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Mr. Sadr tweets on the budget and warns


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1 minute ago, horsesoldier said:

I GET IT....BUT GOSH DAMNIT THIS THREAD HAS BEEN HIGHJACKED AND ENOUGH IS ENOUGH !!!!!!

I appreciate the people working through their “ discussions “ with self absorbed, narcissistic children-but there are other forums for dealing with whiny little shits.

 

QUIT DRAGGING THIS THREAD THROUGH THE DEEP WEEDS !!!

 

My God GIVE IT A REST !!! YEP U PREHYSTERICAL “ MAN “ CHILD

 

Im not the only one that’s lost his/her patience with the self indulgent wet nose driveling & nit picking petty :bs: your peddling. 

Why am I the only one singled out?  How come you never say anything when Greedy Dinar has a tantrum?  So I point out something about copying and pasting that ONLY really had to do with DinarThug, yet, people attack me, I defend myself, yet I am the problem.  Why arent you telling the others to give it a rest too?

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43 minutes ago, luvalife said:

you are exhausting... and I am not going to continue this or any conversation with you... right, wrong or indifferent your semantics will keep you busy a very long time all by yourself.  Just keep up the same tactics you are using and you will make tons of friends here.  Have a FABULOUS evening.... and life!  

 

Sorry but is that why you are here?  To make friends with internet strangers you will most likely never meet in your life that live possibly hundreds if not thousands of miles away?  That concept is foreign to me.  Well I knew you wouldnt answer my questions.  You come here and bash me then take off when I ask you why.  Notice I never said the cruel things you have said to me.  yOu bRiNg NO vaLuE HeRe....I wouldnt say that to you.  

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2 minutes ago, CSM (R) Thack said:

7120ED85-E11B-4227-A255-76847D7B54B5.jpeg

Ugly baby ya are showing there.  Ya know I could equally show the crying baby meme or gif due to ones taking offense because I pointed out a copy and paste job.  Arent they crying because of what I said?

Edited by PrehistoricMan
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3 minutes ago, PrehistoricMan said:

Ugly baby ya are showing there.  Ya know I could equally show the crying baby meme or gif due to ones taking offense because I pointed out a copy and paste job.  Arent they crying because of what I said?

 

399F403B-FCE5-48F7-82DB-755542D8B2A3.jpeg

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1 hour ago, DinarThug said:

LINK

A breakthrough is imminent." Adviser to the Prime Minister: Three factors to curb the rise in prices

 
image.jpeg.9c4ea253196f20bb859f0e3331c622e2.jpeg
 
 
655
 
 
 
04/16/2021 11:27:04
 
 
The Prime Minister’s Adviser for Economic Affairs, Mazhar Muhammad Salih, identified three basic factors to limit the rise in prices of goods and commodities in the local markets.
 
Saleh pointed out in a press statement, "There is an emergency seasonal price gap controlled by the increase in the prices of some imported food commodities that are determined by the global stock exchanges, for reasons related to the recession that hit the global economy last year, and as a result, the costs of producing foodstuffs increased." 

This coincides with the increase in global demand for food in light of the openness of the economy and international trade this year due to the expansion of vaccination levels against the Corona epidemic and the rapid opening of global markets compared to the previous year. 

He added that "Iraq is currently living in the months of the agricultural transition from the winter season to the summer, which are months when foodstuffs are scarce in most, which is what drives them to increase their prices."

Despite stressing the government's responsibility to protect consumers and maintain reasonable prices, Saleh pointed to "3 basic factors to limit the rise in prices, the first of which is the provision of sufficient hard currency for the commercial sector to finance foreign trade requirements, and the second is customs taxes and reducing them to the lowest possible level, especially those related to them." 
With basic food items. 
"As for the other factor, Saleh said, "It is related to the upcoming summer agricultural season which is approaching, which will provide a great food supply in the following weeks."

It is noteworthy that the month of Ramadan falls this year in light of a significant increase in food prices, especially after the official authorities decided to reduce the dinar against the dollar. 

The devaluation of the local currency cast a shadow over many low-income citizens, as not only the middle and poor classes were affected, but the decision affected merchandise merchants who import goods and pay their value in dollars. 
 
And the pressure on Iraqis increases during Ramadan, the continuing outbreak of Corona, as the impact of the precautionary measures extended to the abolition of Ramadan traditions that had been in place for decades, specifically those inherited social customs that the Iraqis did not leave in the most difficult circumstances that the country had previously experienced.

