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

[DinarThug 98,036]

The central bank and price stability

Sunday 27 September 2020

 

Baghdad: the pillar of the emirate

 

The Central Bank aims to achieve local price stability and a stable financial system, in order to promote sustainable growth and reach the level of economic prosperity in the country through the enforcement of the fiscal and monetary policies, stressing at the same time its full readiness to receive notices of payment of September salaries. A government source stated that "the Central Bank confirms its full readiness to receive notices of payment of salaries for retirees and employees for the month of September from the Ministry of Finance account in the Central Bank."

He added, "The bank has made clear that there are no technical or technical problems that hinder the present time ".

 

Government Bank

 

For his part, economist Falah Hassan Thuwaini said that the central bank is the government’s bank, its agent and financial advisor, and it is the fund in which the state maintains its cash and financial reserves and payments, and it is also the last resort for lending and an observer to regulate credit and maintain the integrity of the banks ’financial position.

Thuwaini emphasized that "the monetary policy in the country operates through a legislative and institutional framework represented by the Central Bank of Iraq Law No. 56 of 2003, and political or main objectives represented in achieving price stability and a stable financial system," explaining, "Article 3 of the law defines its basic objectives, which are It stipulates that the main objective of the central bank is to seek to achieve a stable financial system and maintain domestic price stability. Accordingly, the central bank also promotes sustainable growth and prosperity in Country".

 

Bank independence

 

Thuwaini noted that the country's monetary policy is driven by three elements, only two of which are at the direct disposal of the central bank, and the third is cash flows from oil sales.

Explain that "the two elements are the currency auction, and the other is the interest rates on the Iraqi dinar that are produced through the operations of the Central Bank and its use as the interest rate signal (the rate the bank)".

And he continued, "As for the third factor that the central bank cannot act in, despite the great influence of this factor on its monetary policy and its objectives, it is the foreign currency inflows from Iraqi oil exports, military spending, the spending of non-governmental institutions and the volume of the local spending".

And Thuwaini indicated that "the most moderate economic opinion is that the central bank should operate as a government institution that exercises its functions within the general framework of the state, provided that it possesses its privacy in making independent decisions regarding monetary policy that must be consistent with the general economic policy To the state. "

LINK

[DinarThug 98,036]

13 hours ago, DinarThug said:

a "secret" that only the Ministry of Finance knows, and it is hidden from banks, the Central Bank and even the Parliamentary Finance Committee.

 

7 hours ago, screwball said:

In all the years I have never heard this statement! 

 

7 hours ago, gregp said:

sounds like someone is about to throw a surprise RV in October.

And Perhaps By The ‘Time Limit’ Of October 10th !  

 

     

 

 

LINK

Parliamentary Finance sets a time limit for including the budget on the Parliament's agenda

 

28th September 2020

The Parliamentary Finance Committee confirmed, on Monday, that the 2020 budget is still with the government after it was withdrawn from Parliament, and it needs a time limit of up to October 10, in order to be included on the agenda of the Parliament sessions.

MP Jamal Cougar said, according to the official agency, that "the general budget for the current year is still with the government after it was withdrawn from the House of Representatives." 

"The government will send it as soon as the amendments are made that caused its withdrawal, and then it will reach the Finance Committee, which in turn will request its inclusion in the agenda of the upcoming council sessions and a first reading," Cougar said.

The member of the Finance Committee set a time limit, calculated from the time the budget is sent by the government, until after the tenth of next October for discussion."

[Half Crazy Runner 6,313]

20 minutes ago, DinarThug said:

a "secret" that only the Ministry of Finance knows, and it is hidden from banks, the Central Bank and even the Parliamentary Finance Committee.

😎 This sounds exciting... I love a mystery 

 

Thanks Thug!! 

[gregp 12,078]

Just shat myself. 

[DinarThug 98,036]

LINK

An urgent procedure by the Iraqi Finance to secure employees' salaries by the end of 2020 ... Document
 

28th September, 2020

The Ministry of Finance requested the Iraqi government to approve a draft law on financing domestic borrowing to finance the fiscal deficit for the year 2020, with the hope of submitting it to a vote in Parliament and its legislation.

In the document sent to the General Secretariat of the Council of Ministers, which was obtained by Shafaq News Agency, and held the title of a draft law on financing domestic borrowing to finance the fiscal deficit for 2020, this was justified by the withdrawal of the budget law from the parliament by the government.

The Ministry of Finance indicated in a statement today that it is currently preparing a detailed roadmap to finance the basic expenditures for the remaining three months of the current year. Once approved, we were able to start securing government salaries in full."

On Tuesday, the Iraqi government withdrew the 2020 budget bill from Parliament, one day after it was handed over for the purpose of discussion and approval, according to what the Parliamentary Finance Committee announced.

Earlier, the Iraqi Finance Minister, Ali Abdul Amir Allawi, ruled out approving the general budget for the year 2020, confirming the trend towards borrowing. To borrow from the World Bank to address the financial crisis."

