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Al-Kazemi reformatory paper is completed !


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CNN. Broadcasting While Drawing With Crayons On The White Paper !     LINK Al-Kazemi reformatory paper is completed     5th October, 2020 An informed sour

LINK Barzani announces agreement on joint management of the border crossings in Kurdistan   5th October, 2020 The President of the Kurdistan Regional Government, Masrour B

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25 minutes ago, 6ly410 said:

 

 

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The solution is the white paper .. An economist reveals a recipe for treating the financial crisis in Iraq


The solution is the white paper .. An economist reveals a recipe for treating the financial crisis in Iraq 
 
 
10/05/2020 15:59:59
 
 
The economist Basem Jamil Antoine revealed, on Monday, the real solutions to get Iraq out of the financial crisis it is experiencing.

 

Antoine said in an interview with the Euphrates News Agency that "Al-Kazemi's talk is real and realistic. The justification is that we had a budget of more than 90% that depended on oil revenues, which were estimated at 90 to 100 billion dollars, and now that the past nine months have not exceeded 30 billion dollars, it must be Among the important and rapid measures for the purpose of advancing the Iraqi economy and reducing dependence on oil rents."

He added that "we must find other doors, such as border outlets that may provide us with money with the amendment of the law and the tax system, or the so-called white paper that is on the doors of achievement now and some political blocs are trying to block its issuance."

He continued, "The white paper is a temporary remedy if it is adhered to and not obstructed by the political forces and parties, as it is the way out for this miserable situation in which we live because it is not possible to rely on oil prices," noting that "it is an economic reforms through reducing costs and increasing revenues." And activating the role of the private sector."

He indicated that "the economy must be restructured and operate the agricultural, industrial and tourism sectors, and this is the solution to this crisis that the country is going through." 
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Parliamentary Finance: Iraq possesses 40 enormous economic resources other than oil

 

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5th October, 2020

The Finance Committee confirmed, today, Monday, that Iraq has 40 economic resources other than oil, while it made clear that most of these resources do not go to the budget, which caused the financial deficit.

Committee member Jamal Cougar said to "Al-Akhbariya", that "Iraq has 40 enormous economic resources to cover its financial deficit and even to keep the surplus from it for future budgets."

And he stressed "the need not to rely on oil much, especially with global market fluctuations, the Corona pandemic, and the previous government reduced Iraq's share of sales by 21 percent."

Cougar pointed out that "some resources in the ministries do not go to the federal budget, but are distributed and spent in contravention of the law, which led to billions being lost annually without being included in the financial budgets."

It is noteworthy that Iraq was one of the most important agricultural exporting countries, especially dates and citrus fruits, as well as that most of its well-produced factories and factories have been closed since 2003.   

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The Financial Committee diagnoses a defect in which the government has fallen into the issue of salaries and presents a method that saves a trillion per month

 
 
 
10/5/2020 11:11 
 
The Finance Committee in the House of Representatives diagnosed a defect in the issue of securing salaries, while the government presented a way to save one trillion dinars per month.

A member of the committee, Naji Al-Saeedi, said: "The government expected that at the end of the first borrowing law - voted on in June - it would not need a second borrowing, and it relied on high oil revenues, but with a decrease in those revenues that reached in the month of September to two billion and 600 million. A dollar, and with other state revenues, it could reach 3.250 trillion dinars, while we need 6.6 trillion dinars a month to cover salaries and other expenses, and this is what created a deficit in the budget.

Al-Saeedi criticized, "the government's resort to borrowing through the central bank to cover the deficit in salary financing," noting that "this causes a decrease in the hard currency reserves, and that continuing this policy until the end of this year will lead to the collapse of the Iraqi economy."

The deputy added, "Acting properly in the customs issue can bring to the treasury a month (one trillion dinars), and direct tax could reach 500 billion dinars, and all of this will solve the problem without resorting to borrowing."
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Parliamentary Finance: The employees may receive two salaries this month

 
Parliamentary Finance: The employees may receive two salaries this month
 
 
10/05/2020 13:10:22
 
 
The Parliamentary Finance Committee confirmed, on Monday, the possibility of employees receiving two salaries during the current month.

