Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month


Recommended Posts

Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month

 
 OCTOBER 26TH, 2020
 COMMENTSON PARLIAMENTARY FINANCE: THE COUNTRY'S FISCAL DEFICIT IS 6 TRILLION DINARS PER MONTH, CLOSED
 13 VIEWS
 
 

This week the second reading of the approval of the government loan law will be completed

Baghdad - Waad Al-Shammari:

The Finance Committee in the House of Representatives confirmed, yesterday, Monday, that the amount of the monthly deficit of Iraq reaches 6 trillion dinars, indicating that the passage of the fiscal deficit financing law depends on the reduction of the value of the loan that it implies, stressing that the second reading of the project will take place during the current week.

The committee’s rapporteur, Ahmad al-Saffar, said, “The House of Representatives agreed to complete the second reading of the fiscal deficit financing law during the current week.”

Al-Saffar added, in an interview with “The New Morning”, that “the government informed us that it is unable to disburse the employees’ salaries unless we complete this law, as it includes in its provisions obtaining new loans. ”

He pointed out, "The amount of what is included in the law is very large for what Iraq actually needs, especially since the treasury achieves monthly revenues, even if they are low, but amounts that reduce the rates of need for new debts."

And Al-Saffar, that "the amount of 41 trillion dinars to cover the expenses of three months is very large compared to the budget for a whole year, it represents about 40% of the budget.

He stressed, "Iraq achieves about 4 trillion dinars every month through its oil resources, direct and indirect taxes, and border crossings."

Al-Saffar stressed that "Iraq needs monthly to secure its necessary expenses, including the salaries of employees and retirees, to 10 trillion dinars."

And he goes on, that "the monthly deficit according to revenue figures compared to expenditures does not exceed 6 trillion dinars, which is less than half the amount that the government wants in the loan."

Al-Saffar continues, "The second reading will pass, without problems, and after that we will hold direct meetings with the government to see the truth about the amounts it wants and its expenditures."

Al-Saffar went on to say, "The current circumstance requires the government to put in place rapid economic plans aimed at maximizing the state's resources, and not relying solely on oil revenues."

In addition, a member of the Committee, Representative Jamal Cougar, said, in a statement to "The New Morning," that "the House of Representatives will not stand in the way of the government about any action that would improve the financial and economic situation of the country."

Cougar added, "linking salaries to the enactment of the disability law should be overridden by the government and not repeat the same scenario last month when it stopped paying employees' dues for about 45 days."

He mortgaged "the House of Representatives vote on the financing of the fiscal deficit law by reducing the amount of the loan you want. As for insisting on it, we will never allow that."

Cougar concluded, "the need to hold quick meetings with officials in the Ministry of Finance to discuss the draft law and come up with a text and an amount consistent with the actual need of Iraq."

It is noteworthy that the House of Representatives is currently discussing a draft law on financing the fiscal deficit sent by the government to avoid delaying the distribution of salaries to employees, retirees and the social welfare network.

http://newsabah.com/newspaper/245678

  • Upvote 4
Link to post
Share on other sites
43 minutes ago, Mary B said:

Parliamentary Finance: The country's fiscal deficit is 6 trillion dinars per month

 
 OCTOBER 26TH, 2020
 COMMENTSON PARLIAMENTARY FINANCE: THE COUNTRY'S FISCAL DEFICIT IS 6 TRILLION DINARS PER MONTH, CLOSED
 13 VIEWS
 
 

This week the second reading of the approval of the government loan law will be completed

Baghdad - Waad Al-Shammari:

The Finance Committee in the House of Representatives confirmed, yesterday, Monday, that the amount of the monthly deficit of Iraq reaches 6 trillion dinars, indicating that the passage of the fiscal deficit financing law depends on the reduction of the value of the loan that it implies, stressing that the second reading of the project will take place during the current week.

The committee’s rapporteur, Ahmad al-Saffar, said, “The House of Representatives agreed to complete the second reading of the fiscal deficit financing law during the current week.”

Al-Saffar added, in an interview with “The New Morning”, that “the government informed us that it is unable to disburse the employees’ salaries unless we complete this law, as it includes in its provisions obtaining new loans. ”

He pointed out, "The amount of what is included in the law is very large for what Iraq actually needs, especially since the treasury achieves monthly revenues, even if they are low, but amounts that reduce the rates of need for new debts."

And Al-Saffar, that "the amount of 41 trillion dinars to cover the expenses of three months is very large compared to the budget for a whole year, it represents about 40% of the budget.

He stressed, "Iraq achieves about 4 trillion dinars every month through its oil resources, direct and indirect taxes, and border crossings."

Al-Saffar stressed that "Iraq needs monthly to secure its necessary expenses, including the salaries of employees and retirees, to 10 trillion dinars."

And he goes on, that "the monthly deficit according to revenue figures compared to expenditures does not exceed 6 trillion dinars, which is less than half the amount that the government wants in the loan."

Al-Saffar continues, "The second reading will pass, without problems, and after that we will hold direct meetings with the government to see the truth about the amounts it wants and its expenditures."

Al-Saffar went on to say, "The current circumstance requires the government to put in place rapid economic plans aimed at maximizing the state's resources, and not relying solely on oil revenues."

In addition, a member of the Committee, Representative Jamal Cougar, said, in a statement to "The New Morning," that "the House of Representatives will not stand in the way of the government about any action that would improve the financial and economic situation of the country."

Cougar added, "linking salaries to the enactment of the disability law should be overridden by the government and not repeat the same scenario last month when it stopped paying employees' dues for about 45 days."

