Al-Kazemi reformatory paper is completed !

[DinarThug]

23 hours ago, dinarham said:

Us crazy new millionaires will be spending like drunkin' sailors

 

8 hours ago, Artitech said:

I’m going to be the new owner of the Jack Pot Ranch located in the beautiful hill country of Texas!

 
 

 

     

[fancy]

9 hours ago, Artitech said:

I’m going to be the new owner of the Jack Pot Ranch located in the beautiful hill country of Texas! I’m going to throw a big Texas shindig, that Texas has not seen since the spindle top days! Everyone from DV will be invited (except DemoRats)! Then I start my new ministry! There will be some spending, I can assure you of that! 🤠 JMHO 

Invite me invite me invite me I'm a proud Texan! And good for you!!!

[Artitech]

1 hour ago, fancy said:

Invite me invite me invite me I'm a proud Texan! And good for you!!!

Your invited, big shin dig, the Great Johnny Bush will be there too!

[fancy]

38 minutes ago, Artitech said:

Your invited, big shin dig, the Great Johnny Bush will be there too!

Yahoo!! I'm right around the corner. I live in Central Texas!! Par-tay!!

[DinarThug]

4 quick solutions to solve the financial crisis in Iraq ... An economist puts "points on the letters: Iraq takes more than a trillion dollars!"

2020-10-06

 

 

People shop at the Shorja market in central Baghdad ahead of the Muslim Eid al-Adha holiday amid the COVID-19 pandemic, on July 28, 2020. (Photo by SABAH ARAR / AFP)

 

Yes Iraq - Baghdad

 

The economic expert, Manar Al-Obaidi, laid out, today, Tuesday, October 6, 2020, four steps to solve the financial crisis in Iraq.
Al-Obeidi said, in a post on Facebook: that in light of the salary crisis on the government system represented by the government, the competent parliamentary committees and the Central Bank, the announcement of a joint operations room that is obligated to work in several steps.
He added: One of the duties of the Chamber is to provide salaries for employees as quickly as possible, and to expose the people to the current reality and the real reasons that brought a country whose income over the years has exceeded more than a trillion dollars to what it is.
He added that among the duties of the team is to present a reform paper for the economy that depends on vigorous and bold steps to get out of the current reality, as well as giving the powers to the operations room to carry out rapid measures to resolve the crisis and come up with real results, noting that the tension and attraction between the executive and the legislative side is greatly reflected on The simple citizen who waits for his small salary to pay the many dues.

A member of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, said today, Tuesday (October 06, 2020), that the Minister of Finance had burdened the country with large debts, while he indicated that the white reform paper had turned black, he said.

Al-Jubouri said in a statement, that “the government is directing the problem of delaying the payment of salaries to the House of Representatives, and he is innocent of it,” noting that “the Minister of Finance pledged before taking office to present a white paper for comprehensive economic reforms, despite repeated calls to him to present it as it is the core of our work. Except it was air in a net, ”he said.

He added, "The government and the Ministry of Finance gave two months after the vote on the borrowing law to present the paper, but nothing happened to Parliament," indicating that "the great calamity is that finance demands borrowing again."

The deputy asked, "What is the benefit of the ministry and its advanced staff and advisors, if their work is to borrow and distribute salaries without any other solutions?" Noting that "the Minister of Finance has burdened the country with large debts, which are mainly suffering from debts accumulated for decades."

He pointed out that "the coming days will witness a problem between the parliament and the government because of the borrowing law, and linking it to the distribution of salaries," explaining that "the government sends negative messages through pressure to obtain borrowing under the pretext of paying salaries that will burden the country with debts."

He explained, "The Minister of Finance's reformist white paper has turned black," noting that his committee "removed the entire borrowing law from the budget last year, but now we were forced to borrow so that salaries could be paid in this miserable way."

It is noteworthy that a government source confirmed, Monday, October 05, 2020, that the salaries of employees for the month of September cannot be disbursed before October 15, due to the lack of financial liquidity.

The source said, "The Ministry of Finance does not have sufficient cash liquidity to pay the salaries of state employees, and this is what prompted it to submit a quick borrowing law to the Cabinet, which approved it, and a special session of Parliament is awaiting to be approved by the Council members as well."

He added that "without a new law on borrowing, the Ministry of Finance cannot disburse the salaries of state employees," noting that "the payment of September salaries will be delayed until the middle of this month, because the House of Representatives is currently on vacation due to the forty-day visit."

The source pointed out that "the first session of Parliament will be next Saturday, and at that time the borrowing law will be formally received and then amended, and he decides to set a special session to vote on borrowing, as happened with the previous law," noting that "this process takes a long time to reach a stage." Voting on the new borrowing law, so the earliest date for paying employees' salaries for September will be after the 15th of this month.

link

[DinarThug]

The disclosure of a "catastrophic loophole" in the salaries of employees draining the wealth of Iraq ... Budgets are just "changing numbers"!

2020-10-07

 

 

Yes Iraq - Baghdad

 

The reporter of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, revealed that the government does not know the number of employees within the state, between the annual mechanism for financial allocations in the general budget.

Ahmed Al-Saffar said, in a televised interview, that "Iraq does not have a database and there are no statistics for the number of employees in the country," noting that "the government does not know the number of employees, not even the Ministry of Finance has real figures."

Al-Saffar added, "The file of employees and their number requires real work, especially since there is a great financial waste."

The reporter of the Finance Committee in Parliament indicated that "the budget is an economic, social and financial issue and expresses the government's policy in the language of numbers, but the budgets that approve just change in numbers because they do not know the real number of employees in the state."

The salaries of September were late by about two weeks, which sparked discontent among employees in all departments.

On Tuesday, the Finance Ministry announced the release of salaries, but indicated that the crisis will continue for the foreseeable future.

The Ministry of Finance justifies the delay in salaries, that it needs to borrow locally, and has submitted a borrowing bill to the government, in order for it to be approved and sent to parliament for the purpose of passing it.

On Wednesday, October 07, 2020, the Ministry of Finance issued a new statement regarding employees ’salaries for the month of September, which it announced earlier that it will be disbursed today.

The ministry said in a statement, that it confirms that the process of financing late salary entitlements, and financing a large number of ministries and government departments in full today, will continue the process until Sunday with other departments.

The statement added that "the Ministry of Finance, Accounting and Banking Department, will make every effort to complete the procedures for disbursing the salaries of state departments and provinces."

