot since 2003 and the state did not play its real role in order to build it, but relied on oil resources for development, pointing out that the emergence of the Corona pandemic and the decline in oil prices led to the government's tendency to support the private sector in order to provide job opportunities." ".
He stated that "the private sector needs moral and financial support by spreading awareness and supporting it by the media as well as from the government by granting loans at Soft prices. "

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The private sector in Iraq .. problems and solutions

Monday 20 July 2020

 

Dr. Silwan Francis Yusuf is  

not hidden from one of the important vital role that the private sector was playing in Iraq in the fifties and early sixties and its contribution to the economic and urban renaissance in Iraq, which we can monitor its achievements to this day, but it was exposed to several major challenges, the first of which was nationalization In 1964 issued by the Iraqi government at that time and nationalized the major industrial and commercial companies leading in its fields at the level of the Middle East to limit the import of all materials and products to government companies and nationalized Iraqi private banks that were an effective tool in stimulating the economic movement to reduce the banking sector to Rafidain Bank.

 Then came the biggest paralysis in light of the previous regime since 1968, when all kinds of imports of cars, equipment, food, medicine, machines and various equipment were limited to new government companies.

In the nineties of the last century, and in light of the unjust blockade, the government allowed private sector companies to supply various materials to state departments in a limited manner due to the blockade and the lack of Finance resources.
After 2003, successive Iraqi governments have claimed from that time until now to apply the market economy and strengthen the private sector, but the challenges came from all directions of this vital sector, which must be the focal point for developing the economy. Without it, the Iraqi economy will remain lame, based on one man, which is selling oil, and the Iraqi economy will remain rentier Unable to move from time to time.
The negative effects on the private sector came from different sides until sometimes I got to put bumps in his walk and other times to humiliate or put the stick in the wheels in order for me to arm in different ways, and to highlight the negatives facing the private sector and how to overcome them, I will point out To the following aspects:
 
Companies and government departments 
 
The companies and government departments are the customer and the first buyer of materials and services in Iraq because the rest of the economic sectors such as agriculture, industry and others are almost paralyzed, so any defect in the government sector will directly affect the private sector that employs millions of employees and workers and will be Negatively. 
During the previous years, great pitfalls occurred as a result of the collapse of oil prices, sectarian warfare, the ISIS invasion of many provinces, and finally the Corona pandemic, which introduced people and the Iraqi economy to the recovery rooms. Today, I do not want to discuss how we can develop the Iraqi economy because there are many experts who have written many professional studies and the current government should discuss these studies with its authors to reach the most effective economic solutions. But I would like to refer here to the negatives that companies and government departments deal with the raging Iraqi private sector and other things that discourage this vital sector from performing 
Currency . 
 
• Local and external tenders
 
Private sector companies participate in many domestic and foreign tenders, which are announced by companies and government departments throughout the year. The first problem is the committees' delay in the analysis, as this sometimes extends to months and years, and when the contract is awarded to one of the competing companies, the prices have risen or the model has changed..etc. When processing there are many abuses to which the supplier or contractor of employees in the sector is exposed. Governmental, ports, customs, control, etc. The big disaster is when spending the money to the supplier or contractor. The arm comes to me from corrupt employees and so on embolden.
The things that hinder the work in the government sector are corruption, lack of professionalism, permanent employee change, poor educational level or experience, bureaucracy and prolonged routine in a way that makes private sector companies in permanent aversion to dealing with the government sector.
 
• Governmental and private banks 
 
Private sector companies all over the world depend on the various banks for financing and providing services to them to work on implementing the contracts they have in their possession only in Iraq, Iraqi and foreign banks operating in Iraq. Its work focuses on buying the dollar from the Central Bank of Iraq and selling it at attractive prices that will help it dispense with work and provide other banking services, which led to the reluctance of banks in Iraq to cooperate with private sector companies. The role of the Central Bank of Iraq is important in urging banks to cooperate with the private sector, in order to contribute to the development of the Iraqi economy by providing all types of banking services at acceptable costs so that suppliers and contractors can perform their work in the best way.
 
Taxes 
 
Taxes on private sector companies in Iraq are strange, as they enter the field of randomness and selectivity, as they are not on firm foundations as is the case in other countries, not to mention corruption among a number of employees who work for their pockets more than their interest in collecting taxes for the state. Likewise, taxes on private sector companies are increasing significantly annually, which cripples their movement in the market and their inability to pay such taxes due to lack of financial resources. 

