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The World Bank Paints A Bleak Picture Of Iraq's Economic Future


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The World Bank Paints A Bleak Picture Of Iraq's Economic Future

On October 1, 2020

The Independent / - The World Bank confirmed that Iraq is now witnessing the worst growth performance in annual gross domestic product since the year 2003, between: “Corruption, instability and lack of job opportunities are among the risks surrounding the country's long-term growth.”

A bank report stated that " Iraq is now at a crossroads . After nearly two decades since the 2003 war, the country is still stuck in the reality of fragility, and is facing an increasing state of political instability, mounting social unrest, and an increasingly deep gap between the state and the citizen."

The report added, “In the midst of a number of crises (including the decline in oil prices, the Corona pandemic, and recent protests), in addition to the accumulation of the effects of weak economic policies, the absence of reforms and the inability to address corruption, Iraq is now witnessing the worst growth performance in the annual GDP ( GPD) during the year 2020 since the fall of Saddam’s regime in 2003 ″.

"Lack of stability, lack of job opportunities, corruption and poor service delivery remain among the most important risks surrounding the country's long-term growth."

The path to reform is difficult

The World Bank stated that “with every crisis there appears an opportunity for reform, but Iraq's path towards reform will be difficult and uncertain. If we take into account the current oil prices and the continuing decline in global oil demand due to the Corona pandemic, the country will face difficulty in meeting the needs of its people in the long term. Short ”.

He added, "But Iraq can embark on a long road, but the need for it is urgent, towards structural transformation and reform, which is a path that may make its economy less dependent on oil and move it more, by private sector activity."

He pointed out: “The path towards reform requires more determination and may face many challenges that exist for a long time to change the status quo.

The World Bank suggested strategic paths through which Iraq could be liberated from the reality of fragility, and where peace and stability could create the right conditions for citizens to achieve their aspirations, create jobs in the private sector, and achieve prosperity.

https://www.mustaqila.com/البنك-الدولي-يرسم-صورة-قاتمة-لمستقبل-ا/

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I'm sorry, but considering that the World Bank is just another part of the World wide Deep state Cabal fighting for their New World Order, makes this one of the best articles in a long time about an impending RV

 

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After 46 days ago: 10 days to come "without salaries" and maybe "more" deepening the crisis ... The money is there, but "no one can access it!"

2020-10-02
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Yes Iraq - Baghdad

Today, Friday, the Parliamentary Finance Committee confirmed that the current financial deficit in Iraq is temporary, confirming that what is happening is the existence of money, but no one can access it.
 
The committee's rapporteur, Ahmed Al-Saffar, said in a spoiled statement, "The current deficit is a temporary and embarrassing deficit for the government and parliament, because there is a slight deficit to finance the salaries of the month of September, which the government is more than 46 days late in paying," pointing out that "in the event that the draft budget is awaited Or applying for a new loan law, the issue will be delayed by more than a week, 10 days, or maybe more, and this will lead to a lot of embarrassment.
 
He added that "according to the public finance literature, the Iraqi constitution and the Financial Management Law, if there is a slight deficit, the Minister of Finance has the powers to take immediate action," noting that "there are two types of debt; Real fixed debt, which is the result of a large decrease in real revenues in exchange for public expenditures, which is a permanent permanent deficit and is called fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt in public finances. Temporary treasury bills can be put forward that express the existence of revenue, but it is late income. Between the immediate public expenditures and the public revenues that may be collected in the future.
 
And he continued, "Iraq does not have a financial crisis because it has resources, but the state and the government cannot access them, so the current deficit in Iraq is a temporary deficit, and the debt is a debt and the deficit can be paid in the future." The government has to move the Minister of Finance to put forward bills and immediate borrowing from Iraqi banks or the central bank to pay salaries. Then the move will take place a week later when Parliament starts its sessions and the normal situation in Baghdad returns after the end of the forty-day visit.
 
Al-Saffar pointed out that “the draft budget was delayed sending it to the House of Representatives, and only one night remained in the Office of the Speaker of Parliament, and it was withdrawn by the government until the Finance Committee did not see it. The error and defect is the lack of monetary and financial policies in Iraq. All that exists is that they are waiting for debts and financing the operating budget.
 
Al-Saffar asserted that "the parliament is ready to hold any emergency session in order to solve the current crisis. It is possible to borrow immediately and then remedy the situation after a while because it is not correct that the employee waits for days without a salary and this is his only source of livelihood." As soon as possible until it is approved or resorting to a new borrowing if the government is able to obtain the approval of Parliament because the issue of debt in Iraq has become in a very dangerous range and leads the Iraqi economy to the unknown.
 
The Ministry of Finance asked the Iraqi government to approve the 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.

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In the document sent to the General Secretariat of the Council of Ministers, and bearing the title of the 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 House of Representatives by the government.

The Ministry of Finance indicated in a statement today that it is currently preparing a detailed road map to finance basic expenditures for the remaining three months of the current year, "We will present it soon to the esteemed parliament," explaining that "this plan includes increasing the ministry's ability to borrow internally." Once approved, we were able to start fully securing government salaries. ”

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

https://yesiraq.com/بعد-46-يوما-مضى-10-ايام-مقبلة-بلا-رواتب-ورب/

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  President of the Development Bank: Reducing the lending interest rate depends on conditions
 
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Chairman of the Board of Directors of the International Development Bank, Ziyad Khalaf Abd
 
 
 
 

Economy News _ Baghdad

The representative of Iraq in the Union of Arab Banks, Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf Abd, confirmed that facing the financial crisis requires a road map to activate the private sector, while stressing that reducing the lending interest rate is subject to conditions.
Abd said in an interview with the Iraqi News Agency (INA) and seen by "Al-Iktissad News", that "the government must, in the coming period, work on a clear road map and a clear vision, with the aim of activating the role of the private sector and all its branches, and in various economic sectors, and in a way that guarantees an increase." Productivity, and reducing the financial burden on the government by providing job opportunities for the workforce, "noting that" it is necessary to work in the coming period to liberalize the banking sector, and to work to provide all possible support and means for the purpose of advancing the sector, which is the backbone and main engine. " For the rest of the economic sectors. "