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Finance sends a new draft law for internal borrowing and requests speedy passage of it

 

28th September, 2020

 

Finance Minister Ali Allawi sent a new draft law for domestic borrowing to finance the fiscal deficit for the year 2020 to the General Secretariat of the Council of Ministers, to enact the law as soon as possible.

Dijlah TV obtained a document issued by the Minister of Finance and directed to the General Secretariat of the Council of Ministers, containing a proposal for a draft law on financing local borrowing, to finance the fiscal deficit for 2020.
 

 

Translation...

General Secretariat of the Council of Ministers in the office of the Secretary-General M / Draft Law on Financing Domestic Borrowing to Financing the Fiscal Deficit for the year 2020/2020 This ministry gives its greetings to our letter No. / 10/2/1/10 on 3/3/2020 and in view of the withdrawal of the draft federal budget law for the Republic of Iraq for the fiscal year 2020 / which was sent to the House of Representatives by the General Secretariat of the Council of Ministers according to its letter above attached herewith? A draft law on financing domestic borrowing to finance the high deficit for the year 2020, hoping to speed up its legislation. With appreciation times. Disc (CD) d bill. Table (1) and (2) Ali Abdul-Amir Allawi, Minister of Finance, 2/2020 / Appraisal, a copy of it to the Presidency of the Republic. The House of Representatives / Finance Committee / a reference to the above, please read with - the Office of the Prime Minister, the Office of the President / a reference to the above .. with appreciation - The General Secretariat of the Council of Ministers / Cabinet Affairs and Committees Department, referred to above. With appreciation. - Administrative Department / Outgoing Section, graceful teams .... with appreciation.  

[DinarThug 98,036]

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Mazhar Muhammad Saleh: The government concluded nearly 19,000 contracting contracts worth $ 100 billion

 

 

28th September, 2020

 

The prominent economist, Doctor Mazhar Muhammad Salih, confirmed that the government has nearly 19,000 contracting contracts worth nearly $ 100 billion

Saleh said, in an article published on the Iraqi Economists Network, seen by "Al-Eqtisad News", that launching projects in Iraq has a huge number of commitments, and the advance payment policy is used as one of the encouraging phenomena for the contracting sector, which amounts to 10% of the total contracting, pointing to that the number of projects increased to 6 thousand projects and nearly 19 thousand enterprises, a value of close to 100 billion dollars

He noted that the state pays a risk premium of 10% for the delay in approving annual investment projects, which takes the form of advances provided to contractors

He explained that the annual material achievement of government projects ranges between 8% -28% in the best case, explaining that the decision to stop incomplete projects and pay on credit has cost the country to pay bonds or commit to pay them at about 5 trillion dinars for the cost of semi-completed or unfinished government projects

Translation of Report.....

Dr . The appearance of Muhammad Salih: Government investment projects in Iraq: Between ambition and faltering.  It has become clear that the annual investment budget is a case that does not go beyond the monitoring of speculative amounts that are approved and launched with the general budget legislation that comes free from any project except for foreign development loans funded by knowledge projects and taken over by International bodies with prior technical and economic cooperation agreements with Iraq, as their allocations were estimated at about 8% of the total allocations of the draft investment budget for the year 2020, which amounted to approximately 31 trillion Iraqi dinars, which has become an integral part of the total deficit of that proposed budget and has not been approved until the present time.  As for choosing the projects or the project plan, it is completely separate from the general budget and was not submitted with it, but was later approved and was subject to a high amount of quotas and regional pressures and the various anti-planning factors that the country is accustomed to. These projects are usually launched in the last quarter of the fiscal year, as their launch comes with a huge number of commitments as long as the advance payment policy continues as one of the encouraging phenomena for the contracting sector to enter any project that helps then

Papers in investment and financial policies collection of downpayments of 10% of the contract value of one project. Here, the investment budget is executed financially during the budget year only in return for a letter of guarantee issued by a local bank, as legal problems are often raised that are easy to deal with and state departments oppress the collection of the value of the letter of guarantee at the time because the project will falter in the next fiscal year due to negligence or suspension of the project or Changing priorities in investment projects by the government side itself. It is a "rentier game that constitutes an absorption of oil rents allocated to the implementation of projects without an investment return). Thus, we find that the huge number of projects that exceeded 1,000,000 projects and nearly 19,000 contracting contracts, most of them with the private sector, with a value of nearly $ 100 billion, so that their accumulation as committed and unimplemented projects constitutes a mere chaos in the state’s investment projects, or rather the beginnings of projects that are approved annually and neglected later In order for a (negative) capital accumulation to be achieved instead of productive capacities representing real or positive capital accumulation, the state only has to pay a risk premium of 10% that pays for the delay in approving annual investment projects in the form of advances in advance to contractors, which were still paid to contractors until Short term to show seriousness in the financial implementation of the investment project, regardless of the seriousness in the physical implementation