He pointed out that, "In addition, government banks today launched the salaries of all government departments and self-financing companies," noting that "the Rafidain and Rasheed banks will continue working tomorrow and the day after for the purpose of disbursing salaries for the central finance that funded today."

The ministry called for "not to pay attention to false or fabricated news, and to rely on the ministry's bulletins as reliable."

Earlier, Al-Rafidain Bank instructed, today, Wednesday, to resume working hours tomorrow, Thursday, in some of its branches to complete the payment of employees' salaries.

The bank’s media office said in a statement that “based on directions and follow-up by the bank’s director general, it was decided to resume working hours in some of its branches that have the resettlement of state departments and whose financing has reached the bank and which are included in the resettlement process in order to complete the payment of salaries to serve the public interest.”

Earlier, Rasheed Bank also directed all employees of its branches in Baghdad and the provinces to resume official working hours for tomorrow, Thursday, to distribute the salaries of employees.

link

[screwball]

3 hours ago, DinarThug said:

the budget is an economic, social and financial issue and expresses the government's policy in the language of numbers, but the budgets that approve just change in numbers because they do not know the real number of employees in the state."

Yep especially when you delete zeros and adjust rate....

[DinarThug]

The reform paper ... a new salary ladder and measures to maximize revenues

 

 

5,400 Economie 2020/10/07 20:48 ht

Baghdad today - Baghdad 

 

A member of the Parliamentary Finance Committee, Representative Naji Ardis, revealed, on Wednesday, October 07, 2020, the most prominent contents of the reform paper presented by the Minister of Finance, Ali Allawi, to improve the economic reality in the country.

In an interview with (Baghdad Today), Ardis said, "The white reform paper presented by the Minister of Finance to improve the economic reality in Iraq focused on two very important aspects in order to apply it during the coming short period. The first: stopping waste in the public expenditures of the state, for example we buy "The imported Iranian gas is three times as much, then we give it to the electricity production company in the Basmaya region to sell energy to the government, electricity for three times, and this causes a great waste of public money."

He added that "the other and important aspect of the reform paper is to maximize public revenues, whether direct tax or customs, as well as setting a new salary scale to achieve the principle of social justice, to reduce the disparity in the salaries of ministries and government institutions."

A member of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, said Tuesday (October 06, 2020) that the Minister of Finance had burdened the country with large debts, while he indicated that the white reform paper had turned black, he said. 

Al-Jubouri said in an interview with (Baghdad Today), that "the government is directing the problem of delaying the payment of salaries to the House of Representatives, and he is innocent of it," noting that "the Minister of Finance pledged before taking office to present a white paper for comprehensive economic reforms, despite repeated calls to him to present it." As it was the core of our work, it was only air in a net, ”he said.

He added, "The government and the Ministry of Finance gave them two months after the vote on the borrowing law to present the paper, but nothing happened to Parliament," indicating that "the great calamity is that finance demands borrowing again."

The deputy asked, "What is the benefit of the ministry and its advanced staff and advisors, if their work is to borrow and distribute salaries without any other solutions?" Noting that "the Minister of Finance has burdened the country with large debts, which are mainly suffering from debts accumulated for decades."

He pointed out that "the coming days will witness a problem between the parliament and the government because of the borrowing law, and linking it to the distribution of salaries," explaining that "the government sends negative messages through pressure to obtain borrowing under the pretext of paying salaries that will burden the country with debts."

He explained, "The Minister of Finance's reformist white paper has turned black," noting that his committee "isolated the borrowing law completely from the budget last year, but now we were forced to borrow so that salaries can be paid in this miserable way."

LINK

[DinarThug]

An economist expects the recurrence of salary delays and suggests an urgent solution that was implemented by the state and made a financial leap

 

 

1,358 Economie 2020/10/07 21:42

Baghdad today - Diyala   
 

The economic expert, Mahdi Douai, said today, Wednesday, that the delay in paying the salaries of the country's employees will recur, and while noting that the economic crises will be more severe in the future, he stressed the need for Iraq to move from a rentier economy to a diversified economy as a strategic solution for the future.

Douai, dean of the Faculty of Economic Administration at the University of Diyala, said in an interview with (Baghdad Today), "The economy of Iraq in general depends for the largest percentage on a rentier commodity (referring to crude oil, whose prices are determined according to the principle of supply and demand), that is, the determination of prices Out of our control, "stressing that" any rentier economy in the world has greater risks and its capabilities to face economic challenges are weaker. Therefore, the country's economic exposure to financial shocks will remain. "

Douai added, "Iraq's transition from a rentier economy to a diversified economy is a strategic necessity by investing our capabilities in many sectors, including agriculture and industry, and achieving self-sufficiency, which will provide 3 positive and important things, which are the absorption of unemployment and the provision of hard currency, not to mention its repercussions in supporting the exchange rate." The dinar and making the level of facing any setbacks stronger possible. "

The Dean of the Faculty of Economics at the University of Diyala indicated that "the salary crisis will not be resolved as long as we depend on oil in a very large proportion to finance the country's budget," noting that "there are countries whose economic situation was worse than Iraq, including Rwanda, which decided to move to the stage of diversifying the economy." It opened the doors to investment and tourism, to turn it into the 40th place in economic competitiveness around the world. "

The economic expert advised, to "form economic committees supported by experts from Iraqi universities to develop future solutions for the national economy because immediate solutions will not be able to cope with crises, especially in light of the fluctuations in the energy sector and the emergence of Corona, not to mention the demographic explosion in Iraq and the rise of its population dramatically. It calls for developing a long-term strategy for the national economy file.

LINK

[DinarThug]

LINK

The European Union is about to remove Iraq from the list of high-risk countries in the field of money laundering

 

8th October, 2020

Minister of Foreign Affairs Fouad Hussein discussed with the ambassadors of the European Union the steps taken by the Iraqi government to overcome the obstacles that hinder the work of European organizations in Baghdad, while the European Union ambassador announced that steps will be taken to raise the name of Iraq from the list of high-risk countries. 

Foreign Ministry said that the Iraqi minister held a meeting with EU ambassadors in Iraq, which reviewed the Iraqi government 's efforts in securing missions, and the organization of its work in Iraq, expressing aspiration of Iraq to activate cooperation in the light of the cooperation and partnership agreement with the European Union agreement. The statement added, as they discussed the situation of European non-governmental organizations in Iraq, and the need to overcome obstacles that hinder their work, also during the meeting discussed the measures taken by the European Union in the field of facilitating the work of Iraqi airlines. The minister promised to overcome all difficulties and obstacles in various fields.