Next solutions

Abed added, "There are a large number of solutions that the government could address in the coming period, including activating public and private partnerships in the electricity, energy, industry and agriculture sectors, in a way that guarantees the increase in the efficiency of these institutions, and also reduces the financial burdens on the state treasury, as well." Providing the appropriate environment for foreign investment, "noting that" the issue of privatization of loss-making companies must be considered, which increases the financial burden on the state so that these companies are fully or partially privatized and each case separately, and it is important in the coming period that the government reconsider a large number. " Of the legislation, and instructions for internal and external investment, in a way that contributes to developing the investment environment, and reducing costs, risks and challenges for companies that intend to invest in Iraq.
 He explained that "private and governmental banks, in cooperation with the Central Bank, must work to provide the necessary lending and financing for companies in the industrial and agricultural sectors, and to contribute to the transformation of Iraq from a rentier economy that depends on oil exports to an exporting country that has self-sufficiency."

The banking revolution

The head of the Development Bank pointed out that "the Iraqi national banking sector has witnessed a revolution and a qualitative shift in the past few years, through banking and electronic products and services provided by these banks, which came after private banks realized the importance of investment in the infrastructure side, and the necessary electronic systems today." To apply banking technology and digital transformation, in a way that contributes to providing the best advanced banking services, "indicating that"The Development Bank has worked diligently in implementing leading banking practices by providing a variety of loans and advances, in line with the requirements of societal segments, as well as the requirements of small and large companies, and providing the required financing needs, as the bank granted more than (35) billion dinars in part Emiratization loans, as well as more than (15) billion dinars in financing small and medium-sized companies. In addition, the bank has developed multiple products on the deposit side, in a way that contributes to attracting depositors and providing safe haven for investment by providing a large number of deposits and with multiple benefits , In order to provide the desired return rates for each depositor, and to continue to distribute the profits of this investment on a monthly basis to help the customer cover his expenses and daily needs.

Interest rate
With regard to interest rates on loans, Abed said, “Banks depend on specific contexts and mechanisms when calculating interest margin rates and interest rates on lending, as the cost of funds is taken into account, meaning in other words the interest paid on the deposit side. , As this percentage in Iraq is very high compared to neighboring countries and the world, which amounts to more than (7%) annually on the dinar, in addition to that, the cost of managing, transporting and preserving funds in Iraq is high and in light of the high operating expenses, as well as the cost of insurance. "On these funds, and accordingly, and to maintain the internationally accepted interest margin ratio (2% -3%), Iraqi banks are forced to lend at least (10%) annually."
 He continued, "Accordingly and given the need to reduce the interest rates received by banks on the lending side, it is necessary to work to liberalize the banking sector, and to reduce the dominance of government banks in dealings with the public sector, in a way that enhances the sources of funds available to the private banking sector, and to reduce Significantly on the cost of sources of funds, which will directly contribute to reducing the interest on the lending side, noting that “the interest rate paid on lending takes into account the risks related to the customer, and also Iraq, as the current economic and security situation imposes high risks on banks, Consequently, the return and risk must be in line with international banking practices.
Abd pointed out that "the interest paid on fixed deposits in Iraq is the highest regionally and globally, as if the interest paid on deposits in neighboring countries is compared, which does not exceed 3% annually and in European countries, the LIBOR does not exceed half a percent annually." ", Stressing that" these benefits are high due to the great risks related to Iraq, as well as the exchange rate, which is subject to great fluctuations due to the previous economic and security situation, in addition to the fact that the public sector and the public have very little confidence in the private sector, which forces banks to provide attractive returns to bring These deposits. "


Deposit guarantee

He indicated that "the deposit guarantee company project is one of the most important projects undertaken by the central bank in recent times and the most important and primary for the private banking sector, as this company would work to increase public confidence in the private banking sector, as well as increase awareness and experience of the need to deal with banks." And, similar to what is applied in neighboring countries, "explaining that" this company aims to provide the required coverage to the public in the event that a bank fails to pay its obligations to depositors. The very important thing here is that banks are required to pay costs in exchange for covering these amounts, and accordingly the supervisory authorities In banks, including the risk management department, and the liquidity department, they will have a major role in managing the deposit portfolio for the bank, and work on managing and matching the maturities of assets and liabilities in a manner that ensures the provision of the required liquidity at all times.
 Abd pointed out that "the issue of bank merging is a collection matter and it is not necessary to be imposed on banks, and there are more than (40) domestic, commercial and Islamic banks in Iraq today, but the intense competition between these banks will force small banks to exit the market. Or to accept the acquisition from one of the large banks, as this phenomenon occurred in most of the neighboring countries, and the future of the Iraqi private banking sector will not be different from these experiences, "indicating that"These banks are restricted during the next (5) years to (25) banks, and the issue of increasing the capital of banks today is absolutely unnecessary, as the capital of Iraqi banks is the highest in the Arab world in terms of the requirements of central banks in neighboring countries, in addition to That the capital adequacy ratio, and other regulatory ratios related to capital, have been achieved, largely by Iraqi banks, and therefore there is no requirement to increase the capital, which is considered idle capital.

Governance implementation

Abd affirmed that "the Central Bank of Iraq has led in the last three years a comprehensive process, with regard to the environment and the legislative and regulatory framework for banks, especially the issues of compliance, combating money laundering, good corporate governance, risk management, systems and infrastructure for information technology systems used in banks, which is what He contributed to a quantum leap for Iraqi banks. He contributed to helping our Iraqi banks implement pioneering banking practices, similar to banks in neighboring countries, stressing that "Among the most important achievements made by the Central Bank recently is the issuance of the Anti-Money Laundering and Terrorist Financing Law No. 39 in the year 2015, which gave full independence to the reporting office on combating money laundering and financing of terrorism headed by the Governor of the Central Bank of Iraq, in addition to the approval of comprehensive instructions for institutional governance in banks that It separated the role of the legislative authority in the bank (the boards of directors) and the executive authority of the bank (the higher departments), which led to the activation of the role of the boards of directors by approving the bank’s strategy, banking policies and procedures, and determining the acceptable limits and ratios of risks (Risk Appetite).

