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A Deputy In The Kurdistan Parliament Rules Out Solving The Oil And Gas "Problem" Before Adopting Their Law !


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  • DinarThug changed the title to A Deputy In The Kurdistan Parliament Rules Out Solving The Oil And Gas "Problem" Before Adopting Their Law !
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CNN. Broadcasting The Solution ! Pass The Gas - Law !      LINK A deputy in the Kurdistan Parliament rules out solving the oil and gas "problem" before adopting their law  

LINK Statement from the Ministry of Finance on the White Paper   21st October, 2020 On Wednesday, the Finance Ministry issued a statement on the financial reform paper, us

Al-Kazemi announces from Berlin his "reform plan" and hopes for a German partnership   Wednesday 21 October 2020 Baghdad: Morning   Developing the Iraqi econ

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3 hours ago, 6ly410 said:
 

Finance issues an explanatory statement about the "white paper" and its positive points

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Al Ahed News - Baghdad
The Ministry of Finance issued today, Wednesday, an explanatory statement about the “white paper” that the government launched a few days ago, while it showed the positive points related to the paper.
"In the framework of the Ministry of Finance's continuous endeavor, and based on its responsibility to reform the current economic and financial reality, the ministry, through the visions carried by the financial reform paper, is moving towards a diversified, multi-source economy," the ministry said in a statement, which Al Ahed News received.
The statement added, "The reform and activation of the private sector is done by creating a stable investment environment, and reviewing some self-financed public companies, in addition to activating the collection of the electricity sector."
The ministry pointed out that "the reform paper also seeks to change the course of the national economy from the role of state control to the role of regulation and law enforcement, paying attention to vulnerable groups and social welfare, and working to introduce radical improvements to the state's management of the public financial system to reduce the continuous waste of resources."
The statement pointed out that "restructuring the banking sector is an urgent necessity, as it is the backbone of any economic expansion through the development of deposits and loans with a mechanism different from the current one."
She indicated, "The current decline in productivity and income due to the dominance of the unproductive public sector calls for the development of real and scientific treatments, and this is what the financial reform paper seeks to do

 

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Statement from the Ministry of Finance on the White Paper

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21st October, 2020


On Wednesday, the Finance Ministry issued a statement on the financial reform paper, usually a step towards a diversified and integrated economy. 

"The reform and activation of the private sector is done by creating a stable investment environment and reviewing some self-financed public companies, in addition to activating taxation from the electricity sector," the ministry stated in its statement, which it received / Mawazine News.

She added, "The reform paper also seeks to change the course of the national economy from the role of state control to the role of regulation and law enforcement, paying attention to vulnerable groups and social welfare, and working for radical improvements in state management of the public financial system to reduce the continuous waste of resources."

She indicated that restructuring the banking sector is an urgent necessity, as it is the backbone of any economic expansion through developing deposits and loans with a mechanism different from the current one.  She explained that "the current decline in productivity and income due to the dominance of the non-productive public sector calls for scientific and real treatments, and this is what the financial reform paper seeks." 

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Ministry of Finance: The real reform lies in building a diversified economy  LINK 

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Al-Kazemi announces from Berlin his "reform plan" and hopes for a German partnership

 

Wednesday 21 October 2020

alsabaah-50790.jpg

Baghdad: Morning

 
Developing the Iraqi economy and ripening the white reform paper, with "German experiences", the most prominent of the files discussed by Prime Minister Mustafa Al-Kazemi in Berlin, his "second stop" after Paris as part of his European tour that will conclude with a visit to Britain.

Through the reform white paper, the Al-Kazemi government is keen to lay down "immediate plans" to get out of the current financial crisis, and to achieve the advancement of the country's economy, which suffers from various problems, so that it is, according to whoever presented it, that it will address many of the defects that have accumulated over many years.

Al-Kazemi discussed the files to support the Iraqi forces and ways to confront the Corona pandemic, as he announced in a press conference with German Chancellor Angela Merkel near the second phase of the electricity development map.

The Prime Minister affirmed during a joint press conference with Chancellor Merkel in Berlin, Iraq's commitment to its desire to establish close relations and aspiration for a true partnership with the German side.