For his part, the European Union ambassador, who was present at the meeting, stated that a number of steps have been taken to overcome technical obstacles in cooperation with the Central Bank of Iraq regarding removing Iraq from the list of high-risk countries in the field of terrorist financing and money laundering. On Wednesday, Foreign Minister Fouad Hussein confirmed to the representative of the Secretary-General of the United Nations and the head of the UNAMI mission in Iraq, Jeanine Plasschaert, that the Iraqi government has made great efforts to establish security in the Green Zone and the airport. Hussein also discussed with Plasschaert the latest developments in Iraq, especially the strengthening of security in vital areas, and he also briefed her on the results of his political meetings.” Plasschaert presented the most recent meetings that she had with the various Iraqi parties regarding developments in the political and security situation. The minister stressed "the importance of strengthening the relationship between the UN organization and Iraq, and providing support in preparing for early elections." 

[DinarThug]

LINK

Parliamentary services: The Monetary Fund stipulated providing support by appointing a person in exchange for
retirement 5
 

 

16:05 - 10/08/2020

The Parliamentary Services Committee revealed, on Thursday, that the International Monetary Fund stipulated that Iraq should address job slack by appointing one person for every 5 retired referrals in exchange for providing financial support to the country.

"The number of employees in Iraq exceeds the numbers permitted by the International Monetary Fund because of the wrong financial policy and the absence of government support for small projects for the private sector," said Muhammad al-Khalidi, a member of the Services Committee .

He added that "the International Monetary Fund has pledged to provide financial support to Iraq, but according to conditions," noting that "among the conditions is to address job slack through a plan that takes place over years."

"The International Monetary Fund plan includes appointing one person after each referral of 5 employees to retirement, as well as enacting an encouraging law that encourages employees to leave for early retirement,"Khalidi said.

He pointed out that the only solution is to encourage the state to support small enterprises and support the youth, and to support the private sector to alleviate the rush for jobs, which are originally low-paid.

[DinarThug]

High debt, lack of liquidity and delayed salaries ... Iraq faces difficult choices

- 4 Hours Elapsed

 

Amid great popular discontent, Iraqis have entered a phase of extreme caution due to delayed payment of salaries for government employees for more than 50 days for the first time ever, and this comes in light of the financial crisis that the country has been experiencing for months due to the collapse of oil prices and the consequences of the Corona pandemic.

And the Parliamentary Finance Committee warned that the government would resort to options that may be the most difficult in the country's history, and that may put Iraqis in front of horrors that remind them of the consequences of the international siege imposed on the country between 1991 and 2003.

In the event that oil prices remain low and reform measures are not taken, the World Bank forecasts that the budget deficit will exceed 29% of GDP this year, and thus total financing needs will reach $ 67 billion, or more than 39% of GDP, While the Jefferies Institute for Financial Services estimated that Iraq’s need for external financing this year will be about $ 40 billion, with great difficulties in obtaining it.

3 Scenarios: The
World Bank expects Iraq's GDP to shrink by 9.7% this year, down from the positive growth rate of 4.4% recorded last year, which means recording the worst annual performance since 2003.

Parliamentary circles warn against resorting to 3 options, which are: compulsory saving of salaries, reducing the exchange rate of the dinar, or withdrawing from the central bank’s cash reserves.

However, a member of the Parliamentary Finance Committee, Ahmed Hama Rashid, sees difficulty in the government's approach to compulsory saving of salaries (the government deducts part of the salaries of its employees and saves them for a certain period, due to lack of liquidity, and then disbursed later without interest), explaining that he needed a law, but he indicated at the time The same indicates that the Iraqi government is working on this from another temporary standpoint, which is delaying salaries, sometimes for more than 50 days.

As for the government's resort to withdrawing from foreign monetary reserves, Rasheed revealed to Al-Jazeera Net that this is actually happening through the government’s issuance of bonds that the central bank purchases, and the guarantor in which the cash reserve is currently estimated at $ 60 billion, down by 7 billion from the previous one.

As for the professor of economics at the Iraqi University, Abd al-Rahman al-Mashhadani, he indicated for his part that all options facing Iraq are difficult and illogical, and that they will have negative effects on the Iraqi economy and the citizen.

Al-Mashhadani believes that the government's tendency to manipulate the exchange rate to two thousand dinars per dollar will provide it with about 15 trillion dinars (12.5 billion dollars) per month, but the repercussions of this will be evident on the Iraqis, whose wages will diminish by about 60%, indicating - in an interview with Al-Jazeera Net- That the Iraqis would face rising prices for imported goods, which account for 90% of their purchases.

Al-Mashhadani comments that the Central Bank data confirmed that the government had borrowed until October 30 trillion dinars (25 billion dollars), as well as another indirect borrowing of 24 trillion dinars (20 billion dollars) in treasury and bond transfers, with relentless attempts to borrow 27 trillion. Dinars (22.5 billion dollars), and this will take the Iraqi cash reserves in the wind, especially since the government will not be able to repay these loans, and this is what strengthens the speculation that the World Bank went to.

The reasons and solutions
are many reasons that brought the country's economic situation to this impasse, as the financial expert Mahmoud Dagher believes that the government has not made up its mind about a clear plan for reform, in addition to the failure of the Ministry of Finance to provide any codified and technical approach to the deterioration and wide gap between revenues and expenditures.

Dagher, in his speech to Al-Jazeera Net, believes that the problems between the government and parliament and the political rivalries led to the delay in drawing up a plan to save the country, especially since the economic reform promised by the government has not started. The distance that will make him face a social mobility and compliance with international parties to obtain support.

Announcement
For his part, a member of the Parliamentary Finance Committee, Muhammad Al-Darraji revealed that the financial deterioration in the country is primarily caused by corruption, indicating that, according to the volume of imports, the budget was supposed to be provided since the beginning of this year with $ 1.5 billion in customs revenues (at the minimum) , However, it did not exceed 490 million dollars, considering the border crossings spoiled institution in the history of Iraq.

Many economic experts had warned in advance of the economic mistakes accumulated since 2003, as economist Salam Sumaisem says that Iraq now has two options to get out of the current crisis, either reducing the value of the dinar against the dollar in order to provide greater amounts of the Iraqi currency, or offering bonds And permissions from the Central Bank to sell to individuals and local and foreign institutions, pointing to a similar experience in 1972 when the government borrowed from employees under the name of "steadfastness bonds", which were in return for interest to lenders.

