MilitiaMan: Parliamentary committee determines options to address financial distress
Editing Date: 12/5/2020 13:31
The Parliamentary Finance Committee, today, Tuesday, outlined several options to face the financial hardship due to the drop in oil prices due to the Corona crisis.
Member of the Committee, Deputy Muhammad Sahib Al-Darraji said in a press statement that “there are measures that must be taken to face financial distress other than internal borrowing or prejudice the reserves of the Central Bank,” noting that “among these options is changing the exchange rate and stopping imports in addition to stopping the currency auction and economic measures Other. ”
Al-Daraji pointed out that “if oil prices continue to decline, there must be special budgets, including a crisis budget that is based on a price lower than the price of oil to walk salaries and health matters as well as other important matters,” noting that “this challenge must be exploited and transformed into an opportunity of Through opening the door for investment and allowing the private sector to operate. ”
He called on the government to expedite the transmission of the budget in a way that reduces the deficit by reducing costs or by changing the exchange rate.
The Parliamentary Finance Committee had confirmed earlier the importance of harnessing all efforts to maximize non-oil resources, while it made a number of proposals to the Tax and Customs Authorities that contribute to increasing revenues for the purpose of reducing the budget deficit and advancing the Iraqi economic reality. LINK
Don961: The Cabinet decides to reduce and rationalize the administrative structures of the country
Wednesday, May 13, 2020 Baghdad / Al-Sabah
During its second regular session headed by Prime Minister Mustafa Al-Kazemi yesterday, the Council of Ministers decided to reduce and rationalize the administrative structures of the state, and while it formed the Emergency Cell for Financial Reform and Managing the Financial Situation in the Light of the Current Crisis, directed the Ministry of Labor and Social Affairs in coordination with the Ministry of Planning and Finance to study the expansion of the base covered by law Social protection.
A statement of the Prime Minister’s Office received by Al-Sabah stated that “Al-Kazemi opened the session with a speech in which he emphasized that this government is the government of difficult challenges, the most important of which is the economic challenge, the fight against poverty and unemployment among young people, and the fair distribution of wealth.” And work to develop state institutions, not political action. ”
The Prime Minister reiterated his “protection of the right to demonstrate and intolerance of any aggression against the demonstrators, and that the government aims to achieve their legitimate aspirations,” noting by saying: “We will not be courted at the expense of the dignity of the citizen and the interests of the nation, and we will work to save what can be saved, confront crises and diversify state resources.”
On the work of the armed forces, Al-Kazemi stressed, according to the statement, that “the heroic army and security forces have endured a lot, and the prestige of the military and security institutions must be restored.”
The Cabinet issued a number of decisions, including: –
1. Reducing and rationalizing the administrative structures of the state by providing each government agency with its vision in this area.
- Take appropriate measures to legislate the laws required for the success of the e-government, and for ministries and government agencies to expedite their procedures to automate their work, especially in the area of customs and tax, and to provide monthly reports on rates submitted to the General Secretariat of the Council of Ministers.
3.Re-examine the draft laws related to fighting corruption, and to activate the measures to combat it and strengthen their efficacy, and to emphasize strengthening the role of the institutions concerned with that from the Integrity Commission and the Federal Financial Supervision Bureau in coordination with the General Secretariat of the Council of Ministers.
- Emphasizing the freedom to exchange information and the right to obtain it by expediting the legislation on the right to obtain information.
- Assigning the Ministry of Planning in coordination with the concerned authorities to review instructions for implementing government contracts to ensure updating of the approved standards in the awarding of tenders, and also to update the approved standards in selecting investment projects.
- Providing the Federal Service Council with the appropriate staffing for taking its role and exercising its duties.
- Agreeing that the Reconstruction Fund for areas affected by terrorist operations implement mobile hospitals to quarantine and treat patients with HIV in the regions that are agreed with the Ministry of Health and the provinces through the grant provided by the Federal Ministry for Economic Cooperation and Development through the German Development Bank of (15,000,000) Fifteen million euros.
- Accelerate the legislation of the general budget law in line with the requirements of the financial situation, the low level of the oil price, and diversify the budget sources.
- Urging the Ministry of Oil to expedite the completion of the draft oil and gas law.
- The Ministry of Labor and Social Affairs, in coordination with the Ministry of Planning and the Ministry of Finance, study to broaden the base of those covered by the Social Protection Law by improving the inclusion mechanism through demographic targeting by adopting poverty and social research data, and the study is presented within a period of one month.
- Forming an emergency cell for financial reform, forming a cell to manage the financial situation in light of the current financial crisis and putting the necessary solutions to achieve financial reform and improving the performance of financial institutions. The cell will be headed by the Prime Minister and he may authorize the Minister of Finance to manage the sessions in his absence and the membership of each of the Minister of Finance The Minister of Foreign Affairs, the Minister of Planning, the Governor of the Central Bank, the Prime Minister’s advisers whom His Excellency calls the Secretary General of the Council of Ministers, and a representative of the General Secretariat of the Council of Ministers. The cell carries out the following tasks:
1 – Ensure the provision of financial liquidity.
2- Take decisions regarding financial reform by rationalizing expenditures, maximizing resources, and reforming financial institutions, including restructuring them.