He said that the annual material achievement of government affairs ranges between ۲۸۸% o in the best case, noting that (the game of spare parts or lost benefit to increase the cost of the project, right or wrong) when re-working on it after years, is one of (the cost of words that will be mentioned later. This is repeated annually for other new groups of projects and disrupted in an increasing successive manner, as previous implemented incomplete projects are neglected by improvised decisions and miserable cessation pressures, or by a repeated government decision, but in the decision 20 of 2013 due to the security and financial crisis in the decision to stop the incomplete and the deferred payment that cost Nationwide payment of bonds or commitment

Papers in investment and financial policies with a value of nearly 5 trillion dinars for the cost of semi-completed or unfinished government projects. Noting that the majority of investment projects come without border studies or a complete lack of economic and technical feasibility studies and sufficiency as an alternative to that  and in a very favorable manner. Thus, Iraq has become one of the countries that enjoy a huge supply of imported equipment and deposited in storage for the benefit of incomplete or stalled government projects. It claims that the Federal Office of Financial Supervision has made an inventory of the value of these equipment that was Imported at the expense of projects that are still idle and accumulated for years without using  in light of the foregoing

 There are two important issues that we must refer to in this presentation. The first, the operating budget did not remain anything for investment, unfortunately, due to the financial chaos that the country witnessed over the past decade and a half and to this day, as the operating budget has taken over all oil and non-oil revenues and is an important axis in borrowing financing the deficit of the operating budget itself. Therefore, the country has nothing left but to benefit from investment project financing agreements, whether with the European Union, Japan, or the World Bank and others, including the Chinese contract (oil for reconstruction), as the last agreement comes as an attempt to compulsory savings towards re-engineering oil resources towards investment in infrastructure. Dilapidated instead of the doors of waste and consumer spending, the government, which yesterday is heading towards the absurd. The economic theory says that 1% growth in infrastructure leads to 1.9% growth in direct productive activities such as factories and others, and this is what India, the G20 and other countries are doing.  is and the second issue: the idea on which the Chinese contract was based that the entry of Chinese companies to work in Iraq through direct dealings without intermediaries and corruption (i.e. government agency with the government of gov to gov) will avoid a large margin of waste in the implementation

 papers on foreign investment and financial policies  inside Iraq and it is called a current cost of Iraq Taqi cost for each 2009-2019 740 additions to contracting if found inside the country (among the common phenomena that suppress investment and reconstruction such as the cost of security, corruption and the loss of benefit. And there is no good in the implementation mechanisms) as well On the importance of entering the country in the era of employment of construction technology, the principles and rules of implementation in managing projects, employing thousands of unemployed, and addressing the accumulation of unemployment and its problems that exceed the number of young workers

In conclusion, and unfortunately, I can say that Iraq has remained the hidden covers (of Chapter VII of the United Nations Charter as a country considered by others to still pose a threat to world peace, albeit in a timid and covert way, and it is in constant need of invisible sieges but with polite diplomatic frameworks, otherwise why was it issued The Security Council Resolution 1919 Committee for the year 2008 to lift the seizure a few days ago for 18 establishments and government projects that presented the international ban in accordance with the provisions of Chapter VII of the United Nations Charter without knowing the objective reasons taken by the Resolution 1112 Committee. The significance of that ban on government institutions, some of which do not exceed a vocational training center!  Therefore, I find in the agreements concluded to finance development projects by countries and international organizations, including the Iraqi-Chinese agreement, which is the minimum for the advancement of development projects in financing and implementation until the financial and economic reform is fundamentally undertaken and the waste of oil resources revenues, which are a capital resource directed primarily, are addressed. For investment conducive to diversifying the national economy, rebuilding capital accumulation and maximizing economic growth through investments inherent in pre-planned national development policies. The required change in financing and implementing investments with a high level of priority and discipline will remain an alternative to going into a state of expansion and excessive operational consumerism in budgets. Country. As annual government spending accounts for about 45% of total spending. Iraq is the fourth largest in this regard

[DinarThug 98,036]

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Minister of Oil: The National Oil Company is a promising national project that supports the national economy

 

 

28th September, 2020

 

Oil Minister Ihsan Abdul-Jabbar Ismail stressed, on Monday, the importance of legislating the Iraqi National Oil Company law in developing the oil industry, and strengthening national capabilities in managing and implementing strategic policies for the advancement of the oil industry

Ismail said during his presidency of a meeting that included the Undersecretary for Liquidation Affairs Hamid Yunus and a number of officials in the Basra Oil Company, "The government and the ministry are keen on building national capabilities in managing oil wealth and in maximizing Iraq's financial resources through optimal investment of oil and gas wealth on solid technical and economic foundations. And rewarding, "noting that "the ministry is working to implement procedures for establishing this company to be a promising national project that supports the national economy

He stressed the need to accelerate the implementation of the planned infrastructure projects, including projects to increase treasury and export capacities and capacities, and the seawater project, which contributes to sustaining the production process of crude oil

[DinarThug 98,036]

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Erbil opens its doors to American investors

 

28th September, 2020

The governor of Erbil, Firsat Sofi, invited American companies to invest in the Kurdistan Region on Monday.

