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Parliamentary "economy": Payment of debts owed by Iraq ends in 2048


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$ 160 billion total of Iraq's debt

Sunday 15 November 2020 45

$ 160 billion total of Iraq's debt

 
  Baghdad: Hazem Muhammad Habib
 
The Parliamentary Finance Committee revealed that the country's internal and external debts amount to more than $ 160 billion, indicating that the total debt rose after the fiscal deficit law was approved during the past months.
A member of the Finance Committee, Abd al-Hadi Mohan al-Saadawi, said in an exclusive interview with “Al-Sabah”: “The external debts owed by Iraq and established within (Paris Club, Kuwait's debt and the Iraq-Iran war) amounted to more than 136 billion dollars," indicating that "the total amount of debts increased after The increase in external borrowing after 2014 and until now, bringing the total debt to more than $ 160 billion, most of which is external debt, and includes a very high interest rate.
And Iraq paid last year, 2019, loans payable with interest amounting to about 14 trillion dinars, and Al-Saadawi warned that «the state’s continued external and internal borrowing will lead to the country’s declaration of complete bankruptcy.
A member of the Finance Committee pointed out that the parliament voted on the first borrowing law that the government presented to parliament on 5 billion dollars in external borrowing and 15 trillion dinars as internal borrowing, to pay the salaries of employees until the end of the year. We need data from the Ministry of Finance that clarifies the mechanisms and outlets of spending », noting that« the borrowing and local revenues of the state are divided into two parts, which is that 80% of these funds are for the operational budget and 20% for the investment budget, where the 20% investment is divided into two parts; 50% for ministries' projects, and the same for regional development projects.
Al-Saadawi explained that «the 2021 budget does not include a reduction in the salaries of state employees, and that the (white paper) presented by the government and voted on by Parliament; It does not include the procedures for reducing the salaries of employees, but only includes allocations for employees of special grades, ”indicating that“ (the white paper) has not been translated into a budget to be sent to Parliament to find out the doors of disbursement therein. ” To be discussed and presented to the House of Representatives for a vote ».
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Salam Sumaisem warns of the growing indebtedness of Iraq

 
 Baghdad: Haider al-Rubaie
 
The economic expert, Salam Sumaisem, warned of the growing debt rates of Iraq, and their arrival to high figures, indicating that the loans in all cases constitute an "additional cost" that could burden future budgets, criticizing at the same time, directing these loans towards operational benefits and keeping them away from Implementation of strategic projects for the country.
The Parliamentary Finance Committee had disclosed to Al-Sabah that “the external debts owed by Iraq and established within (Paris Club, Kuwait debts and the Iraqi-Iranian war) amounted to more than 136 billion dollars,” indicating that “the total amount of debt increased following the increase in borrowing. After the year 2014 and until now, it has reached more than $ 160 billion, most of which is foreign debt, and includes a very high interest rate.
The exacerbation of "external and internal" debts is a frightening concern for economists. In a statement to Al-Sabah, Sumaisem indicated that "debt servicing will be costly for those who pay, especially since the size of the repayment can double and be a burden on the shoulders of future generations."
Sumaisem explained, “Iraq, up until before the salary crisis, is essentially suffering from a debt crisis, extending to the next 61 years, and here it is necessary to raise a number of questions, which stand at the forefront of which, most of the countries that borrow have done so in order to establish foundation structures, But what is the use of borrowing to pay salaries only without establishing important strategic and anchor projects ?, indicating that "that is not logical."
The House of Representatives voted, during a session that lasted until the early morning hours of last Thursday, on the financing of the fiscal deficit law, or the so-called "borrowing law", which, according to a statement issued by the Information Department of the House of Representatives received by "Al-Sabah", guarantees the continuation of financing the salaries of employees Retirees, social protection network, ration card, contractor dues and other necessary expenses.Despite the great advantages that the law will achieve, especially in eliminating the crisis of delay in salaries, however, Sumaisem believes that “the bankruptcy case claimed by the Ministry of Finance, does not mean that Iraq does not have money, but there is a deficit in the management of money, which constituted a burden on employees in a way. Special, ”indicating at the same time, that“ the financial reality in Iraq lacks a lot of transparency, especially with regard to funds recycled from previous budgets, which can fill high rates of deficit, ”calling for the disclosure of these funds, and an investigation of the number of“ space employees. ” Those who cost the budget fantastic numbers
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  • 4 months later...