He stated that "the central bank had an important and effective role in the year 2017 by holding specialized training programs in the field of risk management, combating money laundering, and credit analysis, in which more than a thousand banking employees participated in it throughout the year 2017", calling for "the importance of In the next stage, the government should focus on developing the private sector in all economic sectors, and the need to be considered fully understanding, positive, and serious study of all the demands made by the private sector in all its sub and partial sectors and through the bodies represented to it in the chambers of industry and commerce, businessmen and company owners with everything that would matter. To give the private sector new strength, momentum and determination to make more giving and initiative. "

He noted that "The private sector must operate in an investment and legal environment that is stimulating and attractive to investment, because encouraging the private sector to actively participate in the economic and social development experienced by the economies of the world countries greatly helps the private sector to fulfill its development responsibilities entrusted to it as required, in a manner that contributes to Activating the productive process and creating jobs in the economy and stimulating the export movement, in order to achieve the desired economic growth, and the issue of adopting electronic government has a significant positive impact in increasing transparency and disclosure when addressing the Iraqi citizen, and it addresses issues of citizen participation in the accountability and accountability process by providing sufficient information. On the performance of the government via the Internet and the means of technology (Payment Gateway) and that the e-government program has become imperative for governments to convert to it in line with the requirements of the information age in the speed of completion of work and breaking the barriers of red tape and bureaucracy surrounding the performance of workIn the traditional way and in response to people's desire to obtain easy and fast services that keep pace with the spirit of the times.

Facing Corona 

The head of the Development Bank said that central banks are the spiritual father of banks, and these banks in European countries and the world have worked to provide a package of measures and initiatives that contribute to reducing the impact of the Corona pandemic on the process of economic and social growth, including providing soft, subsidized loans that contribute to providing the required financing for companies. Small and medium-sized banks, which have a large role and contribution to the gross domestic product, and central banks have reduced coverage rates for legal reserves on deposits, in a way that enhances the liquidity position in banks, and in light of the banks postponing the collection of installments from borrowers, and working on scheduling loans in light of The impact of the pandemic on the sales and cash flows of these companies, "stressing that"It is imperative that central banks also, in the coming period, provide more flexible mechanisms and procedures in terms of applying Standard No. (9) for the purpose of calculating credit allocations, and in light of the banks ’scheduling and structuring of loans granted, as this matter will contribute to the banks’ maintenance of acceptable levels of profitability and ratios. The regulatory system that allows it to provide appropriate financing products to the sectors most affected by the pandemic, and it is also important in the coming period for central banks to launch specialized initiatives for the industrial, agricultural and commercial sectors so that subsidized loans are provided to the largest segment of companies as this will contribute to reducing card rates as well. Preserving the purchasing power in the market.

The Development Bank is one of the Iraqi banks, in which the number of national employees whose salaries is about (120) thousand employees distributed over more than (110) directorates and government agencies, as the bank provides various electronic services to them through the bank’s branch network that reached (17) Branches inside Iraq, in addition to electronic channels, including automatic teller machines, which reached more than (250) automatic teller machines distributed throughout Iraq.

 

Number of observations 79   Date of addendum 10/2/2020

https://economy-news.net/content.php?id=22080

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Iraq is coordinating with World Food to implement the electronic ration card project

10:02 - 10/03/2020
 
  
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The information / Baghdad ..

The Ministry of Labor and Social Affairs announced, on Saturday, that it has coordinated with the World Food Program to implement the electronic ration card project.

"The ministry will hold an expanded meeting early next week to discuss the mechanism for implementing the project, which will be carried out in cooperation with the ministries of commerce, planning, agriculture, industry and finance," said the spokeswoman for the Ministry of Labor, Ahrar Sihoud, in a statement reported by Al-Sabah newspaper, which was reviewed by the information.

"The project will sort the names of those who have traveled and the deceased and are still registered with the Ministry of Trade and receive the ration items, as well as effectively blocking the card from employees whose salaries amount to 1.5 million dinars or more, in addition to removing the fake names from the ration card," Sihoud added.

She pointed out that "the project will provide financial and food support to the poor and deserving segment, and it will provide integrated foodstuffs for every deserving individual, and their materials are good in terms of quality and quantity, as well as they will be distributed on their monthly dates," stressing that "the project will give the ration card the real value for it." End / 25

https://www.almaalomah.com/2020/10/03/498137/

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Parliamentary Finance: The salaries of employees will be distributed this week

13:19 - 10/03/2020
 
  
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The information / Baghdad ..
The Parliamentary Finance Committee confirmed, on Saturday, that the salaries of employees for the month of September will be distributed during the current week, indicating that the reason for the delay was due to the lack of sufficient cash liquidity.
A member of the committee, MP Jamal Ahmed, said in a statement to / information /, that “the government will spend this week the salaries of all state employees for the month of September,” indicating that “the reason for the delay was the lack of sufficient cash liquidity.”
Ahmed added, “The government can withdraw the trust From the central bank or banks until parliament votes to allow it to borrow locally, provided that those amounts are included.
Ahmed pointed out that "the local borrowing law will be passed despite the presence of some parliamentarians who object to it, but there is no alternative solution for the government in providing financial liquidity at the present time."

 

https://www.almaalomah.com/2020/10/03/498168/

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Al-Bayji on reducing employees' salaries: We will not allow that

2020-10-03 | 02:36
Al-Bayji on reducing employees' salaries: We will not allow that
 
 

Representative Mansour Al-Baiji confirmed, on Saturday, that talking about reducing employee salaries is unacceptable, pointing out that it will not be allowed to reduce them by one dinar.