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Member of Parliamentary Finance comments on the possibility of Iraq requesting financial aid from Saudi Arabia 

 

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Policy 7/20/2020 21:00 309     


Baghdad today _ Baghdad  

 

Member of the Parliamentary Finance Committee, Jamal Kujer, commented today, Sunday, on the possibility of Iraq requesting financial aid or loans from Saudi Arabia, based on the borrowing law approved by the House of Representatives, which allows the application of external loans.

Jamal Cougar, in an interview with (Baghdad Today), said, "We do not believe that Iraq will ask for aid, grants or subsidies from Saudi Arabia," and it is likely that Iraq will ask for a "financial loan in exchange for specific benefits." 

Cougar added, "The borrowing law recently passed by the House of Representatives allows the government to borrow financially from countries," noting that "America can play a role in supporting Iraq financially by recommending to international financial institutions to support the government with financial loans, whether from the International Monetary Fund or the bank." International. "

It is expected that Prime Minister Mustafa Al-Kazemi will head to Saudi Arabia tomorrow to start the work of the Iraqi-Saudi Coordination Council and sign economic agreements. 

A government source said today, Sunday, that the Iraqi delegation headed by the Minister of Finance arrived in the Saudi capital, Riyadh, to start the meeting of the Iraqi-Saudi Coordination Council. 

The source said, to (Baghdad Today), that "the Iraqi delegation headed by Deputy Prime Minister and Minister of Finance Ali Allawi arrived in the Saudi capital, Riyadh, to start the meeting of the Saudi-Iraqi Coordination Council and pave the way for Prime Minister Mustafa Al-Kazemi's visit to the Kingdom." 

On Thursday (June 24, 2020), the House of Representatives voted on a draft of the domestic and foreign borrowing law to finance the fiscal deficit for 2020.

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1 hour ago, DinarThug said:

Jamal Cougar, in an interview with (Baghdad Today), said, "We do not believe that Iraq will ask for aid, grants or subsidies from Saudi Arabia," and it is likely that Iraq will ask for a "financial loan in exchange for specific benefits." 

I'm I the only one or does this sound more like a 'Trade Deal' in the works as opposed to a financial loan? 

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3 hours ago, DinarThug said:

It is assumed "economically" (and there are those who insist that no single economic law operates in a logical manner in Iraq) that the price of the US dollar rise against the Iraqi dinar, and that we be able to control the rhythm of that rise (if it occurs), so that it has direct and indirect positive effects ..And to avoid as much as possible its negative effects on the economy.

The exchange rate is one of the “keys” to the solution, but the blessed central bank can still defend the blessed “current” dinar exchange rate, in light of all these blessed “rational” expectations 

Yeah baby

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What was the rate back in the 60 and 70’s

 

Dr. Silwan Francis Yusuf is  

not hidden from one of the important vital role that the private sector was playing in Iraq in the fifties and early sixties and its contribution to the economic and urban renaissance in Iraq,

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17 minutes ago, screwball said:

What was the rate back in the 60 and 70’s

 

never below 2 iqd to 1 usd ...

cheers and i know u new that here's a small brief summary plenty online to read cheers 

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The Iraqi dinar replaced the well-established Indian rupee as the official Iraqi currency in 1932. The Iraqi dinar was pegged to the British pound, at par, until the year 1959. The peg was eventually changed to the US. dollar in 1959. They used only the current exchange rate between the pound and the dollar to determine the Dinar’s current value.  The foreign currency exchange rate determined one Iraqi dinar to be equal to $2.80 USD. By 1973, the Iraqi Dinar had increased in value to $3.3778 USD, before a small 5 percent devaluation correction to $3.2169 USD. This was the continually stable rate history when pegged to the U.S. dollar until the Gulf War in 1990-91.

The economy in Iraq between 1960 and 1980 was vibrant and growing.  The strong Iraqi Dinar value was easily supported by a real GDP growth of about 8 percent and per capita growth of about 4.7 percent. These incredible growth rates supported the high Iraqi dinar exchange rate. Iraq was growing at a rate that was one of the highest in the world at that time. Iraq’s long-term history is one of positive growth, global competition and excellent value for the Iraqi currency.

 

 

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Kim said, “it would give our children’s children their inheritance.” 
Not sure $0.10 cents would do that for most. Though I’ll dang sure take $0.10 cents in a New York minute! 

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Parliamentary Finance announces that the issue of salary insurance is completely resolved

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10:49 - 20/7/2020
 

The Finance Committee in the House of Representatives revealed, on Monday, the disappearance of the technical defect that caused delaying the salaries of employees last month, stressing that the salaries of this month are fully insured for all employees and some of them have acted before the blessed Eid al-Adha.