Advisor to the Prime Minister: 73 billion Iraqi debts payable

 
  Baghdad: Shaima Rasheed
 
Advisor to the Prime Minister, Mazhar Muhammad Salih, stated that Iraq's internal and external debts amounted to 73 billion dollars payable, in addition to 40 billion outstanding debts to eight countries.
Saleh said in an interview with “Al-Sabah”: “The largest debt of Iraq was before 1990, when its debts were more than 128 billion dollars. Under the Paris Club agreement for the year 2004, it was agreed that all creditors write off 80 percent or more of each debt in return. Iraq to conclude agreements with these countries separately ». He added, "There are countries that have waived their debt a hundred percent and the other part of 90 percent, and of this debt there is only 3 billion left and it is about to expire." It will be liquidated in the coming years ».
Saleh added, "There are other foreign debts that have accumulated due to the war on ISIS and are estimated at 12 billion, and there are debts due to development projects provided by some global funds, so this debt is estimated at 23 billion dollars owed to be paid except for 40 billion dollars pending." "Iraq's internal debt is very large and amounts to about 50 billion dollars, but what distinguishes this debt is that it is a debt owed by the government."
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%D8%AF%D9%88%D9%84%D8%A7%D8%B12-696x435.

Information / Special ...

The economic expert, Nasser Al-Kinani, revealed, on Wednesday, Iraq's debt to more than 84 parties, between organizations, countries, and external and internal banks, indicating that Iraq pays annually the debts of 17 trillion dinars.

Al-Kinani said to / the information / that " Iraq was overwhelmed by debts, and new debts were added to it in 2021 and debts in 2020, which increased the amount of repayment to Iraq every year."

He added that "the total sum of what Iraq pays annually to the debtors to them amounts to more than 17 trillion dinars between debt installments and the interest that accrue from those debts."

Al-Kinani explained that " Iraq owes more than 84 countries, banks and international banks, and internal debts that are required to be paid in annual installments."

He stated that "the decline in oil prices in the past three years is behind the collapse of the Iraqi economy and the large number of debts, since the Iraqi economy is mainly dependent on oil."

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  •  Time: 04/15/2021 04:04:48
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Half of it is for Gulf countries ... Disclosure of Iraq's debts
  
{Economist: Al Furat News} The advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced that Iraq's internal and external debts amounted to 73 billion dollars that must be paid, in addition to 40 billion dollars in outstanding debts to eight countries.
 

Saleh said in a press statement, "The largest indebtedness to Iraq was before 1990, when its debts were more than 128 billion dollars, and according to the
Paris Club agreement of 2004, it was agreed that all creditors write off 80 percent or more of each debt in return for Iraq to conclude agreements." With these countries separately. "
He added, "There are countries that have waived their debt a hundred percent and the other part of 90 percent, and of this debt only 3 billion remains and it is about to expire," indicating that "the problem is that there are nearly two billion debts to the private sector in the form of bonds, and these are liquidated." During the coming years. "
And Saleh added, "There is an amount outstanding for 8 countries, including the Gulf and some of them foreign, and these countries do not want to settle, even though they are subject to the Paris Club, and they are debts made during the Iran-Iraq war, and this is estimated at 40 billion dollars," indicating that "part of this amount, estimated at 40 billion dollars." One billion dollars belongs to Arab countries, namely Kuwait, Saudi Arabia, Qatar and the Emirates, and we believe that this debt will be written off 100 percent. "
He pointed out, "There are other foreign debts that have accumulated due to the war on ISIS and are estimated at 12 billion, and that there are debts due to development projects
provided by some global funds, so this debt is estimated at 23 billion dollars owed except for 40 billion dollars pending." Iraq's internal debt is very large and amounts to about 50 billion dollars, but what distinguishes this debt is that it is a debt owed by the government.

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2 hours ago, Stelardoc said:

Saleh in that picture looks like he is either just bummed about the debt or

he crapped his pants over talking about the debt🤭

Maybe he got a whiff of some second hand baklava. 

