Washington-Baghdad Dialogue: America Wants To Strictly Implement The Sanctions List !

[DinarThug]

Member of Parliamentary Economy: 45 trillion dinars “chunky” in Iraqi homes

 

Localities 07/23 2020 12:40 610 Editor: am    
Baghdad today - Baghdad 
 

Member of the Parliamentary Economic Committee, Deputy Ali Al-Lami, Thursday (July 23, 2020), revealed the existence of 45 trillion Iraqi dinars chunky in Iraqi homes.

Al-Lami said in an interview with (Baghdad Today), "The fact that many people may not know is that 50% of the money, which is estimated at 45 trillion dinars, is chunky in Iraqi homes, and this is a big mistake in the economic dimension, because the presence of that money within the circle of banks and markets will lead To rebound, move and tackle many negatives. "

He added, "The people's lack of confidence in government and private banks, the recent mistakes, and the declaration of some of them bankruptcy and the loss of their deposits led to the emergence of a reluctance to put their money in banks, and their hoarding in homes, despite the fact that their presence in banks is very important, and this is what all countries of the world are working on. By ensuring the presence of the largest percentage of liquidity in government or private banks. "

LINK

[DinarThug]

10 minutes ago, DinarThug said:

45 trillion dinars “chunky” in Iraqi homes

Wait For The ‘Chunky’ !  

 

     

[DinarThug]

Deputy: Iraq spent 88% of the money earmarked for investing electricity at the time of al-Maliki, and this is how much was accomplished in numbers

 

Policy 07/23 2020 16:31 1645    
Baghdad today - follow-up 

 

revealed the member of the Parliamentary Energy Committee, Sadiq al-Sulaiti, Thursday, July 23, 2020, in numbers the amount of money spent on the electricity investment sector in the two periods of the mandate of the former Prime Minister, Nuri al-Maliki and who came after him and before him from previous prime ministers.

Al-Sulaiti said in a televised interview, followed by (Baghdad Today), that "since 2005 Iraq has purchased equipment and stations that can generate 22,000 MW per day, but the problem is that it does not work with the required efficiency." 

He added that "diesel stations were imported and worked for one or two seasons and then went out of service, and that Iraq lost 6 thousand megawatts due to ISIS's control of western cities, in addition to stopping work on stations in Dhi Qar on the pretext of lack of gas." 

He indicated that "the total of the spending of the governments of Ibrahim al-Jaafari, Haydar al-Abadi and Adel Abdel-Mahdi, i.e. in the years 2005 and then the years from 2014-2019 to the investment electricity projects sector, was 3 billion and 399 million dollars."

Al-Sulaiti indicated that "the Maliki government spent on the electricity sector from 2006 to 2014, an amount of 32 trillion and 320 billion dinars, which means 88% of the electricity projects plan." 

He added that "Iraq was supposed to be achieved during the era of al-Maliki, to achieve self-sufficiency with a generating capacity of more than 20 thousand megawatts, but that did not happen." 

The former Minister of Electricity, Ayham Al-Samarrai, called on Tuesday (14 July 2020), former Prime Minister, Nuri al-Maliki, to answer the reasons for the failure of electrical energy projects in Iraq. 

Former minister said during his speech to the program ( the shortest way ) , presented by the media , Dr. Nabil Jassim Al - Sharqiya News, "I have one while charge you as minister of electricity, an issue to spend dun in Maysan province, where they said I wasted public funds electricity projects there, but court Discrimination cleared me of the charge and released me immediately. "  

He continued, "There is no charge against me, and I left innocently from the court, and promised to participate in the elections in 2010 based on my donation." He pointed out that "there is a waste and poor planning of the huge sums spent on the Ministry of Electricity," noting that "if the work was correct in electricity, Iraq would have had no energy problems by the 2010 science."

"We have to ask former Prime Minister Nuri al-Maliki about the major failure of the electricity file," he said.

LINK

[horsesoldier]

Check Maliki’s Bank account. 

[DinarThug]

A deputy reveals an illegal reason that prevents international companies from competing in Iraq

Policy 7/23/2020 20:52 377    
Baghdad today - follow up  

 

Today, Thursday, member of the House of Representatives, Hussein Arab talked about the impact of corruption and mismanagement on internal investment projects and services, while stressing that the cost of electricity production in Iraq is half of what costs the Gulf countries.

