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Iraqi Parliament Announces The Arrival Of The 2020 Budget Bill To The Council


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Mr. Clown spent hours today pulling news for the rest of us to read to keep us informed. He did it yesterday and the day before, and will do it tomorrow. Just like Yota and others do too.   

CNN. Broadcasting From The Committee Resolving The Oil And Gas Law TO COMPLETE IT’S LEGISLATION !     LINK Iraqi Parliament announces the arrival of the 2020 budget bill to the counci

Lol - Try Not To Let Ur ‘Bitter Beer Face’ Get In The Way Of All Of The Good News From This Article !             Which Btw - Currently Isn’t Being Discussed On Ur Pr

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The government sets budgets for the next 3 years

Wednesday 23 September 2020


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Baghdad: Morning
 
 
The Parliamentary Finance Committee revealed a new government strategy to prepare financial budgets for the next three years. 

Committee reporter Ahmed Al-Saffar said, in a press statement, that "the budget for next year 2021 will be ready soon, as the government proceeded to form a special committee in the budget department at the Ministry of Finance, in which members of the Parliamentary Finance Committee and representatives of the regional government will participate."

Preparing three financial budgets in turn for the coming years 2021-2022-2023 ”. 

He added that "the 2021 budget will be mandatory for the government if it is voted on in the House of Representatives," indicating that "the other budgets for the years 2022-2023 will be ready until the fiscal year arrives, as changes will be made and revised in a timely manner to ensure the speedy legislation and approval." 

Al-Saffar explained, "The new committee has practically begun preparing and preparing the draft general budget according to a new strategy for the next three years."

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Economic reform in Iraq

Tuesday 22nd September 2020

 

Sabah Mohsen Kazem 
 

Perhaps the preoccupation of everyone in Iraq is how to advance the economic reality and the long-awaited economic development for four decades, due to the futile wars, the economic blockade and the debt-tie of Iraq due to the successive Gulf wars, after the sun of freedom, hope was legitimate towards prospects for advancement, but the delay in development projects, and the emergence of a phenomenon Financial corruption, then the "Corona" pandemic and its consequences led to the cessation of economic activity. The Iraqi society looks forward to providing a decent level of services, as in neighboring countries - with educational and health services and various sectors.


Iraq, with its topographical diversity, can invest in its land from the marshes environment, agriculture and archaeological tourism, with the capabilities to develop oil industries in (Basra, Amara, Nasiriyah) and to invest in the Samawah desert that extends to the Saudi borders, while the presence of the holy shrines in Karbala and Najaf makes them a destination for visitors from all countries of the world if it is developed as it does. Saudi Arabia around the city of Mecca or Iran in the holy city of Mashhad, Turkey, and the interest in its religious monuments, and Egypt with its Pharaonic civilization, has turned to establish an industrial base after establishing electrical stations and important transportation routes.

The completion of the strategic Al-Faw port project, which makes Iraq an important corridor for global trade, is an economic necessity, at a time when economic reform (industrial-agricultural) is facing a state of confusion. The advancement of Iraqi development is what is expected of every future elected government.

In his book (Economic Reform in Iraq Between Theory and Practice) on page 25, Dr. Abdul Rahim Al-Shaddd confirms that the concept of economic reform: (It is an expression of the policies that make domestic expenditures in harmony with the available resources by creating a combination of financial, monetary, commercial and exchange rate policies. To ensure the existence of aggregate local demand that matches the composition of the aggregate supply, as well as adopting measures that stimulate the goods and services sector, adopting microeconomic policies that seek to achieve efficiency in the use of resources by eliminating price distortions and promoting competition, as well as reducing administrative control, which leads to the restoration of The internal and external financial balance, reducing inflationary pressures and reducing their negative effects, leading to an improvement in the balance of payments ...).

The reform package appears with the development of the economic performance that is reflected in the individual's life, and the lifting of the daily suffocation that society suffers from ... and thus the realization of the dream of the desired economic well-being, if the politician seeks to work carefully for his countrymen, the Iraqi economy is able to revive.