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%D9%85%D8%B8%D9%87%D8%B1-%D9%85%D8%AD%D9

 

The information / Baghdad ..

Advisor to the Prime Minister Mazhar Muhammad Salih announced, on Thursday, that Iraq's internal and external debts amounted to 73 billion dollars payable, in addition to 40 billion outstanding debts to eight countries.

Saleh said in a statement reported by Al-Sabah newspaper and seen by the information, that “the largest debt of Iraq was before 1990, when its debts were more than 128 billion dollars, and under the Paris Club agreement for the year 2004 it was agreed that all creditors write off 80 percent or More than every religion, in return, Iraq concludes agreements with these countries separately.

He added, "There are countries that have waived their debt a hundred percent and the other part of 90 percent, and of this debt there is only 3 billion left and it is about to expire," noting that "the problem is that there are nearly two billion in debt to the private sector in the form of bonds, and these are It will be liquidated in the coming years ».

He added, "There is an amount on hold for 8 countries, including Gulf and some foreign, and these countries do not want settlement even though they are subject to the Paris Club. They are debts made during the Iran-Iraq war and these are estimated at 40 billion dollars," noting that "part of this amount is estimated at 40 billion dollars." A dollar belongs to Arab countries, namely Kuwait, Saudi Arabia, Qatar and the Emirates, and we believe that this debt will be written off 100 percent. ”

Saleh explained, "There are other foreign debts that have accumulated due to the war on ISIS and are estimated at 12 billion, and there are debts due to development projects provided by some global funds. Therefore, this debt is estimated at 23 billion dollars owed to be paid except for 40 billion dollars pending." " Iraq's internal debt is very large, amounting to about 50 billion dollars, but what distinguishes this debt is that it is a debt owed by the government." End / 25

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Reached $ 113 billion .. Adviser to the Prime Minister reveals details of Iraq's debts

Reached $ 113 billion .. Adviser to the Prime Minister reveals details of Iraq's debts
Mazhar Muhammad Salih, Adviser to the Iraqi Prime Minister
 

Mubasher: Mazhar Muhammad Salih, advisor to the Iraqi prime minister, revealed the size of the Iraqi internal and external debt, which amounted to 113 billion dollars.

Saleh explained in statements to the Iraqi newspaper Al-Sabah, today, Thursday, that Iraq's internal and external debts amounted to $ 73 billion, payable, in addition to $ 40 billion in outstanding debts to eight countries.

Saleh said: The largest indebtedness to Iraq was before 1990, when its debts were more than 128 billion dollars, and under the Paris Club agreement of 2004 it was agreed that all creditors would write off 80% or more of each debt in return, Iraq would conclude agreements with these countries. Separately.

The advisor to the Iraqi prime minister added that there are countries that have completely waived their debt and others 90%, and of this debt there is only 3 billion left and it is about to expire, explaining: “The problem is that there are nearly two billion in private sector debt in the form of bonds. These will be liquidated in the coming years. "

Advisor to the Prime Minister believes that Kuwait, Saudi Arabia, Qatar and the UAE will write off all of Iraq's debts 

Saleh pointed out that there is an outstanding amount for eight countries, including the Gulf and some foreign, and these countries do not want to settle even though they are subject to the Paris Club. Arab countries are Kuwait, Saudi Arabia, Qatar and the Emirates, and we believe that this debt will be written off 100%. "

Saleh added that there are other foreign debts that have accumulated due to the war on ISIS, estimated at 12 billion, and that there are debts due to development projects provided by some global funds, so this debt is estimated at 23 billion dollars owed, except for 40 billion dollars outstanding.

The advisor to the Iraqi prime minister emphasized that the country's internal debt is very large, amounting to about $ 50 billion, but what distinguishes this debt is that it is a debt owed by the government.

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Mazhar Saleh: 72% of state-owned companies are "losing money."