Sumaisem, in her interview with Al-Jazeera Net, believes that the government must fight rampant corruption and find out where the surplus funds have gone from previous budgets, whose fate has not been revealed until now, due to the absence of final accounts for the budgets.

Sumaisem: Iraq faces two options to get out of the crisis, either reducing the value of the dinar or offering bonds for sale (Al-Jazeera Net) 

the problem of employees' salaries
. Hama Rashid, a member of the Finance Committee, reveals that the number of those who receive salaries from the state reaches 3.75 million employees, 3.7 million retirees, and 1 .5 million people with social welfare, which makes the government bound by fixed expenses payable monthly, as the value of government employees' salaries is estimated at 4 billion dollars per month.

For his part, the financial expert, Mahmoud Dagher, indicated that the number of employees in Iraq is enormous, but that there are more than a quarter of a million “space” (fake) employees, as well as thousands of others who get salaries without being in their functional institutions.

Governmentally, Mazhar Muhammad Salih, the economic advisor to the prime minister, confirms that the number of employees in Iraq is very large, and that half of the Iraqis (20 million Iraqis) depend on government salaries indirectly, given that the average number of family members is 4 people.

Saleh asserts that the coming days will witness an agreement between the executive and legislative authorities to approve a law that allows the government to borrow more, especially since the salaries of employees are designed according to oil revenues estimated at $ 80 per barrel, considering that borrowing will indirectly affect the cash reserve while the state must reduce its expenditures, according to him. .

Saleh concludes his speech to Al-Jazeera Net by noting that the volume of external debts since 2003 is estimated at $ 27 billion, payable between 2020 and 2028, while the Central Bank of Iraq confirmed earlier that the external debts of the pre-2003 mandate amounted to $ 40.9 billion, in addition to the internal debt. Which is represented in borrowing and treasury bonds.

Source: Al Jazeera

LINK

[DinarThug]

Accumulating economic crises .. Will he declare bankruptcy in Iraq?

- Two Days Passed

 

 

Researcher Shatha Khalil *

 

Iraq is facing a combination of severe shocks afflicting its economy, as the collapse in oil prices has greatly reduced the state’s fiscal budget revenues, the health crisis caused by COVID-19 and the lockdown measures necessary to contain the epidemic have dealt a severe blow to economic activities, especially services sectors such as transport and trade. Religious tourism, growing resentment over poor service provision, and rising corruption.
All these conditions are reflected in a large way on the citizen, and directly today, the fear of stopping salaries, extreme poverty, unemployment and stagnation ... one crisis after another, not to mention the political instability that has become clear and unable to alleviate these crises.
The Iraqi economy is characterized by its bounties that wasted its revenues, absent investments and infrastructure, and made the country from bad to worse, with great dependence on oil revenues, that is, an economy that is not diversified.
As for the private sector, the large presence of the state in economic and commercial activities makes it difficult to create the jobs required in the private sector for a predominantly young population. Moreover, rampant corruption, weak governance and the effects of service delivery have resulted in widespread protests through weakening the overall framework for Iraq.
And the deficit problem, which has become a big gap in the public financial budget and bridging this gap through local currency bonds, which weakens the balance sheet of the Central Bank of Iraq and creates pressure on it, and the current account deficit is estimated at 18.8% of GDP in 2020, CBI can also withdraw reserves Foreign currency to less than 3 months of imports by 2022 exacerbating the country's vulnerability to external shocks.
The Central Bureau of Statistics announced that the Iraqi per capita gross domestic product for the first quarter of this year amounted to $ 1100.
The agency of the Ministry of Planning said in its statistics that “the average per capita share of the GDP at current prices for the first half of the current year 2020 amounted to one million and 341 thousand dinars, or the equivalent of $ 1,100, compared to the first semester of 2019 when it reached one million and 707 thousand dinars or what Equivalent to $ 1,300, a decrease of 12.3%.

And that "the average per capita GDP at current prices for the first half of this year also decreased from the average per capita GDP for the fourth quarter of 2019, which amounted to $ 1,400, at a rate of 21.4%."
A United Nations study revealed, in 2018, that Iraq ranks 108 in the world and 10th out of 122 Arab countries, in the ranking of countries globally in terms of the level of per capita income of gross domestic product in dollars annually.
Experts, specialists and even some politicians diagnose the causes that have become clear, but the deficit has become greater than the ability to treat The country and its economy are still suffering from a complex and highly complex crisis, and it is not easy to deal with it within the current political process, due to the unprecedented financial and administrative corruption in the whole world.
And some statistics were monitored to shed light on what the citizen suffers, so the number of those registered below the poverty line was less than 5 dollars a day, that is, around 35% of the people, 6% used drugs and hashish, and 9% were children under 15 years of age.

As for the financial sector, the total Iraqi debt reached 140 billion dollars for 29 countries, in addition to the debts of the International Monetary Fund, 6 Western oil companies, and the debts of the Paris Club.
This is if we know that our oil sales during the period 2006 and 2014 and the period of high oil prices amounted to a trillion dollars, and did not contribute to solving any problem, as the rate of waste reached 450 billion dollars.
The Corona pandemic and the oil price shock clearly revealed how much the Iraqis have lost in the last two decades, and the impact has been great on all sectors, as the educational system, which was classified at one time closest to the summit among its peers in the Middle East and North Africa, is now close to the bottom. The rate of participation in the labor force in Iraq stumbles at 42%, in addition to Iraq registering one of the lowest rates of female participation in the workforce in the world. Iraq is now facing low levels of human capital, a deteriorating business climate, and one of the highest poverty rates among the upper-middle-income countries.

Despite all the facts that we have presented, which leads us to pessimism, there must be a glimmer of hope, as the World Bank presented a report in which he said, “The diversification of economic activity through reform and the development of the private sector is very important to reduce the successive challenges that Iraq faces.
This economic memorandum includes a roadmap to help Iraq and its people reconsider the existing economic model, build a stronger and more diversified economy to eliminate unemployment, and rebuild the social contract.
The World Bank affirms its partnership in helping Iraq move on the path of reform to consolidate peace and stability, and to provide an opportunity for all Iraqis to achieve their highest aspirations and hopes.
And that Iraq's oil wealth has enabled it over several decades to rise to the ranks of high-income countries, but in many ways it has made its institutions and social and economic outcomes resemble those of a fragile, low-income country. Oil revenues have eroded the country's economic competitiveness, reduced the need for taxation, weakened the bond of accountability between citizens and the state, and fueled corruption.