He revealed "the initiation of an ambitious program to restructure and build the Iraqi economy", pointing out that "it is approaching the announcement of the second phase of the road map for the development of electricity in Iraq with the participation of German companies."
Al-Kazemi affirmed his aspiration to "strengthen security and military cooperation efforts with Germany, to benefit from financial support, and to organize free and fair elections," calling at the same time for "cooperation in confronting the Corona virus."
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Parliamentary Finance: One trillion Iraqi dinars from the currency auction does not enter the treasury

 
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10:50 - 10/21/2020

The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed, on Wednesday, the obscene profits achieved by the window of selling the currency auction, indicating that there are more than one trillion Iraqi dinars that are not included in the state treasury.

Al-Saffar said in a statement to / the information /, that "it is necessary to review the mechanisms and controls of currency auction work to benefit from the money," indicating that "the Finance Committee tried in every way to stop wasting the auction of selling the currency to no avail." 
 
He added that "there are obscene imports that are supposed to be entered into the state treasury through customs taxes," noting that "the dollar is sold to merchants in exchange for manifests that prove the entry of goods and goods into Iraq by selling the dollar as an average."

Al-Saffar explained, "The monthly currency auction profits are not less than one trillion Iraqi dinars as taxes, and this amount does not enter the state treasury." 
 
The Parliamentary Economic Committee had called earlier in the review of the mechanisms and controls of the currency auction to take advantage of public funds instead of the acquisition of corrupt and theft of public money from them.
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The Central Bank clarifies its relationship with employees' salaries

 
The Central Bank clarifies to {Al Furat News} its relationship with employees
 
 
10/21/2020 16:54:10
 
 
The Central Bank of Iraq issued, on Wednesday, a clarification through {Al Furat News} about its relationship with the salaries of state employees.
 
Bank spokesman Acer Jassim told {Al Furat News} that "there is no relationship between the central bank and employees' salaries, and that this file (salaries) is a purely governmental affair and is exclusively in its hands."

He pointed out that "the currency auction in the bank has nothing to do with salaries and that the financial relationship between the government and the bank is to provide it in dinars exclusively."

The bank had confirmed earlier that there is no mechanism for the bank related to salaries and that the bank’s policy is far from this matter.
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The Central Bank adopts more advanced steps in anti-money laundering regulations

 

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21st August, 2020

 

Based on the supervisory role of the Central Bank of Iraq, this bank decided to adopt more advanced steps that are commensurate with the nature of services provided by electronic payment companies in the current and future anti-money laundering and terrorist financing systems.
 
This bank calls on companies to work on adapting their logistical and technical conditions within a maximum period of (6) months, in accordance with the new instructions.

 
The Central Bank of Iraq
information Office
2020/10/21
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37 minutes ago, horsesoldier said:

The entire situation in Iraq is obscene 

 

19 minutes ago, 3n1 said:

 

and obscure ....... 🤣


Ya - But Too Bad We’re All ‘Obsessed’ ! :o 

 

image.jpeg.0bee28f1c72255586d42aa65884e4776.jpeg
 

:D  :D  :D 

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41 trillion dinars ... the Iraqi parliament is stunned by the amount of the borrowing for three months

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21st October, 2020


A member of the Parliamentary Economy and Investment Committee, Nada Shaker Jawdat revealed, on Wednesday, that the amount that was specified in the borrowing law amounted to 41 trillion dinars, indicating that the Parliament is working to amend this amount.

Jawdat said in an interview with Shafaq News that "the borrowing law so far in the Iraqi parliament is being fully studied," indicating that the required amount in the borrowing law is 41 trillion dinars for the remaining three months of this year.

And she continued, "This figure is huge for a short period, while the amount of 51 trillion dinars has been spent for the past nine months, and therefore the House of Representatives will approve the law, but after it adjusts the amount."

Jawdat indicated that "the government had previously borrowed 15 trillion dinars to cover the salaries of employees, at the rate of ten trillions from the inside and five billion dollars from abroad," stressing "the difficulty of borrowing from abroad because there is no country that agrees to lend Iraq in this economic situation that the latter suffers." And the Finance Committee announced, on Monday, that it had agreed to refer the borrowing law to the Presidency of Parliament for its first reading.

The Cabinet Secretariat sent a draft law on financing the fiscal deficit to the House of Representatives, relating to internal and external borrowing. Last month, the government approved the draft fiscal budget bill and sent it to Parliament, before withdrawing it again to make amendments to it, to be replaced by the Fiscal Deficit Financing Act to Parliament.