 
 Baghdad: Hazem Muhammad Habib
 
The financial advisor to the Prime Minister Mazhar Muhammad Salih acknowledged that out of the 173 public or state-owned companies, only 28% operate and generate 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.
Salih told Al-Sabah: “Since 2003, the production activity of the government sector has been subjected to stoppage and neglect. Among the 173 public or state-owned companies, none of them are actually working at the present time and only 28% are profitable, while the remaining 72% are Losses, ”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 former regime. ”
He pointed out that “the profitable public companies are those that are linked to the rentier activity of the oil sector and that 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,” indicating that “there are about 400 thousand workers who receive grants. Monthly 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. ”
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Al-Kazemi's advisor talks about a "catastrophe" threatening the Iraqi economy

Saying: No stability with lame laws

 

1 hour ago

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The financial advisor to the Prime Minister, Mazhar Muhammad Salih,  confirmed , on Saturday, that 72% of state-owned companies are losing money .

Saleh said in a press statement followed by NRT Arabia today (April 17, 2021), that "out of the 173 public or state-owned companies, only 28% operate and achieve profit, and the rest 72% are losing companies."

He added that "there are about 400 thousand workers who receive monthly grants in the form of salaries without performing productive work for eighteen years."

He explained, "Since 2003, production activity in the government sector has been subject to stoppage and neglect, and that more than 20% of these companies have been eliminated because of the wars."

He pointed out that "the profitable public companies are those that are linked to the rentier activity of the oil sector and that 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." On economic policy based on oil and neglecting any other resource. "

 
 

 

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The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that 72% of state-owned companies are losing money.

Saleh said in statements followed by Alsumaria News, "Of the 173 public or state-owned companies, only 28% work and achieve profit, and the rest 72% are losing companies," indicating that "there are about 400,000 workers who receive monthly grants in the form of salaries without salaries." Perform productive work for eighteen years. "
 
 

He added, "Since the year 2003, the production activity of the government sector has been halted and neglected, and more than 20% of those companies have been eliminated because of the wars."

He pointed out that "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, making them profitable and they are profitable operations surrounded by a lot of support." On economic policy based on oil and neglecting any other resource. "
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Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the measures that the government is applying to resolve and address the situations of losing companies.

Saleh said in an interview quoted Iraqi News Agency, "There is an approach in the white paper for economic reform towards establishing a partnership between the state and the private sector or joint operation of stalled or stalled state-owned companies that are viable."
 
 
 
 
He added, "This approach calls for converting these companies into public joint-stock companies by changing the pattern of ownership, but under state administration, based on the provisions of the amended Public Companies Law No. 22 of 1997, or completely liquidating the losing companies when the loss is repeated for more than Once and for long periods, and also by dealing with what is confirmed by the auditor’s report when auditing the annual financial statements of the same company based on the same law.
 
 
Saleh asserted that "the above law also granted full authority to Council of Ministers To liquidate these companies and to dispose of their fate, as well as to operate, invest and develop them. "
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Privatization, partnership and liquidation .. Iraq follows Egypt in restructuring the losing state companies

Privatization, partnership and liquidation .. Iraq follows Egypt in restructuring the losing state companies
Financial Advisor: Establishing a partnership between the state and the private sector or joint operation of the suspended state-owned companies
 

 

Mubasher: Mazhar Muhammad Salih, the financial advisor to the Iraqi prime minister, outlined, today, Sunday, the measures that the government applies to resolving and resolving the situations of losing state companies.

Saleh said in a statement to the Iraqi News Agency (INA) that "there is an approach in the white paper for economic reform towards establishing a partnership between the state and the private sector or joint operation of stalled or stalled and viable state-owned companies."

He added, "This approach calls for converting these companies into public joint-stock companies by changing the pattern of ownership, but under the administration of the state, or liquidating the losing companies completely when the loss is repeated more than once and for long periods and also by dealing with what is confirmed by the auditor's report when auditing the financial statements. The annual company itself does so based on the same law. "

The financial advisor emphasized that "the law also granted full authority to the Council of Ministers to liquidate those companies and to act on their fate as well as to operate, invest and develop them."

Earlier, the financial advisor to the prime minister said that 72 percent of state-owned companies are losing money.

"Saleh" stated that out of the 173 public or state-owned companies, only 28 percent work and make a profit, and the rest 72 percent are losing companies, explaining that there are nearly 400,000 workers who receive monthly grants in the form of salaries without performing productive work for eighteen years. .