He mortgaged "the House of Representatives vote on the financing of the fiscal deficit law by reducing the amount of the loan you want. As for insisting on it, we will never allow that."

Cougar concluded, "the need to hold quick meetings with officials in the Ministry of Finance to discuss the draft law and come up with a text and an amount consistent with the actual need of Iraq."

It is noteworthy that the House of Representatives is currently discussing a draft law on financing the fiscal deficit sent by the government to avoid delaying the distribution of salaries to employees, retirees and the social welfare network.

http://newsabah.com/newspaper/245678

 

Link to post
Share on other sites
9 minutes ago, Wheelman said:

 

DD1A694D-FD10-4B64-9AC0-84472A58C662.jpeg

5DD4DBA3-0090-427A-9F4B-CA241E2E160A.jpeg

Seventh: In the event that the Presidency Council does not approve the laws, they are returned to the House of Representatives to reconsider the disputed aspects, and vote on them by majority, and sent again to the Presidency Council for approval, and in the event that the Presidency Commission does not approve the laws again, within ten days from the date of their arrival to it. It is returned to the House of Representatives, which may approve it by a three-fifths majority of its members, without objection, and is deemed ratified

  • Upvote 1
Link to post
Share on other sites

Parliamentary Finance warns of an economic setback due to the government's borrowing policy

17:57 - 10/26/2020
 
  
%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%87%D8

Information / Special ...

The Parliamentary Finance Committee warned, on Monday, of an economic setback in Iraq , while calling for reducing the amount of government borrowing to cover the salaries of employees, retirees and social care only.

A member of the Finance Committee, Siham Al-Aqili, said to / the information / that "the amount provided for the government loan is exaggerated, an increase in expenditures, and is devoid of attempts to rationalize spending."

He added that "walking the amount of the government loan and the approach of borrowing without solutions will push Iraq to a long-term economic setback," calling for "rationalizing the amount of the loan and reducing it significantly."

Al-Aqili explained that "the Finance Committee and other committees in the House of Representatives are working to reduce the amount of the loan to some extent that secures the salaries of employees and retirees, social care and urgent needs."

The Parliamentary Finance Committee confirmed, last Saturday, that it will open an investigation into the doors of disbursing the previous loan and the state's incoming before approving the loan provided by the government.

https://www.almaalomah.com/2020/10/26/501921/

Link to post
Share on other sites

Legal obstruction "waiting" for Iraq's borrowing of 41 trillion: salaries of employees are "currently available" ... the most dangerous is coming for future generations

2020-10-26
8-1583923384.jpeg?resize=696%2C464&ssl=1

Yes Iraq - Baghdad

A member of the Finance Committee, Ahmed Hama, said today, Monday (10/26/2020), that the general trend within the House of Representatives is not to accept the amount of the loan demanded by the government, which is 41 trillion dinars.

Hama stated, in a press statement, that "the problem facing us now is the discrepancy regarding the treasury revenues between what is announced through the Ministry of Oil and the Ministry of Finance data."

Hama added that "the general trend within the House of Representatives is not accepting the amount of the loan that the government demands, which means going for a reduction in it."

He noted that "the need is necessary to hold direct meetings with the relevant government agencies during the current week in order to reach the reality of expenditures and revenues, and in light of this we determine the value of the loan that paves the way for the distribution of salaries."

Hama added, "The House of Representatives does not aim, through the measures it takes, to disrupt the salaries of employees, but to find out the actual need for revenues."

He said, "The data available to us confirm that the government is able to distribute the salaries of employees depending on the amount of the previous loan, as well as what we get from oil revenues until the end of the year."

Hamma went on to say, "Parliament has completed the first reading of the draft, and now we have entered into direct and active discussions aimed at reaching a formula that is consistent with the public interest and does not negatively affect the future economic situation."

A member of the Parliamentary Finance Committee, Jamal Cougar, said today, Monday, that the salaries of this month have nothing to do with the draft law on financing the government deficit and will not be delayed in the event of delay in passing it.

Cougar stated in a televised interview that “the issue of linking employees’ salaries to the fiscal deficit financing project that the government sent to Parliament and it was read in a first reading is incorrect, indicating that the Minister of Finance has the power to borrow temporarily by issuing treasury bills to obtain the amount he needs to meet the deficit in financing Current month's salaries.

He added that "the Finance Committee will host the Minister of Finance and the concerned authorities in order to discuss the draft law on financing the fiscal deficit and reduce the amount of the loan that the government intends to obtain."

Last Saturday, 10/24/2020, the reporter of the Parliamentary Finance Committee, MP Ahmad Al-Saffar revealed the latest developments in the file for discussing the draft fiscal deficit law, and the possibility of voting on it in Parliament in preparation for the distribution of salaries for employees, retirees and those entitled to social care.

Al-Saffar said in a televised interview, "The Finance Committee understands the need for citizens to distribute their salaries without delay, and the government presented a mini-budget under the title of the Fiscal Deficit Bill."

He pointed out, "We are waiting for quick measures from the government to maximize revenues, and we have approved the first borrowing law, on condition that reforms are introduced."

He pointed out that "continuing to borrow is a dangerous matter for future generations," adding, "We want to host the Minister of Finance to explain the government's position on insurance of expenses, especially with regard to salaries and the salaries of retirees."

https://yesiraq.com/عرقلة-قانونية-تتربص-بأقتراض-العراق-41-ت/

  • Thanks 1
Link to post
Share on other sites

Khashan: The government is unable to find a solution to the financial crisis

09:10 - 27/10/2020
 
  
%D8%A8%D8%A7%D8%B3%D9%85-%D8%AE%D8%B4%D8

Information / private

Independent MP Basim Khashan said that the Al-Kazemi government is unable to find a solution to the financial crisis that Iraq is going through , pointing out that resorting to the loan policy is not feasible and will mortgage Iraq's money in the long run.