Al-Baiji said in a statement received by Alsumaria News, "Reducing the salaries of employees is unacceptable and cannot be accepted or permissible under any circumstances because the employees are not concerned with the financial crisis that the country is going through, and this is the government's duty towards its employees."
 
He added that "the confusion and incorrect performance of the financial and economic situation of the country is not correct, which led to the deterioration of the financial reality in the country. Therefore, the government must take rapid steps to address the economic reality of the country as soon as possible."
 
He continued, "The trend to reduce the salaries of state employees will cause a great economic disaster for this important segment that serves state departments, especially since this segment of their salaries is not sufficient for them until the end of the month, so how would the case be if they were reduced and this matter is not possible at all," indicating that "we as representatives of the people will not We accept to reduce the salaries of state employees a dinar for whatever reason, and the government must find appropriate plans to solve the financial crisis in the country and find a solution to this crisis, which we have always warned of its occurrence and we have not found deaf ears. "
 
 
"Reducing salaries is not a solution. Rather, the solution is to activate other sectors, industry, agriculture, communications, and border crossings in order to maximize the state's revenues, while setting appropriate plans to end the current crisis that the country is going through, away from reducing the salaries of employees, because it will not solve the crisis in the country," Al-Baiji stressed.
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The low exchange rate of the dollar in the local markets

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Baghdad / NINA / The exchange rates of the dollar in Baghdad markets recorded, today, Saturday, a decrease against the dinar.

Al-Kifah Central Stock Exchange in Baghdad recorded 123,800 dinars against 100 US dollars, while Al-Harithiya Stock Exchange recorded 123,850 dinars against 100 dollars.


Selling prices in exchange offices in the local markets in Baghdad also decreased, reaching 124,250 dinars, while the purchase prices were 123250 dinars per 100 US dollars.

During the past few days, the dollar witnessed a noticeable rise after news of the US administration’s intention to close its embassy in Baghdad as a result of the attacks it was exposed to.
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Representative integrity: The abolition of tax assessment committees led to an increase in revenues

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Baghdad / NINA / The Parliamentary Integrity Committee confirmed today, Saturday, the cancellation of the assessment and inspection committees in the General Tax Authority.

A member of the Deputy Committee, Alia, said in a televised statement: "The cancellation of the detection and assessment committees led to an increase in the state's revenues by more than 600 billion dinars per month for the public treasury," noting that "the previous committees in the General Tax Authority Center were working to blackmail citizens twice in legalizing revenues. The Iraqi state. "

She added that "the Integrity Committee follows up the revenues of the General Authority for Taxes and Customs, and the tax evasion process that occurs in forged receipts at the ports," indicating that "this follow-up has made the General Tax Authority work to abolish the detection and assessment committees, and thus reveal a lot of waste operations in the private sectors." Including taxes for the iron card and mobile phone companies, until the loss of Iraq in one company reached 19 billion dinars in one month, and the file will be referred to the Integrity Commission ./ End 9
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Deputy: Reducing employees' salaries will not solve the financial crisis, but rather cause a disaster

Editing date: 10/3/2020 9:38  59 times read
Where's News

_ Baghdad MP Mansour Al-Baiji confirmed, on Saturday, that reducing employees' salaries will not solve the financial crisis, but rather cause a disaster.
Al-Baiji said, in a statement that Ayn News received a copy of, that "the confusion and incorrect performance of the financial and economic situation of the state is not correct, which led to the deterioration of the financial situation in the country, so it is imperative for the government to take rapid steps to address the economic reality of the country as soon as possible." .
He added, "The trend to reduce the salaries of state employees will cause a great economic catastrophe for this important segment that serves state departments, especially since this segment of their salaries is not sufficient for them until the end of the month, so how would the situation be if they were reduced and this matter is not possible at all."
Al-Baiji continued, "As representatives of the people, we will not accept a reduction in the salaries of state employees, a dinar, for whatever reason. The government must find appropriate plans to solve the financial crisis in the country and find a solution to this crisis, which we have always warned of its occurrence, and we have not found deaf ears."
He concluded by saying: "Therefore, reducing salaries is not a solution. Rather, the solution is to activate the other sectors, industry, agriculture, communications, and border crossings in order to maximize the state's revenues while developing appropriate plans to end the current crisis that the country is going through, away from reducing the salaries of employees because it will not solve the crisis in the country."
 
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Compared to the United States of America .. What does it mean that every Iraqi child is born in debt with 3,000 dollars?

2020-10-03
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Yes Iraq: Baghdad

About two weeks ago, the reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that Iraq's debts, when calculated and divided by the number of the population, that every Iraqi child born will have a debt of $ 3,000.

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

But the economist, Nabil Al-Marsoumi, wrote a leaflet that was spotted by "Yes Iraq" about the statement of the Finance Committee rapporteur, entitled "Misleading indicators."

Al-Marsoumi said that "every Iraqi child born is a debtor of $ 3,000, and every American child born is a debtor of $ 6646," wondering: "Does this mean that the Iraqi economy is better than the American economy?"

Al-Marsoumi pointed out that “indicators of the debt burden are not measured in this simplistic way nor are they measured by the total size of the debt, which amounts to about 120 billion dollars in Iraq and 22 trillion dollars in the United States
. Exports
Debt Size Index / Exports
Debt Size Index / GDP

https://yesiraq.com/مقارنة-بالولايات-المتحدة-الأميركية-م/

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A parliamentary call to include in the current year’s budget the necessary allocations for the completion of the Faw port project

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Baghdad / NINA / The representative of Basra Governorate, Khalaf Abdul Samad, Prime Minister and Speaker of Parliament and Parliamentary Finance Committee, called for serious work to include in the 2020 budget the necessary allocations to proceed with the completion of the large port of Faw.