Committee member Abdul-Hadi Al-Saadawi said in a statement reported by the official newspaper Al-Sabah and viewed by him / the information: “The salaries of employees for the month of July are fully insured, but we have not heard any notice by the Ministry of Finance that it can be disbursed before the blessed Eid Al-Adha holiday, or it may be spent according to the schedule fixed for each ministry.

Al-Saadawi attributed the delay in salaries during the past month to "a technical problem in approving the internal and external borrowing law, and delaying notifications from the Central Bank of Iraq and the Ministry of Finance to banks."

Al-Saadawi indicated that "the current month and the coming months will witness the payment of salaries according to the schedule fixed for each ministry." 

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Parliamentary Finance announces that the issue of salary insurance is completely resolved    LINK

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The Securities Commission issues a report on market performance

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20th July, 2020

 

On Monday, the Iraq Securities Commission issued its report on trading activity in the Iraq Stock Exchange for the first quarter of this year, which included many indicators and financial data for all companies listed on the market in Iraq

The Chairman of the Authority, Alaa Abdel-Hussein Al-Saadi, said in a statement, "Economy News" received a copy of it

He added, "Although these results exceeded those of the last semester of 2019, there are many plans and procedures that the commission intends to take during the coming period once the body of the body is formed

He continued, that these plans and procedures "would increase these trades and increase the attractiveness of the financial markets in Iraq, leading to their development, which will certainly be reflected in the overall Iraqi economy, which possesses many unexplored constituents and reservoirs that constitute promising investment opportunities in the future

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The Securities Commission Issues Its Report On Trading Activity In The Iraq Market


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The staff is on a hot plate ... and fears that the 40-day project will proceed

The staff is on a hot plate ... and fears that the 40-day project will proceed
 

7/20/2020 17:40:25

 
Staff live in Iraq on a hot plate after delaying salaries for the second time in a row, despite the assurances of the Ministry of Finance.

Since the beginning of July, the Ministry of Finance has confirmed on several occasions that salaries are insured, even though employees to this day have not received their salaries as we enter the twentieth day of this month. And there are fears on the scene that the ministry will proceed with the salary delivery project every 40 days, as happened with the salary of the month of June, where the signs indicate this.

Sources indicated that the Ministry of Finance had promised to deliver salaries for this month before the blessed Eid Al-Adha. "The salaries are insured according to what he told us, the central bank said, and the delay in salaries came due to the lack of liquidity and hopes based on the external borrowing law," said the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, in a statement to the Al Furat News Agency.

Al-Saffar added, "There is insurance for internal but external loans that have not been voted upon yet, and Prime Minister Mustafa Al-Kazimi's visit to Saudi Arabia, which was postponed today, is expected to be part of it for external borrowing."
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5 hours ago, Half Crazy Runner said:


I know very little about the history of Iraq. I wonder what is the biggest difference between then and now that is keeping the economy from being “vibrant and growing”? 

 

Iraq had someone rule them and for the most part they submitted during and pre saddam era , 

iraq was giving a shot at freedom and self government but as most should or do know freedom is not without great individual responsibility post saddam people were put in place to lead iraq they chose corruption instead of serving the country , there was a Plan in place that iraq did not adhere to and most everyone that was followed this country many years now have seen it all unfold before their eyes it seems iraq just moves from crisis to crises with little success setting themselves free im sure its many times more complicated than we can imagine Iraq was run by a dictator they needed laws and structure in every area and they have had a difficult time adapting I'll just stop my drivel LOL but it could go on and on .. here is the Plan that was to be put in place for success .. all my opinion cheers 

  https://nsarchive2.gwu.edu//NSAEBB/NSAEBB198/FOI Economy and Infrastructure.pdf

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9 minutes ago, Mary B said:

DT thanks for the replys your the best


Right Back At Ya Mary B - I Luv All Ur Contributions To This Forum ! ;) 

 

 

Mary B Good ...

 

EagerNearIchthyostega-size_restricted.gi
 

Yo Snap ! And Check Out That ‘MB’ Sign For The Mary B Band ! :o 

 
:D  :D  :D 

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The third session of the Iraqi-Saudi Coordination Council concluded with the signing of a memorandum to submit Saudi loans to Baghdad

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20th July, 2020

 

The Saudi News Agency revealed that the Iraqi Ministry of Finance signed with the Saudi Fund for Development a memorandum to provide loans for a number of development projects in Iraq

The agency said, in a news published today, the Iraqi-Saudi Coordination Council concluded its third session today in Saudi Arabia, which came as an extension of efforts to strengthen relations between the two brotherly countries at the strategic level, cooperation in various fields, developing partnership between the private sector in the two countries and opening new horizons of cooperation in Economic and development fields, deepening joint cooperation in important international and regional affairs, and protecting common interests