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So this is the De LA Ru machine they have been talking about all of these years! Wow! More interesting information has come out of Iraq in the last 9 months than any other time in the last decade!  So are they pulling the notes out of circulation or replacing them because they are old and torn?

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27 minutes ago, GreedyDinar07 said:

So this is the De LA Ru machine they have been talking about all of these years! Wow! More interesting information has come out of Iraq in the last 9 months than any other time in the last decade!  So are they pulling the notes out of circulation or replacing them because they are old and torn?

Nobody can answer that question because nobody knows!!! 😂 It’s all a Guessing game. 

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Iraq and Britain are discussing opening branches of foreign banks in Baghdad and the obstacles to joining the first European Bank


2020-10-21
 
 
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Yes Iraq - Baghdad

 

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, met today, Wednesday, with the Governor of the Bank of England.

A statement by the Iraqi Central Bank stated that the meeting dealt with ways to develop banking relations and increase the volume of investment transactions between the two countries, as well as the importance of cooperation in the field of “combating money laundering and financing of terrorism” and overcoming obstacles that hinder the process of opening branches of foreign banks operating in Iraq.

The statement added that the governor met, within the framework of his visit to the United Kingdom, with the two international auditing companies Ernst & Young and PWC, where he discussed with them enhancing the volume of work with the Central Bank of Iraq because of these companies' experience and reliability, stressing his keenness to maintain the relationship with them during the coming period.

He continued, that the Governor of the Central Bank concluded his meetings with the Secretary General of the European Bank for Reconstruction and Development (EBRD), and the meeting included discussion of the final requirements for Iraq's accession to the European Bank, as well as their desire to deal with private Iraqi companies and banks.

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A member of Parliament Finance sets an expected date for the October salary distribution


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6,283 Economie 2020/10/21 18:47 


Baghdad Today - Follow-up 

 

Member of the Parliamentary Finance Committee, Jamal Cougar, expected the date for the distribution of salaries for the current month of October, while indicating that Parliament will not stand as a stumbling block in front of the government's request to borrow to secure salaries. 

Cougar said in a televised interview (Baghdad Today) that "Parliament has received the Financial Deficit Financing Act for the year 2020, consisting of 3 main paragraphs between resources, deficit and request for loans." 

He added, "According to the current data, the salaries of October will be distributed after the borrowing law is enacted and Parliament will amend it, because what has been requested from the government needs to be reduced."

He pointed out that "Parliament will not accept a borrowing ceiling of up to 41 trillion dinars, which was requested from the government to finance the salaries of 4 months, and it says it needs 7 trillion a month to finance salaries and expenditures, meaning that it is supposed to ask for less than 30 trillion." 

He pointed out that "Parliament is not against borrowing, the United States and the Gulf countries borrow to finance the deficit, and this is applicable everywhere, but we refuse to go to borrow without reform because this will lead to an economic collapse."

He stressed, "Supporting government assistance to keep things going and not affect employees, but not at the expense of the central bank’s reserves and government bank money."

And he warned that "any defect in employee salaries affects the market movement, in Iraq 6.5 million people take salaries between employees and retirees and those entitled to care salaries, and those who depend on them for their livelihood 8 million people working in the private sector." 

He emphasized that the government should proceed with its reforms, noting that the Minister of Finance said that the White Paper will be implemented as of January 1, 2021.

Earlier, a member of the Parliamentary Finance Committee, Sherwan Mirza, explained the position on the salaries of the remaining three months of the year 2020.  

Mirza said in an interview with (Baghdad Today), that "securing salaries for the next three months will be less critical to the government compared to what There was a delay in salaries during the month of September. " 

He added, "The government will secure the salaries of employees for the remaining three months of this year, especially since the Ministry of Finance has taken some measures that will maximize the state’s imports and alleviate the economic crisis that the country is going through."

The Minister of Finance, Ali Abdul-Amir Allawi, had previously spoken in numbers about the economic situation in Iraq, and the size of the accumulation in salary expenditures and their double increase at a time when the state's revenues from oil decreased, while he presented a number of solutions to avoid an economic crisis greater than it is. On her now according to not seen. 