Among the most prominent customs that the Corona pandemic has stopped is the overcrowding of markets with people who shop before breakfast. 
 
The sellers were frustrated because of the lack of buyers in the market, and he says that the month of Ramadan every year was a month in which there was a lot of commercial movement, and it usually represented a source of great profits for traders, but the current wave of high prices changed that this year at least. 

They held the government responsible for the rise in prices, noting that the devaluation of the dinar against the dollar in the state budget for 2021 - which was approved at the end of last month - led to an increase in the value of goods by more than 20%.

Rate change 

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5 hours ago, PrehistoricMan said:

I saw you admit it.  That is big of you.  But as you can see by luvinlife I think her name is, she was under the impression that you do the coloring.  IMO it is a conflict of interest.  IN that you make fun of him and his team, then go to his site to use his info is all.  You can think what you want.  I just wasnt aware that you did this for months until I checked out things myself.  It is fine.  No beef from my side here.  I just wasnt aware that others were aware of it.

Sorry, can’t help myself, WTF is your point bro? Go to that site, stay at that site. You ster the pot because why? Did the “Thug” say he was doing the coloring? What crawlsef up your @$$ to inspire the internet policing, oh sorry, I really don’t care. 
As for making friends on the internet, it’s not so much that that’s the point here, but rather, how you carry your self to strangers is a darn good impression of how you carry ones self. 
I wish you the best and though I’m not trying to have the last word here, this is all the energy I will give you, so don’t be surprised by my lack of a response. 

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1 hour ago, DinarThug said:

LINK

A breakthrough is imminent." Adviser to the Prime Minister: Three factors to curb the rise in prices

 
image.jpeg.9c4ea253196f20bb859f0e3331c622e2.jpeg
 
 
655
 
 
 
04/16/2021 11:27:04
 
 
The Prime Minister’s Adviser for Economic Affairs, Mazhar Muhammad Salih, identified three basic factors to limit the rise in prices of goods and commodities in the local markets.
 
Saleh pointed out in a press statement, "There is an emergency seasonal price gap controlled by the increase in the prices of some imported food commodities that are determined by the global stock exchanges, for reasons related to the recession that hit the global economy last year, and as a result, the costs of producing foodstuffs increased." 

This coincides with the increase in global demand for food in light of the openness of the economy and international trade this year due to the expansion of vaccination levels against the Corona epidemic and the rapid opening of global markets compared to the previous year. 

He added that "Iraq is currently living in the months of the agricultural transition from the winter season to the summer, which are months when foodstuffs are scarce in most, which is what drives them to increase their prices."

Despite stressing the government's responsibility to protect consumers and maintain reasonable prices, Saleh pointed to "3 basic factors to limit the rise in prices, the first of which is the provision of sufficient hard currency for the commercial sector to finance foreign trade requirements, and the second is customs taxes and reducing them to the lowest possible level, especially those related to them." 
With basic food items. 
"As for the other factor, Saleh said, "It is related to the upcoming summer agricultural season which is approaching, which will provide a great food supply in the following weeks."

It is noteworthy that the month of Ramadan falls this year in light of a significant increase in food prices, especially after the official authorities decided to reduce the dinar against the dollar. 

The devaluation of the local currency cast a shadow over many low-income citizens, as not only the middle and poor classes were affected, but the decision affected merchandise merchants who import goods and pay their value in dollars. 
 
And the pressure on Iraqis increases during Ramadan, the continuing outbreak of Corona, as the impact of the precautionary measures extended to the abolition of Ramadan traditions that had been in place for decades, specifically those inherited social customs that the Iraqis did not leave in the most difficult circumstances that the country had previously experienced.

Among the most prominent customs that the Corona pandemic has stopped is the overcrowding of markets with people who shop before breakfast. 
 
The sellers were frustrated because of the lack of buyers in the market, and he says that the month of Ramadan every year was a month in which there was a lot of commercial movement, and it usually represented a source of great profits for traders, but the current wave of high prices changed that this year at least. 

They held the government responsible for the rise in prices, noting that the devaluation of the dinar against the dollar in the state budget for 2021 - which was approved at the end of last month - led to an increase in the value of goods by more than 20%.

 

Thanks Thugs.    The article doesn't say what they are going to do about it, which I didn't think they would.  They just describe what caused it and that it needs to be fixed.  We all know how to fix it, we just don't know when.  