Abdul Samad stressed, in a press statement, that "financial allocations should never be an obstacle to the completion of this port, whose achievement has reached important stages, calling on the Ministry of Transport to intensify its media efforts in order to inform citizens of the stages that the Faw port project has reached and the obstacles facing it." And the importance that this port enjoys. / Ended 5
 
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21 hours ago, GreedyDinar07 said:

Well, I am going to step away for a while because there is a lot of work to be done and I need a break from this roller coaster ride. I am hoping for the best. If they can get Iran and the corruption out of the way they have a chance.

Dont blame you one bit, there's days where they seem like they are moving forward and days where they are taking 3 steps back.

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Borrowing money ran out. And that's the way for the government to save September salaries.
Economy

 

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 2020-10-03 09:57
  
The parliamentary finance committee on Saturday attributed the delay in paying employees salaries for September due to a lack of liquidity, noting that the government should turn to the central bank to cover the deficit.

"The government can pay employees' salaries for the month of September, if they go to financial deposits or take money to secure the financial deficit from the resources of the central bank and other local banks," committee member Jamal Cougar told Shafq News.

"Oil resources for September amounted to $3.176 billion, of which we deduct the amounts of extraction and compensation of Kuwait 5%, the government remains about $2.382 billion, and with other non-oil resources it becomes three billion dollars," he said.

"The government needs about three billion or less to cover the fiscal deficit in the salaries of employees," Cougar said, adding that "the central bank has indicated its willingness to borrow the government to fill the fiscal deficit in employees' salaries."

"The new borrowing law will provide salaries if it is passed in the House of Representatives," he said.

On Saturday, parliamentary finance committee member Abdul Hadi al-Saadawi revealed the government's intention to borrow 27 trillion dinars to secure employees' salaries for the last months of 2020.

The Iraqi parliament has previously authorized the government to borrow 15 trillion dinars to cover the country's fiscal deficit, but these funds have run out of money while covering the deficit in the salaries of employees in recent months.

Iraq is experiencing a financial crisis due to the fall in oil prices caused by the Corona pandemic, as the country relies on crude sales revenues to finance up to 95 percent of state expenditures.

Iraq's fiscal deficit has also worsened as the country has to cut its oil exports by about 1 million barrels per day in line with the OPEC+agreement to support prices.

 

https://shafaq.com/ar/اقتصـاد/موال-الاقتراض-نفدت-وهذا-سبيل-الحكومة-لتوفير-رواتب-يلول

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In successive steps ... Iraq moves slowly to reunite the "oppressor" of its oil and deprive countries of 2 billion dollars annually.

2020-10-03
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Yes Iraq: Baghdad

Today, Saturday, Oil Minister Ihsan Abdul-Jabbar laid the foundation stone for raising the refining capacity of Haditha refinery in western Anbar, from 16 thousand barrels to 36 thousand barrels per day, while it plans to raise it further to doubling by 70 thousand barrels per day during the coming years, days after A contract with a Japanese company to raise the refining capacity in the Southern Refineries Company to 55 thousand barrels per day.

 

Abdul-Jabbar said during laying the foundation stone, that "we are working on developing production units and adding new units to produce high-quality, environmentally friendly oil products, as well as providing job opportunities for the citizens of Anbar Province, western Iraq."

He stated, "The Ministry of Oil is proceeding with its plans to develop all sectors of the oil industry in accordance with international principles, standards and specifications, and we must make more efforts to complete this."

Abdul-Jabbar said that the Ministry of Oil is continuing with international companies to resume the implementation of the natural gas investment project in the Akkas field, which is one of the important strategic projects in the natural gas sector in Anbar Province.

The Director General of the Northern Refineries Company, Qassem Abdul Rahman, said in a press statement that the Ministry of Oil “will invite international companies specialized in establishing refineries to negotiate with them in adding a new production unit in accordance with modern European specifications with a capacity of 36 thousand barrels per day, so that the refinery capacity will increase to 70 thousand barrels in the future.”

 

Contract with Japan

Last Thursday, the Ministry of Oil joined the decrees of signing a contract with a Japanese company to raise production capacity for refining waste oil in southern refineries to 55 thousand barrels per day.

Ismail said that the Cabinet approved the implementation of the project, which comes within the framework of strengthening bilateral relations between Iraq and Japan, which was presented by the Japanese "JICA" organization, which is a representative of the Japanese government in financing development projects in the world, indicating that "the project aims to increase the production capacities of the company." Southern refineries, by converting the excess waste from the refineries' production, represented by black oil, into white products (gasoline with 92 octane number, gas oil, mixed naphtha, fuel oil) with international standards (Euro 5).

He stressed that “the project comes within the government's directions to enhance national resources and economic development in the country through optimal investment of production capacities to achieve the highest economic return from producing oil derivatives, which will reduce import, in addition to creating job opportunities for the people of the province, where (7) thousand opportunities will be provided. Work to be employed in the first phase of the project, in addition to (70) thousand other job opportunities during the advanced stages of implementing the project, according to the minister.

 

In turn, Hossam Wali, General Manager of the Southern Refineries Company, stated that the project is one of the important projects, and the extension of implementation will be (4) years from the date of commencing its work at the beginning of next year and the estimated cost is $ 4 billion, explaining that the purpose of implementing the project is to benefit from the refinery waste production from Fuel oil (black oil) and converting it to white derivatives (liquid gas, gasoline with an octane number of 92.2, gas oil, mixed puffs, fuel oil, gas oil in hydrogenation units) with environmentally friendly European specifications, and the project will increase the production capacities of the refinery.

 

 

Increasing production capacity to 100 thousand barrels in Nasiriyah

Last Thursday, a member of the Parliamentary Energy Committee, Sadiq Al-Sulaiti, announced the approval of the Ministry of Oil to add another refining unit to the Nasiriyah refinery in Dhi Qar with a capacity of 70 thousand barrels per day.