The minister, Ali Allawi, said in a televised interview, followed by (Baghdad Today), that "the employee's productivity is very low and reaches 0% in some departments," indicating that "there must be a return to the state from the services provided by the employee and this does not exist. Non-productive employees should be transferred to productive projects to invest their efforts, and we will present a project to transfer them from another place. "

He continued, "The Ministry of Finance paid the salaries of September after reviewing the financial engineering, and we are now at a crossroads. There must be financing to bridge the salary deficit and there are 3 solutions. The first is to increase imports and this is linked to the value of oil exports and it is not encouraging because it does not exceed the 15 billion dollars until the end General ". 

He added, "In return, we need funding of at least 58 trillion dinars to cover the ruling expenses. The second solution is to reduce expenditures and the third is to find a way to finance the deficit." 

With regard to customs funds, the minister replied by saying that "the issue is related to imports, and it has said very much because of the Corona crisis," noting that "there is a large part of Iraq's internal imports that are exempt from fees and what is entered through investment is also exempt, and this means that no resources are achieved for these two reasons." 

He continued, "The percentage of resources that enter through customs does not exceed 15% of the value of what is imposed due to the above reasons," saying, "What we expect does not exceed 4 billion dollars annually, and therefore customs will not be a major source of state funding." 

"As for taxes he said, ", their base is very narrow, and those who pay most are the employees," he said noting that "70% of the private sector is unorganized and cannot be collected because most projects are small and there is no culture of paying taxes." 

 

Regarding what is being raised about the existence of an expected change in the exchange rate, the minister stressed that 

"changing the exchange rate of the dinar against the dollar must be done in agreement with the Central Bank and the International Monetary Fund.

Presenting numbers is currently a sensitive issue. 

Reducing the value of the dinar will have positives and negatives and will help us financially in the first period."
But we must contain its repercussions, especially inflation. "

He warned that "reducing the value of the dinar will create real competition and activate the industrial and agricultural sectors in Iraq," adding that "in 2014 and 2015 there was a decrease in oil prices, but the revenues that Iraq used to get covered expenses on salaries."

He pointed out that "the year 2020 witnessed an unexplained increase in the value of what is paid for salaries if it doubled to the level of half from the previous year, and rose from 40 billion dollars annually to 65 billion."

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A deputy suggests a date for the arrival of the 2021 budget to Parliament and specifies a reason that may delay it

 

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373 Policy 2020/10/21 11:51 am 


Baghdad today - Baghdad 

 

A member of the Parliamentary Finance Committee, Jamal Cougar, suggested today, Wednesday (October 21, 2020) the date for the arrival of the draft federal budget bill for the country for the year 2021 to the House of Representatives. 

Cougar said in an interview with (Baghdad Today), "The Financial Management Law obliges the government to send the draft federal budget for 2021 in the middle of this October, but so far the government is late in that." 

He added, "The government only sent the deficit financing law and the 2020 budget bill, and we believe that it wants to pass this project and then send the 2021 bill, which is likely to arrive at the beginning of next November." 

He explained, "If the Minister of Finance has a tendency to include the white paper in the 2021 budget bill, then it will surely be delayed in this case to Parliament." 

The Ministry of Planning had confirmed earlier that the 2021 budget will address the problems in which previous budgets occurred, and will focus on activating tax revenues, border outlets and other productive sectors, as well as oil revenues.

"The budget for the current year 2020 will be operational only, to secure the necessary expenses, such as salaries of employees and retirees, on the health side, the ration card, and other necessary expenditures," the Iraqi News Agency quoted the ministry’s spokesman, Abdul Zahra al-Hindawi. He added, "The investment side will remain dependent on the size of the revenues that will be achieved during this period," stressing that "there are quite a few stalled projects that need financial allocations to continue working in them." 

He pointed out that "there is a tendency to address all the problems of previous budgets, including the delay in approving the budget, which causes delay in the implementation of investment projects, as well as finding other sources with oil to supplement the budget and develop the country's economy, and include activating the revenues of border ports, taxes, the agricultural, tourism and industrial sectors to Private sector side. "

"The government is currently seeking to approve the 2021 budget, in which oil will be the main financier for the budget in its operational and investment sides," he said.

He stressed that "the government adopts a plan to strengthen relations with brotherly countries in the field of investment, and with international organizations to benefit from the experiences of these countries in the form of oil instead of money, and with new financial methods and activating the role of other sectors."