The financial advisor to the Iraqi prime minister added that, since 2003, the production activity of the government sector has been subject to stoppage and neglect, and that more than 20 percent of those companies have been removed from existence because of the wars.

Saleh pointed out that the profitable public companies are those that are linked to the rentier activity of the oil sector and that 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, stressing that workers and employees do not bear the reason for negligence and neglect in Economic policy based on oil and neglect of any other resource.

In Egypt, the Ministry of Public Business Sector adopted a new policy to save state companies from the clutches of accumulated losses through several mechanisms by opening the door to management and operation for the private sector, or the participation of local and foreign investors in new projects with state-owned assets, as well as developing work systems and mechanisms in losing companies, especially In the industrial sector.

And recently, the Ministry of the Public Business Sector in Egypt adopted a decision to liquidate the Egyptian Iron and Steel Company after its capital eroded and attempts to rescue it failed more than once.

The Egyptian Minister of Business Sector Hisham Tawfiq stated, more than once, that the Ministry of Public Enterprise Sector is interested in expanding the base of its partners from the private sector in a large number of fields, and that it continues to offer appropriate investment opportunities for partnerships.

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Mazhar Saleh calls for activating Law '22'

Sunday 25th April 2021 125

Mazhar Saleh calls for activating Law '22'

 
  Baghdad: Muhannad Abdul-Wahhab
 
The Prime Minister’s Economic Advisor, Mazhar Muhammad Salih, called for the activation of the Companies Law No. 22 of 1997, which allows the transfer of public companies to public joint-stock companies.
Saleh said in an interview with Al-Sabah: “The application of the Public Companies Law No. 22 of 1997 allows the workers in these companies to be given an opportunity to be shareholders in their shares, and therefore the workers will work with their shares, which will contribute to increasing the quantity of production and improving its quality.”
He stressed “the importance of legislating the partnership law between the public and private sectors, as it is a model of joint ownership to raise production efficiency, which is a joint cooperation between the government and the private sector, and about 27% of the productive activity in the world is based on this form of partnership, which is in the interest of Iraq. The best method for employment and development, in addition to its extensions, to reduce unemployment.
He added, “There are strategic sovereign projects whose completion is in the interest of Iraq in general, such as the port of Faw. Projects ”.
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Advisor Al-Kazemi: 9 trillion dinars, allocations for debt services in the Iraqi budget for 2021

Advisor Al-Kazemi: 9 trillion dinars, allocations for debt services in the Iraqi budget for 2021
Mazhar Muhammad Salih, Financial Adviser to the Iraqi Prime Minister
 

Mubasher: Mazhar Muhammad Salih, the financial advisor to the Iraqi prime minister, revealed today, Monday, that the total of Iraq's foreign debts payable ranges between 23-25 billion dollars.

Saleh explained to the Iraqi News Agency (INA), that Iraq's payable debts are the ones that were reduced by the Paris Club agreement and are called pre-1999 debts, and the debts achieved during the financial crisis and the war on ISIS terrorist gangs, including remnants of Kuwait's compensation, all ranging between 23-25 billion Dollars.

The financial advisor to the Iraqi Prime Minister added that the remnants of Iraq's compensation to Kuwait did not exceed two billion dollars.

With regard to debt benefits, Saleh said that the number related to the so-called debt service allocations, meaning the annual interest and installments payable, was estimated in the federal budget for the year 2021 at about 9 trillion dinars, which represents 7% of the total spending in the aforementioned general budget.

Saleh emphasized that, this percentage is not allocated to foreign debts only, but most of it is allocated to internal debts, which amount to about 70 trillion dinars, indicating that these debts represent the debt of the government banking system to the Ministry of Finance.

He pointed out that these quotas allocated to public debt are taken over by internal debts at a rate of more than 60% of the total allocations for public or government debt service in the 2021 general budget, and that they are payments from the government to the government.

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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.

 

Sounds like a typical government job to me. Hi pay high benefits high pension which includes medical. I complained to my Democrat friend and he said, why complain just get a government job.