Hussein Arab said, in a televised interview I followed (Baghdad Today), that "Kuwait has signed a contract with China to invest one of its ports with a value of $ 420 billion, which will be paid to Kuwait, and this investment will generate huge profits, and the UAE diversified its economy since 1985 and did not rely entirely on oil, as The situation in Iraq is currently in the fields of manufacturing, real estate and tourism. "

He pointed out that "Malaysia, for example, was protected only by foreign investments, led by the British, in the global financial crisis, because it gave a feeling of reassurance that it is a country capable of protecting investments and bringing in more of them." 

Arabs added, "Our problem in Iraq is the lack of a plan to attract investment, there are multiple investment bodies in each one that intersects with the national investment lifestyle, as there is no correlation in ideas or joint research for investments and every party moves in isolation from the other," noting that " The cost of producing electricity in Iraq is half of what is costing the Gulf states, and the reason is mismanagement and corruption, as the materials are imported at twice their value because of the intermediaries and the lack of knowledge of the import origins, terms and origins.

He denied the existence of a trade exchange between Iraq and other countries, but rather "buying from one party, which is Iraq, with the absence of real investment companies," noting that "international companies cannot provide projects and competition, because there is corruption that permits favoritism and gives priority to companies without others." .

He pointed out that "the oil companies in Iraq pay bribes to influential parties under the expenses and salaries of consultants and employees, and with fictional numbers, many of them do not exist on the ground." Corruption. "

A member of the House of Representatives confirmed that there are "salaries paid to imaginary persons on the recognition of the state, and that it is necessary to expedite the localization of salaries to stop the payment of salaries to them and this is one of the options to provide additional resources."

Hussein Arab stressed the importance of "activating the option of cash and electronic payment in the shadow of the Corona pandemic and persuading citizens to remove the cash block in homes and place them in banks for investment in exchange for giving them encouraging interest rates, this block is estimated to be worth 30 billion dollars," noting that "the sector The government banker accounts for 80% of the localization process for salaries, and the funds must be directed towards private banks. "

LINK

[DinarThug]

LINK

Parliament is investigating from the Minister of Finance the reasons for the delay in the payment of salaries

 

24th July, 2020

The Parliamentary Finance Committee announced, on Friday, that it hosted the Minister of Finance Ali Abdul Amir Allawi, to find out the reasons for the delay in the payment of employee salaries for the month of July.

The Central Bank of Iraq, today, Wednesday, to secure the salaries of employees for the month of July. The bank said, "The salaries will be released in one payment before Eid al-Adha."

"The Parliamentary Finance Committee held a meeting, last Wednesday, in the manner of Olayin, during which it was agreed to host Finance Minister Ali Abdul Amir Allawi and the agents and officials in the ministry next week," the committee’s rapporteur, Ahmed Al-Saffar, told Shafaq News.

He added that "hosting will discuss the government's delay in sending the government reform paper to the House of Representatives, and the reasons for the Ministry of Finance's delay in disbursing the salaries of employees in July, especially after securing their salaries from the central bank".

Al-Saffar continued, "The officials of the Ministry of Finance are not cooperating with the Finance Committee and members of Parliament," stressing that "the financial liquidity is available with the government and the delay in paying salaries is unjustified."

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.

The government had submitted the bill, which includes external borrowing worth $ 5 billion, and an internal amount of 15 trillion dinars to cover the country's fiscal deficit, which was approved by Parliament.

[DinarThug]

Holy Titanic Batman - I Think That Davis Just Shipped His Pants !  

 

     

For the first time in history, an Iraqi ship is conducting a full cycle around the Earth

 

24th July, 2020

The Ministry of Transport, represented by the General Company for Maritime Transport, announced today, Friday, the reception of the Iraqi ship Al-Hadba, which conducted a full round about the globe with a distance of 15400,000 nautical miles back and a distance of 19200,000 nautical miles back in a unique precedent that was not witnessed by the Iraqi shipping.

