Zeeman: what ever happened to the white papers and kazemi and the fab4 after he left washinton? i thought it was a done deal with the cbi. can someone explain thanks
MilitiaMan: The white papers look today to have signs of partially being implemented, which, suggests things are underway, we just are not yet privy to the details. Imo
Samson: The White Paper for Economic Reform sets out a set of strategic reforms to support key sectors of the economy, the growth of the private sector, create jobs and modernise banking services. #EconomicReforms #WhitePaper For more on the White Paper: https://t.co/Lc2xC5ERx7 pic.twitter.com/rTNErks8bc — Government of Iraq – (@IraqiGovt) November 23, 2020
Samson: The White Paper for Economic Reform identified achieving sustainable financial stability as a fundamental reform measure and key to delivering economic prosperity. #EconomicReforms #WhitePaper To learn more about the White Paper, click here: https://t.co/Lc2xC5ngFz pic.twitter.com/9LbWNo36uJ — Government of Iraq – (@IraqiGovt) November 23, 2020
Don961: The appearance of Muhammad Saleh: 83% of the monetary supply is “almost idle.”
Monday 23rd November 2020Baghdad: Haider al-Rubaie
The economic advisor in the cabinet, Dr. Mazhar Muhammad Salih, proposed a set of solutions aimed at confronting the fiscal deficit in the next year 2021 budget, which was initially estimated at approximately 35 trillion dinars, putting at the forefront of these proposals, financing the deficit gap through improved oil revenues and positive developments, That may happen in the energy markets, as well as resorting to loans External.
The head of the Parliamentary Finance Committee, Haitham al-Jubouri, called “during a press release” the government to send the 2021 budget, pointing out that his committee will work to enable the budget law to maximize the state’s non-oil revenues and carry out economic and financial reforms.
And counting on the budget law next year, to eliminate the “salary delay crisis” if it is approved within the specified period, and as Ahmad Mulla Talal, the spokesman for the Prime Minister, confirmed this during an interview with “Al-Iraqiya News Channel” when he said, “We need to approve a budget 2021 quickly so that salaries are not late.
The fiscal deficit in the 2021 budget is a frightening concern in economic circles, but Saleh believes during his speech to Al-Sabah that “addressing the deficit is done through two types of considerations. If there is a (conservative hypothetical deficit), then the deficit gap during the fiscal year is automatically funded. From improved oil revenues and positive developments that may occur in the energy markets in the coming year.
The economic expert draws attention to the possibility that a (real deficit) may occur, as it requires financing according to the priorities of exchange or spending in the general budget, likely at the same time, Iraq’s openness to borrowing from abroad in order to obtain financing, especially from international multilateral financial institutions, Like the World Bank and various international funds, provided that the resources borrowed from abroad are allocated to investment projects that generate income and employ manpower.
Regarding internal borrowing, Saleh believes that if government banks reach a point where they cannot lend to the government, then they can go to the issuance of optional bonds that are sold directly to the public and carry specific interest and privileges, indicating that “83% of the current monetary mass (as financial wealth is almost idle) Which is nearly 50 trillion Dinar”.
He pointed out that “this block is still leaking to the public, and lies outside the banking system in the form of hoardings cut off from the income cycle in the economy and does not deal with the banking system, which means that there are large suspended financial surpluses that can be borrowed and cover the budget deficit.”
Saleh pointed out that “bonds are a government debt instrument in dealings, mortgages, and even tax payments or any other financial obligations, as these sovereign bonds can be taken as guarantees for borrowing and others, in addition to being a government debt instrument of excellent class, which is a context in place in all major markets. Money in the world to finance the budget, especially the aspect Investment ”. link
MilitiaMan: Nailed it. They are to or have used the secondary market to sell bonds that are of excellent class!! Again, the issue of paying salaries has the instruments to facilitate payments. They will come from the liquidity provided not only by the automated border fees but also bonds, mortgages, other financial obligations, etc.. Secondary markets are international!!
Think deeply now, BUNA platform, Euroclear platform, European Bank of Reconstruction and Development, Iraq Trade Bank, AYSCUDA, WB, IMF, BIS, etc..
Each and everyone noted above has Iraq, SA and the AMF regionally, on the radar and they are pinging big time!! GO GO GO Time ~ MM
. “Money in the world to finance the budget, especially the aspect Investment ”.
Samson: A parliamentary committee denies the government’s intention to reduce employee allocations
12:40 – 11/22/2020
The government program control committee denied, on Sunday, that there is an intention by the government to reduce employee allocations, stressing that the next session will witness hosting the head and members of the Federal Service Council to discuss the issue of localizing all salaries of employees.
The deputy head of the committee, Muhammad al-Baldawi, said in a statement to / the information /, that “the government did not send to parliament for a moment the budget of next year 2021 to parliament and the information available to me that the government has so far completed the investment budget only”, denying “the existence of any intention of the government to reduce employee allocations and if What I thought about, it will include hospitality allowances for special degrees.”