Sophie said during his meeting with US Consul Rob Waller in Erbil, that the construction process of the new US consulate is going smoothly, and coordination is being made to complete the project on time.

Regarding the twinning proposal between the US state of Nashville and the city of Arbil, Sophie said, "We are happy with this proposal and currently we are preparing to develop and strengthen friendly relations and sign this agreement."

Regarding the advent of American companies, the governor of Erbil declared, "We welcome warmly, and our doors are open to American investors and companies to participate in the reconstruction of Erbil and the Kurdistan region, and are ready to provide all facilities and support to them."

[DinarThug 98,036]

Finance launches the "bullet of mercy" ... an official "bankruptcy" declaration that cuts the dispute over the fate of salaries

2020-09-28

 

 

 

 

Yes Iraq: Baghdad

 

After days of tugging, leaks and conflicting reassurances, through “unknown” sources to the Ministry of Finance and the Central Bank, and attempts to convince citizens that the delay in salaries was due to a “technical defect” in the central bank, and that the funds were available, the Finance Ministry “finally” came out of its silence to detonate a “bomb The truth, ”declaring its“ bankruptcy ”clearly and explicit.

 

Carefully enter and prepare hearts to receive shock

The ministry said in a statement that "Yes Iraq" received a copy of it, that it "works diligently to ensure that all government obligations are fulfilled and on time, and on top of those obligations are the salaries of state employees, retirees and social welfare."

And she added: “It is no secret to the Iraqi public opinion that the ministry is making these efforts under exceptional circumstances and a financial crisis beyond the control of the government, represented by the sharp decline in oil imports, the Corona pandemic and its domestic and international effects, in a manner that has exacerbated the shortage of liquidity available to the state, especially with the unlimited expansion. Planned to prepare employees over the past year.

She indicated that “to address this lack of financial liquidity, the Iraqi government sought to obtain parliamentary legislation that would enable it to borrow internally and externally, and the funds available through internal borrowing amounting to about 15 trillion Iraqi dinars were used until the end of last month to finance salaries and meet other basic expenses, especially what It relates to health and security, while international loans are used to finance development projects.

 

The Ministry admits to "bankruptcy"!

On the salaries of the coming months, the ministry confirmed that it "is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, which we will soon present to the esteemed parliament."

She indicated that "this plan will include increasing the ministry's ability to borrow internally. Once approved, it will enable us to start securing government salaries in full."

This means that it will take days to complete the supposed map, and then Parliament approval and voting on it so that the Ministry of Finance can borrow in order to provide salaries.

 

"Final" justification

And she continued: “The ministry is also continuing to prepare for the 2021 budget draft in a manner that addresses the accumulated financial and economic challenges that burden the country. The conditions that the country is currently going through stress the urgent need for political and societal forces to come together, to work together responsibly to achieve security and stability, and to move Iraq towards what its patient people deserve in terms of prosperity and development.

 

Finance is racing against time

The Ministry of Finance sent a draft law on financing domestic borrowing to finance the fiscal deficit for the year 2020, hours after the ministry announced the "bankruptcy of Iraq" of funds and the inability to secure salaries.

According to a document seen by "Yes Iraq", the Ministry of Finance called on the General Secretariat of the Council of Ministers to expedite the legislation of the internal borrowing law, in order to send it to the House of Representatives to speed up the provision of salary funds.

 

See also:

CONFLICTING STATEMENTS INCREASE THE AMBIGUITY ABOUT THE FATE OF THE LOST SALARIES BETWEEN THE FINANCE AND THE CENTRAL BANK .. WHAT IS GOING ON?

link

[DinarThug 98,036]

“Good news” to employees regarding the salaries of this September… “The problem is only technical!”

2020-09-28

 

 

 

 

Yes Iraq - Baghdad
 

Today, Monday, the Prosecutor’s Financial Committee announced that employees ’salaries will be fully distributed this week.

 

A member of the Parliamentary Finance Committee, Abd al-Hadi al-Saadawi, said in a press statement that “the Ministry of Finance has no problem with salaries,” pointing out that “there is a technical problem that occurred due to the new change in the Central Bank.”

 

Al-Saadawi stressed that “the salaries of employees will be fully distributed during the current week,” noting that “regarding the issue of loans and the remaining budget from the 2020 budget, the budget arrived in the afternoon to the Presidency of the Parliament and the government returned it in the morning without knowing the reasons, and it did not reach the Parliamentary Finance Committee “.

 

Earlier, the Ministry of Finance confirmed its commitment to work to secure the salaries of state employees and retirees and social care.

 

The ministry stated in a statement that it “works diligently to ensure that all government obligations are fulfilled and on time, and on top of these obligations are the salaries of state employees, retirees and social welfare.

 

In two days ..