The general manager of the company, Mohiuddin Al Emara, who received it at the Khor Al-Zubayr port, said in a statement received to Shafaq News, that the Hadba vessel recorded success that the Iraqi ships had not seen before, as it transported various cargo to the most important ports of the world after it set sail from (Umm Qasr _ Emirates port) United Arab Emirates, Canada,  Los Angeles, Guatemala, Panama, Congo, Liberia, Bangladesh, India, Sultanate of Oman, Kingdom of Saudi Arabia, Khor Al-Zubair Port

And that the humpback ship applied all the requirements of the International Maritime Organization IMO and the French Classification Authority and the requirements of all international ports that entered it, adding, and it was intended to establish an extended celebration to receive the humpback ship but the health conditions and according to the instructions of the Supreme Committee for Health and National Safety and due to the spread of the Corona epidemic has been shortened celebration To honor the crew of the ship only.

For his part, Amer Ibrahim, director of the technical department, indicated that the humpback ship completed a complete round about the globe because it crossed the Pacific Ocean, the Indian Ocean and the Atlantic Ocean, and entered important ports. It is noteworthy that the humpback ship was built for the Iraqi naval fleet in South Korea in 2014 with a load of 17,500 tons.

LINK

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Unique Precedent ... Receiving The Iraqi Ship Al-Hadba, Which Conducted A Full Course Around The Earth    LINK

[DinarThug]

10 minutes ago, DinarThug said:

It is noteworthy that the humpback ship was built for the Iraqi naval fleet in South Korea in 2014 with a load of 17,500 tons.

LINK

Now That’s A Ton Of Ship !  
 

 

Where’s That Dinghy - Okie At Sea ...

 

     
 

Edited July 24, 2020 by DinarThug

[Pitcher]

1 hour ago, DinarThug said:

Now That’s A Ton Of Ship !  

 

Seems about right.  A big ship for their #1 export.  They produce a bunch of it

 

[DinarThug]

LINK

Iraq's Lezzoo Closes Seven Figure Seed Round

 

23rd July, 2020

Northern Gulf Partners, a frontier market investment firm, and California-based Pay It Forward Venture Capital, have led a seven-figure US dollar seed round investment in Lezzoo, a delivery and e-payment platform that aims to become Iraq's first super-app.

Lezzoo received a pre-seed investment from Silicon Valley's Y Combinator and is the only Iraqi start-up accepted into its well-known accelerator program. Angel investors and family offices in the USA, Europe and the Middle East joined the seed round.

Lezzoo delivers items such as prepared food, groceries and pharmaceuticals in several Iraqi cities. The recently launched Lezzoo Pay seeks to disrupt Iraq's predominantly cash-based society by bringing digital transactions to a population that is majority unbanked.

Lezzoo founder and CEO Yadgar Merani said:

"We are using technology to solve the biggest logistical challenges in people's daily lives. This investment will allow us to expand across the country while also rolling out new verticals. By integrating deliveries, transportation, payments and other services we are on our way to becoming the super-app for Iraqis."

Zaab Sethna, partner at Northern Gulf Partners, said:

"Lezzoo has a forward-thinking, creative and dynamic team of founders and we are excited to back them. Iraq is a country with a young, connected and increasingly sophisticated population. Incomes are rising but the barriers to entry remain high and this gives an advantage to home-grown firms."

Raaid Hossain, General Partner of Pay It Forward Venture Capital, said:

"We are proud and privileged to be able to back Lezzoo, a company that challenges the status quo by providing a best in class delivery experience for consumers, as well as drives the spirit of digital entrepreneurship in Iraq. We believe that a connected service industry, especially during times of restricted movement due to covid-19, is paramount to staying safe, healthy and feeling a sense of comfort. We truly believe Yadgar and the team are doing their part to make the world a better place.

[DinarThug]

12 minutes ago, DinarThug said:

Iraq's  “Lezzoo”  Closes Seven Figure Seed Round

to become Iraq's first super-app.

And Apparently The Name Comes From The French Phrase For Iraq - ‘Le Zoo’ !  

 

 

And Here’s How To Download The App ...