Al-Sulaiti said in a statement that "Oil Minister Ihsan Abdul-Jabbar agreed to implement the project of erecting a refinery with a capacity of 70 thousand b / d, to be added as an expansion of the current refinery with a capacity of 30 thousand b / d, in preparation for the installation of the gasoline improvement unit."

 

And Al-Sulaiti said that "the current Nasiriyah refinery is one of the old, dilapidated and few-capacity refineries, and there are many technical conditions in the strategic location of the governorate that contribute to the success of the project from the availability of pipelines, tanks and technical expertise to the cadres."

He pointed out that "raising the production capacity of the Nasiriyah refinery to one hundred thousand barrels per day will contribute to covering the need of the province and provide the central governorates with oil derivatives, and will contribute to providing a lot of job opportunities for the people of the province."

 

Al-Sulaiti praised the Ministry of Oil’s steps aimed at increasing the capacity of oil derivative refineries and reducing their import, which costs about $ 2 billion annually.

 

 

 

$ 24 billion to buy derivatives

These moves come at a time when Iraq spends billions of dollars annually on importing oil derivatives, while Al-Sulaiti revealed earlier that Iraq had wasted 24 billion dollars spent to buy and import oil derivatives from abroad.

 

And Al-Sulaiti said, “Iraqi refineries are currently operating at a capacity of 650 thousand barrels per day, which is not sufficient and does not cover the country's need. To face this challenge, we have asked the Ministry of Oil to increase production capacity urgently and quickly, because import is a great burden, and attention must be paid to the sector. Refineries, ”revealing that“ the country wasted 24 billion dollars in the last period that was spent for the purpose of purchasing oil derivatives and importing them from abroad. ”

 

https://yesiraq.com/بخطوات-متوالية-العراق-يتحرك-ببطئ-لجمع/

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The Minister of Finance resolves the controversy over the employee salaries crisis: There is no exchange without borrowing

2020.10.04 - 08:27
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Baghdad - People  

Finance Minister Ali Abdul-Amir Allawi said that paying employees' salaries is a matter related to the House of Representatives voting on the borrowing law, stressing that this step will address the current deficit in the country.  

Allawi added, in a statement to the official agency, followed by "People" on Sunday (October 4, 2020), that "the salaries of retirees for the current month were launched without any problem, pointing out that the salaries and allowances of employees will be launched during the next few days or weeks."  

He added, "The amounts will be available if the House of Representatives approves the borrowing law," stressing that "the borrowing law is very important because it meets the financial needs of the state and addresses the deficit in the budget."  

  

Earlier Tuesday, a member of the Parliamentary Finance Committee, MP Muhammad al-Darraji, held the previous government responsible for not submitting the 2020 budget, revealing that Iraq's foreign debts amounted to 120 trillion, except for war compensation.  

Al-Darraji said in a televised interview on the official channel, with colleague "Karim Hammadi" and his follower, "People" (September 8, 2020), that "presenting the budget is a constitutional requirement," explaining that "the resigned government failed in not presenting the budget."    

Al-Darraji added that "the budget, which is currently prepared not for three months, but rather for the year 2020," revealing that "the external debts amounted to 120 trillion, except for war compensation."    

Al-Darraji pointed out that "we have obligated the government to present a reform paper in exchange for borrowing," noting that "the Central Bank sold 27 billion dollars at its auction this year."    

Al-Darraji said that "customs imports since the beginning of this year are only 490 billion dinars," adding that "148 trillion dinars are the value of the 2020 budget."    

He stressed that "the revenues of the 2020 budget amount to 67 trillion dinars, with the price of a barrel of oil at 40 dollars," noting that "the decision of 175 from the previous government caused a loss of 4 trillion dollars."    

Al-Darraji promised that "borrowing leads to bankruptcy in the future," pointing out that "job grades were transferred to the 2021 budget, and employees who were referred to retirement during the year 2020 did not fill their ranks."    

On the election file, Al-Darraji said that "the upcoming elections are pivotal in the history of Iraq," noting that "the thinking of political forces is to stay in power in various ways."    

Al-Darraji added that "the United Nations' rejection of the results of the upcoming elections will make the international community reject its outputs, and thus the elections will lose their legitimacy," adding that "political forces interfere in the work and appointments of the commission."  

https://www.nasnews.com/view.php?cat=41877

 

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Labor plans to launch 1,000 loans to four liberated areas

  •  Time: 10/04/2020 08:34:38
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Labor plans to launch 1,000 loans to four liberated areas
  
{International: Al-Furat News} The Ministry of Labor and Social Affairs announced that it will soon launch 1,000 loans within four liberated areas.

The Director General of the Department of Labor and Vocational Training at the Ministry of Labor, Raed Jabbar Bahed, said in a press statement that "the World Bank emergency project has allocated 80 million dollars to the liberated areas."
"The project will be launched as an experimental first stage within the regions of the outskirts of Baghdad, Babylon, Diyala and Kirkuk, and that the lending process will be launched in succession after the evaluation of the experimental stage, and it is hoped that the loans will reach 15 thousand later in the seven areas targeted by the project," Bahid added.
Ali al-Rubaie

https://alforatnews.com/news/العمل-تعتزم-اطلاق-1000-قرض-لأربع-مناطق-محررة

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With the fear of entering a new phase of the Corona pandemic: What are the repercussions of the crisis on the Iraqi economy?

860676-13c4cf0a-e737-4bbe-8418-cfa454558
Baghdad / NINA / .. Al-Hilali infection .. The World Health Organization announced that Iraq has entered the stage of "societal outbreaks" of Corona virus, which represents the third stage, while the fourth stage will be in which the country will be completely infected, which requires the state to take rapid and severe measures .

And if the first stage of the epidemic has doubled the level of poverty in Iraq and affected the owners of free professions significantly, as well as the fluctuation in the process of receiving salaries for employees, then how will the situation be in the coming period ?!