The Iraqi side was represented during the works of the third session of the Council, a ministerial delegation headed by the Deputy Prime Minister of Iraq and Minister of Finance Ali Abdel Amir Allawi, and the membership of His Excellency the Prime Minister of Iraq, Minister of Planning, Minister of Oil, Minister of Health, Minister of Electricity, Minister of Agriculture, Minister of Youth and Sports, and Secretary-General of the Council Ministers and Deputy Ministry of Foreign Affairs and the Ambassador of the Republic of Iraq to the Kingdom

The Minister of Commerce, Dr. Majid Al-Qasabi, also headed the Saudi side during the course of the session, which was attended by the Minister of Energy, the Assistant Chief of General Intelligence, the Minister of Environment, Water and Agriculture, the Minister of Investment, the Chairman of the Board of Directors of the Saudi Fund for Development, the Minister of Education, the Minister of Industry and Mineral Resources, and the Minister of Transport, Deputy Minister of Interior, Deputy Minister of Finance, Deputy Minister of Economy and Planning, Governor of the General Authority of Customs, Governor of the General Authority for Foreign Trade, Secretary General of the Saudi side in the Saudi-Iraqi Coordination Council, Undersecretary of the Ministry of Foreign Affairs for Political and Economic Affairs, Undersecretary of the Ministry of Health for Public Health, and Ambassador Khadim The Two Holy Mosques to the Republic of Iraq, in addition to the President of the Saudi Business Council and a selection of Saudi businessmen

The council’s work included holding a number of meetings, members of the Saudi-Iraqi Coordination Council, during which the meetings reviewed the most important developments of the council and the committees emanating from it. To provide loans to a number of development projects in Iraq, and a memorandum of cooperation in the health field between the two sides was signed to confront the Corona virus crisis and provide medical assistance to the Iraqi side in implementation of the directives of the Custodian of the Two Holy Mosques, may God protect him

The council’s work also included holding many bilateral meetings between the two sides with the participation of the private sector in the Kingdom to discuss opportunities for cooperation in all fields and the development of strategic partnership between the two countries, where a number of priority investment projects were discussed between the two brotherly countries, and the two sides agreed on the executive plans of the agreements and memoranda of understanding Signed between them in the interest of the two countries, as they agreed to resume holding the committees emanating from the council and to resume the work of the specialized technical teams to discuss economic projects within the framework of the council

The two sides also discussed the extent of the readiness of the border crossing "Jadidat Arar" as a prelude to its opening after verifying the provision of all the necessary requirements for that, with the two sides stressing the serious desire to advance bilateral relations and enhance cooperation in all fields to serve the aspirations of the governments and peoples of the two brotherly countries

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Saudi Arabia and Iraq sign two memoranda of understanding in the areas of development and health   LINK

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The Iraqi Stock Exchange rose by Monday's trading session

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20th July, 2020

The general index of the Iraqi Stock Exchange ended the trading session today, Monday, up by 3.28%, at the level of 465.68 points, winning about 14.81 points.

The number of listed companies reaches 104 companies, shares of 27 companies were traded, of which 16 companies increased, 4 of them decreased, while 7 companies settled. The value of trades scored about 1,034,336,262 dinars, while the number of shares amounted to 2,257,380,297 shares, with a number of deals amounting to 598 transactions.

The number of shares purchased from non-Iraqi investors in the regular market reached 272 million shares, at a value of 144 million dinars, through the implementation of 28 transactions, on the shares of two companies. And rises topped the Bank of Babylon by 14.29%, while the declines were issued shares of Sumer Commercial Bank by 2.44%.

The stock of Bank of Baghdad came the most active in terms of shares and the highest at 8.89%, as was the most active Islamic Spectrum Bank in terms of value and stable at 1,200 points.

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Banks are pushing the stock market up for a second consecutive day    LINK

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1 hour ago, DinarThug said:


Right Back At Ya Mary B - I Luv All Ur Contributions To This Forum ! ;) 

 

 

Mary B Good ...

 

EagerNearIchthyostega-size_restricted.gi
 

Yo Snap ! And Check Out That ‘MB’ Sign For The Mary B Band ! :o 

 
:D  :D  :D 


I second that notion as well Mary B. Thank you for being the news hound that you are; and for taking the time to post here!!! Much Appreciated 😃

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The exchange rate is one of the “keys” to the solution !