 

For his part, the head of the Parliamentary Finance Committee, Haitham al-Jubouri, confirmed, on Monday, that the salaries of retirees will be launched within the next two days, which we were informed of, while indicating that there is an estimated deficit of 20% in the salaries of employees.

The head of the committee, Haitham al-Jubouri, said in a press statement, "The salaries of the retired will be released within the two days, as for the salaries of employees, which we were informed of that there is a deficit of 20% of the total sums at the Ministry of Finance."

He added that "the Ministry of Finance promised to solve the issue either by approving the budget or through debts from some government banks or the Central Bank."

Al-Jubouri pointed out that "the issue of late payment of employees' salaries is incorrect in any way, because it is a red line," stressing that "the matter will be addressed."

link

[DinarThug 98,036]

A comment from the Finance Committee after news of a move to "print currency" in Iraq

2020-09-28

 

 

Yes Iraq: Baghdad

 

A member of the Parliamentary Finance Committee, Representative Jamal Cougar, denied the existence of a government intention to print more Iraqi currency to cover expenses, while warning of the dangers of this step, without providing the difficult currency.

Cougar said in a press statement, "Any government approach to print more cash must be covered in hard currency, gold or domestic product, otherwise this will dilute the currency, after losing part of its value."

He added that "there is no government approach so far in this direction, and the Finance Committee does not support such a decision, because of the economic risks it has in different directions."

He added that "his committee has an important economic alternative in order to provide financial liquidity to the government, to pay its expenses without resorting to a new printing of the currency, which is the resettlement of salaries for all its employees in the ministries and the adoption of accelerated steps in this direction."

And Cougar indicated that "Emiratisation has many positive aspects, including securing financial liquidity for the government to cover its expenses."

link

[GregHi 3,819]

1 hour ago, DinarThug said:

Finance launches the "bullet of mercy" ... an official "bankruptcy" declaration that cuts the dispute over the fate of salaries

2020-09-28

 

 

 

 

Yes Iraq: Baghdad

 

After days of tugging, leaks and conflicting reassurances, through “unknown” sources to the Ministry of Finance and the Central Bank, and attempts to convince citizens that the delay in salaries was due to a “technical defect” in the central bank, and that the funds were available, the Finance Ministry “finally” came out of its silence to detonate a “bomb The truth, ”declaring its“ bankruptcy ”clearly and explicit.

 

Carefully enter and prepare hearts to receive shock

The ministry said in a statement that "Yes Iraq" received a copy of it, that it "works diligently to ensure that all government obligations are fulfilled and on time, and on top of those obligations are the salaries of state employees, retirees and social welfare."

And she added: “It is no secret to the Iraqi public opinion that the ministry is making these efforts under exceptional circumstances and a financial crisis beyond the control of the government, represented by the sharp decline in oil imports, the Corona pandemic and its domestic and international effects, in a manner that has exacerbated the shortage of liquidity available to the state, especially with the unlimited expansion. Planned to prepare employees over the past year.

She indicated that “to address this lack of financial liquidity, the Iraqi government sought to obtain parliamentary legislation that would enable it to borrow internally and externally, and the funds available through internal borrowing amounting to about 15 trillion Iraqi dinars were used until the end of last month to finance salaries and meet other basic expenses, especially what It relates to health and security, while international loans are used to finance development projects.

 

The Ministry admits to "bankruptcy"!

On the salaries of the coming months, the ministry confirmed that it "is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, which we will soon present to the esteemed parliament."

She indicated that "this plan will include increasing the ministry's ability to borrow internally. Once approved, it will enable us to start securing government salaries in full."

This means that it will take days to complete the supposed map, and then Parliament approval and voting on it so that the Ministry of Finance can borrow in order to provide salaries.

 

"Final" justification

And she continued: “The ministry is also continuing to prepare for the 2021 budget draft in a manner that addresses the accumulated financial and economic challenges that burden the country. The conditions that the country is currently going through stress the urgent need for political and societal forces to come together, to work together responsibly to achieve security and stability, and to move Iraq towards what its patient people deserve in terms of prosperity and development.

 

Finance is racing against time

The Ministry of Finance sent a draft law on financing domestic borrowing to finance the fiscal deficit for the year 2020, hours after the ministry announced the "bankruptcy of Iraq" of funds and the inability to secure salaries.

According to a document seen by "Yes Iraq", the Ministry of Finance called on the General Secretariat of the Council of Ministers to expedite the legislation of the internal borrowing law, in order to send it to the House of Representatives to speed up the provision of salary funds.

 

See also:

CONFLICTING STATEMENTS INCREASE THE AMBIGUITY ABOUT THE FATE OF THE LOST SALARIES BETWEEN THE FINANCE AND THE CENTRAL BANK .. WHAT IS GOING ON?

link

Holy crap!!! Iraq officially bankrupt?? This will be like a bomb going off, if true..

[gregp 12,078]

12 hours ago, DinarThug said:

 

 

LINK

Khamenei's military advisor: We received money in dollars from Iraq in exchange for our assistance to him

 

27th September, 2020

The military advisor to the Iranian guide, Major General Yahya Rahim Safavi, revealed that his country had received cash payments for its aid in Iraq.