 

     
 

Edited July 24, 2020 by DinarThug

[DinarThug]

2 hours ago, DinarThug said:

Iraq Presents A Proposal To Saudi Arabia To Abolish Entry Visa Fees For Travelers Visiting The Two Countries

 

23rd July, 2020

The Iraqi Ministry of Foreign Affairs has submitted a proposal to abolish entry fees for travelers who wish to visit the two countries.

The ministry said in a statement received by the (Independent) today, Friday, that "the oldest undersecretary of the Ministry of Foreign Affairs, Ambassador Abdul Karim Hashem Mustafa, met with the undersecretary of the Saudi Ministry of Foreign Affairs for Political and Economic Affairs, Ambassador Adel Mardad in Riyadh on the sidelines of the third session of the Iraqi-Saudi Coordination Council."

The ministry indicated that “its representative put forth a number of proposals to develop relations between the two countries. Including facilitating the movement of travelers, abolishing entry fee fees to encourage mutual tourism between the two countries, and benefiting from successful Saudi experiences in several areas that Iraq needs to develop its capabilities.

For his part, the undersecretary of the Saudi Ministry of Foreign Affairs, Ambassador Adel Mardad said, “Saudi Arabia has a firm conviction that Iraq is a country rich in its natural resources, rich history, and the great capabilities of its people; Therefore, the development of relations between the two countries will have great benefits for the two peoples in various fields, and it will be a source of political, economic and security stability in the region, and achieve prosperity and prosperity for both countries.

And he expressed that, "The proposals put forward by the Senior Undersecretary of the Iraqi Foreign Ministry will be seriously considered by the Saudi side to take positive decisions regarding them."

The ministry continued that the two parties agreed "to prepare a meeting soon for the Political Consultation Committee, which emanates from the Memorandum of Understanding on political consultations signed between the foreign ministries of the two countries, with the aim of activating the proposals that contribute to a qualitative shift in relations between the two countries."  

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Saudi Arabia: The relationship with Iraq is a source of stability in the region ... and upcoming political consultations between the two countries  LINK

 

LINK

Saudi Arabia offers great economic offers to Iraq ... and the opening of Arar "very close"

 

 

7/25/2020 10:51:18

 

Iraqi sources said that the Saudi side during the Saudi-Iraqi Coordination Council put forward ideas and proposals to build industrial cities inside Iraq, and free trade areas, as well as investment in the field of renewable energy.

The Ambassador of Iraq to Saudi Arabia, Qahtan Al-Janabi, said in a press statement that "the meetings of the Coordination Council, which concluded its work in Riyadh, were serious and their results are fruitful, expecting that economic, cultural, commercial and investment relations will witness broad progress." "Two memoranda of understanding were signed between the two countries, one between the Iraqi Ministry of Health and the Saudi Food and Drug Authority, and the other between the Iraqi government and the Saudi Fund for Development regarding financing some projects in Iraq, and these meetings differ from its predecessors by the great desire of both parties to start implementing these projects and entering the market, investment and implementation In reality".

Al-Janabi pointed out to "a meeting that included Prince Abdulaziz bin Salman, Minister of Energy, in the presence of Aramco, Aqua Power and Zahed companies, with the Iraqi finance, planning, oil and electricity ministers, during which important projects were discussed in Iraq and agreement on a timetable to start them." Al-Janabi continued, "These projects are like the associated gas investment in which Aramco has great experience in it, and the field of solar energy and alternative energy through Aqua Power and Zahed, and we expect in the near future visits to these companies and studies to implement them, and there is understanding between the two sides."

The Iraqi ambassador also expressed optimism about the results of the meetings of the Coordination Council, which brought together senior Saudi businessmen who have business in Iraq or who are interested in entering the Iraqi market. He added that "convincing proposals have been put forward to the Iraqi side, including building industrial cities inside Iraq and building an economic free zone in the Arar port that merchants from both countries can enter freely, exchange goods, buy and sell, and establish warehouses, and these projects will be funded by businessmen."

Al-Janabi indicated that the Saudi businessmen proposed the establishment of a special office for Saudi investors in Baghdad linked to a government agency to facilitate the work of investors, indicating that these ideas are welcome from the Iraqi side in full. Al-Janabi also expected the opening of a new port of Arar, the border between the two countries, in the near future. He said in this regard, "The Iraqi government is ready to open the port and we hope that it will be as soon as possible. We just expect the port to open very soon."