Khashan said to "the information", "The Al-Kazemi government does not have a correct economic vision, and is unable to find a way out and a solution to the current financial crisis."

"Resorting to a borrowing policy is not feasible, and Iraq’s money will be mortgaged for many years, which makes it imperative for the government to open new economic doors to overcome the crisis," he added.

He explained that "the government's attempt to manipulate the hard currency and raise its value against the dinar will not yield positive results, and it is better to maximize the state's resources and provide the Iraqi currency to pay the salaries of employees." 25 n

https://www.almaalomah.com/2020/10/27/501993/

Link to post
Share on other sites
Today is a first step towards resolving the fate of the salaries of the remaining three months of this year
 
23822.jpg
 
 
 
 

Economy News _ Baghdad

Today, Tuesday, the Parliamentary Finance Committee will hold a meeting for the purpose of discussing the fiscal deficit financing law, on which the fate of the salaries of the remaining three months of this year is linked.

 The Media Department of Parliament said in a statement that "Al-Iqtisad News" received a copy, that "Parliamentary Finance will hold a meeting tomorrow headed by the First Deputy Speaker of Parliament Hassan Al-Kaabi."

She added, "The meeting is for the purpose of discussing the law on financing the fiscal deficit."

 

Number of observations 3   Date of addendum 10/27/2020

https://economy-news.net/content.php?id=22404

Link to post
Share on other sites
Parliamentary Finance: 150,000 "space" employees cost the state one trillion dinars
 
11040.jpg
Local currencies
 
 
 

Economy News - Baghdad

The Finance Committee in the House of Representatives reserved the amount required in the fiscal deficit law, amounting to 41 trillion dinars, while it confirmed that Parliament could approve 20 trillion dinars to secure salaries for the end of the current year.

Committee reporter Ahmed Al-Saffar revealed that there are 150,000 double-salary employees, indicating that addressing this issue will save more than a trillion dinars per month.

Al-Saffar said, "After examining the draft fiscal deficit law in the appendix of current expenditures, which includes 38 items, we found that some items could be postponed to the 2021 budget to reduce the loan amount that exceeds 41 trillion dinars," according to the official Al-Sabah newspaper.

He stressed that "it is impossible to approve it by the parliament or the parliamentary finance committee."

Al-Saffar added that "seven items out of the 38 are obligatory to spend during the next four months, including employee salaries, retirement salaries, indebtedness and debt benefits, ration card, medicine and a social protection network."

He indicated that it is "necessary items that the loan should include, and the rest of the current expenditures items will be transferred to the 2021 budget, to solve the salary problem as soon as possible by approving the fiscal deficit bill."

And he added, "In the event that salaries are provided, the government is obligated to pay the debts arising from the delay in salaries of employees."

 

Number of observations 10   Date added 10/27/2020

https://economy-news.net/content.php?id=22402

Link to post
Share on other sites
 In numbers ... while the Finance seeks to borrow more than 2 trillion dinars of its money locked up in the vaults of 22 destinations
 
23824.jpg
 
 
 
 

Economy News _ Baghdad

The lack of financial liquidity in Iraq, which came due to low oil prices and increased expenditures, caused a tightening of the screws on the government and the Ministry of Finance, which began signs of its inability to fulfill its financial obligations towards employees, retirees, social welfare and other dues.

This prompted the Ministry of Finance and the government to embark on a very difficult adventure and to meet strong parliamentary and popular objections, represented by resorting to borrowing, and the benefits that the state will have to pay for many years.

Today, Tuesday, the Parliamentary Finance Committee will hold a meeting for the purpose of discussing the fiscal deficit financing law, which is linked to the fate of the salaries for the remaining three months of this year, headed by the First Deputy Speaker of Parliament, Hassan al-Kaabi.

It is possible that the Finance Committee will reduce the amount of borrowing from 41 trillion to less than 12 trillion, as the Finance Committee considers that the government needs more than 20 trillion to pay the salaries for the remaining three months, and by calculating the expected oil and non-oil revenues according to the Finance Committee, Iraq may achieve 12 trillion within 3 months.

While the government is sitting in a state of conflict with the Finance Committee and Parliament, the reports of the Bureau of Financial Supervision indicate that there are funds from the share of the Ministry of Finance and Treasury “locked up” with state-owned public companies that have not paid their debts and the Ministry of Finance dues from the profits made by these companies.

Economist Nabil Al-Marsoumi quoted in a blog post monitored by Al-Iqtisad News, asking: "Why did the Ministry of Finance not obtain its share of the profits of public companies?"

He added: “The annual report for 2019 issued by the Bureau of Financial Supervision indicates that many public companies have not paid the public treasury’s share of the profits made to them, some of which go back to previous years and which represent the treasury dues owed by a number of public companies affiliated with different ministries.”

And he stated that "it became clear from the report that 22 public companies did not pay the Ministry of Finance’s share, which amounted to 2,302 trillion dinars, at a time when the Ministry of Finance is complaining about the scarcity of financial resources that forced it to borrow internally to pay the salaries of employees."

https://economy-news.net/content.php?id=22405

Link to post
Share on other sites

The government provides the Finance Committee with a list of the chapters for disbursing borrowing amounts ... and the numbers are under study

2020-10-27
money.jpg?resize=696%2C364&ssl=1

Yes Iraq: Baghdad

The Parliamentary Finance Committee announced, on Tuesday, that it sent a letter to the Ministry of Finance to inquire about the money paid after the borrowing law was approved, while it indicated that the Ministry of Finance responded and we are about to review the accounts.