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Just now, Markinsa said:

@Karsten @PrehistoricMan

 

I just hid your back and forth. I don't care who started it.  Let me make myself clear, you will get back on topic or your posting privileges will be removed for a while.

 Mark,

 

Fair enough....I just like the Info on what is going on with the IQD....That is why I come here to see what that folks here think or believe is going on....Most of us could care less where the info came from nor has anyone in over a decade.

 

Thanks.

 

Karsten

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Just now, Markinsa said:

@Karsten I completely understand.  Some people just rub us the wrong way, please keep in the mind the source and move on.  You can also use the ignore feature. 

 

.

 

Mark,

 

I did use the Ignore Feature but it doesn't help went other Quote The BS they are taking...I still see it and I feel a need to support Long Time members here....This is a Family, some how we are all joined and want to see the same thing.

 

Thanks again for all you do and share as well.

 

Karsten

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A reminder of the Forum Rules concerning Attitude.

 

On 12/10/2009 at 7:07 AM, Adam Montana said:

Overall Community Attitude

  • Keep in mind that DinarVets is a family, and a community.
  • Our purpose is to share, help and support others.
  • Always display a positive, friendly attitude.
  • Be respectful of others' opinions.
  • Allow your fellow members to voice their opinions.
  • DO NOT deliberately start arguments. Debates are great, as long as they remain respectful!
  • Always try to "give" back to our community. For each time you find help or answers here at DinarVets, try to help someone else out in return. You may find that what goes around comes around...
  • Give people a little time to respond to your requests. There's a lot going on in these forums and it may take a little time for people to notice and respond to your request. Please be patient.
  • DO NOT just make a negative statement and leave the person hanging out to dry. Although you may consider yourself to be an "expert" now, try to remember that we were all new and learning once upon a time. Take it easy on your fellow members!
  • Do NOT make threats or implied threats towards other members -- even if you think it's fun.
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3 hours ago, Markinsa said:

@Karsten I completely understand. 

Some people just rub us the wrong way, please keep in the mind the source and move on. 

You can also use the ignore feature. 


Lol - Thx For Weighing In To Maintain The Civility Mark ! ;) 

 

And Just A Reminder That The Mod’s Here Are Regular DV Member Dinar Investors - As Well As NON PAID Volunteers Here ! B) 


 

Just In Case If Anybody Wants To Start A ‘Defund The Mods Movement’ ! :o 

 

image.jpeg.90fb7c4c22708c6150297b5a0df07579.jpeg

 

:D  :D  :D 
 

Edited by DinarThug
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Mazhar Saleh: 72% of SOEs are {losing}


Saturday 17th April 2021


image.jpeg.3a5ff47cf1a6fa0a1a7497b12320da7d.jpeg
 

Baghdad: Hazem Muhammad Habib

 

 The financial advisor to the Prime Minister Mazhar Muhammad Salih said that out of the 173 public or state-owned companies, only 28% work and make profits, and the rest 72% are losing companies, pointing out that there are nearly 400,000 workers in these companies who receive monthly grants in the form of salaries Without performing productive work.

 

Saleh said to Al-Sabah: “Since 2003, the production activity of the government sector has been subjected to stoppage and neglect.

Out of the 173 public or state-owned companies, none of them actually works at the present time and makes only 28% profit.

While the remaining 72% are losers, "revealing that" more than 20% of those companies were removed from existence due to the war operations that took place in the second Gulf War and led to the demise of the previous regime.

"Profitable public companies are those associated with the rentier activity of the oil sector, which enjoy quasi-monopolistic advantages in obtaining raw materials and marketing the product and prices, which makes them profitable, and they are profitable operations surrounded by a lot of support,

"noting that" there are about 400 thousand workers who receive monthly grants in the form of salaries Without performing productive work for eighteen years, "affirming that" the fault is not the fault of these workers and employees, but the reason is due to negligence and negligence in the economic policy that depends on oil and neglecting any other resource. "

Saleh pointed out that “technical expertise has diminished due to lack of accumulation of human capital, learning during work, transfer of technology, or renewal of production lines that have become technically obsolete.”
 

He added that “the Ministry of Finance has attempted to support the operation of these companies and their factories by providing them with operational capital (after that I guaranteed them with government bank loans) but unfortunately nothing was achieved on the ground and the money went in vain, explaining that “these loans are estimated with a loss of interest at about 16 trillion dinars.”