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Not like its predecessors ... big energy projects and building industrial cities in Iraq ... Baghdad's ambassador in Riyadh reveals the details  LINK

[DinarThug]

Continuing to link Gulf currencies to the dollar depletes monetary reserves

- 5 Hours Ago

 

 

Analysts unanimously agree that maintaining the majority of Gulf currencies are pegged to the US dollar, which has become a heavy burden on the financial conditions in the countries of the region, in light of the decline in global oil prices and the repercussions they have been caused by the closure and foggy restrictions that still hover over the growth of the global economy.

DUBAI - Money market analysts acknowledge that Gulf countries are still able to weather their current crises with the help of their large financial reserves, especially after frequent measures in recent years to rationalize spending, reduce government support, and increase budget revenues.

This impression is coupled with the continued Gulf governments, with the exception of Kuwait, in pegging their currencies to the US dollar, but keeping that may drain more of their cash reserves in light of the Corona virus, which struck most of the vital sectors of the recession.

The sharp decline in crude oil prices has led to a growing belief that the Gulf countries, especially Saudi Arabia, may be forced to abandon the riyal peg to the dollar, after maintaining that policy for decades.

The economic repercussions of the epidemic have prompted Gulf governments, which rely mainly on oil sales to collect foreign currencies, to bite off part of those reserves to support the private sector and citizens.

Fitch Ratings Ratings experts ruled in a recent report that the Gulf countries, whose fiscal deficit is exacerbated by the drop in oil prices, will devalue their currencies, although continuing to link them to the dollar may lead to the depletion of foreign assets and debt accumulation.

Technically, pegging the currency to another currency means fixing its value and not leaving it to supply and demand in the market as it happens with some countries when you are in the process of floating the currency.

Analysts confirm that the reserves of any of the central banks in the Gulf countries are necessary to maintain the peg price and maintain it at the desired level so that the economy does not shake or be affected by external shocks as is the case at the present time.

Policymakers in the oil-exporting region have long said that pegging the dollar to the dollar is in their economies’s heavy dependence on oil and gas, but the fall in crude prices this year has added pressure to a number of pegged currencies.

"We do not expect any change in the exchange rate regimes pegged to the Gulf Cooperation Council countries in the medium term," Fitch said in her report. But she added that continuing to link "will entail a significant depletion of foreign assets or debt accumulation."

The agency stressed that Saudi Arabia, the United Arab Emirates and Qatar have sufficient resources to maintain their interconnection systems, while external support remains important to Bahrain, which its wealthiest Gulf allies pledged $ 10 billion in 2018 to avoid a credit crisis.

In the case of Oman, which has more foreign reserves than Bahrain, the fenders dissipate quickly, and future large debt payments may undermine confidence in the peg.

And Saudi Arabia’s reserves fell last April about 20 billion dollars, as the net foreign assets of the Saudi Monetary Agency (the central bank) fell to 443.7 billion dollars, compared with March.

As for the UAE, which comes in second place among the Gulf countries, its foreign reserves reached $ 110 billion, including cash and assets, compared to about $ 125 billion last September.

The rest of the Gulf countries are considered to be in an exportable situation, as Qatar has cash reserves of about 56.3 billion dollars, and Kuwait has a stock that does not exceed 39 billion dollars.

As for Oman’s reserves of foreign exchange and gold are estimated at 16.6 billion dollars, and finally Bahrain, which recorded a cash reserve of 3.5 billion dollars at the end of last February, without calculating its reserves with the International Monetary Fund or special drawing rights.

Gulf countries cut spending this year and rearranged its priorities, and Saudi Arabia, the region’s largest economy, increased value-added tax to boost revenues.

Fitch experts stressed that the structure of Gulf economies is appropriate to control their finances through rationalization of spending, not devaluation of their currencies.

The agency said, "The devaluation will only return with a few competitive advantages over the countries of the Gulf Cooperation Council due to the nature of their economies not diversified resources."

Social concerns are also likely to cause governments to refrain from devaluing currencies, as they may lead to higher costs of living.

"A potentially violent social response is a risk to both currency devaluation and fiscal rationalization, but fiscal policy may better be accommodated by a more gradual control," Fitch said.

