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The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).


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The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).


 
October 6, 2020
 
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And brother of Baghdad

The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).

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The Ministry of Finance: completes the reform paper and finalizes the budget (2021-2023).   October 6, 2020     60 And brother of Baghdad Th

The Minister of Finance reveals a possible date for the payment of salaries of employees for October 11/1/2020  

He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level

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07-10-2020 12:40 PM
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Baghdad / Al-Akhbariya

 On Wednesday, MP for the State of Law Coalition, Sadiq Mdallul, called on the government to end the corruption of border crossings by granting them to sober international companies, indicating that Iraq will earn tens of billions annually.

Mdloul said in a statement that "any global company, if the outlets invested, would increase the money ten times, and we would save tens of billions of dollars annually."

 He added, "The Minister of Finance will change the ministry’s joints a lot, and we are completely convinced that there is no reform paper by the government."

 He continued, "The story of salaries has become longer than the formation of the government and the Minister of Finance raised the ire of the street when he said there are no salaries, and then we were surprised that there were salaries and were released."

It is noteworthy that there is a parliamentary gathering now demanding that the Minister of Finance be questioned in order to question him in several files, most notably the salaries of employees and how the financial loans were disbursed.

 
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The Independent / - The economic expert, Raad Twig, called for the work of the Iraqi economy reform program, which includes several measures for the institutional economy to advance it, proposing the formation of a monetary and financial policy body to take over the dimensions of monetary and financial work from political influences and Parliament.

Twig said in a press statement that its independent follow-up: “The economic reform program includes the formation of a monetary and financial policy body that takes over the dimensions of monetary and financial work from political influences and parliament through the commission, and the economy is re-engineered by working with the macro variables of the Iraqi economy.

He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”

He added, “The program includes an emphasis on training, employment and project construction policies to curb unemployment, resumption of self-sufficiency through studies of demand and market and local Iraqi product substitution, and an emphasis on the local supply economy by taking advantage of the comparative advantage of the Iraqi economy in the field of oil and its manufacture, limiting the associated gas craft and making Producing oil with Iraqi hands as much as possible, and taking into account the sustainability of human development by empowering our students at all stages and giving them the financial capacity, which makes them devoted to scientific research, and recycling the workforce in line with building policies to transform the country from consumer to producer, and activate the role of construction companies and establish "More of them are for construction purposes, to meet the demand for housing and residential complexes, and to meet the country's needs in terms of infrastructure."

Twig added: The program includes increasing the allocations of scientific research from the general budget for the purposes of innovation and importing technical universities, reducing the number of ministries and reaching the optimal size of the government so that the ministries are in response to the active need for the development of society, and using the policies and strategies necessary to make the governorates specialize in certain economic areas, And taking the necessary measures to adjust the balance of payments with other countries by following new export and import policies, accelerate the transfer of technology and expertise to Iraq, try to develop the telecommunications sector and the areas of manufacturing, and Iraq will enter the field of satellites.

Twig stressed the importance of transforming the informal economy into a formal one, limiting outward spending that drains Iraq's wealth, and farmers working in the manner of simple companies and then developing them to support agriculture.

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He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”

 

 

 

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3 minutes ago, dinarbeleiver said:

He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”

 

 

 

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 2020-10-07 08:28
 

Shafaq News / The Financial Committee of the Iraqi Parliament confirmed, today, Wednesday, that the solution to the Iraqi state employees' salary crisis is through the approval of the "white reform paper."

A member of the committee, Naji Al-Saidi, told Shafaq News, "The white reform paper expresses economic reform in the aspect of fiscal and monetary policy," indicating that "this paper includes creating real economic resources to consolidate the existing financial resources and reduce unnecessary existing spending."

Al-Saeedi explained that this "helps in creating additional revenues for the budget and reducing the deficit, which will positively affect the provision of employees' salaries and secure them during the coming period."

Al-Saeedi stated that "the white reform paper expresses a future vision for the Iraqi government, in cooperation with the House of Representatives to end the employee salaries crisis, as well as other financial and economic crises, and this paper is not part of the solution, but rather the entire solution."

He added that "after the approval of the white reform paper during the coming period, its implementation will be followed up by the Iraqi parliament, and we will see how serious the government is in implementing what was mentioned in this paper, and on the contrary, we will have a position."

On June 22, 2020, Prime Minister Mustafa Al-Kazemi announced the preparation of what he called a "white paper", which includes economic, financial and administrative reforms, which will be sent to the Iraqi parliament for the purpose of discussion.

 

The Al-Kazemi government is facing increasing criticism for its inability to secure sufficient liquidity to pay the salaries of state employees, which could expose it to tremendous pressure in the coming months.

 

By the end of a week in October, the government had yet to disburse employee salaries for the month of September .