 

And that “these loans and funds were unable to move the wheels of production, raise productivity and maximize efficiency.


Production, especially in industrial companies that exceed 80% of state-owned companies, "and added that" these loans remained, due to their sovereign guarantee by the Iraqi government, an integral part of the current government debt and calculated with it until the moment. "

Ministers, that "According to the White Paper adopted by the Government of the Republic of Iraq in the year 2020 as an economic reform approach, those losing state-owned companies that are suspended or lagging should turn into profitable and productive companies, to increase the diversity of Iraq's GDP and reduce the heavy losses incurred by the national economy.

 

As well as raising its financial burdens and shifting them to maximize the diversity of non-oil revenues in the sources of the federal public budget.

LINK

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4 hours ago, Markinsa said:

@Karsten @PrehistoricMan

 

I just hid your back and forth. I don't care who started it.  Let me make myself clear, you will get back on topic or your posting privileges will be removed for a while.

Thanks for stepping in.  It is tough to debate 5 people at once.  I noticed down below there is a forum called the debate section but it hasnt been opened since 2011.  Was that a place back then to talk things out?  I would be more than happy to talk things out with anyone there.  If that is not an option perhaps a private messege system would work as it would not clog up the boards with things that might get off topic.  Sorry just thinking out loud here.

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4 hours ago, DinarThug said:

pointing out that there are nearly 400,000 workers in these companies who receive monthly grants in the form of salaries Without performing productive work.

If they are paid about $35k a year (US$), that's $14B a year that the government is paying for nothing.  Waste leads to more waste.  For decades, they have been flush with cash from oil monies, but they have blown most of it on things like this and now their excess spending is catching up with them.  Kazemi is trying to get their spending under control, but he's "taking candy away from the babies" and the babies don't like it!  Go Kazemi, Go!

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4 hours ago, PrehistoricMan said:

Thanks for stepping in.  It is tough to debate 5 people at once.  I noticed down below there is a forum called the debate section but it hasnt been opened since 2011.  Was that a place back then to talk things out?  I would be more than happy to talk things out with anyone there.  If that is not an option perhaps a private messege system would work as it would not clog up the boards with things that might get off topic.  Sorry just thinking out loud here.

Why do you need to “Talk things out” with anyone? Just read the news.. keep your negativity to yourself and enjoy the ride! Pretty simple. 

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Dr. Saleh on the rise in the dollar exchange: sacrificing a side of the central bank’s reserves would allow price stability and ensure the stability of the standard of living

 

image.jpeg.31cd9a5e56f2cca47dd9789b260bea44.jpeg

 

14th April, 2021


The economic expert and financial advisor to the Prime Minister, Dr. Mazhar Saleh, said about the possibility of a rise in the dollar exchange rate against the dinar that the rise in prices at a rate of 4.5% affects the consumer's livelihood, but it is not dangerous, considering that the fear is from the accumulation of inflationary expectations from the side of the forces generating inflationary expectations, namely the exchange rate speculators.

In an interview with the obelisk, Saleh considered that it is natural that imported goods and services have increased by reducing the exchange rate of the Iraqi dinar, as the decrease reached about 23% ؜, but there are services and local goods (including government) such as fuel, electricity, and others, which remained constant in price.

The economic consultant, known for his accurate readings, continued that the lease contracts remained stable, making the annual inflation rate measured last month moderate compared to the low exchange rate, as the consumer price index in Iraq recorded an annual increase of 4.5% after it remained throughout the three years.

The past is stable and with small annual rises between 1% ؜ and sometimes less, and I call it zero inflation.

The Deputy Governor of the Central Bank of Iraq, Ihsan Shamran Al-Yasiri, said, Tuesday, April 13, 2021, that the World Bank had proposed to Iraq to amend the exchange rate of the dollar to 160 thousand dinars per 100 dollars, as it is the real price.

Dr. Salih added: The price increase at a rate of 4.5% ؜ affects the consumer's livelihood, but it is not dangerous, but the fear of the accumulation of inflationary expectations on the part of the forces that generate inflationary expectations, which are the speculators at the exchange rate, which makes monetary policy obliged to meet the super-demand for foreign currency from The window of the central bank or auction and maintaining a fixed exchange rate of 1450 dinars / dollar.