The Arabs

link

Edited July 25, 2020 by DinarThug

[DinarThug]

LINK

Al-Rafidain: Citizens deposit their money in the bank, corresponding to granting them benefits
 

 

25th July, 2020

On Saturday, the Rafidain Bank called on citizens to deposit their money in the bank and obtain profitable financial benefits for them.

The bank's media office said in a statement, "Economy News" received a copy of it, that "depositing citizens’ money in bank branches and opening bank accounts for them corresponds to granting the benefits arising from it."

The bank pointed out that "a lot of citizens are still hoarding their money in homes without success, and they should benefit from moving these funds in the banking sector and investing and attracting them to operate them in other sectors."

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Al-Rafidain: Citizens deposit their money in the bank, corresponding to granting them benefits  LINK

[Mary B]

POSTED ON 2020-07-25 BY SOTALIRAQ

“Al-Kazemi’s Directions” .. Iraqi forces dig a trench and a dirt curtain on the borders with Iran in Basra

 

The operation to restore the border crossings caused significant damage to Iraqi factions that were using them

The Iraqi Ministry of Defense stated, on Friday, that the Basra Operations Command, has begun the process of securing the perimeter of the Shalamcheh outlet, in response to the "directives of the Commander in Chief of the Armed Forces", Mustafa Al-Kazemi.

In a statement posted on Twitter, the Ministry said that the Basra Operations Command began construction of a trench and an earthen curtain for the purpose of cutting the roads that were used for smuggling operations.

Basra Operations Command, as   directed by the Commander in Chief of the Armed Forces, the Deputy Commander of Joint Operations and direct directions from the Basra Operations Commander, began securing the perimeter of the Shalamcheh outlet by constructing a trench and an earthen curtain for the purpose of cutting the dirt roads that were used for smuggling operations by the weak of souls. pic.twitter.com/A9EnR0bXto

"The work will continue until all dirt roads are cut off and the Shalamcheh outlet is made one entrance and exit route," the statement continued.

The work will continue until all dirt roads are cut and the Shalamcheh outlet is made one entrance and exit way.

And last Sunday, two government and private sources said that the process of "border crossings" conducted by the Iraqi security forces has caused limited damage, so far, to the financial resources of a number of Iraqi armed factions that control these outlets, while journalists said that "unofficial outlets" are important More for those factions than the official outlets.

A government source familiar with the "free" site said that Iraqi ports and ports are fully controlled by multiple armed parties and movements.

The source added that the most important of these parties are the Hezbollah brigades, the vendetta of God, groups from Al-Najaba and Asaib Ahl al-Haq, which are loyal to Iran, along with local armed movements in Basra and Diyala, in addition to the Kurdistan Regional Ports controlled by the Kurdistan Regional Government.

At the beginning of the current month of June, Iraqi military forces imposed control over two border ports with Iran, in conjunction with statements made by Iraqi Prime Minister Mustafa Al-Kazemi from the border region, during which he stressed that "no theft of public money in the outlets" should be allowed.

Al-Kazemi visited the Mandali outlet, where it was announced that the closed crossing had been opened several months ago, after widespread corruption cases were suspected by using it to smuggle drugs and weapons in favor of the militias.

Al-Kazimi said in statements reported by Iraqi media, that "the stage of restoring order and law has begun and we will not allow the theft of public money in the outlets," stressing that "the customs campus is under the protection of military forces."

Free - Washington

 

http://www.sotaliraq.com/2020/07/25/توجيهات-الكاظمي-القوات-العراقية-تحف/

[horsesoldier]

On 7/24/2020 at 11:16 AM, DinarThug said:

And Apparently The Name Comes From The French Phrase For Iraq - ‘Le Zoo’ !  

 

 

And Here’s How To Download The App ...

 

     
 

 

" Le Ugly Booty " - Merde !   ( that's shyte 💩 in French )

[DinarThug]

37 minutes ago, Mary B said:

a dirt curtain

 

21 minutes ago, horsesoldier said:

Merde !   ( that's shyte 💩 in French )

 

It’s ‘Shiite’ In Arabic !  