The Iraqi government is struggling to secure employee salaries and other operating expenses due to the collapse in oil prices due to the Corona pandemic, which has crippled large sectors of the world economy .

The country relies on revenues from selling crude to finance 95 percent of state expenditures .

The revenues from oil sales amounted to about $ 3.1 billion in September, while the monthly salaries of state employees in Iraq are about $ 5.5 billion.

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

 

 

4,828 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 next 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."

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4 minutes ago, yota691 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 next short period.

"next short period" sounds good!

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Information / Special ...

The economic expert, Ali Al-Saffar, confirmed, on Wednesday, that Iraq's external and internal debts until the beginning of 2020 reached about $ 61 billion, indicating that there are other debts this year that have not yet been calculated.

Al-Saffar told / Al-Maaloumah / that, " Iraq’s foreign debts until January 1, 2020 amounted to $ 25 billion, including Gulf War compensation and previous international loans and others."

He added that "there are debts and internal government loans until the beginning of 2020 estimated at 40 trillion dinars, equivalent to 36 billion dollars," noting that "the total debt totaled about 61 billion dollars, according to what is proven in government papers."

He explained that "those debts doubled during the current year, especially the Al-Kazemi government, which went on borrowing and did not reveal it yet," noting that "the size of the debts will be seen by the end of the current year after calculating the final accounts.

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Editing date: 10/7/2020 18:57 • 90 read times
[Baghdad-Where]
The economic expert, Ali Al-Saffar, confirmed, on Wednesday, that Iraq's external and internal debts until the beginning of 2020 reached about $ 61 billion, indicating that there are other debts this year that have not yet been calculated.
Al-Saffar said, "Iraq's foreign debts, as of January 1, 2020, amounted to $ 25 billion, including Gulf War compensation and previous international loans and others."

He added that "there are debts and internal government loans until the beginning of 2020 estimated at 40 trillion dinars, equivalent to 36 billion dollars," noting that "the total debt totaled about 61 billion dollars, according to what is proven in government papers."

He explained that "those debts have doubled during the current year, especially the Al-Kazemi government, which has gone on borrowing and has not yet been revealed," noting that "the size of the debt will be seen by the end of this year after calculating the final accounts.
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The Independent / - The economic expert, Raad Twig, called for the work of the Iraqi economy reform program, which includes several measures for the institutional economy to advance it, proposing the formation of a monetary and financial policy body to take over the dimensions of monetary and financial work from political influences and Parliament.

Twig said in a press statement that its independent follow-up: “The economic reform program includes the formation of a monetary and financial policy body that takes over the dimensions of monetary and financial work from political influences and parliament through the commission, and the economy is re-engineered by working with the macro variables of the Iraqi economy.

He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living. ”

He added, “The program includes an emphasis on training, employment and project construction policies to curb unemployment, resumption of self-sufficiency through studies of demand and market and local Iraqi product substitution, and an emphasis on the local supply economy by taking advantage of the comparative advantage of the Iraqi economy in the field of oil and its manufacture, limiting the associated gas craft and making Producing oil with Iraqi hands as much as possible, and taking into account the sustainability of human development by empowering our students at all stages and giving them the financial capacity, which makes them devoted to scientific research, and recycling the workforce in line with building policies to transform the country from consumer to producer, and activate the role of construction companies and establish "More of them are for construction purposes, to meet the demand for housing and residential complexes, and to meet the country's needs in terms of infrastructure."

Twig added: The program includes increasing the allocations of scientific research from the general budget for the purposes of innovation and importing technical universities, reducing the number of ministries and reaching the optimal size of the government so that the ministries are in response to the active need for the development of society, and using the policies and strategies necessary to make the governorates specialize in certain economic areas, And taking the necessary measures to adjust the balance of payments with other countries by following new export and import policies, accelerate the transfer of technology and expertise to Iraq, try to develop the telecommunications sector and the areas of manufacturing, and Iraq will enter the field of satellites.

Twig stressed the importance of transforming the informal economy into a formal one, limiting outward spending that drains Iraq's wealth, and farmers working in the manner of simple companies and then developing them to support agriculture.

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Employees in one of the real estate registration departments
  

 money and business


Economy News - Baghdad

Professor of Economics at Basra University, Nabil Al-Marsoumi, revealed some of the articles of the economic reform paper called the "White Paper", which the Finance Ministry is working on to reform the economy.