The new report identifies the main paths that Iraq can adopt to achieve sustainable growth after a thorough study of the complex political economy conditions in the country. The report stresses that Iraq should give priority to refocusing the political process on development, and raising the level of transparency in managing oil wealth and public resources. The report also highlights the urgent need for Iraq to rebuild trust between citizens and the government by enhancing citizen participation and government accountability in providing priority services and infrastructure, meeting youth employment needs, and addressing social and economic inequalities.
Despite the political and economic challenges that Iraq is currently facing, there are three areas of focus that can help achieve economic diversification, growth, and stability:

the first; Keeping the peace in itself can be a powerful engine of growth. The average per capita GDP in Iraq in 2018 was one-fifth less than the level that would have been achieved had it not been for the conflict that began in 2014, while the GDP of the non-oil sector was less by a third. In countries experiencing a vicious cycle of violence and fragility, coordinated policies by a broad coalition of actors are critical to maintaining “paths to peace” and creating a positive cycle. The report concluded that in the short term, Iraq must focus on reforms that expand social safety nets for the poor and most needy groups, improve the provision of basic services such as education and health, and ensure improved transparency in the work of government institutions.
The second; Exploiting the export potential of Iraq to help diversify economic activity away from oil production and toward trade and integration. Iraq has a geographical location that qualifies it to be a regional center for logistics services, but Iraq's performance in terms of logistics services lags far behind the performance of its counterparts to the point that it has become a regional bottleneck.
And third, the advancement of the agricultural sector in Iraq to become a basic pillar of a more diversified economy led by the private sector. The agricultural production, food industries and related services sectors, including logistics, finance, manufacturing, and technology have great potential for expansion and job creation. The agri-food sector is not subject to the same level of government oversight that other sectors face, and therefore it is in a position to develop new methods of work and adopt the latest technologies to maximize its competitiveness.
This new Iraq economic memo builds on two previous reports from 2006 and 2012 in which the World Bank emphasized the need for Iraq to move from conflict to rehabilitation, from state dominance to market orientation, and from dependence on oil to diversifying the economy, and from isolation to regional and global integration. .

The report builds on these recommendations by (1) conducting a thorough analysis of the underlying vulnerability and political economy challenges facing Iraq and their implications for the diversified growth model; (2) Analyzing the characteristics of growth in Iraq and the potential for diversification of economic activity and the desired benefits from it, (3) Assessing Iraq's potential for trade and regional integration in order to achieve growth; And (4) reviewing the conditions of the agricultural sector in Iraq and its potential to support diversification of economic activity.
And mobilize Iraq's material and human energies and push them to create sustainable development and eliminate the roots of underdevelopment in Iraq, concern for education and health, eradicate illiteracy and interest in scientific research and build an advanced industry supported by national agriculture and a service sector suitable for this development and rebuilding the human being on national foundations far from sectarian

Economic Studies Unit

Rawabet Center for Research and Strategic Studies

link

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WORLD BANK REPORT MENTIONED ABOVE MAY BE ACCESSED HERE :

https://openknowledge.worldbank.org/bitstream/handle/10986/34416/9781464816376.pdf?sequence=4&isAllowed=y

[DinarThug]

A thousand billion ... What if? … Sahban Faisal

2020-09-30

 

 

Sahaban Faisal Mahjoub - Consulting Engineer wrote:

 

The figures indicate, according to certified statistical documents, that the total annual financial budgets for seventeen years past have exceeded one thousand billion dollars. This number exceeds the total budgets of the Iraqi state, since its establishment in 1921 until the year of the occupation in 2003.

Before the occupation, Iraq witnessed, despite the exceptional circumstances, a construction boom in which distinct edifices were built that included all aspects of life (integrated infrastructure, a typical educational system, a capable military force, a solid industrial base) ... ... etc.

Under the occupation and the domination of successive quotas governments, the Iraqi citizen did not touch any shifts in the development of public services and did not witness a new construction for any of the life facilities, but witnessed a decline in them and an aging of their facilities until some of them became partially or completely paralyzed where the deficit occurred in infrastructure projects And it became unable to provide the necessary public services.

Iraq is considered one of the developed countries in the region, with the quality of scholars, academics, and professional experts, and many of them with different specializations.

Returning to the number of the thousand .. What if this two billion figure, which Iraq gained from the sales of its national wealth, was spent since the year of the occupation on the basis of wisdom, sound awareness, independence of national decision and conditions of integrity away from confusion and according to accurate scientific foundations in planning?

It is recognized that, in light of the availability of the national will, Iraq would be at the forefront of the countries that were able to secure the infrastructure according to solid and modern foundations, achieving distinctive stability for their societies, and consequently the welfare of the citizen.

I put a lot of money in perforated containers and were a catalyst to move corrupt hands to take over it ugly. 

In the electricity sector, for example, nearly sixty billion US dollars were allocated to rebuild and develop the electrical system. The successive administrations in the Gaza Strip, after the occupation, refused to deal with them, and this was due to the absence of the national will and the adoption of inadequate and sterile plans that were written by the failure to devise decisive solutions, in addition to leaving the doors through which corruption infiltrated legally without a trusted watchdog.

The waste in spending was not limited to the electricity sector only, but also included all sectors: (productivity, service, educational, health) and all other sectors, which achieved a clear decline in the efficiency of their performance, as the citizen was deprived of what was expected of him in terms of improvement in services and the achievement of foundations good life.

link

[DinarThug]

Surprise .. Central banks give up investing in gold

 

Economy  ,   2020/10/07 21:00   

 

           

 

 

Baghdad - Iraq today:

 

Most of the central banks around the world abandoned investing in gold last August, in a surprise that did not reflect the great rise that the yellow metal achieved during 2020.

The World Gold Council said, on Wednesday, that central banks sold more gold last August than they bought, ending a year and a half of monthly increases in gold purchases.

The council stated that this central bank’s decision contributed to halting the rapid rise of the yellow metal price.

Gold rose from just above $ 1,500 at the start of 2019 to a record high of $ 2,072.50 in early August and then down to around $ 1,900.

Investors in Europe and North America pushed prices up and raised gold in hopes that it would retain its value during the Corona crisis.

But demand from major consumers such as jewelers and central banks has been weak, sparking concerns about a continuing rally.

The Gold Council said that central banks, which collectively hold 35,000 tons of gold worth about $ 2 trillion, sold 12.3 tons more than they bought in August.