 

Committee member Siham Al-Aqili said in a statement to the official agency that, “All members of the Finance Committee have an objection regarding the fiscal deficit financing law sent by the government, so there was an agreement to host Finance Minister Ali Allawi and Central Bank Governor Mustafa Ghaleb Mekhaif in Monday’s session, from In order to know the details of the amount ”.

 

She added that "the committee sent a letter to the Ministry of Finance, containing an inquiry about the amounts paid according to the chapters of disbursement, after the approval of the financial borrowing law", indicating that "after receiving the answer from the Ministry of Finance, the committee will review the accounts and decide."

 

The Finance Committee is scheduled to meet today, Tuesday, to review the borrowing law to finance the fiscal deficit and to amend and reduce borrowing numbers, in order to vote on the law that would allow the disbursement of salaries and dues.

https://yesiraq.com/الحكومة-تزود-اللجنة-المالية-قائمة-بأب/

Link to post
Share on other sites

Parliamentary Finance requests inquiry about funds paid after the adoption of the borrowing law


Tuesday 27 October 2020 - 08:39


Baghdad - Waaa - Nassar al-Hajj
The Parliamentary Finance Committee announced Tuesday that it will send a letter to the Ministry of Finance to inquire about the funds paid after the adoption of the borrowing law.
"All members of the Finance Committee have an objection to the law on financing the fiscal deficit sent by the government, so there was an agreement to host Finance Minister Ali Allawi and Central Bank Governor Mustafa Ghaleb Scary, in order to know the details of the amount," committee member Siham al-Aqili told The Iraqi News Agency (AAP).
"The committee sent a letter to the Ministry of Finance, including a question about the amounts paid according to the exchange doors, after the adoption of the financial borrowing law," she said, adding that "after receiving the answer from the Ministry of Finance, the committee will be informed of the accounts and will decide."
The parliamentary finance committee is holding a meeting on Tuesday to discuss the fiscal deficit financing law.
"Parliament's finances will hold a meeting tomorrow, chaired by first deputy speaker Hassan al-Kaabi," the parliamentary information service said in a statement.
"The meeting is for the purpose of discussing the fiscal deficit financing law," she said.

https://www.ina.iq/115011/المالية_النيابية_تطلب_استفساراً_عن_الأموال_المدفوعة_بعد_إقرار_قانون_الاقتراض

Link to post
Share on other sites

Parliamentary Finance reveals behind the scenes the extent of Parliament's acceptance of the internal borrowing law

10:25 - 10/27/2020
 
  
%D8%AB%D8%A7%D9%85%D8%B1-%D8%B0%D9%8A%D8

 

 

The information / Baghdad ..

A member of the Parliamentary Finance Committee, Thamer Theban, revealed, on Tuesday, the scenes of the internal borrowing law and the extent to which the House of Representatives accepts it, indicating that so far the agreement has not been reached and there is a rejection of the required amount.

Theban said in a statement to "the information", that "Parliament has begun the first reading of the internal borrowing law to find out the extent to which the House of Representatives accepts it," indicating that "there is a rejection of the borrowing draft because the amount is overrated."

He added, "The state's oil and non-oil revenues reach nearly four trillion dinars per month, while the size of the operating budget is estimated at seven trillions," noting that "these figures reveal that the deficit amounts to three trillion per month and thus can be repaid from the previous local borrowing."

Theban pointed out that "there is a possibility of giving a loan to fill the deficit in salaries and ruling and necessary expenses."

The Planning Committee in the House of Representatives accused, on Monday, the government of not having a real vision to manage the financial situation in the country. Ended / 25 h

https://www.almaalomah.com/2020/10/27/502017/

Link to post
Share on other sites
Tuesday, October 27, 2020 10:34 AM

 

A deputy reveals that there are 150,000 double-salary employees

Ahmed Al-Saffar
 
 

 

Committee reporter Ahmed Al-Saffar revealed that there are 150,000 double-salary employees , indicating that addressing this issue will save more than one trillion dinars per month.
Al-Saffar said: After checking the fiscal deficit bill in the appendix of current expenditures that includes 38 items, we found that some items can be postponed to the 2021 budget to reduce the loan amount that exceeds 41 trillion dinars, stressing that it is impossible to approve it by the House of Representatives or the Parliamentary Finance Committee. .
Al-Saffar added that seven items out of the 38 must be spent during the next four months, including “employee salaries, pension salaries, indebtedness and debt benefits, ration card, medicines and social protection network,” indicating that they are necessary items that the loan should cover, and the rest of the items of expenditures. The current budget is transferred to the 2021 budget, to solve the salary problem as soon as possible by approving the deficit bill
Financial.

He continued, "In the case of providing salaries, the government is obligated to pay the debts resulting from the delay in salaries of employees, and in my estimation, if the government is serious, it will decide in the first week of November the distribution of the salaries of the month of October, and after a week they begin to distribute the salaries of the month (11)." That is, the successive payment of salaries because the government has no argument if the specified loan amount is approved for the next four months.
Link to post
Share on other sites
Tuesday, October 27, 2020 10:37 AM

 

Parliamentary Finance: The government extorts employees through the borrowing law

Parliamentary Finance
 
 

 

A member of the Parliamentary Finance Committee , Jamal Cougar, accused the government of continuing to practice extortion over the salaries of employees, indicating that the salaries of employees are not dependent at all on the borrowing law at all.