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The Iraqi Institute and the Formulation of Reform Packages


Tuesday 22nd September 2020
 

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Baghdad: Morning 

 
An economic symposium of the Iraqi Institute for Economic Reform focused on the imperative to formulate economic reform packages at a time when Iraq relies on crude oil to cover the country's requirements, despite the presence of natural and human resources throughout the country. Hussein Al-Khaqani said, "The Iraqi Institute for Economic Reform sought to contribute to the national efforts towards formulating economic reform packages. Based on the principle that reform is a joint responsibility between the government and society, the institute organized special sessions for this matter in which a group of experts from the institute and others from Iraqi competencies participated in it. Iraqi Industries presented these packages in early June 2020. "
 
Decision-makers
 
He added, "The institute continues to host academic figures, businessmen and those interested in Iraqi economic affairs in electronic dialogue seminars to crystallize the image in front of the Iraqi society and decision-makers to implement those reform packages that were focused on four axes represented by maximizing public revenues through possible and practical means and rationalizing public spending in a way that enhances the role of And the strength of the economy and industrial development, ways to develop the efficiency of the industrial sector and agricultural development, and how to take advantage of the local potentials to develop agriculture. "He pointed out that"In light of the difficult economic conditions that it is going through, Iraq needs bold steps in economic reform by conducting treatments for unhealthy situations that exist in reality, and unjustified dependence on unstable oil revenues, and facing crises and global repercussions affecting the Iraqi economy, and developing appropriate solutions to advance the reality Iraqi economist, with the conviction and support of Iraqi society. "

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Work is looking with the World Bank to obtain an emergency loan


Wednesday 23 September 2020
 

alsabaah-46729.jpg

Naghdad: Muhannad Abdul-Wahhab

 
In order to reduce the issue of unemployment and youth employment, the Ministry of Labor and Social Affairs confirmed that it is continuing to formulate meetings with the World Bank to obtain an emergency loan project for the liberated areas. The Director General of the Department of Labor and Vocational Training, Raed Jabbar Bahed, told Al-Sabah: "The ministry discussed during its meeting with the Parliamentary Work Committee the emergency loan project for the liberated provinces and the follow-up of the implementation mechanisms by the committee."

He pointed out, "The Ministry of Labor has started meetings with the World Bank to work on the success of the project and to obtain the loan, which is hoped to reach $ 200 million." One dollar, five thousand dollars, and three thousand dollars, depending on the type of project. " 

Bahed said, "The ministry continues to work to hire young people and give them opportunities to achieve financial incomes for them and create other opportunities." for work". 
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Source: The financial balance of the Central Bank is sufficient to cover employee salaries

Economie

2020-09-22 | 13:30

 

Source: The financial balance of the Central Bank is sufficient to cover employee salaries

 

11,095 Views
 
 

An informed source said, Tuesday, that the balance of the Ministry of Finance at the Central Bank is sufficient to cover the salaries of employees.

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Member of Parliamentary Finance: Every Iraqi child is born in debt with $ 3,000 of the country's debt

 

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1,748 Economie 2020/09/22 21:27 


Baghdad Today _ Follow up  

 

The reporter of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, said, Tuesday 9/22/2020, that Iraq's debts, when calculated and divided by the number of residents, that every Iraqi child who is born will be in debt, 3000 dollars, while he spoke about the file of appointments and salaries in the 2020 budget. 

Ahmed Al-Saffar said, in a televised interview, followed by (Baghdad Today), that "successive governments have transformed the Iraqi economy from a producer to a rentier one that depends on a single resource, which is oil, and now there is no specific economic system in the country," indicating that "5% of the state's revenues It does not reach it as revenues from ports, taxes and customs. 

Al-Saffar added, "The government is preparing a reform paper, and a committee has been formed that set goals and stages for economic reform through a white paper that includes solutions to reform the financial management of Iraq, which depends on borrowing and oil." 

And he continued, "There are ministries that take more money than they need, and there is a waste of money and secrets who take high salaries, and the government does not know the number of its employees due to random appointments, especially partisan, and we have put in Parliament frameworks for a new salary scale to achieve justice among employees and we are waiting for a copy of the government to consider." .