Al-Marsoumi said, "As I expected in previous publications that the government reform paper will not deviate from the framework of the IMF's policies and austerity measures with high social costs. This can be seen by looking at some of what was mentioned in the reform paper that the government called white, as follows :

1- Reducing the wage and salary bill from 25% of GDP to 12.5% within three years

2- Reforming the retirement fund so that it is not linked to the budget, and retirement salaries are paid directly from the fund

3- Reducing financial support for state-owned companies by 30% every year for a period of three years

4- Reducing total government support from 13% of GDP to 5% within three years

5- Restructuring the public salary scale by stopping new employment and replacement operations in the public sector

6- Setting a higher ceiling for employees ’salaries to achieve justice and reduce differences

7- Applying income tax to employee allowances, incentives, bonuses, and others

8- Reviewing fuel subsidies for state-owned oil companies. The proceeds from the sale of black oil should be returned to the state treasury

9- Issuing national bonds and instruments and offering them for public circulation on the Iraq Stock Exchange

10- Studying the current exchange rate of the dollar against the dinar and taking into consideration the requirements of financial and monetary stability and achieving the competitiveness of the Iraqi economy

11- Restructuring the state-owned public companies and converting them into private companies

12- Correcting the defect in the ration card system to ensure the protection of people with limited income and withholding it from families whose income exceeds a certain ceiling .

13- Ensure that all workers in the public, private, mixed and cooperative sectors are included in retirement benefits

14- Completing the Social Insurance Law in order to be an alternative to the unified retirement, retirement and social security laws for workers

 
 
Number of observations 649   Date of addendum 10/10/2020
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A new salary scale, suspension of appointments, and the application of income tax ... An economist leaks out the terms of the "white paper"

 

2,017 Policy 10/10/2020 12:50 Baghdad today -

Baghdad The economist and professor of economics at Basra University, Nabil Al-Marsoumi, leaked, Saturday (October 10, 2020), some of the items of the "white paper" that the government intends to present to Parliament, in order to reform the Iraqi economy, after the collapse of oil prices. Al-Marsoumi published the articles of the paper, which he said he kept a copy of, reiterating that it came in accordance with his expectations, regarding the fact that "it will not depart from the framework of the International Monetary Fund's policies and austerity measures with high social costs." He continued, "This can be seen by looking at some of what was mentioned in the reform paper that the government called white." Al-Marsoumi added, "The articles of the white paper include, (reducing the wage and salary bill from 25% of GDP to 12.5% within three years), The paper included "reforming the retirement fund so that it is not linked to the budget and pension salaries are paid directly from the fund, reducing financial support for state-owned companies by 30% every year for three years, and reducing total government support from 13% of GDP to 5% within three years." Years". Al-Marsoumi stated, "The paper also included restructuring the public salary scale by stopping the new recruitment and replacement processes in the public sector, setting a higher ceiling for employees’ salaries to achieve justice and reduce differences, and applying income tax to employee allocations, incentives and bonuses. " He pointed out that "the paper will review the fuel subsidies for state-owned oil companies, and the proceeds of the sale of black oil must return to the state treasury, the issuance of national bonds and bonds and their presentation for public circulation in the Iraq Stock Exchange." The economist added, "The paper will study the current exchange rate of the dollar against the dinar, taking into account the requirements of financial and monetary stability, achieving the competitiveness of the Iraqi economy, restructuring state-owned public companies and converting them into private companies." He said, "It will include fixing the defect in the ration card system in a way that secures the protection of low-income people and withholding it from families whose income exceeds a certain ceiling, and ensuring that all workers in the public, private, mixed and cooperative sector are covered with retirement benefits, complete the Social Insurance Law in order to be an alternative to the unified pension law." Retirement and social security for workers. "

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An economist reveals the terms of the reform paper that the Ministry of Finance is working on

10/10/20200508
Urgent

Today, Saturday, professor of economics at Basra University, Nabil Al-Marsoumi, revealed some items of the economic reform paper called (the White Paper)
that the Ministry of Finance is working on to reform the Iraqi economy.

Al-Marsoumi said, in a post on Facebook, which Al-Rasheed followed him, "As I expected in previous publications that the government reform paper will not deviate from the IMF policies and austerity measures with high social costs."

He added, “This can be seen by looking at some of what was mentioned in the reform paper that the government called white, as follows:
1- Reducing the wage and salary bill from 25% of GDP to 12.5% within three years.

2- Reforming the retirement fund so that it is not linked to the budget, and pension salaries are paid directly from the fund.

3- Reducing financial support for state-owned companies by 30% every year for a period of three years.

4- Reducing total government support from 13% of GDP to 5% within three years.

5- Restructuring the public salary scale by stopping new employment and replacement operations in the public sector.

6- Setting a higher ceiling for employees ’salaries to achieve justice and reduce differences.

7- Applying income tax to employee allowances, incentives, bonuses and others.

8- Reviewing fuel subsidies for state-owned oil companies. The proceeds from the sale of black oil should be returned to the state treasury.

9- Issuing national bonds and instruments and offering them for public circulation on the Iraq Stock Exchange.