He continued: Defending stability on this price is through the policy of continuous intervention and sacrifice of a side of the central bank’s foreign currency reserves to ensure that inflation remains within the goal of the one-decimal place in order to achieve stability and stability in the standard of living. 
 

And Saleh considered that this is consistent with the monetary policy objectives in achieving stability in the general level of prices and preserving the purchasing power of the monetary income, which is denominated in the Iraqi dinar.

The Deputy Governor of the Central Bank of Iraq had said that "one of the demands of the World Bank during the negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings achieved for the benefit of the vulnerable classes."

In the context of urgent solutions, the ration card items must be improved to reduce the damage caused by adjusting the exchange rate, according to economic experts.

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Results of the foreign currency sale window in the Central Bank of Iraq ... between the old exchange rate and the new exchange rate

  • FRI, 16-04-2021, PM 9:40
  • KARRAR AL-ASADI
  • 650

image.jpeg.03f635965998404a46d73f71c213ecf5.jpeg

 

Written by: Dr. Emad Abdul Latif Salem  

 

To understand some of what is happening to our economy, our resources, our balance of payments, our budget, our monetary policy, our financial policy, and our economic "reforms" .. I would like to present this brief as a prelude to more in-depth and useful research and studies on this topic. 

First: The results of the window for selling foreign currency in the Central Bank of Iraq before the approval of the state budget for the fiscal year 2021 by the House of Representatives (1-4-2021), and before its approval by the President of the Republic (4-8-2021), are as follows: : 

1. the results of the sale of foreign currency in the window of the Central Bank of Iraq for the period from Sunday 28/03/2021, on Wednesday to 31/03/2021: - total sales total: 77,988,937 million (only) - total cash sales: 0 (zero ) - Total sale for purposes of enhancing funds abroad (transfers and credits): 77,988,937 million dollars. 

Second: The results of the window for selling foreign currency in the Central Bank of Iraq after the approval of the state budget for the fiscal year 2021 by the House of Representatives (1-4-2021), and after its approval by the President of the Republic (4-8-2021), are as follows: :

1. the results of the sale of foreign currency in the window of the Central Bank of Iraq for the period from Sunday 11/4/2021, to Thursday , 15/04/2021 (only five days): - total sales total: 942 515 597 million (approximately One billion dollars, in just five days) -Total cash sale: 63,970,000 million dollars - Total sale for purposes of enhancing funds abroad (transfers and credits): 878,545,597 million dollars. 

Third: After the budget was approved in the House of Representatives (4-1-2021), the results of the foreign currency sale window in the Central Bank of Iraq continued to provide identical data before its approval, due to doubts (and expectations) that the President of the Republic might not approve it (and what was raised about the ratification of the foreign currency. Raising the value of the dollar against the dinar from an uproar) .. And after the approval of the President of the Republic (4-8-2021), the sales data witnessed a noticeable increase, as follows: 

1 - Total sales for 4-6 and 4-7-2021: 52,135,650 million dollars 
2 - Total cash sale: 0 (zero) 
3 - Total sale for the purposes of strengthening balances abroad (transfers and appropriations): 52,135,650 million dollars
4- Once the President of the Republic approved the budget, the controversy, doubts and expectations about the review of the exchange rate specified in the budget ended, the results were Sales for 4-8-2021 as follows: - - 
Total total sales: 124,556,000 million dollars - Total cash sales: 5,770,000 million dollars - Total sales for the purposes of enhancing funds abroad (transfers and credits): 118,786,000 million dollars. 


Conclusion and Conclusions: 

Based on the above data, this means the following:

1- The new “exchange rate” could not reduce the demand for the dollar, or “control” and “legalize” its use to serve the national economy.

On the dollar, to their previous rates before the change. 

2- The sales of the foreign currency sale window in the Central Bank of Iraq increased from 77,988,937 million dollars only (before the approval and approval of the new exchange rate), to 942,515,597 million dollars, or nearly one billion dollars in just five days (after approval and approval of the new exchange rate. ) ..

That is, more than ten times the sales (during the two weeks before and after the state budget was approved) ..

We went back to that to the same daily sales rates before raising the value of the dollar against the dinar. 

3- Most of the window sales (before and after changing the exchange rate) were intended for the purposes of strengthening assets abroad (transfers and credits) .. Thus, private banks are the main beneficiaries of them, despite all doubts (and suspicions of corruption, waste of foreign currency, laundering Money) surrounding its work, and the value of imports of goods and services mismatch with the value of dollar sales through the window of currency sale. 