Central banks bought 656 tons of gold in 2018, the highest number in half a century.

Last year, purchases amounted to 650 tons.

Today, gold prices rose by about 1% to recover from early losses incurred at the beginning of the session, while silver shined after a significant increase in its prices.

Gold had fallen by about 2% in the previous session, driven by new concerns about the economic recovery and the uncertainty surrounding the US presidential elections.

And gold increased in spot trading 1% to 1895.46 dollars an ounce by 0727 GMT.

The US President, who is still being treated for Covid-19, announced the suspension of negotiations on an additional stimulus package until the presidential elections on November 3.

The announcement boosted the US dollar and pushed gold lower. The yellow metal is widely seen as a hedge against inflation and a depressed currency.

link

 

Edited October 8, 2020 by DinarThug

[JennieP]

Dinar thug, you are rockin it!

[DinarThug]

With "lengthy" lines, an economist "detonates" a bomb: Is the salary crisis contrived and there is no deficit?

2020-10-08

 

 

Yes Iraq: Baghdad

 

Economist Imad Abdul Latif, today, Thursday, elaborated on the transmission of a “huge” opinion to what he described as his “professor”, the economist Dr. Ahmad Al-Buraihi about the problem of the government's inability to pay employees' salaries, and clarifying the confusion and confusion between the general budget, the cash budget, and the financial management crisis in Iraq".

 

Abd al-Latif, in his lengthy explanation followed by Yass Iraq, began by asking: “Is the“ problem ”of the government's inability to pay employees’ salaries a “fabricated”, “fabricated” and immediate problem that is being exaggerated in the short term .. and it is solvable in the long run Al-Taweel .. and that the monetary and financial institutions (and authorities) in the country know the causes and dimensions of this “problem” well, and know (and this is the important thing) that they are able to develop appropriate solutions for them, with the means and resources available to them?

 

He added, “About this question, my esteemed professor and the beautiful Iraqi mind, Dr. Ahmad Ibrihi Ali, answer the following:

The problem is not in salaries, as the current crisis can be managed with internal borrowing, and the Central Bank is helping government banks to perform this task, for the remainder of 2020 and 2021.

- The delay in the payment of salaries occurred due to obstacles of a coordination and procedural nature between the government and the parliament. And that it is easy to overcome these obstacles, and it is expected (logically) that salaries will not be late, nor should they.

- There is always fear of intimidation and confusion between medium and long-term goals, that is, between those goals related to development and diversification, on the one hand, and the ongoing management of financial and monetary operations on the other hand.

And here it is no secret for any Iraqi, or those familiar with the economic affairs of Iraq, that the general budget revenues, other than crude oil, appear to be non-existent, and that the financial sector is strange in its underdevelopment .. No taxes are sought, nor are bonds bought by the public .. What remains but borrowing from the banking system, and what remains other than auctions, satirical poems that do not work.

- There is an axiom that the deficit in Iraq is twin, or double, that is, a deficit in the balance of payments, and a deficit in the state's general budget. This occurs because oil exports are almost the only source of foreign exchange, which when the price collapses below the volume required to finance imports of goods, services and other payments.

- The problem of Iraq and the threat looming in the future is the potential deficit of the balance of payments, not the deficit in the state's general budget.

Emphasizing the need to prepare the cash budget (or management cash) as a basic element in managing public spending to avoid surprises and sharp changes, as much as possible, and also to regulate borrowing whose close relationship with the monetary policy and international reserves of the Central Bank is not hidden.

- The core issue in the monetary budgets in Iraq is the distinction, without ambiguity, between two systems of funds and inflows and outflows, namely: funds, resources and uses in foreign currency, and another in the national currency.

- Here, we must abandon the approach recognized in the Ministry of Finance, which is that resources and uses are the same, and are expressed in two currencies: a dinar and a dollar. The budget, according to the prevailing and influential perception in decision-making circles, is oil revenues in dollars that are mathematically translated into dinars and spent.

- This understanding was behind a lot of confusion, and was also a major reason for impeding the development proposals. This understanding is the truest expression of the reason for the split between the external balance of payments and the general budget in Iraq, in thinking and economic policy, and it is also one of the causes of theoretical ambiguity and neglecting the realistic difference between the necessities and implications of internal and external borrowing. (For more details, see Professor Ibrihi’s study, the task: “Budgets Cash to the government finance department, ”link is mentioned in the comments).

Hence the necessity to focus on building productive capacities destined for export. (Professor Ibrihi had previously presented (in his latest research) a brief proposal for an investment program for this purpose) .. And now also, here he is repeating his call to everyone who is keen on the future of children and grandchildren, to be a support and aid in order to focus awareness on an investment program to build Productive capacities for export, and that the government immediately commits to it.

The economy, any economy, is limited by two restrictions: the domestic productive capacity restriction, and the balance of payments restriction. As long as the economy does not approach the limits of production capacity, as is the case in Iraq, the explosion of inflationary waves is not afraid, regardless, yes, regardless of how the public budget deficit is financed.

- But the problem here lies in the restriction of the balance of payments, because the foreign exchange inflows into Iraq are less than the annual demand. Until now, the reserves of the central bank are still filling this deficiency between foreign exchange inflows and annual demand, and imports are still funded in the required volume..and this process (with the continuation of the low level of oil price) will reach its maximum limits .. Yes, it will reach its maximum limits if we remain We are unable to find solutions ... but not in 2021.

- Everyone (economists, or those concerned with economic affairs) should review the data of the World Bank (WDI) (World Development Indicators | DataBank) data ... as it will become clear to them that the percentage (or share) of manufacturing exports to total exports constitutes more than 70% The world level), and in the countries of East Asia and Germany, this percentage reaches 80%, then 90%.

Therefore, Professor Ibrihi suggests that 70% of the non-oil exports targeted in the investment program be from the share of the manufacturing industry, and the remainder from non-oil mining (including gas and agriculture), and that we have no other choice. As for the infrastructure, there are specific proposals for their development.

- With great regret, the members of Parliament, the government (including the Ministries of Planning and Finance), as well as economics professors, have insisted on defining the problem as a problem of deficit in the state budget, when in fact it is a problem of deficit in the balance of payments.

Mr. Ibrihi concludes his answer by stressing that the problem is not in salaries, nor in “monetizing debt,” but rather in distracting awareness from the necessity of economic growth through industrialization ... that miraculous historical process that made the civilization of this world.

link 

[3n1]

8 minutes ago, JennieP said:

Dinar thug, you are rockin it!