Safavi said in statements to him today, Sunday, that the Iranian regime received money in dollars every time it helped Iraq, adding: “As for Syria, we have signed contracts with the Syrians and we will get things in return, even if the Russians benefit from Syria more than Iran benefits.” According to the semi-official Iranian agency Mehr.

In addition, the Iranian official admitted his country's support system" rel="">support for many communist countries in the world, including Venezuela, pointing out that the Iranian authorities had received gold bars, instead of the fuel shipments that Venezuela recently supplied. 

Maliki damage control. Covering Maliki’s butt. 

[ametad 261]

What I’m gathering here is that in parallel, one, Iraq is bankrupt and unable to sustain operations while two, the political power players are under investigation for corruption. The powers that be have let this go as far as to let those corrupt individuals make their own beds as reflected by their actions. Time will tell if anyone is actually convicted outside the tribal customary norms in accordance with federal laws.
 

Meanwhile, as we shift from a regional perspective to an international one the embassy in Baghdad is threatened to be closed and potentially being replaced with a consulate in Erbil, this effectively shifting international power in cooperation with the USA from Iraq to the Kurdistan region. And all in all supporting a position as promised after WWI with respect to the international boundaries in favor of an autonomous Kurdish region. This in an effort to be at a net neutral position in the current political landscape (ie. post desert storm) and move from liberator to diplomat after a war that was waged due to the possession of a “WMD” that was trading oil in the euro and outside the established petro dollar of the USD.

 

How can you break into someone’s house beat some people up and then expect to be an esteemed guest at dinner? Reminds me of the song “Gimme Three Steps” by Lynard Skynyrd; found yourself somewhere we’d rather not have been put in. My heart goes out to my buddies that came back with PTSD from Iraq outta high school thinking they were really going to help the world when they signed up.

[rvmydinar 822]

3 hours ago, DinarThug said:

Finance launches the "bullet of mercy" ... an official "bankruptcy" declaration that cuts the dispute over the fate of salaries

2020-09-28

 

 

 

 

Yes Iraq: Baghdad

 

After days of tugging, leaks and conflicting reassurances, through “unknown” sources to the Ministry of Finance and the Central Bank, and attempts to convince citizens that the delay in salaries was due to a “technical defect” in the central bank, and that the funds were available, the Finance Ministry “finally” came out of its silence to detonate a “bomb The truth, ”declaring its“ bankruptcy ”clearly and explicit.

 

Carefully enter and prepare hearts to receive shock

The ministry said in a statement that "Yes Iraq" received a copy of it, that it "works diligently to ensure that all government obligations are fulfilled and on time, and on top of those obligations are the salaries of state employees, retirees and social welfare."

And she added: “It is no secret to the Iraqi public opinion that the ministry is making these efforts under exceptional circumstances and a financial crisis beyond the control of the government, represented by the sharp decline in oil imports, the Corona pandemic and its domestic and international effects, in a manner that has exacerbated the shortage of liquidity available to the state, especially with the unlimited expansion. Planned to prepare employees over the past year.

She indicated that “to address this lack of financial liquidity, the Iraqi government sought to obtain parliamentary legislation that would enable it to borrow internally and externally, and the funds available through internal borrowing amounting to about 15 trillion Iraqi dinars were used until the end of last month to finance salaries and meet other basic expenses, especially what It relates to health and security, while international loans are used to finance development projects.

 

The Ministry admits to "bankruptcy"!

On the salaries of the coming months, the ministry confirmed that it "is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, which we will soon present to the esteemed parliament."

She indicated that "this plan will include increasing the ministry's ability to borrow internally. Once approved, it will enable us to start securing government salaries in full."

This means that it will take days to complete the supposed map, and then Parliament approval and voting on it so that the Ministry of Finance can borrow in order to provide salaries.

 

"Final" justification

And she continued: “The ministry is also continuing to prepare for the 2021 budget draft in a manner that addresses the accumulated financial and economic challenges that burden the country. The conditions that the country is currently going through stress the urgent need for political and societal forces to come together, to work together responsibly to achieve security and stability, and to move Iraq towards what its patient people deserve in terms of prosperity and development.

 

Finance is racing against time

The Ministry of Finance sent a draft law on financing domestic borrowing to finance the fiscal deficit for the year 2020, hours after the ministry announced the "bankruptcy of Iraq" of funds and the inability to secure salaries.

According to a document seen by "Yes Iraq", the Ministry of Finance called on the General Secretariat of the Council of Ministers to expedite the legislation of the internal borrowing law, in order to send it to the House of Representatives to speed up the provision of salary funds.

 

See also:

CONFLICTING STATEMENTS INCREASE THE AMBIGUITY ABOUT THE FATE OF THE LOST SALARIES BETWEEN THE FINANCE AND THE CENTRAL BANK .. WHAT IS GOING ON?

link

this is unbelievable. holy moly. is iraq going bankrupt? i hope this is just another smoke and mirrors again. has iraq stop producing oil? where are all the oil money going through? has all the oil money gone to corruptors ( maliki and friends )?