4- There is information (unconfirmed, or supported by the required documents) that most private banks incurred heavy losses during the months during which the issue of the new exchange rate was not resolved. 
This means that these "banks" are just "offices" and "shops" for speculating in dollars, and that they do not practice their traditional banking activities and do nothing to benefit the national economy. As soon as the exchange rate "officially" stabilized, these banks made huge profits again. 

This opinion is based on general information that may not be accurate .. I do not have accurate detailed data on this subject, and one of the duties and main tasks of the Central Bank is to verify this matter.

LINK

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Yo Snap - This Chick Totally Looks Like She’s Wearing Clown Makeup ! :o 

 

 

That’s Pretty Hot ...


:D  :D  :D 

 

Budget analysis and objectives for solving economic problems

 

Thursday April 15, 2021
 

image.jpeg.a21db57746406b34004c5a749b755de1.jpeg

 

Prof. Nagham Hussein Nehmeh


The fiscal policy in Iraq was characterized by structural imbalances, as the state’s general budget relies heavily on a limited single source to obtain a large part of public revenues, which is oil, and the state’s public expenditures have been characterized by imbalance as a result of the focus on current spending more than investment, and this reflects the nature Consumption of government spending, as current expenditures have become the largest portion of public expenditures.

The rentier nature of the economic system in Iraq has made this economy one of the economies of developing countries that suffer from an imbalance in their production structure, as most of the gross domestic product and the product of the commodity sectors come from the oil sector, as this sector acquired the largest percentage, while other sectors are not Only modest proportions in this output.

Since Iraq is going through a crisis that may be the most dangerous during the past two decades almost, a complex crisis (financial - health - political), but the biggest challenge is the financial side, in light of the decline in financial returns, as a result of the negative demand shock of oil caused by the Corona pandemic, the matter Which put the government in front of the problem of financial sustainability, with expectations of a decline in revenues by half or less during this year, and thus the public treasury reaching what is known as the financial gap after the revenues did not cover public expenditures, and here we find that it is inevitable. From taking a set of measures to address and solve the economic problems in Iraq: 

1 - Adopting a number of financial reforms to restructure the general budget and achieve financial sustainability, by squeezing expenditures, especially compensation for workers, as they constitute approximately 65 percent of current expenditures.

2 - Implementation of the electronic collection and law enforcement project at border crossings and taxes in order to enhance the contribution of non-oil revenues to the general budget with revenues of about (10) trillions of Iraqi dinars. 

3 - Indirect submission (via the secondary market) by the monetary authority to meet the budget deficit, and buy time until economic reform is achieved.

4 - Reducing the exchange rate of the Iraqi dinar to provide greater revenues for the treasury in the short term, as well as its role in achieving balance in the balance of payments in the medium term.

5 - Forming a commission linked to the prime minister that works to refer and follow up investment projects within the general budget instead of the ministries, that is, the ministries are concerned with planning the investment projects they need within their field, while the proposed commission is concerned with implementation procedures, and therefore separating planning from implementation will lead to hitting corruption in projects Government. 

6 - Reconsidering the experience of the investment authorities in Iraq (departments and work mechanisms), as they are the key to economic reform by creating an attractive investment environment, as well as interest in improving Iraq's position in the international indicators for foreign investment, the ease of business index and other indicators, for their role in enhancing the confidence of the foreign investor Economy.

7 - Work to increase non-oil public revenues through a number of measures in the financial policy.

8 - Creating economic partnerships with neighboring countries and according to the need of the Iraqi economy, especially in the agricultural, industrial and transport sectors, to serve as automatic fenders to defend the local product in light of the unfair competition that it is currently exposed to and to confront the dumping policy pursued by those countries.  

* Dean of the College of Business Economics / Al-Nahrain University

LINK

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Taxes, the price of dollars, and the threat of "structuring" ... 3 reasons that push the government to "target" employees


2021-04-17

%D9%85%D9%88%D8%B8%D9%81%D9%88%D9%86-%D8

 

Yes Iraq: Baghdad

 

The various governmental decisions in the field of "economic reform", reducing financial waste and maximizing revenues, follow many steps, most of which have become a conviction among the public and observers that the current government "targets employees", which raises questions about the desired goals of this approach.