10- Studying the current exchange rate of the dollar against the dinar and taking into consideration the requirements of financial and monetary stability and achieving the competitiveness of the Iraqi economy.

11- Restructuring the state-owned public companies and converting them into private companies.

12- Correcting the defect in the ration card system to ensure the protection of people with limited income and withholding it from families whose income exceeds a certain ceiling.

13- Ensure that all workers in the public, private, mixed and cooperative sectors are included in retirement benefits.

14- Completing the Social Insurance Law in order to be a substitute for the unified retirement, retirement and social security laws for workers.

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

 

7,862 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 state's public expenditures, 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."

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" The economist added, "The paper will study the current exchange rate of the dollar against the dinar, taking into account the requirements of financial and monetary stability, achieving the competitiveness of the Iraqi economy, restructuring state-owned public companies and converting them into private companies." 

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"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. 

Better then soon...

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Finance Minister Ali Abdul Amir Allawi "Internet"
  

 money and business


Economy News - Baghdad

The Minister of Finance, Ali Abdul-Amir Allawi, said that Iraq's revenues from the beginning of this month until the end of the year do not exceed 15 trillion dinars, explaining that the Ministry of Finance will implement, from next year, income tax on employee salaries allocations.

Allawi added, in an interview with the Euphrates channel, which was seen by "Al-Eqtisad News", that the ruling expenditures, which are represented by retirement and foreign debt benefits that reach 50 billion dollars, and social security, oil revenues are not sufficient to meet these monthly requirements, indicating that the Ministry of Finance is looking for A way to increase non-oil revenue to finance salaries.

He stressed that without cooperation between the Ministry of Finance and the Central Bank, this crisis cannot be avoided, and therefore any rupture between the two parties will harm the economy, explaining that the Iraqi reserves of foreign currency are estimated at between 53-55 billion dollars, and an investor is between deposits in US bonds.

He added that the white paper includes a vision of moving the Iraqi economy to the post-oil era and gives an opportunity to advance the economy, and address all obstacles and distortions in the economic map, stressing that the reform paper clarifies the economic dilemma and the solutions put forward to treat this dilemma.

And that the World Bank confirmed that Iraq is on the verge of an economic disaster, and the situation is dangerous and acknowledged by the most important international party, explaining that the salaries of employees and retirees accounted for 20% of oil revenues, while today they constitute more than 120% of oil revenues, stressing that the salaries of retirees amount to 1.2 One trillion dinars per month.

He pointed out that the productivity of the Iraqi employee is the lowest in the world, indicating that the reform paper may be implemented within a period of 10 years, and anyone who has a realistic vision for managing the economy must present it.

He explained that the previous government opened the doors to employment in an ill-considered and unrealistic manner, and its repercussions occurred on this government, stressing that it is not permissible to employ any person under the scale of salaries and allocations.

He stressed that the 2021 budget will be presented to the Council of Ministers during the month of November, and will include rationalization of the electricity and oil sector, and the expansion of the network of direct taxes on employee salaries, because salary allocations sometimes reach five times the salary.

He noted that the ration card allocations amount to 5 trillion dinars, which is part of the ruling expenses and not to prejudice them.

On the relationship between Baghdad and Erbil, Allawi said that the region's benefits represent 12% of the general budget, and oil exports must be under Baghdad's control.

He added that the agreement between Baghdad and Erbil now is to give the region its oil and revenues from the border crossings to Baghdad, but the region has not yet provided and has reasons, explaining that Kurdistan grants oil companies 25% of the extracted oil revenues, due to participation contracts and not service contracts.

He stressed that Baghdad did not grant the region funds in the sixth and seventh months of this year, because he did not send oil to Baghdad, stressing that the closure of the US embassy in Iraq will have economic repercussions on Iraq.

 
 
Number of observations: 547,   date of addendum, 10/11/2020
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Parliamentary Finance and the Central Bank Governor discuss the "white paper" and foreign reserves
  
{Baghdad: Al Furat News} The Parliamentary Finance Committee held a meeting with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, at the committee's headquarters in Parliament.

Committee reporter Ahmed Al-Saffar told {Al-Furat News} that "the committee hosted today the governor of the Central Bank to discuss the bank's position and foreign currency cash reserves, in addition to the" white paper ", noting that" the Ministry of Finance presented the Financial Living Committee law for the remaining months. "
The Minister of Finance, Ali Allawi, announced during an interview with the Al-Furat satellite channel, that the ministry "will present the" white paper "for economic reform to the cabinet next Tuesday.  
He added that "the paper includes a diagnosis of the origin of economic problems and remedies that will be difficult, but there is no alternative to them," declaring that "the Central Bank's foreign currency reserves amount to 52 billion dollars and Iraq will be in danger if it falls to 20 billion dollars."
Ammar Al-Masoudi

 

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