 

And They Need To Bury That Piece Of ‘Merde’ Shiite Maliki Beneath A Dirt Curtain ...

 

After They Hang Him Out To Air Dry ...

 

     

[DinarThug]

LINK

Ministerial Roundtable discussions express support for Iraqi government economic reforms
 

 

24th July, 2020

The Iraqi government and the International Energy Agency (IEA) hosted a virtual Ministerial Roundtable event to discuss reforms of the Iraqi economy and explore new models to encourage long-term investment in Iraq.

The focus of the discussions was the energy sector, particularly Iraq’s electricity and natural gas.

The meeting brought together senior Iraqi Ministers and officials, Ministers from IEA member countries, CEOs and leaders of energy companies as well as international financial institutions.

The Iraqi side was represented by the Deputy Prime Minister and Minister of Finance Dr. Ali Allawi, the Minister of Oil, Mr. Ihsan Ismail, the Minister of Electricity, Mr. Majid Hantoush, and the Prime Minister’s Adviser on Investment, Ms. Suha Najjar.

The event, co-hosted by the IEA’s Executive Director, Dr. Fatih Birol, was joined by senior government officials from other countries, including the US Secretary of Energy, Mr. Dan Brouillette, and the UK’s Minister of State for Business, Energy and Clean Growth, Mr. Kwasi Kwarteng.

Business leaders taking part included the CEOs of Siemens Energy, GE Gas Power, Total, Eni and others.

Reforms White Paper

At the start of the discussions, Dr. Ali Allawi outlined the nature and scale of the financial and economic crisis in Iraq.

Dr. Allawi told participants that this Iraqi government is revisiting all past decisions that have encumbered Iraq’s economy, allowed it to be wholly dependent on oil, and stifled the ingenuity and creativity of Iraqis.

Dr. Allawi said that the new Iraqi government is  committed to submitting a wide-ranging White Paper to Parliament in September 2020 which will set out a roadmap to reorient the Iraqi economy and grow the private sector so that it can play its natural and leading role in the economy.

Dr. Allawi said that reforms are necessary to drive growth and development:

Iraq reforming its economy is not a matter for debate. It is essential, and it is vital that reforms are comprehensive and timely. The meeting today with the IEA highlighted the Government of Iraq‘s seriousness in its endeavour to fundamentally reform its economy, including the energy sector, which we want to be a driver of growth and development.

Modernising the electricity sector

In his contribution, Iraq‘s Minister of Electricity, Mr. Majid Hantoush, outlined the challenges facing the electricity sector in Iraq which impede delivering a service that meets the expectations of the Iraqi people.

Mr. Hantoush underscored that the Iraqi government is determined to update plans to rehabilitate and modernise the electricity sector, and to rehabilitate and expand transmission network.

He reiterated that this Iraqi government will adopt the principle of partnership to encourage investment in this vital sector.

Oil and gas

Iraq’s Minister of Oil, Mr. Ihsan Ismail, stressed the important role Iraq played in helping to stabilise the global oil market, despite the very exceptional and difficult challenges the country is facing, by fulfilling its commitment to implement the OPEC + and G20 agreements.

The Minister of Oil gave a briefing on the impact of the pandemic, the reduction in oil prices and the financial crisis, on the plans to develop the natural gas and oil sectors.

He added that the burning of associated gas is unacceptable, and stressed that the Iraqi government plans to end the burning of associated gas, and that this will contribute significantly to achieving the economic goals of the government.

International support

The Executive Director of the IEA, Dr. Fatih Birol who opened the ministerial roundtable discussions, said electricity and natural gas sectors are critical to growing the Iraqi economy and to the creation of jobs for Iraqis.

Dr. Briol told participants that the new Iraqi government should be supported as it embarks on introducing what he described as “deep and urgent” structural reforms to revitalise the Iraqi economy.

Dr. Briol reiterated his organisation’s continued support for Iraq, saying:

The IEA has been a steadfast supporter of Iraq’s reforms, and we are especially encouraged by the Government’s clear-sighted and comprehensive vision for economic development.  The energy sector will be a crucial linchpin here – stable and affordable electricity can spur the private sector growth that Iraq needs to diversify.