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Expectations of higher per capita GDP

Monday 26th April 2021 140

Expectations of higher per capita GDP

 
 Baghdad: Haider Al-Rubaie 
The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, expected an increase in the per capita share of GDP for the current year 2021, to reach approximately 6 million dinars annually, indicating that this increase is linked to the continued gradual improvement in oil markets and openness in the global economy. Saleh's expectations came after the Ministry of Planning announced a decline in the per capita gross domestic product during the past year 2020, compared to what it was in 2019, indicating that the average per capita GDP for the year 2019 amounted to (7) million and (100) thousand dinars. However, in the year 2020 it decreased to (4) million
 And (900) thousand dinars.
A statement by the Ministry of Planning, received by Al-Sabah, stated that “the gross domestic product for the year 2020 amounted to (198) trillion and (700) billion dinars, which is less than what it reached in the year 2019, when it reached (277) trillion and (800) billion dinars." .
 
Loss of oil revenues
During his speech to Al-Sabah, Saleh attributed the causes and problems of the decline in the gross domestic product in Iraq, about its capacity by the international financial community (minus 11 percent) in 2020 to two main factors. Oil production and production retreated as a result of adhering to the decision (OPEC +) at the time, indicating that "Iraq lost as a result of that commitment the production of more than one million barrels of oil per day."
The financial advisor to the prime minister noted that «oil constitutes a direct contribution to the gross domestic product of approximately 50 percent, in addition to being a return to the budget by 93 percent, indicating that the indirect effects of the oil sector extend to the overall economy by about 80 percent of market activity. , Through the role of government spending in moving the overall demand and employment of production factors ».
 
Isolation of sectors of the economy
Saleh puts the factors of non-oil production stumbling due to the Corona epidemic, the shutdown of the economy, and the isolation of the national economy sectors and their workers for several months of the year, at the forefront of the second reason that led to the decline in the gross domestic product, indicating that “these things contributed directly to raising the poverty rate To reach about 32 percent of the Iraqi population, and unemployment rates reached more than 24 percent, which exacerbated the decline in the annual per capita share of the national income or gross domestic product last year.
 
11 million affected
And the government advisor stated, "The past year 2020 witnessed an increase in the number of families affected by earning and daily work, as a result of the interruption of their work, reaching about 11 million citizens." Therefore, the decrease in the gross domestic product from 277 trillion dinars in 2019 to about 198 trillion in the year 2020 It should be reflected in the average per capita income from the gross domestic product, after adding nearly a million new people to the population from births in 2020. ”
 
Double public spending
He indicated, “According to these data, the fiscal policy within the scope of the state’s general budget for the current year 2021 has gone towards seeking to double public spending, with the aim of improving economic activity and generating job opportunities within the economy, pointing out that this trend has brought about improvement in some macroeconomic indicators. Especially after the Ministry of Planning recently disclosed that there is a 50 percent decrease in unemployment and poverty rates compared to the same indicators last year 2020 ».
Saleh believes, “With the government's endeavor to strengthen social welfare programs and absorb poor families, which are below the poverty line, and the state’s economic policy insistence on improving the ration card program and making it target the most vulnerable social forces, I expect that the per capita share of GDP for the current year 2021 will rise to 2021. Between 5.5 and 6 million dinars per year, especially if the oil markets continue to gradually improve, open up the global economy more broadly, and the degree of receiving the vaccine against the Corona epidemic increases.
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Al-Kazemi's financial advisor: Iraq's foreign debts payable are $ 25 billion

 

 

1,101 Economie 2021/04/26 23:06 mum Baghdad Today-

Follow-up The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, today, Monday, the total foreign debts payable in Iraq, ranging between 23-25 billion dollars. Saleh said in a press statement that "Iraq's debts payable are those that were reduced by the Paris Club agreement and are called pre-1999 debts, and debts achieved during the financial crisis and the war on ISIS terrorist gangs, including remnants of Kuwait's compensation, all ranging between 23-25 billion dollars." He added, "The remnants of Iraq's compensation to Kuwait did not exceed two billion dollars," noting that "the number related to the so-called allocations for debt services, ie the annual interest and installments payable, was estimated in the federal budget for the year 2021 at about 9 trillion dinars, which represents 7% of the total." Total spending in the aforementioned general budget. Saleh stated that, "This percentage is not allocated to foreign debts only, but most of it is allocated to internal debts, which amount to about 70 trillion dinars," indicating that "these debts represent the debt of the government banking system to the Ministry of Finance." He pointed out that "these quotas allocated to public debt are taken over by internal debts at a rate of more than 60% of the total allocations for public or government debt service in the 2021 general budget, and that they are payments from the government to the government."