Cougar said, "The link between the internal and external borrowing law and the distribution of employee salaries is a provocation by the government."

"The government disbursed salaries last month without approving the law, which indicates that there is no link between salaries and the law, especially with the existence of a law that allows the Minister of Finance to issue financial permissions for a period of 180 days," he added.

Cougar said, "The government, through the budget and the external borrowing law, demanded large debts in excess of its actual need, which is against the law.
Link to post
Share on other sites

With a capacity of half a million housing units .. Discovery of 10 new cities in Baghdad and the provinces

10:41 - 10/27/2020
 
  
%D8%A8%D9%82%D8%A8%D8%A8%D8%A8-696x522.j

The information / Baghdad .. The
Ministry of Construction, Housing and Public Municipalities has prepared designs for 10 new cities in Baghdad and the provinces with a capacity of more than 500 thousand housing units, calling on the government to focus its weight during the coming period to solve this dilemma.
The Undersecretary of the Ministry, Jaber Al-Hassani, said in a statement that the information was reviewed, that these cities are under design, and they are distributed in two cities in Baghdad, one each in Najaf and Karbala, and two in Mosul and Kirkuk.
Al-Hassani added, "These cities, in the event of finding sources of financing for their construction, will provide more than 500 thousand housing units," stressing that "the financing must be borne by the state part of it and the investment authorities bear the other part." End / 25

https://www.almaalomah.com/2020/10/27/502021/

Link to post
Share on other sites

A parliamentarian affirms the impossibility of passing the borrowing law in its current form so as not to wrongdo future generations

by Moahmmad EditorIraq news3 Hours ago

qaymt-basma-14-wzyra-wafq-lyhm-mjls-alnw

Representative Mansour Al-Baiji stressed, on Tuesday, that the House of Representatives will not pass the borrowing law in the form it was sent by the government, but rather that it will make amendments to reduce borrowing and not assign the state large debts that will bear future generations.

Al-Baiji said: “Borrowing is not the solution, and the Iraqi government must go to find other sources of financing, such as the agricultural and industrial sector, border outlets and mobile phone companies.

He added, "We will vote for a legalized borrowing law that will not exceed the salaries of employees and retirees and the salaries of the social protection network. The vote will not be on a borrowing law that gives the government the right to borrow billions, and we do not know where it goes."

Al-Baiji added, "We are against the idea of borrowing, but out of absolute necessity, we will vote on it in order to pay salaries to state employees." The deputy stressed: "We are against borrowing and it should turn to other financing projects because we will not allow borrowing that will cause disaster for the country during the coming period if the government continues this way without finding a solution to this economic crisis."

https://altahreernews.com/20280/

Link to post
Share on other sites
Tuesday 27 October 2020 | 10:52 a.m.
| Views: 94
Parliament: We'll pass a borrowing bill to pay salaries

irq_1251132560&max_width=300

Representative Mansour Al-Baiji stressed, on Tuesday, that the House of Representatives will not pass the borrowing law in the form it was sent from the government, but rather that it will make amendments to reduce borrowing and not assign the state large debts that future generations bear. Al-Baiji said, in a statement received by "Eye of Iraq News", that "borrowing is not the solution, and the Iraqi government must go to find other sources of financing, which are present, such as the agricultural and industrial sector, border outlets and mobile phone companies. Therefore, the government must go to activate it and move away from quick solutions such as borrowing." . He added, "We will vote for a legalized borrowing law that will not exceed the salaries of employees and retirees and the salaries of the social protection network. The vote will not be on a borrowing law that gives the government the right to borrow billions, and we do not know where it is going." Al-Baiji added, "We are against the idea of borrowing, but out of absolute necessity, we will vote on it in order to pay salaries to state employees." The deputy stressed:

https://aynaliraqnews.com/index.php?aa=news&id22=140208

Link to post
Share on other sites

A parliamentarian .. confirms the impossibility of passing the borrowing law in its current form

 Tuesday 27th October 2020 11:25 am (8 Views)

http://www.skypressiq.net/thumbnail/crop/1000/600/posts/2020-10/27/20201027_112532-825.jpgl
 

Sky Press /

Representative Mansour Al-Baiji stressed, on Tuesday, that the House of Representatives will not pass the borrowing law in the form it was sent by the government, but rather that it will make amendments to reduce borrowing and not assign the state large debts that will bear future generations.

 

Al-Baiji said: “Borrowing is not the solution, and the Iraqi government must go to find other sources of financing, such as the agricultural and industrial sector, border outlets and mobile phone companies.

 

He added, "We will vote for a legalized borrowing law that will not exceed the salaries of employees and retirees and the salaries of the social protection network. The vote will not be on a borrowing law that gives the government the right to borrow billions, and we do not know where it goes."

 

Al-Baiji added, "We are against the idea of borrowing, but out of absolute necessity, we will vote on it in order to pay salaries to state employees." The deputy stressed: "We are against borrowing and it should turn to other financing projects because we will not allow borrowing that will cause disaster for the country during the coming period if the government continues this way without finding a solution to this economic crisis."

http://www.skypressiq.net/2020/10/27/برلماني-يؤكد-استحالة-تمرير-قانون-الاقتراض-بصيغته-الحالية

Link to post
Share on other sites
Tuesday, 27 October 2020 11:03 AM

 

Parliamentary Finance warns of an economic setback due to the government's borrowing policy

Siham Al-Aqili
 
 

 