Since the formation of the current government and the establishment of the White Paper, and the statements of the Minister of Finance, all these indicators show the extent of the government's dissatisfaction with the amount of money consumed by government employees, while the step to reduce the dinar against the dollar to provide salaries has emerged, in addition to the intentions to impose taxes and deductions on the salaries of employees, and other indicators.

The most recent of which was the hinting by the government financial advisor, Mazhar Muhammad Salih, that there are 400,000 employees in “losing” public companies who represent “dependents” on the state budget and consume salaries without compensation or production.

While questions arise about the reason for this targeting towards employees, the economist Manar Al-Obaidi says in a clarification received by "Yis Iraq", "Since the first day of the Minister of Finance assuming his position, he unequivocally declared that the problem of the Iraqi state lies in the operating expenses, specifically in a file.

Salaries, and any solution that does not include reducing these salaries and expenses, it is a non-radical solution and will be a patchwork solution. "

Al-Obaidi considered that “reducing the exchange rate and raising the tax on the employee in the public sector has three main objectives,” indicating that these goals are:

“Significantly reducing the market value of the salaries of employees in the public sector, and reducing the interest of job seekers to work in the government sector by not The existence of economic feasibility to work in the public sector, as well as "pushing employees in the public sector to switch to the private sector to reduce the number of public sector employees."

He pointed out that "it is clear that the Iraqi government decided to reduce the value of public sector salaries to 50% of their current value," while Al-Obaidi points to a clear loophole that does not integrate with the government’s approach, representing “the lack of vigorous plans to support the private sector and government measures still hinder work in the private sector Accordingly, the state has not been able to create a real alternative to the public sector, and laws supporting the private sector and investment are still largely suspended.

He states that "the Iraqi government has not been able to find support and motivation programs to reduce the impact of the measures taken, especially in the field of food and drug security, and left the citizen to face decisions alone."
Closed, which contributes to creating a movement of internal money circulation, including support for the industrial sector, in both its productive and transformational sectors, as well as pushing for agricultural investment projects to provide all the products required in the agricultural market.

Al-Obaidi added: "The Ministry of Finance is working in Mina from the Ministry of Agriculture, Industry and Trade, which means the complete absence of coordination to draw up an economic policy that works to increase the growth of the Iraqi economy and works to reduce the effects of decisions on the Iraqi citizen."

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Al-Rafidain raises the interest of saving accounts for depositors their money

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10:13 - 17/04/2021


Al-Rafidain Bank announced that the interest rate for citizens' saving accounts will be raised to 4.5 percent.

The bank’s media office said in a statement received / the information / a copy of it that “based on the bank’s policy aimed at maximizing revenues in order to attract cash and encourage customers to save their money instead of hoarding it at home, the bank decided to increase the interest rate on savings accounts to 4.5 percent.” 

He added that "the bank decided to increase the interest rate on deposits for a period of six months to become 4.5 percent and to increase the interest rate on fixed deposits for a year to 5.5 percent in addition to increasing the interest rate on deposits for a period of two years to become 6.5 percent."

The statement indicated that "the bank decided to pay interest for fixed deposits to be granted in advance, provided that the citizen undertakes not to break it and withdraw it, otherwise the interest granted will be deducted from the principal amount of the deposit, and this is the basis for the comparison between the deposit and the savings account and the customer."


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High Iraqi oil exports to America


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04/17/2021 08:59:28

 
The US Energy Information Administration announced, today, Saturday, that Iraqi oil exports to America amounted to 223 thousand barrels per day, surpassing Saudi Arabia during the past week.
 

The administration said in its report; "The average US imports of crude oil during the past week from 8 countries amounted to 5 million 286 thousand barrels per day, up by 132 thousand barrels per day from the previous week, which amounted to 5 million 154 thousand barrels per day." 
 

And she added, "America imported crude oil from Iraq during the past week at a rate of 223 thousand barrels per day, surpassing Saudi Arabia, whose imports amounted to 189 thousand barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at a rate of 3.369 million barrels per day, followed by Mexico, whose imports amounted to 739 thousand barrels per day, followed by Colombia, whose imports amounted to 209 thousand barrels per day."

She indicated that the amount of US imports from Ecuador amounted to 295 thousand barrels per day, and from Nigeria at a rate of 129 thousand barrels per day, and from Russia amounted to 143 thousand barrels per day.

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