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Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih «Economy News»
  

 money and business


Economy News - Baghdad

The Prime Minister’s Economic Advisor, Mazhar Muhammad Salih, called for the activation of the Companies Law No. 22 of 1997, which allows the transfer of public companies to public joint-stock companies.

Salih said in an interview with Al-Sabah: “The application of the Public Companies Law No. 22 of 1997 allows giving workers in these companies an opportunity to be shareholders in their shares, and thus the workers will work with their shares, which will contribute to increasing the quantity and improving the quality of production.”

He stressed "the importance of legislating the partnership law between the public and private sectors, as it is a model of joint ownership to raise production efficiency, which is a joint cooperation between the government and the private sector, and about 27% of the productive activity in the world is based on this form of partnership, which is in the interest of Iraq." The best method for employment and development, in addition to its extensions, to reduce unemployment.

Saleh added, "There are strategic sovereign projects whose completion is in the interest of Iraq in general, such as the port of Faw. They do not belong to a specific conservative economy, but rather constitute Iraqi strategic projects par excellence, and provide their services and benefits for the growth and welfare of the country, and the efforts of the government and the state in general must focus on such These projects. "

 
 
Number of observations 157   Date of addendum 04/25/2021
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Yes Iraq: Baghdad

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, today, Monday, that the total foreign debt owed by Iraq ranges between 23-25 billion dollars.

Saleh explained in a statement to the official agency, that “Iraq's payable debts are those that were reduced by the Paris Club agreement and are called pre-1999 debts, and debts achieved during the financial crisis and the war on ISIS terrorist gangs, including remnants of Kuwait compensation, all ranging between 23-25 billion dollars. “.

He added, "The remnants of Iraq's compensation to Kuwait did not exceed two billion dollars."

With regard to debt interest, Saleh said, "The number related to the so-called debt service allocations, ie the annual interest and payable installments, was estimated in the federal general budget for the year 2021 at about 9 trillion dinars, which represents 7% of the total spending in the aforementioned general budget."

Saleh stressed that, "This percentage is not allocated to foreign debts only, but most of it is allocated to internal debts, which amount to about 70 trillion dinars," noting that "these debts represent the debt of the government banking system to the Ministry of Finance."

He pointed out that "these quotas allocated to public debt are taken over by internal debts at a rate of more than 60% of the total allocations for public or government debt service in the 2021 general budget, and that they are payments from the government to the government."

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Parliamentary "economy": Payment of debts owed by Iraq ends in 2048

Parliamentary "economy": Payment of debts owed by Iraq ends in 2048
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Mubasher: The Parliamentary Economic and Investment Committee in Iraq confirmed today, Friday, that there is no accurate figure for the size of the debts owed by Iraq, and as it has set a date for the end of its payment.

A member of the committee, Mazen Al-Faily, said in a statement to the Iraqi News Agency "INA", that the size of the debts owed by Iraq has not been precisely determined, indicating that there are internal and external debts and loans, which will expire in 2048, according to the experts' confirmation.

Al-Faily added that the Economic Committee objected to borrowing without there being alternatives to oil or reducing expenditures, "warning that it is a mistake to resort to debt.

He stressed the need to find plans to enhance sources for debt repayment, not just collecting loans, noting that there are no practical steps on the ground to maximize the sectors of industry, agriculture and tourism.

Today, the Parliamentary Finance Committee in Iraq confirmed that the country needs internal and external loans to support the 2021 budget.

Earlier, the head of the Parliamentary Finance Committee, Haitham al-Jubouri, said that the total new borrowing in the 2021 foreign budget amounts to more than two billion dollars as a ceiling, but as a real borrowing, it does not exceed 350 million dollars.

Al-Jubouri added, "As for the internal debt, it will not exceed 5 trillion from the central bank when needed."