 

The committee's reporter, Ahmed Al-Saffar, said in an interview with Al Furat News that "if the borrowing is approved and the financial liquidity is available, the employees are entitled to receive two salaries this month."

Al-Saffar added that "the issue of salaries is in the hands of the government, not the parliament, and the government has failed to collect the necessary sums to finance the salaries," noting that "the government pledged to parliament to make reforms and did not carry out any reforms so far, and the draft budget has not been submitted, and so far the government has not made any borrowing, which is just Words and nothing reached Parliament."

It is noteworthy that the government has not distributed the salaries of the month of September to the employees so far, due to the economic crisis in Iraq and the lack of financial liquidity necessary to secure salaries.
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10 hours ago, DinarThug said:

The Central Bank begins implementing steps to reform the banking sector

image.jpeg.b8fe99594dd44269108fc2512bbb4f8a.jpeg
 

 

5th October, 2020

 

Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank
 
 This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector

 

This bank confirms that it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders
 
Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them

 

      The Central Bank of Iraq   Information Office, 5th of October 2020

               Baghdad

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 Central Bank: Direct implementation of steps to reform the banking sector  LINK

 

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The Central Bank begins implementing steps to reform the banking sector

image.jpeg.b8fe99594dd44269108fc2512bbb4f8a.jpeg
 

5th October, 2020

 

Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank
 
 This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector

 

This bank confirms that it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders
 
Finally, we announce that the next stage will include the process of "reforming government banks as well," noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them

 

      The Central Bank of Iraq   Information Office, 5th of October 2020

               Baghdad

############

 Central Bank: Direct implementation of steps to reform the banking sector  LINK 

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Finance Minister: Iraq is in the process of transferring its budget from the traditional to the program budget
 

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4th October, 2020

 

Sunday, Minister of Finance, Ali Abdul-Amir Allawi, confirmed that Iraq will move from the traditional budget to the program budget within a year and a half, indicating that the tax rate will not be high, but the citizen will not accept it for not providing the necessary services.   

Allawi said to the Iraqi News Agency (INA): "The budgets for the years 2021-2023 we have started working on them now, but they will not be the main ones, because the Ministry of Finance is currently unable to implement it in a complete way, but it may be hindered for a year and a half so that we can move from the method." Drawing the traditional budget to the program budget."
 
Taxation
 
He added, "The tax returns are indirect, and will constitute a very small percentage of the state's resources, which are not high if compared to any other country, since the tax structure is reasonable in Iraq." He pointed out that "citizens will not respond to taxes, and they may have a justification, because the state does not provide them with the necessary services, so the level of taxes must be linked to services and their quality." He continued, "It is assumed that we get 8 trillion dinars from taxes, while we are currently getting less than one trillion, because there are large exemptions and exemptions."
 
Economics and politics
 
On the political issue, the Minister of Finance stated that "there is a link between economics and politics, and all the decisions issued since 1950 were aimed at politics and ideology, and over time they transformed from an ideology to a kind of balance, which in turn led to the seizure of the state."
 
Iraq and the Culture of Conquest
 
He stated, "Iraq contains a kind of state seizure, as it is not necessary for this seizure to be by the parties, but it may be from all parties that have a stake and influence on decision-making." 
 
Subject the state to professional controls 
 

He stressed, "The need to subject the state to completely different professional controls and ways of working, and the solution must be a kind of separation between the legitimate and quasi-legitimate requirements of political parties, according to the electoral results, because the balance is difficult, so that we have a completely independent government apparatus, which does not exist currently."  He noted that "the current political crisis may help in changing views according to the way the administration is going."

 

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The Minister of Finance opens the files for salaries, budget and taxes

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4th October, 2020

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Parliamentary Finance: There is no solution to the salary crisis other than approving the budget and including borrowing
 

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14:39 - 05/10/2020

The Parliamentary Finance Committee confirmed that there are no solutions to secure salaries for employees before the government, other than to expedite the sending of the draft 2020 budget to Parliament for approval and including the borrowing proposal.