3- Establishing financing plans for the reconstruction, development and investment projects, including financing resources and mechanisms outside of government spending.
4- Improving procedures and automating systems in financial institutions. LINK
DELTA: AMAZING BROTHER DON…………FRANKIE THERE IT’S MY BROTHER………..
MilitiaMan: You mentioned they would meet and if that is all about over now? Then, the money players are all informed or will be very shortly.. Very good oh ya!! imo
They will take decisions on FINANCIAL REFORMS~ Perfect and they have told us they were accelerating reforms.. They told us week or so ago they had to get immediate Solutions. Then Nassery (CBI voice) comes out and praised Alak, as he listened to the road map of his..
Now the new PM has that map and called a meeting to activate the route for the country to prevail out of the crisis for the world. imo
Look at those in the meeting you mentioned. Just as you have said. Those with the need to know are there. Even, today in post #181, talks about the Kurds being in line too!! Very unusual for them to be so open!! They know the are to be apart of the money train..
Timing is so perfect. The new PM hit the ground running and the launch season is in full swing. Very good days ahead! imo ~ MM
Dan: I know what’s been taught about baskets….Any chance VND could be Included
Tim: dan in the 11 years i have been in this imo always has been and will be in the same basket as the iqd imo blessings sir
Samson: Deputy: Parliament will resume its sessions after the holiday by discussing three laws
A member of the House of Representatives for the Future Bloc, Sercot Shams al-Din, revealed on Wednesday that Parliament will resume its sessions after the Eid al-Fitr holiday by discussing 3 important laws.
Shams Al-Din said, in a press statement, that “the House of Representatives intends to resume its sessions after the blessed Eid Al-Fitr holiday, indicating that the parliament will discuss 3 important laws, which are elections, parties and the 2020 budget.”
Shams Al-Din added that “the sessions will be held in the Great Hall in the presence of deputies, taking into account health instructions that urge the need to separate people.” Ministerial.” LINK
Samson: The central bank signs a banking arrangement document with the World Bank
13th May, 2020
As part of its strategy to develop its foreign reserves management in line with current and future developments, the Central Bank of Iraq signed a banking arrangement document with the World Bank’s Reserves Management & Consulting Program ( RAMP ) Reserves Advisory & Management Program
This document aims to enable the Central Bank of Iraq to obtain technical support by exchanging knowledge and experience in the field of investment portfolio management based on a performance indicator that helps to maximize financial resources, building human capital through exchanging knowledge and developing expertise in the financial field in accordance with best practices In the field of reserve management
It is noteworthy that this program was developed by the World Bank in 2000, with the aim of building capacities and providing consulting and asset management services, and is considered a meeting place for a network of specialists, and it serves more than (70) members around the world, most of them are from central banks, managing nearly (2) One trillion dollars of sovereign assets
The Central Bank of Iraq
May 13, 2020
BillA: IMO, Another piece of the puzzle put in place to support the reinstatement of an international currency.
Samson: A deputy calls for a budget: it will be a reason for solving problems
12th May, 2020
The deputy of the Kurdistan Islamic Group, Salim Shushkeh, called on Tuesday to present the budget law, stressing that it will be a reason for solving problems.
Shushkeh said, “One of the most important tasks and requirements of the work of the new government is to prepare for early elections, to improve the living conditions of the Iraqi people, to provide those whose hands have been tarnished by killing demonstrators for the judiciary, distancing Iraq from international and regional conflicts, and resolving outstanding problems between Baghdad and Erbil.”
Shushkeh added, “The government must expedite the submission of the Federal Budget Law to the House of Representatives, because the people need it most and it will be a reason for solving many of the problems that exist today, especially resolving the issue of unemployment and providing job opportunities and solving many problems related to the financial side.” LINK
Samson: Parliamentary Finance confirms: Approval of the budget after Eid Al Fitr
13th May, 2020
Parliamentary Finance Committee confirmed, on Wednesday, that the federal budget for the current year 2020 will be discussed and approved in Parliament after Eid Al-Fitr, denying the existence of a trend to approve “monthly or bi-annual” budgets
Member of the Committee, MP Ahmad Mazhar al-Jubouri, told Shafaq News, “Parliament is awaiting the budget to be sent by the Council of Ministers for consideration, discussion and approval, according to the financial situation and the requirements of the current current circumstance,” noting that it “will focus on salaries and basic expenses and will be free of investment projects due to the financial deficit
Al-Jubouri denied, “The existence of any directions or proposals to approve the budget monthly or half annually, as was recently rumored,” stressing that “there is no legal or constitutional basis for adopting monthly or bi-annual budgets
The transmission of the federal budget by the government to the Iraqi parliament was delayed due to the continuous protests since last October, which led to the resignation of the previous government headed by Adel Abdel-Mahdi and its transformation into a caretaker government that is not within its powers to send the draft budget budget to the parliament
The current year’s budget (according to the government’s proposed project) is 162 trillion dinars (135 billion dollars), with a planned financial deficit of 48 trillion dinars (40 billion dollars), including three trillion dinars (2.5 billion dollars) to implement the projects agreed with China LINK