Regarding the Iraqi private sector, Al-Saffar stressed "the failure of the public sector due to the state's economic system," noting that "one study says that the productivity of the Iraqi employee is 20 minutes a day," stressing at the same time the need to "move the stalled sectors such as agriculture in which the volume of what is planted has decreased. 48 million acres in 2003 achieved self-sufficiency, which reached 12 million. 

Regarding the public debts owed by Iraq, the reporter of the Finance Committee in Parliament said, "If Iraq's debts are calculated and divided among the population, every Iraqi child is born in debt of 3000 dollars." 

And the former central bank governor, Ali Al-Alaq, revealed, earlier, that Iraq's external debt amounts to about $ 23 billion, while the internal debt is about 40 trillion Iraqi dinars.

Al-Alaq said in his study on "lowering the exchange rate of the Iraqi dinar, determinants and alternatives," published by the official website of the Central Bank, that "Iraq's external debts amount to about $ 23 billion except for pre-2003 outstanding debts amounting to $ 40.9 billion." About 40 trillion dinars, representing treasury transfers and discounted bonds with government banks and the Central Bank of Iraq. " 

Al-Alaq added, "When the country is in debt and pays its debts and interest on it in the currency of the creditor country, the burden of debts incurred by it in this case increases in the state's general budget as a greater amount of its national currency is allocated in repayment of its debt in foreign currency."

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9 minutes ago, dinarbeleiver said:

Wow thanks thug!!! Exciting times for the Dinar 

 

1 minute ago, Bumper64 said:

@Adam Montana Thug wanted to make sure you saw this post before your chat!! 👍👍😁 Great job Thug 🥇🥇🥇

100 Percent Amazing News from our own DT DVNN...👍👍

Totally & Unequivocally Agree with the both of you DB & Bumper64.  Good times are coming for all of us and hopefully sooner than later...😁

 

GO RV & RI

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An economist reveals the number of Iraqis who do not have a salary, retirement, or social security

 

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675 Economie 09/22/2020 19:33


Baghdad Today - Follow-up

 

Economist Basem Antoon revealed, Tuesday (September 22, 2020), that there are 8 million Iraqis who do not have salaries, retirement or social security, while noting that there are obstacles to preventing the legislation of the Federal Service Law because the parties want to remain in control of the file of appointments, according to his saying . 

Antoon said in a televised statement that he (Baghdad Today) followed, that "specialists must participate in writing Iraqi budgets because the political blocs are ignorant of the economic capabilities. What is written on paper is not implemented. There are political forces that stand against reform because it harms their interests."

He added, "There are 50,000 industrial projects in the private sector on hold, and there are 80 government projects that are suspended due to import. The issue of selling the currency and its exit for import must be specified, and import is limited to goods that are not produced in Iraq while encouraging the local product.

"There are obstacles to preventing the legislation of the Federal Service Law because the parties want to remain in control of the appointments file," Anton said, noting that "Iraq does not live with a problem of lack of funds in the first place, but rather waste and mismanagement of resources, spending and corruption." 

He pointed out that "there are 8 million Iraqis who do not have salaries, retirement or social security," explaining that "if the private sector is not promoted by moving the market, 50% of its activities are hidden, it can be placed under the title of the gray market because it does not appear in the laws and regulations or is obtained." Including taxes and fees. " 

He said that "the main reason for the lack of cash liquidity in banks is that Iraqi merchants complete their transactions in cash and not with instruments, and this deprives the budget of revenues." 

The economic expert, Mahdi Saleh Dawai, explained, on September 1, 2020, the rate of poverty and unemployment in Iraq after the emerging Corona virus pandemic, while noting that Iraq is a unique case in the world in its economy dependent on what he called "mercury."

Douai, dean of the College of Administration and Economics at Diyala University, said in an interview with (Baghdad Today), "Poverty and unemployment in Iraq is a source of concern for all administrations, elites and society, and the peaceful demonstrations that roam most provinces from time to time focus directly on poverty and unemployment," stressing that " The problem in Iraq is very complex and is related to the structure of the economy as it is a unique case in the world, because it depends on mercury, referring to crude oil according to the concept of the economy, because the pricing does not take place inside the country but is an international supply and demand. 