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9 hours ago, DinarThug said:

Al-Kazemi announces from Berlin his "reform plan" and hopes for a German partnership

Wednesday 21 October 2020

alsabaah-50790.jpg

Baghdad: Morning

 
Developing the Iraqi economy and ripening the white reform paper, with "German experiences", the most prominent of the files discussed by Prime Minister Mustafa Al-Kazemi in Berlin, his "second stop" after Paris as part of his European tour that will conclude with a visit to Britain.

Through the reform white paper, the Al-Kazemi government is keen to lay down "immediate plans" to get out of the current financial crisis, and to achieve the advancement of the country's economy, which suffers from various problems, so that it is, according to whoever presented it, that it will address many of the defects that have accumulated over many years.

Al-Kazemi discussed the files to support the Iraqi forces and ways to confront the Corona pandemic, as he announced in a press conference with German Chancellor Angela Merkel near the second phase of the electricity development map.

The Prime Minister affirmed during a joint press conference with Chancellor Merkel in Berlin, Iraq's commitment to its desire to establish close relations and aspiration for a true partnership with the German side.

He revealed "the initiation of an ambitious program to restructure and build the Iraqi economy", pointing out that "it is approaching the announcement of the second phase of the road map for the development of electricity in Iraq with the participation of German companies."
Al-Kazemi affirmed his aspiration to "strengthen security and military cooperation efforts with Germany, to benefit from financial support, and to organize free and fair elections," calling at the same time for "cooperation in confronting the Corona virus."
link


 

Ahmed Al-Saffar: Al-Kazemi's visit to Europe is restructuring the Iraqi economy


Thursday 22nd October 2020
 

alsabaah-50918.jpg


Baghdad: Hoda Al-Azzawi

 

 
The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, stated that Prime Minister Mustafa Al-Kazemi, during his current visit to France, Germany and Britain, is counting on grants, aid or loans provided by these countries to help get out of the financial crisis afflicting the country, in addition to obtaining support in the security side that It also needs funding. It will try to push these important countries to remove Iraq from the list of high-risk countries.

Al-Saffar added to "Al-Sabah" that "France, Germany, Britain" are countries with gigantic economies and very high financial capabilities. Therefore, Al-Kazemi's visit is of great importance in several aspects, including agreements to enter these countries as part of his campaign to restructure the Iraqi economy, which was included in the "white reform paper" ».

He stressed that the first stage of the reform paper submitted by the government to the Finance Committee can be implemented by the government, as for the other stages related to restructuring, infrastructure, social care and governance development, they need advanced and highly experienced foreign countries, so the current visit will facilitate the government's work in implementing the paper. The Correctional Facility.

LINK 

 

Edited by DinarThug
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Representative Economy: The country needs a quick reform card

 

Thursday 22nd October 2020
 

alsabaah-50835.jpg

Baghdad: Morning 


The Parliamentary Economic and Investment Committee affirmed the country's need for a quick-implementation reform paper to face the current crisis, stressing the need to develop a clear economic policy to advance the national economy.

Member of the committee, Representative Riad Al-Tamimi, said, “Iraq lacks a clear economic policy from 2003 until now. What led to its dependence on oil revenues and the failure to activate the industrial, agricultural and investment sectors.

He added, "The current government is required to develop a clear economic policy that can advance the national economy, pointing out that there are mistakes and efforts to implement laws on the ground."

He pointed out that “Article 9 of the Investment Law stipulates that a cash allowance should be within the basic design of the lands. But the National Authority calls it a discretionary substitute, confirming that his committee was able through the State Council to interpret this article and be a monetary instead of a discretionary.

He continued, that the current government does not bear the suffering of the Iraqi economy, but the previous governments did not have a clear policy for the economy.

LINK

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Thanks Thugs- for taking the time to research, post, and highlight all.of the articles in this thread (and for many laughs over the years.)

 

One word stuck out in the first article:

Deloitte - aka: experts in International Auditing and Standards of Genetalized Accepted Accounting Principles 

 

Which means that Iraq is being being continuously monitored by international auditors -at least behind the scenes - which means -based on the fact that Iraq can't get loans the way they used to - that the days of free-flowing corruption will soon be over - and the country will in one way pr another be forced to function more legitimately, financially speaking.

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The White Paper for Economic Reforms: vision and key objectives

 

22 Oct 2020 - 2:50 pm

 

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The Iraqi government has formally adopted the White Paper for Economic Reforms prepared by the Crisis Cell for Financial and Fiscal Reform.