"The government kept the draft budget for the last months of 2020 one day in Parliament, and withdrew it and did not send it yet," said Ahmed Al-Saffar, a member of the Finance Committee.


He added that "the defect is borne by the government and the media is used to load the parliament the matter," noting that it "made a big mistake by withdrawing the draft budget."

Al-Saffar explained that "the only solution for the government to quickly get out of the wage crisis is to send the draft 2020 budget to parliament as a matter of urgency and to include a borrowing proposal to expedite the disbursement of employees' salaries.

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Al-Samarrai: How can we pass the borrowing law without reaching parliament?

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12:37 - 05/10/2020

Deputy Chairman of the Parliamentary Finance Committee, Muthanna Al-Samarrai, held on Monday the government responsible for the failure to pay employees' salaries, indicating that Parliament has not yet received any borrowing law.

Al-Samarrai said in a televised statement that "the House of Representatives does not bear responsibility for suspending salaries, and there is no borrowing law sent to him so far." He added, "The government received the ruling, knowing very well about the salary crisis, because it has not found any realistic solutions so far to solve it."

He continued, "Parliament absolutely allows the government to borrow without presenting a study of economic reform and adopting a transparent policy. The government has submitted a proposal to borrow 27 trillion dinars, while the central bank owns 10 trillion dinars so you have available cash reserves."

Al-Samarrai indicated that "248,000 retirees expelled by the previous government until now have not received their salaries until now, and the government must provide the money." 
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19 minutes ago, 6ly410 said:

 

 

20 minutes ago, 6ly410 said:

 

 

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Masrour Barzani: Kurdistan is the most successful model in Iraq, and we have an opportunity that should not be missed


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5th October, 2020


Today, Monday, October 5, 2020, the Prime Minister of Kurdistan Regional Government, Masrour Barzani confirmed that there is a favorable opportunity to resolve the outstanding differences between Erbil and Baghdad and should not be lost, and indicated that the discussions with the federal government are continuing within the framework of the constitution. 

In a speech during which he presented a report on a full public work, the Prime Minister reviewed, in the presence of Deputy Prime Minister Qubad Talabani and a number of concerned ministers, what had been accomplished in the reform project, plans to overcome the financial crisis, combat Corona, and service and strategic projects.

In the government work report, the prime minister addressed the file of the ongoing discussions with the federal government and the situation in the Kurdish regions outside the region’s administration, in addition to the oil, financial and peshmerga file. The Prime Minister said that reform is a permanent process, and it will not end overnight, and it has started in many areas, and will affect various sectors financially and administratively. And he indicated that health and economic crises are facing the Kurdistan Region, Iraq and the world in the midst of the outbreak of the Corona virus, the decline in global oil prices, and Baghdad's refusal to send the region's share, but that did not hinder the implementation of strategic projects in agriculture, industry, roads and electricity.

The Prime Minister pointed out to allocating about 28 billion dinars to confront Corona, and stressed reviewing the tax system, as well as fighting red tape to improve job performance in government departments, in addition to linking border crossings and airports with an electronic system to enhance supervision and quality control. He also reviewed a number of electricity projects that were recently launched, and contributed to raising production to 3,700 megawatts, with processing hours exceeding 20 hours a day. He also talked about health projects, food processing projects and roads, which had been laid the foundation stone in the past weeks. 

The Prime Minister affirmed that the internal and external debts amount to more than 8.5 trillion dinars (about $ 7.2 billion), while the total financial liabilities amount to about 9.8 trillion dinars (about $ 8.3 billion), while the total amount of financial obligations for those who receive salaries is more than 10.5 trillion dinars. (About $ 8.9 billion). He also added that the financial obligations that the government owes to each of the Iraqi Commercial Bank and Kurdistan International Bank amount to about 4.6 trillion dinars (about 3.9 billion dollars), bringing the total internal and external debts to about 33.6 trillion dinars (equivalent to 28.4 billion dollars).

The Prime Minister said that negotiations are continuing with the federal government regarding the Kurdish regions outside the region’s administration, and he also renewed the complete rejection of the demographic change process in those areas by continuing the policy of Arabization and displacing the Kurdish and Turkmen populations from their villages and lands.