Douai added, "No economic program can be built comfortably by relying on oil exports, which constitute 98-99% of Iraq's exports and secure 89% of the country's budget, because it represents a unilateral economy."

He stated, "The oil sector, despite its great contribution to supporting the country's budget, but it does not secure only 1% of employment because it relies mainly on modern and advanced technologies and human capital is mostly foreign."

He pointed out that "two paths to measure poverty in Iraq according to the indicators of the United Nations and the Iraqi Central Bureau of Statistics, which is human poverty and income poverty, and the last determined by the United Nations, that poverty measures those who get two dollars a day and below the poverty line," pointing out that "Iraq is with The repercussions of the Corona pandemic have reached 34%, while unemployment is 30%.

On September 14 this month, the Council of Ministers approved the state budget bill and sent it to Parliament.

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6 hours ago, DinarThug said:

The financial crisis in Iraq and the position of the IMF ... and other available options


Tuesday - 5 Safar 1442 AH - September 22, 2020 AD Issue No. [15274]
 
Dr..  Thamer Mahmoud Al-Ani
 
 
 
Director of Economic Relations Department at the League of Arab States - formerly Professor of Econometrics at the University of Baghdad
 
At the beginning of this article, it is necessary to refer to the book "Applying Sound Economics to Confronting Troubled Times, Better Solutions to Our Biggest Problems", published in 2019 by its authors Abhijit Banerjee and Esther Dolphu, Nobel Prize winners in economics in the same year; As the authors of the book believe that “the proper application of economic sciences will help us solve the most difficult social and political problems facing us, from immigration to injustice, and from slowing growth to accelerating climate change. We have the necessary resources to deal with the challenges that face us, but in most cases we do not see this because of the ideologies that we believe in. I saw that I begin my article with this phrase that I was influenced by and that it applies a lot to Iraq and our Arab world, which we love and belong to.
Iraq is facing a severe financial crisis that has cast a shadow over all the facilities of economic and social life and other sectors due to the drop in oil prices, this resource on which Iraq depends almost completely in financing the budget, in addition to the weak contribution of the main sectors in the Iraqi economy - agriculture and industry in all its branches - in Boosting budget resources.
One of the most important reasons for the occurrence of the current economic and financial crisis in Iraq is that it is caused by the drop in oil prices since mid-2014; As these prices fell from an average of more than $ 100 a barrel to less than $ 40 a barrel, meaning a loss of more than 60% of its value, and that the drop in oil prices below the price approved in the budget increases the deficit and causes financial instability. In addition to that the Iraqi private sector is directly linked to the state, and is dominated by small and very small companies that mainly operate in the field of retail trade, construction and transportation services, as well as in the light industry.

Despite the strategy that has been developed to develop the private sector in Iraq, it still suffers from a set of problems that prevent its development, including the inadequate legislative and regulatory framework, unfair competition between the Iraqi government (the public sector) and the private sector, the absence of a governance system, and inefficiency. Infrastructure and power supply, and shortage of skilled workers.

The financial crisis halted investment flows and decreased confidence in the Iraqi economy, whether by the national or foreign investor, which caused an economic recession. The large budget deficit increased to $ 19.5 billion in 2019, and to $ 57 billion in 2020 (equivalent to 70.6 trillion Iraqi dinars), which represents the financing gap. The total debt of Iraq reached 132 billion dollars (internal and external debt); The budget depends on two basic elements for its financing: oil revenues and non-oil revenues, as well as domestic and external borrowing. This has led to a decrease in government spending in the field of investment, especially in the oil industry, and support for investment projects in the housing, infrastructure, construction and services sector has also stopped. And in the private and government sectors, which negatively affected the Iraqi economy; The number of unemployed increased, and the rates of poverty, unemployment and inflation increased.

In light of what has been known of the positive and negative effects of external borrowing, it can be said that choosing a borrowing method to solve financial crises, even if it is an appropriate immediate solution in the short term, it is not an optimal solution in the long term, and it will not bear positive fruits on the economy, unless it is accompanied by a series Among the measures and reforms that contribute to solving the crisis, namely:

- Reducing spending and focusing in controlling public finances on containing the growth of current expenditures; In particular, public sector wages, prioritizing capital expenditures, enhancing non-oil revenues, adopting a fiscal policy that works to further diversify the state’s sources of financial revenue, and directing the fiscal policy to increase investment spending and diversify the productive structure.

