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Parliamentary Finance: $ 500 billion is the size of Iraq's funds in foreign banks


yota691
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calendar.png 11/23/2020
 
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Baghdad - Al-Mawred News

, the Parliamentary Finance Reporter, Ahmed Al-Saffar, revealed, on Monday, the estimates of the frozen funds in foreign banks, indicating that the majority of the estimates suggest that there are no less than 500 billion dollars.
According to the official agency, Al-Saffar said, "There are estimates and there are no accurate figures, but the majority indicate that the amount of money outside Iraq is not less than 500 billion dollars."  
He added that "the process of accessing funds abroad is very necessary, as it is assumed that there will be a move by the government to retrieve it, especially as it is the easiest way to obtain funds and get out of the crisis."
He pointed out that "if information is available about where the funds are located, with which names are they are registered, and in which banks, the government can resort to international assistance to recover these funds."
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6 hours ago, yota691 said:
calendar.png 11/23/2020
 
views.png 219
 
 
  •  
  •  
  •  
Baghdad - Al-Mawred News

, the Parliamentary Finance Reporter, Ahmed Al-Saffar, revealed, on Monday, the estimates of the frozen funds in foreign banks, indicating that the majority of the estimates suggest that there are no less than 500 billion dollars.
According to the official agency, Al-Saffar said, "There are estimates and there are no accurate figures, but the majority indicate that the amount of money outside Iraq is not less than 500 billion dollars."  
He added that "the process of accessing funds abroad is very necessary, as it is assumed that there will be a move by the government to retrieve it, especially as it is the easiest way to obtain funds and get out of the crisis."
He pointed out that "if information is available about where the funds are located, with which names are they are registered, and in which banks, the government can resort to international assistance to recover these funds."

then what are you waiting for? go get that frozen funds 500 billion dollars as quick as possible and bring them back to iraq. but if iraq is unable to get and bring that frozen funds back to iraq, then of course there is a someone (??) who can help you but it won't be cheap.

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The stolen money of Iraq ... A report that talks about the tasks of an international coalition to recover $ 150 billion

 

 

795 Economie 11/26/2020 21:00 Baghdad Today -

Follow-up An American website published a report in which it talked about the tasks of the newly established International Financial Alliance to help Iraq financially, and it is expected that the coalition will help Iraq recover 150 billion dollars of money stolen from the country since 2003. Al-Monitor stated, "Prime Minister Mustafa Al-Kazemi, while he was with a number of ministers on a visit to London, established the International Financial Alliance and named it the Economic Contact Group for Iraq on October 22," noting that the alliance "consists of the Group of Seven countries and a fund. The International Monetary Fund (IMF), the World Bank, the European Bank for Reconstruction and Development, the Iraqi Ministry of Finance, the Central Bank of Iraq, and the Financial Committee. He explained, "The coalition meets every three months to monitor economic progress in Iraq, and it will present a roadmap to support priorities in terms of reforms, mobilize international support and benefit from international experiences to enhance economic stability and add vital changes to achieve economic growth. The coalition is scheduled to work for three years." . The American website pointed out, "Parliament, after months of conflict with the government, approved on the twelfth of November the borrowing law that allows Iraq to borrow 12 trillion Iraqi dinars (10 billion dollars), which will enable Iraq to pay its obligations for three months only to pay Salaries of government employees. " He continued, "Iraq is facing a severe financial crisis, after the drop in oil prices due to the Corona pandemic, and according to the 2020 budget, Iraq needs $ 62 billion, of which $ 45.8 billion is for government employee salaries, pensions and social care, while Iraq needs $ 6.6 billion to pay "The internal debt and European bonds. The remaining amount will be allocated to foreign oil companies, support programs also known as the ration card, electricity imports, and to cover the expenses of some ministries." The American website report quoted Finance Minister Ali Allawi as saying to Al-Iraqiya TV on November 4, that "the coalition will provide experts in managing economic sectors, and they will act as advisors to the government, with a focus mainly on reforming the economy and improving the administrative performance of the public and private sectors." He pointed out that "Iraq is going through a difficult economic time; because the financial resources of the state have become out of control and reforms must be achieved." The Minister of Finance added, "In the event that the current situation continues, this will open the way for political and security unrest," indicating that "it is in the interest of many countries to help Iraq and put its economy on the right track, especially that the country is a promising market for Western investment, and the coalition will help Iraq to Recover the money that was stolen before and after 2003, which amounted to more than $ 150 billion since the emergence of the current political establishment. "Al-Monitor" quoted Ahmad Haji Rashid, a member of the Parliamentary Finance Committee that is part of the newly formed financial alliance, as saying, "The International Financial Alliance agreed to a request to exempt Iraq from the obligations of the OPEC Plus agreement." Al-Hajj added that “consultations between countries will start within days,” noting that the International Financial Alliance “will provide consultations without loans because most countries of the world are suffering from a financial crisis due to the Coronavirus pandemic,” indicating that “Iraq's credit rating is (B-) and it is It does not qualify it to obtain foreign loans, "noting at the same time that" the country has resorted to foreign expertise, because the solutions that Iraqi academics proposed to deal with the crisis were difficult to implement. " The report pointed out that "Iraq's debts amounted to $ 133.3 billion in September, and constitutes 80% of the GDP, which exceeds the red line by 60% to the gross domestic product, while the Al-Kazemi government issued a white paper for economic reforms that includes a vision to solve problems in the non-sector. And reducing dependence on oil by 93% during the next three years, and activating the role of the private sector. The report quoted Ahmed Al-Tabakjali, a professor at the American University in Sulaymaniyah, as saying, "The expenditures are large and cannot be covered from budget revenues," and indicated that the white paper for economic reform shows the international community that Iraq is serious about reforming its economic and financial situation. He stressed that "the international community does not want to see modest reforms as was the case in the past," noting that "the new international alliance may push the International Monetary Fund to sign a new loan agreement with Iraq, including reforms and loans, and this would give the country the opportunity." To obtain loans from foreign countries with a guarantee from the International Monetary Fund. " "The coalition will help Iraq in the areas of technology and governance, and help it implement measures to control non-oil revenues, such as tax revenues and border crossings," al-Tabakjali indicated, explaining that "Iraq cannot bear additional debts without the new alliance." "The establishment of this alliance means that the advisory body in the Council of Ministers is ineffective, and that the economic employees in the Ministries of Finance and Planning have failed to find effective solutions to the current financial crisis," Al-Monitor quoted Nabil Al-Marsoumi, a professor of economics at Basra University. Al-Marsoumi added, "In the words of the government, it is obligated to contract with foreign parties to obtain effective solutions, despite the government's issuance of the white paper, which is important to add changes to the economic path the country has taken." And it was announced in London, during last October, the establishment of an international financial coalition that includes 7 foreign and Iraqi financial institutions, to provide advice to the Iraqi government to confront the stifling financial crisis that led to the state’s inability to commit to paying employees' salaries on time and resorting to internal and external borrowing. According to the British Foreign Office, the financial alliance will be called the "Economic Contact Group" and its goal is to stimulate international support for an urgent economic reform program that will last for 3 years and cost 6 million pounds. According to a statement by the British Foreign Office, "the financial alliance provides global expertise to achieve economic growth and provide international expertise from the public and private sectors to enhance economic stability in Iraq and introduce vital economic changes in order to advance growth."

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