He noted that Erbil and Baghdad had previously agreed to establish six joint information centers between the army and the Peshmerga in Diyala, Makhmur, Mosul, Kirkuk, Erbil and Baghdad, but the federal government did not issue any decision to initiate the centers aimed at curbing terrorist activities.

The Prime Minister said: "We are continuing our talks with Baghdad, and there are those who say that the Kurdistan Region’s problem with Baghdad is limited to the budget and salaries, and this is not true. There are major issues, most notably the Kurdish regions outside the region’s administration and the Peshmerga file."

He pointed out that the Kurdistan Region is the most successful model in Iraq despite the crises, indicating that there is a window of opportunity to solve the problems between the two sides, and it must be exploited and not lost, because the settlement of problems under the constitution is an important factor for stability in the public interest of all Iraqis. After that, the prime minister, deputy prime minister and ministers answered the parliamentarians ’questions and listened to their interventions on various issues under the dome of Parliament. 

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From Iraq, Egypt and Jordan .. Will the region witness a new economic bloc?

image.jpeg.36272a1777a6e677b857665c862875aa.jpeg

 

5th October, 2020


The ministers of industry and trade in Egypt, Jordan and Iraq held a tripartite meeting, yesterday, Sunday, within the framework of following up the outcomes of the tripartite summit held in Amman on the twenty-fifth of last August, which brought together Egyptian President Abdel Fattah El-Sisi and Jordanian King Abd God is the second and Iraqi Prime Minister Mustafa Al-Kazemi. The ministers agreed to define four sectors targeted in the first phase to enhance tripartite cooperation, including the pharmaceutical, chemical, textile and ceramic industries.

Will we witness a common Arab market between the three countries?

Economist Safwan Qusay says, according to a report published by the Russian Sputnik Agency, that "Iraq possesses energy as well as human resources, but the unemployment rate in it is around 40%, which can be invested in operating the new industrial projects, and these resources represent the survival requirements for those projects, as well Iraq can unify relations between these three countries and the Gulf states." And Qusay said, "There is a strategic relationship between the three countries, as Egypt has the expertise that it can provide Iraq with, while the Kingdom of Jordan has a developed financial sector, from which Iraq can benefit in controlling money laundering and smuggling."

He added, "These agreements will lead to the creation of a common commercial market, in which customs duties may be raised between the three countries, to form an economic bloc within a homogeneous environment, in which the geographical location and national relations are invested, and through which it is possible to compete internationally, and Iraq is the main player in this system."

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Barzani announces agreement on joint management of the border crossings in Kurdistan

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5th October, 2020


The President of the Kurdistan Regional Government, Masrour Barzani, announced, on Monday, the agreement with the federal government to jointly manage the border crossings in the region, while affirming his government's commitment to handing over the region's oil revenues to the federal government.

Barzani said, while attending the Kurdistan Parliament session, that "the regional government is committed to handing over the region's exported oil imports to the federal government," indicating that "the region will commit to reducing oil production."

He added, "He agreed with Prime Minister Mustafa Al-Kazemi to increase security coordination and dialogues between the Peshmerga forces and the Federal Ministry of Defense, in addition to an agreement to form 6 joint security points." He stressed, "linking the border crossings with a unified electronic system, with the formation of a special committee to combat smuggling at the border crossings," expressing his "optimism in agreement with Baghdad on a joint management of border crossings."


On financial reforms, the regional government head said, "11 industrial zones will be established in the region to revitalize the industrial sector, in addition to activating taxes on all companies operating in the region, especially mobile phone companies, in addition to other measures to overcome the financial crisis." He explained, "The government was able to increase the hours of supplying electric power to 21 hours a day, and that the crisis we are going through is the Corona pandemic crisis, which is a global crisis."

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Without borrowing and the collapse of the currency: a “simple plan” provides Iraq with 8 trillion dollars a month for salaries… Stop “50 billion dollars” going abroad!


2020-10-05
 
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Yes Iraq - Baghdad

 

Today, Monday, October 5, 2020, economist Safwan Qusay presented 6 options for the government to secure salaries without the need to go towards borrowing.