- The trend towards diversifying sources of income, through restructuring the various economic sectors and their contribution to the GDP, which aims to create income-generating sectors in order to reduce dependence on the oil sector, which leads to higher growth rates in the long term, and to get rid of the risks that it imposes. Almost dependence on oil.

Stimulating and supporting the private sector, and setting up a program to involve this sector in managing the economy, and through restructuring the private sector, in line with what was stated in the government program to encourage the transformation launched by the government to the private sector, and to implement its development strategy for the years 2014 to 2030.

Going to the International Monetary Fund is not our last resort, as the solutions it provides are important but not sustainable. In fact, there are many important options available to Iraq to address the financial crisis, the first of which is the exploitation of the material capabilities available in this large country, and perhaps the most important of them are renewable energy sources, as Iraq has a great abundance of renewable energy sources. Especially solar and wind energy; Most of the Arab countries are located in the solar belt region, with the highest solar radiation flux in the world. It also has good potential in the field of wind energy to generate electricity, in addition to hydropower and biomass energy.

 In the context of reducing future consumption of oil and gas, and to preserve the environment and reduce emissions from thermal power plants, it becomes necessary for Iraq to increase reliance on electrical generation from generation stations that operate on renewable energies to meet local demand on the one hand, and then export to provide hard currency for the budget. on the other side. 

Secondly, it is necessary to develop incentive financing measures to strengthen the national innovation system and support entrepreneurship, through a long-term national vision and a good science, technology and innovation system. In addition to diversifying the sources of the state's financial revenues, directing them to increase investment spending, and strengthening the building of technological and innovative institutions.

- Director of the Economic Relations Department at the Arab League, and a former professor of econometrics at Baghdad University.

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The Central Bank is discussing with the International Monetary Fund the latter's readiness to help Iraq

 

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104 Economie 09/23/2020 09:22 ta


Baghdad today - Baghdad 

 

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheif, held a meeting today, Wednesday, through visual communication with the International Monetary Fund, to discuss the latter's preparations in helping Iraq.

"During the meeting, topics related to the economic situation in Iraq and the readiness and willingness of the fund to help Iraq by providing support and technical advice and coordinating financial and monetary policies and financial control plans were discussed," the Central Iraqi Media said in a statement received by (Baghdad today).

He added, "The fund's team also offered the congratulations of the fund’s executive director, Dr. Hazem Al-Beblawi, to the governor of the Central Bank on his assumption of the position."

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A member of Parliament Finance clarifies about appointments and salaries in the 2020 budget

 

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1,169 Policy 09/22/2020 20:54 


Baghdad today - Baghdad  

 

A member of the Finance Committee, MP Naji Redis, said today, Tuesday, that the 2020 budget will not include any appointments, and it aims to secure the salaries of employees for the remaining months of this year.

Naji Idris said, in an interview with (Baghdad Today), that "the 2020 budget will not include any appointments, and aims to achieve a basic goal, which is to secure salaries for state employees for the remaining three months of this year," suggesting that appointments will happen "in the 2021 budget through deletion. And creation. "

Idris added, "The government is forced to borrow internally and externally because the volume of crude oil revenues has halved, which has created a deficit in covering employees' salaries and other expenses." 

A member of the Finance Committee in Parliament warned of "the negatives of relying on borrowing through the central bank’s reserves because they are designed to protect the currency," calling for "adopting other alternatives, including the release of treasury bonds for several months," stressing at the same time "the need for a comprehensive economic reform to Side of political reform to overcome the financial crisis in Iraq. "

Yesterday, the House of Representatives announced the arrival of the 2020 budget bill submitted by the government. Earlier, the reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, confirmed that "one of the most important reasons that prompted the government to send the budget is internal or external borrowing, in order to meet the necessary financial needs in the coming months."

He added in an interview with (Baghdad Today) that "borrowing will not be limited to salaries only, but there are necessary needs to provide the supplies of the ration card and to confront the Corona virus."