Ahmed Al-Dulaimi / owner of a clothing store is afraid of the economic recession that occurred in the country after the Corona pandemic, as the previous stage resulted in many shops being closed and offered for sale or rent due to the inability of their owners to pay their rents or dispose of their goods, and the owners of professions that stopped due to the outbreak of the virus They were forced to spend all their savings - if any - and their customers, who used to buy goods often in installments or by paying later, were unable to pay what they owed because their salaries were late or they suffered from the same problem and their business stopped due to the quarantine that lasted for months and greatly affected the Iraqi economy ..

As for fish breeder Haider Al-Khazraji, he complains about his inability and his colleagues in the profession to sell their fish crops due to the weak purchasing power of customers in the market, which affected many food and luxury products and led to the suspension or decline of some professions, especially since the issue is continuing and its impact on the economy may extend for other months or perhaps A little more ..

and the Ministry of Planning had revealed the rate of increase in poverty in Iraq, as a result of the Corona pandemic, and the ministry’s spokesman, Abdul Zahra Al-Hindawi, said that the ministry had devised a plan to avoid an increase in the rate of poverty, indicating that the Covid 19 pandemic and the financial crisis had caused an increase in poverty rates In Iraq, to more than 31%, adding that "the vulnerable segments of society were the most affected and affected by this crisis as a result of the stopping of many businesses, especially the private sector."

Dr. Maeda Hussein / Accounting Department at Al-Rafidain College believes that the Corona pandemic wreaked havoc in the global economy until it was paralyzed, as it obstructed production, supplies and air transport across the world, weakened global demand and hit the financial, aviation, transport and tourism sectors with heavy losses, and the world has been affected by this pandemic, especially countries. The same fragile economies, which are economies of a unilateral nature that are not able to adapt to local or international crises, it is known that the Iraqi economy depends mainly on oil, and there are expectations of a contraction in the economies of the world countries and could reach the level of economic recession, which indicates the need for financial support A huge number of governments in the world to revitalize their economy after the Corona pandemic, at a time when Iraq is already suffering from a financial crisis.

As for Dr. Tariq Abdul-Hafiz Al-Zubaidi, a specialist in political science, he believes that the Iraqi economy has been affected by the repercussions of Corona, as is the case for the global economy, and the most prominent economic repercussions are the decline in global oil prices, and the impact of this was the most severe on Iraq, which depends on its financial budget up to 95% on the money it reaps from Selling oil, as Iraq today is facing a severe crisis that may threaten the economy as a whole, and the reason is that Iraq has not developed an alternative plan for such events, in addition to not activating other resources such as agriculture, industry and trade, since the political change in 2003 and until today it has not worked to explore new fields in The vast areas, most of which may be a fertile environment for oil extraction, and according to many reports, Iraq indicates the possibility of extracting gas and sulfur, especially in Anbar Governorate or in some southern governorates that have minerals that have not been explored or invested, such as mercury, for example ..

For her part, the economic expert, Dr. Ikram Abdel Aziz, stresses that there are means to overcome the economic crisis, including activating the role of small and medium industries and opening training courses for unemployed youth by civil society organizations or banks that grant loans to establish private projects. Investment can also become an element. Active in restructuring the Iraqi economy by securing the entry of capital and employing it in real projects that serve the economy and development by bringing in investments, technology and expertise in a way that diversifies the trade balance to avoid the oil restriction and the diversity in the export content of products and goods and even in the service side of them with Sizing the import content and investing in the minds of experts, including inventors and innovators.

At a time when the economic researcher Adel Al-Taie believes that the epidemic will prolong and the vaccine will not be easy soon, so coexistence with Corona will become urgent and exit from the economic situation and social isolation is inevitable, because the precautionary measures and home quarantine were not an easy decision, especially since its tax may lead to An economic recession may be more deadly than the virus itself. / End
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A 'sharp' comment from the Finance Committee on the minister's statement about the employee payroll crisis

2020.10.04 - 08:55

Baghdad - People  

On Sunday, a member of the Finance Committee in the House of Representatives, Muhammad Al-Darraji, commented on the statements of Finance Minister Muhammad Allawi on the employee salaries crisis.  

Al-Darraji wrote in a tweet on Twitter, followed by "People" (October 4, 2020): "In our hosting of the Ministers of Finance and Planning on September 10 in the House of Representatives about non-compliance with the borrowing law by submitting a reform paper, a pledge to submit a draft by the end of September and a final copy applicable in mid-October. ".  

He added, "Today, they did not submit a draft. They want to borrow again from the central bank’s reserves."  

  

Finance Minister Ali Abdul-Amir Allawi said that paying employees' salaries is a matter related to the House of Representatives voting on the borrowing law, stressing that this step will address the current deficit in the country.  

Allawi added, in a statement to the official agency, followed by "People" on Sunday (October 4, 2020), that "the salaries of retirees for the current month were launched without any problem, pointing out that the salaries and allowances of employees will be launched during the next few days or weeks."    

He added, "The amounts will be available if the House of Representatives approves the borrowing law," stressing that "the borrowing law is very important because it meets the financial needs of the state and addresses the deficit in the budget."    

  

The Parliamentary Finance Committee confirmed, earlier Friday, that the fiscal deficit is a temporary condition in Iraq, but the Minister of Finance has the powers to take immediate action.   

The committee's reporter, Representative Ahmed Al-Saffar, said in a statement to the official channel, followed by "People" (October 2, 2020), that "the current deficit is a temporary and embarrassing deficit for the government and parliament, because there is a slight deficit to finance the salaries of the month of September, which the government is late in paying." Noting that "in the event of waiting for the submission of the draft budget or the submission of a new loan law, the issue will be delayed by more than a week, 10 days, or maybe more, and this will lead to a lot of embarrassment."    