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Representative economy: The payment of debts owed by Iraq ends in the year 2048

Economie06:09 - 05/07/2021

 
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BAGHDAD - Mawazine News
The Parliamentary Economic and Investment Committee confirmed, on Friday, that there is no accurate figure for the size of the debts owed by Iraq, and as it determined the date for the end of its payment.
A member of the committee, Mazen Al-Faily, said that "the size of the debts on Iraq have not been precisely determined," stressing that "there are internal and external debts and loans, which will expire in 2048, according to the experts' confirmation."
Al-Faili added, "The Economic Committee objected to borrowing without there being alternatives to oil or reducing expenditures," warning that "it is wrong to resort to debt."
He stressed the need to find plans to strengthen the resources in order to pay off debts, not just collect loans, noting that "there are no practical steps on the ground to maximize the industrial, agricultural and tourism sectors."

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An oil field in Iraq / Haider Muhammad / AFP
The country faces great financial difficulties despite the oil wealth (France Press)

A member of the Economy and Investment Committee in the Iraqi Parliament, Mazen Al-Faily, said that Iraq needs 27 years to be able to pay off its accumulated debts, criticizing the government's resort to borrowing again without setting plans to boost state revenues .

Al-Faily added, "There are internal and external debts and loans, which will expire in 2048, according to the experts' confirmation," indicating in a statement to the Iraqi News Agency (INA), Friday evening, that "the Parliamentary Economic Committee objected to borrowing without there being alternatives to it." Oil or reduce expenditures. "


He continued, "It is wrong for the government to resort to debt," noting that "there are no practical steps on the ground to maximize Iraq's imports in the sectors of industry, agriculture and tourism."

This comes at a time when the Parliamentary Finance Committee confirmed, Iraq’s need for internal and external loans within the 2021 budget. A member of the committee, Muhammad al-Shabki, said in a press statement, that “the estimation of internal and external loans in the 2021 budget was done after studies were conducted by the Ministries of Planning and Finance. ".

And government officials had revealed earlier, that the internal and external debts owed by Iraq amount to about $ 73 billion, payable, as well as 40 billion outstanding for eight countries.

Iraq is going through a stifling financial crisis caused by the drop in global oil prices, since the beginning of the global outbreak of the Corona epidemic, and the spread of corruption that has caused the country to lose hundreds of billions of dollars since the US occupation in 2003.

The head of the Parliamentary Finance Committee, Haitham al-Jubouri, had revealed earlier that the ceiling of external borrowing in the budget for the current year 2021 exceeds two billion dollars, while internal borrowing from the central bank is estimated at about 5 trillion dinars (3.5 billion dollars).

And the successive Iraqi governments are exposed to severe criticism about the continuation of the borrowing policy in the oil-rich country. An official at the Integrity Commission (a watchdog institution) said, "The accumulation of debts of this grave size is borne by all governments that came to the country after 2003."

The same official confirmed, in a special statement to Al-Arabi Al-Jadeed, that “most of these governments formed a barrier to protect the corrupt from legal accountability and worked with them to achieve financial gains. Their public policies also caused the waste of state funds, through corrupt contracts in all parts of the state, including contracts Armament, trade contracts, agriculture, industry, etc., as well as the sharing of state resources and the control of parties and militias over them. "

He added, "Today, no government can control the rampant corruption in the country, which is run by bodies stronger than governments." Billions of dollars are wasted annually in Iraq under various names, including "compensation for political victims", including "compensation for political prisoners", "compensation for those affected by terrorism", and many other names, for which there is no specific statistic about the size of what you get from the budget The state.

According to analysts, the Prime Minister, Mustafa Al-Kazemi, was unable to prevent this great financial waste, as he was finally forced to retreat from a previous decision, which he took to cut the salaries and privileges of the so-called "rights of the revolutionaries of the uprising," as he retreated from cutting the salaries of the "Rafha detainees" Or the so-called “opponents of the former regime,” who have been receiving more than $ 38 billion annually for 14 years in official salaries, with the exception of other privileges that are estimated at billions of dollars.

The government was also unable to control the border crossings, as there are six outlets outside the control of the government, through which the government receives only about two billion dollars annually, while its imports, according to the accounts of the Finance Committee in Parliament, are not less than 12 billion dollars annually.

In addition, the government gets less than one billion dollars from taxes, while its imports exceed 12 billion dollars annually.

 

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