Al-Baldawi added, “The House of Representatives will host in its next session tomorrow, Monday, the president and members of the Federal Service Council to discuss the issue of resettlement of all employees’ salaries, including regional employees, and make a job number for each employee for the purpose of sorting aliens and multi-salaries by unifying a database.”
He pointed out that “the Kurdish forces in the House of Representatives collected signatures and more than one signature to link the region’s employees to that base.”
It is noteworthy that a member of the Parliamentary Finance Committee, Jamal Cougar, said today, Sunday, that the government would resort to reducing employee salaries allocations, in light of the ongoing financial crisis, and the government will also resort to activating collection, taxes and direct deduction from the currency auction.
MilitiaMan: “It is noteworthy that a member of the Parliamentary Finance Committee, Jamal Cougar, said today, Sunday, that the government would resort to reducing employee salaries allocations, in light of the ongoing financial crisis, and the government will also resort to activating collection, taxes and direct deduction from the currency auction.”
MilitiaMan: Reducing salary allocations means they are to be adjusting the exchange rate. Just like we talked about earlier. Reducing the 000s from the exchange rate means effectively having to pay less currency as the value of it is greater!! Imo . Again, they are not going to tax at a program rate!! Imo ~ MM
Samson: Economist: The government will surround the country financially and enter it into a state of real bankruptcy
08:51 – 11/23/2020
The economist, Wissam Al-Tamimi, said that the government will besiege the country economically and financially because of its ill-considered policies, pointing out that Iraq will enter a phase of real bankruptcy if the situation remains as it is without finding real solutions.
Al-Tamimi told “the information”, that “the government going towards deducting employee allocations in the budget for next year will lead to a great public ferment, which may lead to the complete eradication of the government.”
He added, “The government’s tendency to impose taxes, especially on the currency auction, will lead to an increase in the dollar’s exchange rate in the next stage, in addition to imposing these taxes will lead to higher prices in general.”
And that “Iraq will suffer greatly in the coming period in light of the current government’s policies and lack of financial control or an alternative plan to borrowing, as the situation remains unknown in the coming year in light of the failure to deliver the budget to the House of Representatives. LINK
Samson: Integrity stops the waste of 1.3 billion dinars after the seizure of 13 fraudulent transactions in Anbar’s retirement
10:00 – 23/11/2020
The Investigation Department of the Federal Integrity Commission announced, on Monday, that it was able to seize fraudulent transactions in the Anbar Retirement Authority, explaining that the process resulted in stopping the waste of (1,300,000,000) billion dinars.
The authority said in a statement that the information received, a copy of it, that “The field team for following up the departments of the Ministry of Finance in the Anbar Investigation Office of the Authority, which moved to the National Retirement Authority – Anbar Branch, was able, after checking the pension transactions and the letter of the validity of issuing the medical report Related to those transactions issued by the Governorate Health Department, from the seizure of (13) fraudulent transactions. She added that “the team succeeded in this process by stopping the waste of (1,300,000,000) billion dinars, pointing out that all the priorities related to the matter have been seized.” To take appropriate legal action.
On February 5, the authority announced the seizure of an employee in the National Pension Authority – Anbar Branch. For his manipulation and forgery in the files of victims of terrorism. LINK
Samson: MP: We will never allow the government to rely on borrowing during the 2021 budget
13:08 – 23/11/2020
The deputy of the Al-Fateh Alliance, Muhammad Karim, confirmed, on Monday, that it is not possible to rely on foreign loans to pay salaries during the coming year, indicating that the government is obligated to implement a clear economic plan to reduce dependence on oil revenue.
Karim said in a statement to “the information” that “Parliament is waiting for the government to hand over the budget law for 2021, hoping that it will assume responsibility for carrying out clear economic reforms.”
He added that “the political forces absolutely reject the government’s reliance on paying employees’ salaries in the next year, and they must urgently find alternatives to the oil sector.”
Karim pointed out that “dozens of non-oil revenues can achieve huge financial resources if they are administratively organized and corrupt people are prevented from accessing them to solve the salary crisis.” LINK
Samson: Parliamentary economy calls for fortifying investments in Iraq with “international agreements”
23rd November, 2020
A member of the Parliamentary Economic and Investment Committee, Mazen Abdel Moneim Al-Faili, called on Monday to approve and fortify investments in Iraq with “solid international agreements,” stressing the need to keep them away from regional and internal conflicts.
Al-Faily said to Shafaq News, “Iraq is in a global economic war between several countries, which has negatively reflected on attracting sober global investments that match the foundations it possesses and the many opportunities available in all vital sectors.”
Al-Faily pointed out that Iraq “has become an arena for economic conflicts between great countries and neighboring countries, as well as internal political conflicts and influences between rejection and acceptance, which requires freedom from all internal and external conflicts and the creation of an appropriate environment for the reconstruction of the country in a manner that suits the aspirations and aspirations of the people.”
Iraq has been suffering for many years from the delay and disruption of global investments for various reasons and reasons, most notably the security factor, political and international conflicts, as well as Iraqi laws in the investment sector, which were considered by specialists to expel investment opportunities. LINK