15 hours ago, DinarThug said:

The private sector in Iraq.problems and solutions

 

Thanks Thug for the several articles posted along with these..!  Blessings - :salute:RON

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Electronic payment and the ghostly employee .. Hussein Al-Asadi


2020-07-08
 
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Hussein Al-Asadi wrote

 

What caught my attention was a phrase written by a government bank: salary localization ... Unique financial services await employees in Iraq, so the reader thinks to this phrase that we are facing an innovative Iraqi invention that has never been as if we will repeat what the Sumerians, the fathers of this land, did from the invention of cuneiform writing and the discovery of the wheel 3000 years BC or the codification of the Ur-Nammu law that returns For the 21st century BC, as the oldest codified law that currently exists where this legal legislation appeared during the reign of King Ornmo, the founder of the Third Ur dynasty, to return to reality, Iraq is going through very sensitive circumstances where the Iraqi economy faces a real challenge after the catastrophic failure to find alternatives to the sale Crude oil and here I confirm the sale of crude oil, not the oil refining industry and the petrochemical industry?  Iraq is one of the largest oil reserves in the world, as it possesses 147.2 billion barrels, according to the exploration of 2018, i.e. 8.
The idea is very simple, it is to pay salaries to those who are entitled to them through bank accounts, so the money does not come out of the banks, so it is the employer's accounts, whether it is a government or not, into employee accounts, whether they are public or private sector, and the same thing with regard to aid, there are three systems in the world that all perform the first function Giro It is the user in Europe, which is an Italian word meaning the second closed circuit ACH, which is used in the United States of America, which is the abbreviation of Automated Clearing House and the third Direct Entry, which is the user in Australia and means direct entry without going through paper procedures and it is noted that all these systems perform the same purpose which is Account To Account ? In Iraq, the department is incomplete even on the assumption that the beneficiary gets a bank account and its dues are reached, because when it wants to use it, it moves to the paper currency because of the incomplete market circle, and it turns from an effective measure in strengthening the economy to a formality that is not real.

What does electronic payment require?

In the place of answering this question, we can take virtual reality and another we talk about the daily reality. For the closed circuit to be realized, Giro, there must be three parties, the payer and the seller, whether it is a seller of service or a seller of a commodity, and all of these are in one episode, so it is the first account which is the government or the company to The account of the receivable and from it to the seller’s account, so the circle became complete and the money remained in the framework of bank accounts, so the purpose of opening the accounts for those who are entitled to this level is achieved as is the same between the sellers and in it the link is between two bank accounts, as Iraq also requires him to open bank accounts for all those who are entitled and also requires that it be Has a Point of Sale (POS) or Point Of Purchase (POP) which is the point at which the retail operation takes place. At the point of sale, the merchant calculates the amount due from the customer, and determines that amount and it is also the point at which the user pays the merchant for the goods or after providing him with a specific service.

Here the paperwork ends, so we do not lead money between all parties, and it is a simple procedure that can be accomplished whenever the stakeholder works to impose it on banks in order to open accounts and place these points (POS) in every place where a transaction takes place.

Among the advantages of electronic payment:

The benefit from electronic payment appears in several directions, Iraq. Ghost Employee revealed the space employees. The bank is legally mandated to verify the identity of the account holder and not be a fictitious person or a deceased person, especially if the biometrics methods are applied, which prevents the presence of aliens, as it is through a matching method between the information Matching Information and comparison between them. Comparison Of Information shows whoever receives more than one salary, whether in the public sector or the private sector or both of them, and here the private sector is obliged to open accounts for its employees so that they are informed and their income is set for tax and retirement, so if the numbers mentioned by successive governments are realistic then we will provide Very large sums in favor of the treasury and reduce the phenomenon of rampant corruption.

As for the economic level, it will provide the bank with continuous cash liquidity, most people benefit from its salaries at a rate of 1/30 and even if someone spends his salary in less than that, the money is still in the bank because the circle is also closed As we explained, this measure can provide a monthly liquidity of 53 trillion Iraqi dinars, equivalent to 47 billion US dollars, which is a very large monetary block, only from the salaries of employees and retirees, and this amount can double if we add private sector money to it from companies and employees, and with the encouragement of Banks through the introduction of these funds in investment projects we can achieve the two purposes together for the bank and the account holder so the monetary block turns from a state of inertia to a state of investment and the circular movement produced and affecting the economy so that resources increase and profits increase for all in addition to what it provides solutions at the level of unlocking economic bottlenecks and providing opportunities Work contributes to sustainable growth, all this with the existence of the security justification that governments began to take into account because of the phenomenon of terrorism, money laundering and smuggling of funds.

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