 

Agree JennieP , don't see how he finds time while he rocks the world .... he's amazing 🤡

 

[DinarThug]

On 4/28/2020 at 1:51 PM, DinarThug said:

Well, Then I Approve Of It - CNN “ Shoplift’s “ Off Of Other Sites All The Time !  

 

 

Of Course, I’m Super Wicked Smooth At It - So It Goes Almost Virtually Undetected ...

 

     

 

27 minutes ago, 3n1 said:

Agree JennieP , don't see how he finds time while he rocks the world .... he's amazing 🤡

 

CNN - We Loudly And Proudly Shoplift Off Of Other Dinar Sites While Rocking Out With A Few Drinks !

 

Oh Ya - And We’re Still Wicked Smooth At It ...

 

     
 

 

Edited October 8, 2020 by DinarThug

[DinarThug]

With "lengthy" lines, an economist "detonates" a bomb: Is the salary crisis contrived and there is no deficit?

2020-10-08

 

 

Yes Iraq: Baghdad
 

Economist Imad Abdul Latif, today, Thursday, elaborated on the transmission of a “huge” opinion to what he described as his “professor”, the economist Dr. Ahmad Al-Buraihi about the problem of the government's inability to pay employees' salaries, and clarifying the confusion and confusion between the general budget, the cash budget, and the financial management crisis in Iraq".

 

Abd al-Latif, in his lengthy explanation followed by Yass Iraq, began by asking: “Is the“ problem ”of the government's inability to pay employees’ salaries a “fabricated”, “fabricated” and immediate problem that is being exaggerated in the short term .. and it is solvable in the long run Al-Taweel .. and that the monetary and financial institutions (and authorities) in the country know the causes and dimensions of this “problem” well, and know (and this is the important thing) that they are able to develop appropriate solutions for them, with the means and resources available to them?

 

He added, “About this question, my esteemed professor and the beautiful Iraqi mind, Dr. Ahmad Ibrihi Ali, answer the following:

The problem is not in salaries, as the current crisis can be managed with internal borrowing, and the Central Bank is helping government banks to perform this task, for the remainder of 2020 and 2021.

- The delay in the payment of salaries occurred due to obstacles of a coordination and procedural nature between the government and the parliament. And that it is easy to overcome these obstacles, and it is expected (logically) that salaries will not be late, nor should they.

- There is always fear of intimidation and confusion between medium and long-term goals, that is, between those goals related to development and diversification, on the one hand, and the ongoing management of financial and monetary operations on the other hand.

And here it is no secret for any Iraqi, or those familiar with the economic affairs of Iraq, that the general budget revenues, other than crude oil, appear to be non-existent, and that the financial sector is strange in its underdevelopment .. No taxes are sought, nor are bonds bought by the public .. What remains but borrowing from the banking system, and what remains other than auctions, satirical poems that do not work.

- There is an axiom that the deficit in Iraq is twin, or double, that is, a deficit in the balance of payments, and a deficit in the state's general budget. This occurs because oil exports are almost the only source of foreign exchange, which when the price collapses below the volume required to finance imports of goods, services and other payments.

- The problem of Iraq and the threat looming in the future is the potential deficit of the balance of payments, not the deficit in the state's general budget.

Emphasizing the need to prepare the cash budget (or management cash) as a basic element in managing public spending to avoid surprises and sharp changes, as much as possible, and also to regulate borrowing whose close relationship with the monetary policy and international reserves of the Central Bank is not hidden.

- The core issue in the monetary budgets in Iraq is the distinction, without ambiguity, between two systems of funds and inflows and outflows, namely: funds, resources and uses in foreign currency, and another in the national currency.

- Here, we must abandon the approach recognized in the Ministry of Finance, which is that resources and uses are the same, and are expressed in two currencies: a dinar and a dollar. The budget, according to the prevailing and influential perception in decision-making circles, is oil revenues in dollars that are mathematically translated into dinars and spent.

- This understanding was behind a lot of confusion, and was also a major reason for impeding the development proposals. This understanding is the truest expression of the reason for the split between the external balance of payments and the general budget in Iraq, in thinking and economic policy, and it is also one of the causes of theoretical ambiguity and neglecting the realistic difference between the necessities and implications of internal and external borrowing. (For more details, see Professor Ibrihi’s study, the task: “Budgets Cash to the government finance department, ”link is mentioned in the comments).

Hence the necessity to focus on building productive capacities destined for export. (Professor Ibrihi had previously presented (in his latest research) a brief proposal for an investment program for this purpose) .. And now also, here he is repeating his call to everyone who is keen on the future of children and grandchildren, to be a support and aid in order to focus awareness on an investment program to build Productive capacities for export, and that the government immediately commits to it.

The economy, any economy, is limited by two restrictions: the domestic productive capacity restriction, and the balance of payments restriction. As long as the economy does not approach the limits of production capacity, as is the case in Iraq, the explosion of inflationary waves is not afraid, regardless, yes, regardless of how the public budget deficit is financed.

- But the problem here lies in the restriction of the balance of payments, because the foreign exchange inflows into Iraq are less than the annual demand. Until now, the reserves of the central bank are still filling this deficiency between foreign exchange inflows and annual demand, and imports are still funded in the required volume..and this process (with the continuation of the low level of oil price) will reach its maximum limits .. Yes, it will reach its maximum limits if we remain We are unable to find solutions ... but not in 2021.

- Everyone (economists, or those concerned with economic affairs) should review the data of the World Bank (WDI) (World Development Indicators | DataBank) data ... as it will become clear to them that the percentage (or share) of manufacturing exports to total exports constitutes more than 70% The world level), and in the countries of East Asia and Germany, this percentage reaches 80%, then 90%.

Therefore, Professor Ibrihi suggests that 70% of the non-oil exports targeted in the investment program be from the share of the manufacturing industry, and the remainder from non-oil mining (including gas and agriculture), and that we have no other choice. As for the infrastructure, there are specific proposals for their development.

- With great regret, the members of Parliament, the government (including the Ministries of Planning and Finance), as well as economics professors, have insisted on defining the problem as a problem of deficit in the state budget, when in fact it is a problem of deficit in the balance of payments.

Mr. Ibrihi concludes his answer by stressing that the problem is not in salaries, nor in “monetizing debt,” but rather in distracting awareness from the necessity of economic growth through industrialization ... that miraculous historical process that made the civilization of this world.

link 

[DinarThug]

An existing scenario will divert the central bank's vaults to save “paper” instead of money ... this is what will happen with regard to commodity prices, the dollar and alternative solutions.