Economist Safwan Qusay said in a statement monitored by "Yes Iraq": "The previous government had a surplus of liquidity as a result of a round of treasury funds from 2019, which allowed it to release salaries at the beginning of this year before the collapse of oil prices and Iraq’s agreement to reduce oil production signed." With OPEC +, this led to financial problems that the current Mustafa Al-Kazemi government faced.

"In light of this, the government introduced a borrowing law to provide 15 trillion dinars in order to pay salaries, and it was assumed that the Ministry of Finance would restrict liquidity in light of this, meaning that all oil sales would go towards securing salaries, but the Ministry of Finance continued to spend at a rate of 1/21 according to the budget. 2019 due to the lack of a budget for 2020, which is high spending because revenues decreased by 50% from last year, which led to a loss of existing liquidity.

He stressed that “the reluctance of the previous and current governments to pass the draft 2020 budget had negative repercussions. It was possible for the Minister of Finance to finance the salary deficit through several options, such as selling state property or resorting to borrowing and avoiding prejudice to government capital and relying on self-financing funds with ministries to pay the salaries of their employees. And it is also possible to sell treasury bonds to domestic buyers to provide funds for the treasury and to make a tax reconciliation in which taxes are reduced to encourage citizens to pay them, and this could save 8 trillion dinars.

He warned that "there is a warning of a second wave of Corona that is more severe, and a halt to the export of Iraqi oil may occur if its global prices collapses and the cost of production becomes higher than the cost of selling it as a result of the lack of demand and thus enters Iraq with a greater crisis," while noting that "there are 50 billion dollars coming out." Annually, from Iraq to the outside, through imports, in return, there is a freeze on agriculture and industry. The spending laws must be reorganized by Parliament to prevent currency leakage abroad.

He believed that "Iraq is not subject to bankruptcy as it has resources and liquidity at the central bank and also reserves of gold, and it is possible to use a new loan that does not exceed 9 trillion dinars, but any higher borrowing will be shocked by the lack of flexibility in its repayment and thus a collapse in the Iraqi currency exchange rate against the dollar will occur." Inflation is increasing and we get into a bigger problem. ”

He pointed out that "there is a government request to borrow 28 trillion dinars, and the central bank may reject this request. The bank has independence and can reject any legislation that proposes borrowing from the central bank."

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Al-Rafidain Bank reduces the car loan interest to 4 percent

 
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12:53 - 05/10/2020
 

Al-Rafidain Bank announced, on Monday, that the car loans interest for employees and citizens will be reduced to 4 percent.

The media office of the bank said in a statement that the information received, a copy of it, that "the benefits of car loans provided to employees whose salaries are with the bank and citizens were set at 4 percent."

The statement added that "the bank has contracted with discreet companies equipped with the latest types of cars, and the bank’s customers should know the conditions for obtaining car loans from the bank’s branches designated for that." 
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Al-Tamimi: Parliament is able to pass a borrowing law within six days

 

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5th October, 2020


The legal expert, Ali Al-Tamimi revealed, on Monday, that Parliament needs six days to pass the borrowing law, indicating that the law is passed according to several stages.

Al-Tamimi said in a statement to Al-Akhbariya that, “Parliament can hold an extraordinary session at the invitation of the Prime Minister, the President of the Republic, the Speaker of Parliament, or 50 deputies to specialize in legislating this law ... according to Article 58 of the Iraqi constitution..but if the session is held on the 10th Tishreen, enacting this law requires a lengthy process."

He added, "According to Articles 128 to 136.. of the Parliament's internal system, when the bill arrives in Parliament, the Speaker refers it to the competent committee to prepare the law, and then it is presented to Parliament for approval of the bill in principle by the majority of the parliament members, then an article by article is discussed and then it is voted on."Fully"

He pointed out that, "The bill is voted on after 4 days of reading it and hearing opinions. Then he reads a first reading, then after two days he reads a second reading and finishes." He pointed out that "the law voted on in Parliament is then sent to the Presidency of the Republic to ratify the law in accordance with Article 73. Third of the Iraqi constitution."

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