[screwball 7,344]

22 hours ago, gregp said:

Notice the oil talks quieted down.  Must be voted on. 

Yep done deal 100% 

[DinarThug 98,036]

19 hours ago, DinarThug said:

Parliamentary Finance sets a time limit for including the budget on the Parliament's agenda

 

28th September 2020

The Parliamentary Finance Committee confirmed, on Monday, that the 2020 budget is still with the government after it was withdrawn from Parliament, and it needs a time limit of up to October 10, in order to be included on the agenda of the Parliament sessions.

MP Jamal Cougar said, according to the official agency, that "the general budget for the current year is still with the government after it was withdrawn from the House of Representatives." 

"The government will send it as soon as the amendments are made that caused its withdrawal, and then it will reach the Finance Committee, which in turn will request its inclusion in the agenda of the upcoming council sessions and a first reading," Cougar said.

The member of the Finance Committee set a time limit, calculated from the time the budget is sent by the government, until after the tenth of next October for discussion."

 

LINK

Parliamentary Finance: The government's delay in preparing the 2021 budget violates the law

 

 

 

08:40 - 29/09/2020

 

 

A member of the Parliamentary Finance Committee, Jamal Ahmed, stressed the need to prepare the 2021 budget and submit it to Parliament before October 15, in order not to violate the Financial Management Law, pointing out that the delay in preparing the current year’s budget caused the delay in preparing the 2021 budget.

Ahmed said to "the information", "The government needs time to prepare the new budget for 2021, at a time when the budget for this year has not been completed, as there is an unjustified delay."

He added that "the Financial Management Law confirms that the government must submit the budget to Parliament before October 15, while the current year’s budget did not vote on it."

He indicated that "Parliament will vote on two budgets within a record time, as it is assumed that the budget will be presented next year during the next few days in order not to violate the law," noting that "the budget deficit should not exceed 3% of the GDP while there is a violation of the law in Budget 2020 because of the deficit in it. 

[DinarThug 98,036]

LINK

The Central Bank participates in two Arab meetings for the Arab Monetary Fund and financing Arab trade

 

 

29th September, 2020

 

The Central Bank of Iraq participated, on Tuesday, in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Finance Program, separately

A Central Bank statement received by Al-Eqtisad News stated that during the meeting with the member states of the Arab Monetary Fund’s board of directors, the bank discussed issues that support joint Arab action, most notably the “Arab Payments and Clearing System” built ”and its importance in facilitating inter-Arab payments and financial transfers

The statement added that the meetings of the Board of Directors of the Arab Trade Finance Program included discussions on mechanisms to re-prioritize funding for the national agencies organizing the program and in a manner that helps mitigate the effects of the Corona pandemic on Arab trade

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LINK

He called for intensifying efforts ... The Central Bank participates in two Arab meetings

 

The Central Bank of Iraq participated separately in the meetings of the Board of Directors of the Arab Monetary Fund and the Board of Directors of the Arab Trade Financing Program. Where the bank discussed with members of the Fund Board states of the Arab Monetary topics to support the joint Arab action, most notably the "payments system of the Arab and clearing "structures" and its importance in facilitating payments and financial transfers of inter - Arab."

 

While the meetings of the Board of Directors of the Arab Trade Financing Program included discussions on mechanisms for re-arranging funding priorities for the national agencies organizing the program, in a manner that helps mitigate the effects of the Corona pandemic on Arab trade.

 

The Central Bank of Iraq

information Office 

2020/9/29

[DinarThug 98,036]

LINK

American newspaper: The current leadership in Iraq is the dream team for America

 

09:55 - 09/29/2020

 

A report by the American newspaper Washington Examiner confirmed, Tuesday, that US Secretary of State Mike Pompeo must understand that Iraq is not Lebanon and that his threats to close the embassy will not be of any benefit, as happened when he previously ordered the closure of the US consulate in Basra, southern Iraq.

The report, translated by Al-Maaloumah agency, stated that “Trump, or even Biden, in the future, should consider the current political leadership in Baghdad as the dream team. According to the report.

He added, "The two seek to control and limit the resistance factions, and therefore pulling the rug from under their feet by closing the US embassy in Baghdad provides a message indicating that the United States does not support its friends, and in fact what Pompeo is doing now is similar to what Trump did previously to the Syrian Kurds." Who allied with the United States and then left them easy prey for Turkish President Recep Tayyip Erdogan.

And he continued, "If Pompeo closes the embassy, the pictures of the men of the resistance factions surrounding the compound when the last helicopter leaves and raising their factions' flags on the embassy building will be more devastating to America than the famous iconic images of the American withdrawal from Saigon in Vietnam in 1975."