He added that "according to the public finance literature, the Iraqi constitution, and the Financial Administration Law, if there is a slight deficit, the Minister of Finance has the powers to take immediate action," indicating that "there are two types of debt; real fixed debt which results from a significant decrease in real revenues versus expenditures." The public deficit is a permanent and permanent deficit and it is called the fixed debt, but the current deficit in Iraq is a temporary deficit, and the debt is called a debt remaining in the public finances and it is possible to put up temporary treasury bills that express the existence of revenue but it is a delayed income. Future. "    

He continued, "Iraq does not have a financial crisis because it has resources, but the state and the government cannot access them, so the current deficit in Iraq is a temporary deficit, and the debt is a debt and the deficit can be paid in the future," indicating that he "proposed to get out of this distress." The great embarrassment for the government is for the Finance Minister to move to offer bills and immediate borrowing from Iraqi banks or the central bank to pay salaries. Then the move will take place a week later when Parliament starts its sessions and the normal situation in Baghdad returns after the forty-day visit.    

Al-Saffar pointed out that "the draft budget was delayed sending it to the House of Representatives, and there was only one night remaining in the Parliament's Office and it was withdrawn by the government until the Finance Committee did not see it. I do not know the reasons behind the withdrawal of the project and this embarrassment to the House of Representatives by the Ministry of Finance is never acceptable because The error and defect is the lack of monetary and financial policies in Iraq. All that exists is that they are waiting for debts and financing the operating budget. "    

Al-Saffar stressed that "the parliament is ready to hold any emergency session in order to solve the current crisis. It is possible to borrow immediately and then remedy the situation after a while because it is not correct that the employee waits for days without a salary and this is his only source of income."     

He pointed out that "there are two solutions; either submitting the draft budget as soon as possible until it is approved, or resorting to new borrowing if the government is able to obtain Parliament's approval because the issue of debt in Iraq has become in a very dangerous range and leads the Iraqi economy to the unknown."     

https://www.nasnews.com/view.php?cat=41880

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Deleting the names of more than 8,000 individuals from the ration card of the deceased and those traveling outside Iraq

Editing date: 10/4/2020 13:32  24 times read
Where's News_Baghdad

The Ministry of Commerce announced that the audit committees overseeing the distribution of the new ration card forms have removed 8,096 individuals from the deceased and those traveling outside the country.
A statement of the ministry, a copy of which was received by Ayna News, stated that “since the start of the process of distributing the new ration card, the audit committees began their work and 6990 individuals of the deceased were canceled, in addition to the delisting of 1,104 individuals due to travel outside the country, indicating that“ work is underway to audit the supply branches. The headquarters of the department is to count the real numbers that are registered and owed to the ration card because of what this process provides in terms of preserving public money and cutting off the way for manipulators.
”He added that“ the ration cards distributed so far have 865,996 cards, ”calling on all citizens to accelerate the delivery of their documents to the agent in order to receive the card New
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How much is Iraq's oil reserves compared to other OPEC countries?

2020-10-04
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Yes Iraq: Baghdad

OPEC announced that the organization’s reserves of crude oil amount to one trillion and 189 billion barrels, indicating that these reserves represent more than 79% of the world's reserves of crude oil.

 

The organization said in a report that the reserves of the members of the organization, consisting of 13 countries, of crude oil amount to one trillion 189 billion and 80 million barrels, indicating that the state’s reserves outside the organization of oil amount to 308 billion and 18 million barrels.

It added that the percentage of these reserves for OPEC represents 79.4% of the world's reserves of crude oil.

The organization pointed out that “Venezuela comes first with the highest reserves within OPEC, at 25.5%, followed by Saudi Arabia with 22.4%, while Iran comes third with 13.1%, Iraq comes fourth with 12.2%, then Kuwait fifth with 8.5% and then the UAE sixth with 8.2 Then Libya comes seventh by 4.1%, and Nigeria comes eighth, by 3.1%.

 

And she continued, "Algeria came ninth with a reserve of 1%, Ecuador came tenth with 0.7%, then Angola came in 11th place with 0.7%, Gabon came 12th with 0.2%, and finally Guinea came 13th with 0.1%."

 

The Organization of the Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Gerasul (Angola), Orient (Ecuador), Zafiro (Equatorial Guinea), Rabi Litt (Gabon), Iran Iran), Basra Let (Iraq) ), Kuwait Export (Kuwait), S Cedar (Libya), Pony Light (Nigeria), Arabian Light (Saudi Arabia), Morban (UAE) and Miri (Venezuela).

https://yesiraq.com/كم-يبلغ-احتياطي-العراق-من-النفط-مقارنة/

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POSTED ON 2020-10-04 BY SOTALIRAQ

The Minister of Finance pledges the distribution of employee salaries to the parliament vote on the borrowing law

On Sunday, Finance Minister Ali Allawi pledged the distribution of employees' salaries by the parliament's vote on the borrowing law.

The official "Al-Sabah" newspaper quoted Allawi as saying, "The release of employee salaries depends on the House of Representatives vote on the borrowing law."

It is noteworthy that the salaries of employees were delayed by nearly two weeks, due to the delay in the House of Representatives to vote on the borrowing law.

 

http://www.sotaliraq.com/2020/10/04/وزير-المالية-يرهن-توزيع-رواتب-الموظفي/

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Parliamentary Finance: The government has begun to withdraw funds from ministries to cover the salary deficit

17:06 - 10/04/2020
 
  
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Information / Special ...

The Parliamentary Finance Committee revealed, on Sunday, the government's move to satisfy the deficit with the salaries of employees for the remaining months from the ministries' funds, which are estimated at more than 3 trillion dinars.

"The government needs 7 trillion dinars to cover the expenses of salaries of employees and retirees and social care for the coming months," Ahmed Al-Saffar, a member of the Finance Committee, told Al-Maamouma.

He added that "government revenues amount to about 4 trillion dinars, which means that there is a deficit in the salaries of employees for the coming months, estimated at 3 trillion dinars."

He explained, "The government started with the step of withdrawing the funds of the ministries to cover the expenses of salaries, and this matter represents the path towards wrong and ill-considered policies."

https://www.almaalomah.com/2020/10/04/498397/

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