 

The White Paper seeks to put Iraq’s economy on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy. Dr. Ali Allawi, Deputy Prime Minister and Minister of Finance

 

The White Paper is a comprehensive programme that sets out a clear roadmap to reform the Iraqi economy and address the accumulated, decades-old serious challenges that confront it.

Iraq’s Deputy Prime Minister and Minister of Finance, Dr. Ali Allawi said that the White Paper seeks to put Iraq’s economy on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy that creates opportunities for citizens to live a decent life.

And although the current severe fiscal crisis that Iraq is going through is related to the recent sharp decline in oil prices and to the repercussions of the Coronavirus pandemic, the White Paper makes it clear that the causes of Iraq’s economic and financial woes date back several decades.

The White Paper identifies the expansion of the role of the state as a key cause of the crisis.

The roots of the crisis

The White Paper provides a detailed outline of the factors that have distorted the Iraqi economy, undermined its capacity to provide a decent life for large number of Iraqis, and its failure to keep pace with the economic developments that the world has witnessed.

The expansion of the role of the state

The White Paper identifies the expansion of the role of the state and emergence of a command economy in Iraq as a key cause of the crisis.

From the nationalisation of vital economic sectors in 1970s, to the commandeering of all economic levers by the state to support the war effort in the 1980s, through the period of  sanctions imposed on Iraq in the 1990s, these shocks, as well as the absence of strategic planning, mismanagement, maladministration, patronage and misguided political ideology, all led to an expansion of the role of the state in all aspects of economic life in Iraq.

The Iraqi economy continued to be directed by the state after the events of 2003 because of the failure of the new political system to create a free and diversified modern economy as outlined in Iraq’s Constitution, and instead continued to rely on the state as the almost only driver of economic activity in the country.

The expansion of the role of the state, and the associated increase in the number of those employed in the public sector and the cost to Iraqi exchequer of their salaries and pensions, came at the expense of the government’s ability to invest in basic infrastructure in Iraq.

To illustrate the point, the White Paper points out that from 2004 to 2020, state expenditure on the salaries of civil servants and on public sector pensions increased by 400% in real terms, as the total number of public sector workers during the same period increased by threefold.

The cost of salaries and pensions of public sector workers is expected to be around 122% of Iraq’s oil revenue in 2020. The White Paper for Economic Reforms

And between 2006 and 2018, average public sector salaries increased by 134%, more than the increase in labour productivity, which rose by only 12%, or the cost of living, which rose by 28% during the same period.

Over the past 17 years, government spending on the salaries of state employees, and on public sector pensions became the fastest growing expenditure item in Iraq’s successive federal budgets during this period.

There are currently around 4,500,000 public sector employees and 2,500,000 pensioners.

Decline of the private sector

The expansion of the state’s role, in addition to the complex administrative system and the state’s weakness in imposing the rule of law, the militarisation of society, and the influence of non-governmental actors in public institutions, led to the decline of the Iraqi private sector.

With the exception of a number of small and medium-sized companies operating in the oil and telecommunications sectors, and very small companies operating in the fields of trade, retail, transport, construction, hospitality and textiles, there is almost a complete absence of private sector companies in manufacturing.

In addition, most of the larger private sector companies depend on providing services to the state and on government contracts.

The White Paper also identified other factors that led to the deteriorating economic situation in Iraq is, most notably:

    • The collapse of oil revenues
    • The impact of Covid-19
    • Mismanagement and lack of planning
    • The weakness of financial institutions
    • The absence of modern coherent systems for managing state revenues
    • An ineffective and outdated banking sector
    • Complex and antiquated government procedures
    • Destruction of infrastructure and the costs of the war against Daesh terrorists
Two strategic goals 

The White Paper identifies two overarching strategic objectives. The first is to initiate an immediate reform programme to address the budget deficit to create a fiscal space to give time for the process of implementing the other wider reforms over the medium term.

The second objective is to put the economy and the federal budget on a sustainable path, after which Iraqis can decide and choose the economic direction of the country.

The White Paper anticipates that the short and medium-term objectives and associated reforms will require between 3 to 5 years to implement.