The report noted that “it is certainly ironic that Pompeo is the architect of the so-called“ maximum pressure ”campaign on Iran he may be responsible for the largest strategic victory for the Islamic Republic since President Ronald Reagan ordered the US Marines to withdraw from Lebanon after the successful Hezbollah attacks on the US Embassy and Marine Barracks in 1983”. 

[DinarThug 98,036]

LINK

The Iraqi government is moving to install the budget alternative to secure salaries

 

29th September, 2020

The government program and strategic planning follow-up committee in the Iraqi parliament revealed, today, Tuesday, the intention of Mustafa Al-Kazemi's government not to introduce the 2020 Budget Law after it was withdrawn from Parliament.

Recently, the Iraqi government withdrew the draft budget bill for 2020 from Parliament, one day after it was handed over for the purpose of discussion and approval, according to what the Parliamentary Finance Committee announced.

A member of the government program and strategic planning follow-up committee, Muhammad Karim, told Shafaq News, "The 2020 budget law was a loan law in another aspect, and it will not be a budget law," adding that "this law contained many violations, and as soon as it pointed The Iraqi parliament, on these major violations, the Al-Kazemi government withdrew the project."

Karim added, "This is why the Iraqi government has a serious intention not to send the 2020 budget law, and for this it wants to send a new borrowing law, instead of the budget." Parliament."

On September 14, the Iraqi Council of Ministers approved the draft federal budget law for the year 2020, and sent it to the House of Representatives, and then quickly withdrew it from the Council.  The Parliamentary Economic and Investment Committee revealed, earlier, that the size of the federal budget deficit for 2020 amounted to 45%, indicating that it focuses on securing salaries and financing the ration card, as well as facing the Corona pandemic.

For his part, an informed source told Shafaq News that the local borrowing law to finance the fiscal deficit for 2020 will secure the salaries of retired employees for the three months of the current year. 

[wciappetta 270]

4 hours ago, DinarThug said:

LINK

The Iraqi government is moving to install the budget alternative to secure salaries

 

29th September, 2020

The government program and strategic planning follow-up committee in the Iraqi parliament revealed, today, Tuesday, the intention of Mustafa Al-Kazemi's government not to introduce the 2020 Budget Law after it was withdrawn from Parliament.

Recently, the Iraqi government withdrew the draft budget bill for 2020 from Parliament, one day after it was handed over for the purpose of discussion and approval, according to what the Parliamentary Finance Committee announced.

A member of the government program and strategic planning follow-up committee, Muhammad Karim, told Shafaq News, "The 2020 budget law was a loan law in another aspect, and it will not be a budget law," adding that "this law contained many violations, and as soon as it pointed The Iraqi parliament, on these major violations, the Al-Kazemi government withdrew the project."

Karim added, "This is why the Iraqi government has a serious intention not to send the 2020 budget law, and for this it wants to send a new borrowing law, instead of the budget." Parliament."

On September 14, the Iraqi Council of Ministers approved the draft federal budget law for the year 2020, and sent it to the House of Representatives, and then quickly withdrew it from the Council.  The Parliamentary Economic and Investment Committee revealed, earlier, that the size of the federal budget deficit for 2020 amounted to 45%, indicating that it focuses on securing salaries and financing the ration card, as well as facing the Corona pandemic.

For his part, an informed source told Shafaq News that the local borrowing law to finance the fiscal deficit for 2020 will secure the salaries of retired employees for the three months of the current year. 

Looks like new bond issuance is on the horizon in place of the 2020 budget.

[DinarThug 98,036]

LINK

Mulla Talal: There is no merging between the 2020 and 2021 budgets

 

 

 

30th September, 2020

 

The spokesperson for the Prime Ministry, Ahmed Mulla Talal, said that the federal government will not adopt the principle of merging between the budgets of 2020 and 2021

He added during a press conference followed by "Al-Eqtisad News", that the fiscal deficit law approved by the federal government is the same as the draft federal budget law for the year 2020 after it has been reviewed by the concerned authorities

The spokesman affirmed that "the government is working to cover the financial deficit in the salaries of employees

He added that "the 2020 budget will be different from previous budgets in terms of tabulation and spending, directing resources towards certain sectors

He referred to the transfer of salaries of daily wage employees and contracts to the 2021 budget

[JonnyV 194]

21 hours ago, wciappetta said:

Looks like new bond issuance is on the horizon in place of the 2020 budget.

 

This can be a good thing unless I am wrong.  If I am, someone please correct me.   They definitely need someone to fund or back this bond and if so it would only have to happened if something of an RV/RI would be occurring in the very near future.

[dinarham 2,898]

On 9/25/2020 at 6:02 PM, DinarThug said:

And Have There Ever Been A Bigger Pair Of ‘Boobs’ Than Maliki And Al-Sadr ?  
 

 

Let’s Ask Pitcher  ...

 

 

     

.To get back on topic : The bigger the boobs ,the dumber the guy .

[nannab 10,398]

  I love it!!!

18 minutes ago, dinarham said:

.To get back on topic : The bigger the boobs ,the dumber the guy .