2020-10-08

 

 

Yes Iraq: Baghdad

 

There are multiple and varied solutions that will force Iraq to follow them in order to remedy the imposed financial crisis, while these solutions collide with several obstacles and challenges, but the current and proposed scenario will force the state and the Central Bank to follow some of these solutions.

The starting point of the financial scenario that will be imposed on the country begins with a challenge facing the central bank represented by the decrease in its dollar revenues due to the sale of oil, and its attempts to maintain the exchange rate of the dollar against the dinar and not to increase it.

 

"Losing" equation

An economist told "Yes Iraq", saying: “An average of 2.5 to 3 billion dollars enters into the central bank per month, resulting from the sale of Iraqi oil exported outside the country without others. As for the local sale of oil derivatives, revenues from outlets, taxes, levies and communications, they are levied in the Iraqi currency, so it is not Its effect on increasing foreign currency reserves.

While about $ 3 billion enters the central bank’s treasury per month, about $ 4 billion comes out of the treasury, as the central bank sells it monthly to banks and hawala companies, as a result of the dollar’s capital request for the purpose of importing goods from outside Iraq, and these goods are for sale to citizens according to the capital’s claim. , And submitted by them with identity papers.

As a result of the difference between the dollar coming in and out of the central bank, the bank began to consume dollars from its reserves, for the purpose of covering up the dollar’s demand, fearing that its price would rise if sufficient quantities were not pumped out.

 

The Iraqi dinar is threatened with disappearing from the bank's treasury as well!

The Central Bank also bought bonds from government banks worth 19 trillion dinars, as it provided the amount in Iraqi dinars and kept the bonds with it in its vaults, and the banks loaned the amounts to the government, and there is a new loan application submitted by the government to Parliament and awaiting approval.

In the event that the situation continues as mentioned, the dollar will disappear from the central bank or decline to its lowest level, and the dinar will decrease from its coffers and replace it with bonds.

 

What happens after the disappearance of the dollar from the bank’s treasury?

If the dollar disappears, its value will increase dramatically, and then all the commodities denominated in dollars will rise.

 

 What will the government do?

The government will reduce expenditures for the purpose of reducing internal borrowing from banks and selling bonds to the central bank, as internal borrowing is from government banks, which in turn sell bonds to the central bank, so the central bank prints the currency and gives it to the banks to buy the bonds or use the currency stored in its vaults that was not put up for circulation, as if The process is to print a coin without a cap in gold and dollars.

 

Another solution is to get money from selling the dollar at a higher price

Another thing that the government can do is reduce the value of the dollar against the dinar, so that it can cover the salary expenses when selling the dollar to the central bank after selling oil, as it will try to pressure to reduce the quantities of the dollar sold by auction, and it will face two problems (the first) is its fear of its inability to cover the demand External, (second) the inability to be influential, especially with the difficulty of trying to obtain dollars without oil due to the fact that Iraq is an environment that expels dollars, visitors and investment.

 

New solution

The orientation towards import alternatives, which is a great opportunity for aspirants in the private sector, through the shift from trade to industry, and from import to export, by building substitute factories for every commodity on which there is a demand for clothing, equipment, foodstuffs, etc., and the value of demand in Iraq for goods is estimated Foreign Ministry by 40 to 50 billion dollars.

 

Get a dinar in another way

Maximizing the state's revenues from the local dinar from some sectors, but this step collides with some economic indicators and others related to the great interests of the influential people, according to specialists.

As the reduction in expenditures will lead to a decrease in the prices of local goods and services, and not to decrease the dollar-denominated goods.

link

[DinarThug]

LINK

Saleh on the anniversary of the forty days: The reform revolution is inevitable, no matter how high the prices

 

 

11:10 - 08/10/2020

President of the Republic, Barham Salih, stressed, on Thursday, that the revolution of reform and change in the face of injustice and tyranny is inevitable, regardless of the high prices, indicating that the anniversary of the forty calls for inspiration from noble values.

Saleh said in a statement of condolences on the occasion of Imam Hussein's fortieth year, a copy of which was received by the information. Al-Ashraf, where the fortieth anniversary of Imam Hussein (peace be upon him) passes us, to remind us of the social justice revolution, a revolution for reform in the face of injustice and tyranny.

He added, “As Imam Al-Hussein, his family and his companions who devoted themselves to the defense of the values of justice and dignity offer us lessons in sacrifice and redemption. It also reminds us over time that the revolution of reform and change in the face of injustice and tyranny is inevitable, regardless of the high prices. The President of the Republic offered "thanks and great praise to our heroic security forces, all the devices and the supporting joints, and the multitudes of volunteers to serve the coming visitors from all sides, as these good efforts had a great role in the success of this great and timeless march in the hearts of Iraqis." 

He added, "On this eternal memory, we must be inspired by those noble values, and be a path for implementing reforms and the necessary change for the sake of a capable, capable and sovereign state, serving its citizens, and expressing their aspirations for a prosperous future." Let our work and effort focus on combating corruption that has deprived Iraqis of enjoying the blessings of their country for many years. Saleh stressed the need to take measures to protect distinguished visitors from the Corona epidemic, and we pray to God Almighty to protect them and all Iraqis from this dangerous epidemic, as well as the importance of preserving the sanctity of the visit and its rituals.

[DinarThug]

LINK

Parliamentary Finance clarifies the most prominent mechanisms for settling disputes between Baghdad and Erbil
 

 

08:50 - 10/08/2020

 

A member of the Parliamentary Finance Committee, Jamal Ahmed, indicated that there are a number of moves and mechanisms that will be followed between Baghdad and Erbil in order to settle financial disputes and solve the pending problems between the two parties.

Ahmed said to "the information", "The budget for next year will include texts related to the agreement between Baghdad and Erbil that include reciprocal rights and duties in addition to the proposed solutions to the outstanding problems between the two governments."

He added that "the 2021 budget will witness a financial settlement between the center and the region, and time limits should be set for its implementation in addition to the problems and resources of the border crossings."

And that "the oil problems between Baghdad and Erbil need to legislate the oil and gas law in order to solve them, restore negotiations with the region's oil companies and settle accounts between the two sides."

[Fred70]

 scanning for the word * soon*

[nannab]

The four letter word 

2 minutes ago, Fred70 said:

 scanning for the word * soon*