In his contribution, the US Energy Secretary, Mr. Dan Brouillette, thanked Iraqi ministers for what he described as their “frank analysis” of the current challenges facing Iraq and reiterated the US support for the Iraqi government and its reforms programme.

The UK’s Minister of State for Business, Energy and Clean Growth, Mr. Kwasi Kwarteng welcomed the Iraqi government commitment to reforming and diversifying the economy, saying that the UK will continue to support Iraq across several areas, including economic reforms and called on other countries including those in the region to support Iraq.

[DinarThug]

An economist warns of a "scenario" that will limit the Iraqi economy

 

Economie 07/25 2020 13:22 377 Editor: am    

Baghdad today - Diyala 

 

The economic expert, Rasim al-Akidi, warned today, Saturday, of a scenario that is being adopted by neighboring countries to obtain the dollar from Iraq, while he indicated that this scenario contributes to restricting the Iraqi economy to foreign policies.

Al-Aqidi said in an interview with (Baghdad Today), that "most neighboring countries adopt a similar scenario for several years, which is the payment of Iraqi merchants to pay money to buy their goods in dinars." 

The economist pointed out that "these countries currently possess at least 35% of the Iraqi monetary block, and this is extremely dangerous." 

He added, "Countries are investing their Iraqi monetary block in buying dollars through auctions from the central bank, through private banks." 

He pointed out that "this scenario is not being talked about, and there are many parties that turn a blind eye to him despite his danger in transferring hard currencies abroad," explaining that "the Iraqi economy will be restricted to foreign policies."

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[DinarThug]

Member of Parliamentary Finance: The government secured the salaries of July, August and September ... The date for distributing them this month before the holiday is inevitable

 

Economie 2020/25/25 21:28 675 Editor: ht   
Baghdad today - private 

 

Member of the Parliamentary Finance Committee, Jamal Cougar, revealed on Saturday, July 25, 2020, the date of launching the salaries of state employees for the month of July, indicating that the government has the financial liquidity to pay salaries. 

Cougar said in an interview with him (Baghdad today), "The government cannot back down or deny the covenants it has made, including paying employees salaries before Eid al-Adha, which falls on Friday." 

He added, "The government secured the employees' salaries for 3 months through internal borrowing."

Cougar added that "the salaries of the month of July will be launched during this week, as the government promised, without delay, as happened in the past two months." 

On Thursday (July 23, 20020), the Minister of Finance, Ali Abdul Amir Alawi, directed the Accounting Department to pay the salaries of employees and retirees early next week. 

The Iraqi News Agency quoted Allawi as directing the accounting department in the ministry to pay the salaries of employees and retirees early next week. 

The central bank announced, last Wednesday, the insurance of employee salaries for the current month of July, confirming its launch in one payment before Eid Al-Adha. 

The official agency quoted the bank as saying that "the salaries of employees for the month of July are insured and will be launched in one payment before Eid Al-Adha."

It is noteworthy that the salaries of employees for the month of last June were delayed for two weeks or more due to the financial deficit faced by the public budget due to the effects of the Corona pandemic on the decline in oil prices, according to official sources.

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[DinarThug]

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The central bank is approaching banks to postpone the retirement loans

 

 

7/25/2020 12:27:33
 

 

The Central Bank of Iraq announced, on Saturday, the approach of government banks regarding the measures taken with regard to postponing the payment of retired loans.
 

{Al Furat News} obtained a document from the bank’s address to the House of Representatives, regarding the postponement of retirement loan payments, which included the following: “We would like to inform you that government banks have been approached for the purpose of informing us of the measures taken in relation to paragraph (1) of the Supreme Committee’s Health and National Safety Decision No. ( 24) for the year 2020 in accordance with the letter of the Banking Control Department No. 9/182/18 dated 7/7/2020, and we will inform you about the developments of the subject later.

 

[horsesoldier]

5 hours ago, DinarThug said:

 

 

It’s ‘Shiite’ In Arabic !  

 

And They Need To Bury That Piece Of ‘Merde’ Shiite Maliki Beneath A Dirt Curtain ...

 

After They Hang Him Out To Air Dry ...

 

     

 

Do you know how much the tickets cost and will Ticket Master be selling Box Seats ???