The Parliamentary Finance Committee warned of an economic setback in Iraq,
  calling for reducing the amount of government borrowing to cover the salaries of employees, retirees and social care only.
A member of the Finance Committee, Siham Al-Aqili, said, "The amount provided for the government loan is exaggerated and devoid of attempts to rationalize spending."
He added that "walking the amount of the government loan and the approach of borrowing without solutions will push Iraq to a long-term economic setback ." 
Al-Aqili explained that "the Finance Committee and other committees in the House of Representatives are working to reduce the amount of the loan to some extent that secures the salaries of employees and retirees, social care and urgent needs.
Link to post
Share on other sites
Tuesday, October 27, 2020 10:56 AM

 

Representative economics: We will not vote on the borrowing law except after making 3 important amendments

Representatives
 
 

 

A member of the Parliamentary Economic and Investment Committee, MP Mahmoud Al-Zagrawi, affirmed that the vote on the fiscal deficit financing law will only take place after making 3 important amendments.
Al-Zagrawi said, "Parliament may discuss the law on financing the fiscal deficit next week due to its importance, but it cannot be accepted to proceed with voting on it, and there is a financial deficit of 41 trillion dinars," noting that "the amount is large and will lead to exhaustion of the Iraqi economy with very large debts."
He added, "Going forward with the law requires resolving the file of the first borrowing and explaining the mechanisms for using money, whether for salaries or for the rest of other expenditures, in addition to that the law requires the achievement of 3 important amendments, which are reducing the amounts of deficit and expenditures and maximizing financial revenues."
  • Thanks 3
Link to post
Share on other sites
2 hours ago, Mary B said:
Tuesday, October 27, 2020 10:56 AM

 

Representative economics: We will not vote on the borrowing law except after making 3 important amendments

Representatives
 
 

 

A member of the Parliamentary Economic and Investment Committee, MP Mahmoud Al-Zagrawi, affirmed that the vote on the fiscal deficit financing law will only take place after making 3 important amendments.
Al-Zagrawi said, "Parliament may discuss the law on financing the fiscal deficit next week due to its importance, but it cannot be accepted to proceed with voting on it, and there is a financial deficit of 41 trillion dinars," noting that "the amount is large and will lead to exhaustion of the Iraqi economy with very large debts."
He added, "Going forward with the law requires resolving the file of the first borrowing and explaining the mechanisms for using money, whether for salaries or for the rest of other expenditures, in addition to that the law requires the achievement of 3 important amendments, which are reducing the amounts of deficit and expenditures and maximizing financial revenues."

Weekends looking good with oil company law 

  • Upvote 2
Link to post
Share on other sites

Representative economics: The deficit financing law will be reconsidered before it is presented to a vote

14:34 - 10/27/2020
 
  
%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-4-6

Information / Special ...

The Parliamentary Economic and Investment Committee confirmed, on Tuesday, that the law on financing the deficit with salaries will be reviewed before it is presented to a vote, while it indicated that the coming sessions will be free of the deficit financing law.

Committee member Yahya Al-Ithawi said in a statement to Al-Maalouma that "the government needs 3 trillion per month to secure salaries, as the total amounts for three months are 9 trillion dinars only," pointing out that "the deficit financing law cannot be passed in the current form as the sums it requested The government is 41 trillion dinars, and this is an exaggeration.

He added that "the law will be reviewed before it is presented to the vote and the second reading," indicating that "the agenda of the next sessions will be free from the law on financing the fiscal deficit.

The Parliamentary Finance Committee confirmed, today, Tuesday, that the law on borrowing or financing the fiscal deficit contains large sums that cannot be voted on in the House of Representatives. Ended 25 T.

https://www.almaalomah.com/2020/10/27/502075/

Link to post
Share on other sites

MP: Parliament will request clarification from the government on the purpose of borrowing

14:30 - 27/10/2020
 
photo_2020-10-26_23-05-01-696x464.jpg

The information / Baghdad ..
Member of Parliament Khaled Al-Jushami confirmed, on Tuesday, that its meeting, headed by the First Deputy Speaker of Parliament, Hassan Al-Kaabi, regarding the government's request for a new borrowing, indicating that the committee members will clarify from the government whether the new request is related to paying salaries or not.
“The Financial Committee, headed by First Deputy Hassan al-Kaabi, held an important meeting this afternoon to discuss the government's request to allow it to borrow domestically, which amounted to forty-one trillion dinars, and this for us is a great number,” Al-Jushami said in a statement to the information.
He added that "members of the committee will seek clarification from the government whether the payment of employees' salaries is related to the new loan or are there other details," noting that "Parliament is heading towards reducing the amount of borrowing and postponing unnecessary expenditures for the next year’s budget."
By mentioning that the Media Department of the House of Representatives announced that the Parliamentary Finance Committee will hold a meeting today, Tuesday, to complete the study of the draft law on financing the financial deficit to meet expenses, especially the salaries of employees and retirees. End / AD 25