The reform pillars

The White Paper identified five key pillars for the reform programmes:

1- Achieving sustainable financial stability

Key reforms include:

    • Reducing the deficit from 20% to 3% of GDP and expenditure on salaries from 25% to 12.5% of the federal budget
    • Collecting electricity tariffs from all users based on the real price of fuel on global markets
    • Recovering and returning Iraq’s smuggled and stolen money
    • Increasing revenues from customs and taxes
    • Reforming Iraq’s Pensions Fund and move to gradually end federal budget support
    • Reforming financial management systems
    • Reviewing the current exchange rate of the dollar against the dinar
2- Implementing strategic reforms and creating sustainable job opportunities

Key reforms include:

    • Modernising and rehabilitating the financial sector
    • Modernising and rehabilitating the banking system, supporting the development of private banks, reforming government banks and introducing and activating the Core Banking System in Al-Rafidain and Rasheed Banks
    • Expediting the development of e-banking services
    • Establishing new trading markets, such as a commodity market and a currency exchange market (Forex)
    • Supporting the sectors that drive the economy, such as agriculture, oil and gas
    • Introducing a private sector support fund, simplifying procedures, and providing other non-financial aid
    • Creating job opportunities in the private sector and supporting small and medium enterprises
    • Adopting a national strategy for education and training that links educational outcomes with the future need for the labour market
3- improving basic infrastructure

Building Iraq’s digital infrastructure is a key aim of the White Paper.

Key reforms include:

    • Increasing the effectiveness and improving the performance of all parts of Iraq’s electricity sector
    • Developing Iraq’s digital infrastructure, including the introduction of advanced technology (4G) at the beginning of next year, and preparing for the introduction of (5G) technology
    • Modernising the legal and regulatory framework of the transport sector, and encourage private investment in transport
    • Developing industrial cities and free zones in Iraq
4- Providing basic services and protecting vulnerable groups during and after the reform process

The reforms aim at establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector. The White Paper for Economic Reforms

Key reforms include:

    • Improving water supply for both drinking and irrigation and complete sanitation projects and networks
    • Building 1,000 new schools during the period of the reform programme
    • Reforming the social security system
    • Establishing a unified and financially sustainable pension system for all Iraqis whether they are working in the public, private, cooperative or mixed sector
    • Completing and implementing the draft health insurance law to ensure that all Iraqis have access to essential health services
5- Improving governance and introducing changes to the legal framework to enable institutions and individuals to implement reforms
    • Reviewing and amending the official guidance in relation to government contracts
    • Introducing e-governance systems to strengthen oversight of government contracting and the collection of taxes and customs
  •  
    • Working with specialist investigative international organisations to return the large sums of money smuggled out of Iraq
    • Introducing an electronic governance system in the field of government contracting and tax and customs collection
    • Completing the project establishing the National Information Centre to facilitate the introduction of government e-services to citizens, and automate the procedures for obtaining key documents  such nationality and passports and accessing pensions and social security
    • Introducing electronic signature and transactions throughout the public administration system and phasing out paper transactions 
  •  

A detailed implementation plan of White Paper will be published later to outline the required process, identify key stakeholders and establish timelines and monitoring mechanisms.

https://gds.gov.iq/iraqs-white-paper-for-economic-reforms-vision-and-key-objectives/  

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A close associate of Al-Amiri detonates it: Iraq will witness the formation of its second region very soon

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22nd October, 2020


The Al-Fateh Alliance, led by Hadi Al-Amiri, revealed on Thursday the existence of a movement, which he described as effective and strong, that might lead to the announcement of the formation of the Sunni region, and pointed out that this region will be supported by the United States.

This talk is in harmony with information revealed by political and parliamentary sources to Shafaq News, about persistent local and regional efforts to form a Sunni region in Iraq, which strengthens the US military presence and keeps the popular crowd formations away from the Sunni provinces and curbing missile attacks targeting US bases in the country.

The leader of the coalition, Ghazanfar al-Battikh, told Shafaq News, "The formation of the Sunni region is not just media talk, but there is work on the ground by political parties and tribal figures with the support of the United States of America." And that "the United States of America, when it set up a large military base for it in Anbar (Ain al-Assad), based on economic foundations, it knows what is in that province in terms of gas sources, minerals and other economic power." "Now the ground is ready to announce the Sunni region, more than at any other time," he added. "There is support for this project by tribal, political and popular personalities, and for this the announcement of the formation of the Sunni region will be very soon."

And the Kurdistan Region is the only entity independent of the center’s management in Baghdad, and after 2003, attempts were made to form the Basra region and a region for Sunni Arabs in the country, but they failed.

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