A committee of Iraqi representatives: Withdrawing the accumulated funds for the Chinese agreement to cover the salary deficit

[yota691]

A committee of Iraqi representatives: Withdrawing the accumulated funds for the Chinese agreement to cover the salary deficit

The visit of the Iraqi delegation to China on the sidelines of its participation in the World Industrialization Conference in the city of (Khafi), archive

 30 September 2020 03:22 PM

Mubasher: A member of the Parliamentary Finance Committee in the Iraqi Council of Representatives, Naji Al-Saidi revealed, today, Wednesday, the withdrawal of all the funds accumulated for the Iraq-China agreement. To cover the salary deficit.

Al-Saeedi said, according to the Iraqi News Agency (INA), that the accumulated funds for the Iraq-China agreement due to the sale of 100,000 barrels per day were withdrawn to cover the salary deficit in the past months.

Al-Saeedi added that the funds frozen in international banks are very few and do not rise to the solution of the liquidity shortage crisis, indicating that recovering the frozen funds is the responsibility of the Ministry of Foreign Affairs.

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, earlier, that the Iraqi-Chinese agreement is still in effect , and extends to 20 years, pointing out that the Iraqi sovereign funds accumulated in favor of the agreement may have reached about one billion dollars since the implementation of the agreement in the middle October 2019.

Saleh added that the activation of the agreement is still awaiting the removal of two main restrictions; The first concerns the enactment of the federal budget law for the year 2020 to allow the approval and implementation of approved projects, especially the major infrastructure projects adopted by Iraq, indicating that the second factor is the return of China to the international economic arena and its openness again to the world.

In September 2019, the Iraqi and Chinese governments signed in Beijing  8 agreements and memoranda of understanding,  most notably "oil for reconstruction."

The agreements included the deduction of 100,000 barrels per day of Iraqi oil for the benefit of China, in exchange for Chinese companies implementing strategic projects in Iraq. Such as roads, rails, hospitals, schools, residential complexes, ports, energy, dams, infrastructure, and others.

[yota691]

Parliamentary Finance: Withdrawing all the funds accumulated for the Chinese agreement

Editing date: 9/30/2020 16:26 • 145 times read

[Baghdad-Where]
The Parliamentary Finance Committee confirmed, on Wednesday, the withdrawal of all the funds accumulated for the Iraq-China agreement.

Committee member Naji Al-Saeedi said, according to the official agency, that "the accumulated funds for the Iraq-China agreement due to the sale of 100,000 barrels per day were withdrawn to cover the salary deficit in the past months."
He pointed out that "the funds frozen in international banks are very few and do not rise to the solution of the liquidity shortage", indicating that "recovering the frozen funds is the responsibility of the Ministry of Foreign Affairs."

[DoD]

Well it appears they have found the honey hole to get these salaries paid. There is obvious a couple of check an balances associated with this fund or it would have already been stolen by these thieves. I bet the Chinese haven't spent any of their resources in Iraq an now looks like will be even longer. It seems to me like the walls are starting to close in on Iraq from top to bottom...

[yota691]

Parliamentary Finance: Withdrawing all the funds accumulated for the Chinese agreement

Wednesday 30th September 2020 - 14:20

Baghdad - conscious 

The Parliamentary Finance Committee confirmed the withdrawal of all the funds accumulated for the Iraq-China agreement.

A member of the committee, Naji Al-Saeedi, told the Iraqi News Agency (INA): "The cumulative funds for the Iraqi-Chinese agreement due to the sale of 100,000 barrels per day were withdrawn to cover the salary deficit in the past months."

He pointed out that "the funds frozen in international banks are very few, and do not rise to the solution of the liquidity shortage", indicating that "recovering the frozen funds is the responsibility of the Ministry of Foreign Affairs." 

 The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed on April 4 that “the Iraqi-Chinese agreement is still in effect and extends to twenty years,” pointing out that “the Iraqi sovereign funds accumulated in favor of the agreement may have reached about one billion Dollars since activating them in mid-October of last year. "

Saleh added, "The activation of the agreement is still awaiting the demise of two main restrictions, the first is related to the legislation of the federal budget law for the year 2020, to allow the approval and implementation of approved projects, especially the major infrastructure projects that Iraq adopts," noting that "the second factor is the return of China to The international economic arena and its openness again to the world. "