https://www.almaalomah.com/2020/10/27/502071/

  • Like 1
  • Thanks 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



  • Featured Products

  • Similar Content

    • By Butifldrm
      02/20/2020 09:08 Views 91 Section: Iraq   Government official: Iraq still owes Kuwait seven billion dollars
      Baghdad / Obelisk: The financial advisor to the Prime Minister, Mohammed Mazhar Saleh, announced on Tuesday 4 February 2020 that Iraq is still in debt to Kuwait with an amount of seven billion dollars, after he paid 52 billion as a result of the invasion of the previous regime to Kuwait in the nineties of the last century, while he indicated that the agreement with China was launched from The principle of building bridges and reviving the Silk Road.
      Saleh said in a press statement, that China is one of the developed countries in infrastructure, and that the real development in any country can only be achieved with a solid infrastructure.
      He added, that the 100,000 agreed barrels should enter the Development Fund, and then deduct from it the compensation for the Kuwait war, which remains approximately 7 billion dollars, after Iraq paid about 52 billion dollars.
      He pointed out that this agreement was based on the principle of building bridges and reviving the Silk Road, which China seeks to restore in order to bring peace and increase economic development in the world, especially since the countries that lie on the belt line constitute 65 percent of the world's population.
      Follow the obelisk
      http://almasalah.com/ar/news/187312/مسؤول-حكومي-العراق-مازال-مدينا-للكويت-بسبعة-مليارات-دولار
    • By yota691
      Parliamentary Finance: Iraq's debt stood at $ 119 billion and its benefits to the people
      one hour ago Last updated 02:41 PM     BAGHDAD / tomorrow Press: 
      detecting an MP for the parliamentary finance committee, Majida al - Tamimi, that Iraq 's debt stood at $ 119 billion, of which external estimates of $ 80 billion, and the rest is internal debt, noting that the loans go into the pockets of corrupt people and bears interest on the loans. 
      She said Tamimi's "Tomorrow 's Press," that "there are negative indicators on monetary policy as well as non - corrupt accountable , " indicating that " the loans they take Iraq went to the corrupt and the people bear their benefits." 
      She pointed out that " the apparent corruption through lack of investment loans properly and mostly fake and thefts to the pockets of the corrupt , " adding that " the figures that previously borrowed and squandered the money they borrow and their partners today and they have a certain pedigree." 
      She added that "there are a lot of files have been forwarded to the integrity, but there is no deduction for those files and if I stayed in the integrity of the year as possible to escape the corrupt out of Iraq and not be held accountable , " indicating that "Iraq is required payments of up to $ 119 billion, including debt Foreign worth 68 billion to 12 billion but increased by the recent German loan for a total of $ 80 billion. " 
      She explained that "Iraq 's debt to the Gulf countries reached $ 40 billion, including $ 4.6 billion of Kuwait was postponed repaid until 2018 because of financial commitments crisis , " indicating that " the debt is treated and that have not been claimed in the present time amounted to 40 billion dollars." 
      She stressed that "these figures were taken by the General Director of the debt after a request made by the knowledge of Iraq 's debt , " adding that "there is an internal debt of the government borrowed from the Central Bank, as well as bonds and debt peasants and others."
    • By TrinityeXchange
      hello again my friends.  its your bud here with another   worth of a take on what i see happening within the borders called iraq.  and it is really good news from my vantage point!  the topic of this opinion piece is the '6 major factors that influence an exchange rate'.  i will cover each factor briefly in reference to iraq and hope to derive whether or not those invested are either in a good or bad position. 
       
      as many know, the importance of an exchange rate revolves around one country's trading relationships with other nations.  trade relationships is the sole purpose of an exchange rate.  where there is no international trade, an exchange rate tied to a currency has no domestic significance.  with this in mind lets peer into the 6 factors of exchange rate influence between iraq and its trading partners.
       
      1) Inflation - iraq has done a fantastic job steering its inflation rate.  the latest report (aug 2015) has inflation at 2.2%.  some economists would mark this as the ideal inflation rate.  this places iraq is a great position with trading partners for determining a strong exchange rate to the iqd.
       
      2) Interest Rates - iraq has maintained a steady interest rate of 6% over the last 5 years.  compared to other nations, it is a phenomenal rate.  the importance here is the attractiveness it has to foreign investors.  should iraq sure up the security situation with daesh and clean up political corruption, foreign investors might feel confident enough to pour funds into iraq at these rates.
       
      3) Current-Account - iraq has done quite well between trading partners and has held a positive current account balance (exports vs imports) over the previous 9 years except for 2010.  oil is its primary export and it has been strong enough a commodity to keep iraq experiencing gains in its current accounts.  as iraq build its non-oil sector through the plan for increased industry and agriculture, exports should increase and it will be reflected in the current account.  
       
      4) Public Debt - this is where the hidden gem is revealed and the reason for the title of my opinion piece.  everything in the papers speak to iraq's "deficit financing".  however for some reason it appears to be seen in a negative light.  my opinion is much different.  not all debt is good but in this instant i definitely believe it is.  when most developing nations look to expand its economic markets as iraq is doing, there will be an inevitable deficit to fiscal policy (the budget).  in the short term, this is a very very good thing!  where most under developed nations utilize deficit financing for payment of domestic and foreign loans, this does not hold true for iraq.  iraq is using this tool as developed nations would, for capital formation for economic growth and boosting the private sector.  this type of debt is the best stimulate for the economy in the short term.  (here is a good slide-show presentation explaining deficit financing.)
       
      5)  Terms of Trade - balance of trade for iraq is simply outstanding and last reported at approximately $40B usd ($44B previous year).  compared to turkey (-$6B usd), japan (-$268B yen), germany $24B eur.  i would say that iraq comparatively has a case for a strong dinar.  its current accounts and balance of trades are unbeatable (maybe a little exaggeration there).
       
      6) Political Stability & Economic Performance - well, you can't shine everywhere  .  unfortunately this important piece is dragging iraq down.....and i mean wayyyyyyyy down.  nobody in their right mind want to stick hundreds of millions in an environment like this.  this area alone is holding iraq back the most.  all things considered, if this one area is corrected there is no reason why foreign investment wont flood the country and the domestic currency surge in demand.  
       
      there you have it gang.  hopefully this piece wasn't too long.  this should give us all a solid overview of the factors that influence the dinars TRUE exchange rate the most.  from it we should be able to make a sound judgement on where the currency is headed and whether or not we want to remain involved. 
       
      be blessed!  
    • By Jim1cor13
      Posted on May 16, 2015by Martin Armstrong  
       
      This Sovereign Debt Crisis is the nature of the beast we face. Understanding that crisis is half the battle for after the business cycle turns, there will be a lot of finger-pointing but you can bet it will never be pointing at government. It does not matter what country we are from, the people are the same. The audience last night in Warsaw was articulate, understood, and the audience made it known that they too distrust government. It really matters not our nationality. People never start wars, only governments which are not the people.
       