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A representative source reveals when Parliament will vote on the 2020 budget

 
A representative source reveals when Parliament will vote on the 2020 budget
 

09/22/2020 15:24:46
 
 
A parliamentary source revealed the date for the House of Representatives to vote on the fiscal budget bill for 2020.

 

The source told {Euphrates News} that "Parliament will discuss the election law in a session next Saturday, while voting on the financial budget will be after the forty visit of Imam Hussein {p}", which ends after October 8.

He pointed out, "The budget, after I arrived yesterday to head the parliament, was transferred to the Finance Committee for discussion." Yesterday, Monday, the House of Representatives received the draft federal budget bill for the year 2020 sent by the government.

It is noteworthy that the Council of Ministers approved, in its extraordinary session, which was held on the 14th of this month, the 2020 budget bill and sent it to the House of Representatives.

Today, Parliament Speaker Muhammad al-Halbousi called on the political forces to complete the early elections law and limit the session next Saturday to one paragraph dedicated to completing the electoral districts.
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13 hours ago, DinarThug said:

Representatives are optimistic about the work of the Corruption Crimes Commission: it could bring down big heads

 

%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-768x512.png?resize=768%2C512&ssl=1

 

22nd September, 2020



The parliamentary sources confirmed that the House of Representatives submitted dozens of corruption files to the Integrity Commission, which in turn transferred it to the Supreme Judicial Council to take action against those convicted of those files.

The sources expressed their optimism about the work of the Corruption Crimes Committee during the next stage, indicating that the investigation with some figures may lead to the removal of large heads for their involvement in these files.

Parliamentary sources called for the application of the Where do you get this law, in conjunction with the campaign launched by the Prime Minister against corruption, in order to hold all officials and politicians accountable for the money they have. 

 

LINK

Spokesman for the Prime Minister: The published names of those involved in corruption are inaccurate, and you will hear real names soon

 

image.jpeg.457c3c5113f0474c635c1247377f4775.jpeg

 

22nd September, 2020


The spokesman for the Prime Minister, Ahmed Mulla Talal, revealed, on Tuesday, September 22, 2020, the steps and mechanisms of the anti-corruption committee headed by Lieutenant General Ahmed Abu Ragheef, while he confirmed that what is published on social media sites, that they are required to eliminate cases Corruption, inaccurate.

"The Anti-Corruption Committee, headed by Abu Ragheef, will not eliminate the role of the rest of the institutions responsible for combating bureaucracy in government institutions, and it will not target specific names or specific personalities as far as it relies on files on corruption cases," Mulla Talal said at a press conference in Baghdad.

He added that "there are attempts to distort the work of the committee or broadcast rumors about preventing the travel of officials or talking about the escape of officials."

He continued, "The government will not reveal any names at present before the investigations are completed, and the names of personalities published on social media are inaccurate, and you will hear real names soon." 
 

Edited by DinarThug
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15 minutes ago, dinarbeleiver said:

Thug your on fire man!! This week should be a real eye opener especially on Saturday with the budget. I can almost smell the RV !!!! The volatility of the Dinar is about to get more volatile 

You should Thank ktfa it's  very easy to  copy and paste wow you are working so hard clown 😆 🤣 😂 

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7 hours ago, DinarThug said:

Deputy Haybat Al-Halbousi indicated that the committee had opened the cabinet to send oil and energy bills,

including the oil and gas law.

In order to discuss it within the committee and resolve views on it in order to vote on it within the committee and complete it’s legislation.

 

WHEWWWWW! I have to admit... I'm a little fired up about this. 

 

:pirateship: 

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5 hours ago, SONIA1 said:

You should Thank ktfa it's  very easy to  copy and paste wow you are working so hard clown 😆 🤣 😂 

Yes I will thank ktfa the bunch of crooks that seem to think it’s ok to sell dinars and then speculate on it. Spewing as much hype to get people to buy off frank. I think the crime that thug has committed is nothing compared to the crimes they have committed over the years and continue to do so. Frank and ktfa are about as ethical as a hair on my bottom. Thug keep bringing it over. Also going onto Iraq news sites and newspapers and using google translate to get an article hardly constitutes hard work 😂 keep rocking thugster go RV !!!!!

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