       
      It is also never private debt that causes the end of a nation, it is the debt of government. When people default, their assets are seized and they were often thrown in debtors prison. When government defaults, you get revolution. Adam Smith called this the highest impertinence of kings to pretend to watch over the debts of the people and not their own. This cycle of political change is about 309.6 years. The last wave began in the 1600s and culminated in the late 1700s, The wave before that is where capitalism began during the 14th century with the reintroduction of wages and taxes following the Black Death of 1346-1353.
       
       

       
      The American people were not in support of the revolution until the very end like a Phase Transition. Those who wanted to leave Britain were only about 33%. Then a writer issued a pamphlet by the name of Thomas Paine entitled Common Sense. Paine explained that the nation or society is only the people and that government views itself as the nation yet is entirely different right from its origin. He further explained that “Society is produced by our wants, and government by our wickedness; the former promotes our POSITIVELY by uniting our affections, the latter  NEGATIVELY by restraining our vices. The one encourages intercourse (cooperation of people creating an economy) the other creates distinctions. The first a patron, the last a punisher.”
       
       

       
       
      We can see that despite the American and French Revolutions, government reverts always back to the dominant punisher assuming the very same power against which the people revolted to begin with. We can see Thomas Paine’s words are applicable today. The US government called Snowden a traitor for telling the people the government was illegally searching and seizing everything. It was irrelevant that he informed the people about the illegal acts of government. It was treason by their definition because he revealed what they were doing illegally to the people. That reflect what Paine said – they see themselves as the nation not the people who they exploit for their own survival.
       
      Understanding who is the enemy is the very first step in the reform process. About every 309 years we reach a crisis in government. This has been resolved unfortunately with violence for whoever is in power never goes quietly into the light. The late 1700s was of course the American and French Revolutions and today the people of both nations have less rights than existed when they rose up in their respective revolutions. Both were sparked by a debt crisis.
       
      In Britain, George III needed money so badly, he was taking Spanish coins and counterstamping his own image and making them English. The Assignates were paper money issued by the French that was back by confiscating the property of the Catholic Church. The Crown had bailed out the debt of the Mississippi Bubble of 1720 and that imposed harsh taxes upon the French people. We are in the very same position of a Sovereign Debt Crisis once again that is turning to confiscating everything we have as well as government is always driven by debt.
       
      Thomas Jefferson was highly practical. He wanted the Constitution to automatically expire every 19 years and he was against any government debt. Why? A national debt to Jefferson was taxing the next generation without representation. Indeed, we are being heavily taxed to support the continued rollover of debt.
       
      Without question, this is where we are once again. Jefferson understood looking at history that it repeats because human nature never changes. He saw war was caused by standing armies and once government is paying to maintain such a force, it is like have a car you never drive.
       
      If we look back 309 years from the 1700s, we come to the 14th-15th centuries. In Florence it began with a revolution where they too ran out and hanged bankers. The great series of tax revolts began on that cycle in England and France that finally culminated following the Black Death (1346–53) where capitalism really began with the reintroduction of wages given the shortage of labor.
       
      Perhaps this time we can put pressure for political change in eliminating debts and this viscous cycle of Sovereign Debt Defaults that destroy society. We can prepare for our individual survival by comprehending the nature of the beast. As was discussed in the session in Warsaw, it is true gold is no longer the savior since we cannot hop on a plane with a briefcase full of gold and seek a new start. Gold’s role may be local and in an underground economy, but make no mistake about that, government is well aware of that role as well.
       
      Governments are robbing anything travelers might have these days. There were even signs in Poland warning if you have more than €10,000 in cash or “assets” when traveling it was illegal. They will look for jewelry, stocks, gold, or diamonds. Anything they deem of value they can confiscate.
       
      This is a new age of authoritarianism and is not ending nicely. The idea of crypto-currencies is also rather foolish for nothing can compete against a government that is ruthless and broke. They have the guns and then tanks and will use them against the people. Our hope is to identify the problem and spread the word. Yeltsin stood on the tanks in Russia and asked the troops not to fire on their own people. If the pawns of government refuse to massacre their own people, then we can win. It is critical to understand that police and military will become the tool for both sides.
       
      This is why Brussels is now calling for a European Army. That will be their power and sending Greek troops into Germany will prevent the troops from siding with the people. This is also why there is a mad rush to create robots for war. They have no emotions and cannot be turned. Government understands their weak-link for throughout history it has always been the loyalty of the troops.
       
      That is what we must understand and we must understand that private assets are the means to survive – not pensions or government bonds. Eliminating cash is their way to force people into banks and prevent a bank-run. That will end in the total authoritarian government for you will not be allowed to buy or sell except without the grace of government.
    • By Sgwmax
      I am trying to understand what the community is referring too when the topic of taxes are raised as it relates to the impending CE.  I asked my tax advisor, and he explained to me that because the Currency being exchanged is in fact a debt note, and NOT a SECURITY, there are no taxes to be paid on any gains realized when the exchange is completed... so, please help me with understanding what I'm missing... Thanks everyone~!
  • Testing the Rocker Badge!

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.