Iraqi MP: 148 trillion dinars, the size of the 2020 budget … and $ 40 for a barrel of oil

Flag of the Iraqi Republic

09 September 2020 12:30 AM

Mubasher: Deputy Muhammad Al-Darraji, a member of the Finance Committee in the Iraqi Parliament, revealed that the size of the 2020 budget is estimated at 148 trillion dinars and a specific oil price of $ 40 per barrel, while he warned of future bankruptcy in the event of reliance on borrowing.

Al-Darraji said to the “Al-Tenth” program, which is presented on Al-Iraqiya News Channel, today, Tuesday, that “the budget for 2020 will be complete and not for three months,” indicating that “its total value is estimated at 148 trillion dinars, and at a specific oil price of $ 40 a barrel,” according to the agency. Iraqi news (conscious).

He added, “The budget revenues are estimated at 67 trillion dinars,” stressing that “the budget will consist of salaries for employees and special operating expenses for the necessary government.”

He pointed out that “the House of Representatives will discuss the budget for the remaining three months of the current year,” attributing the reason for preparing a full budget to preparing final accounts for the fiscal year.

He stressed “the necessity of preparing final accounts for the years 2019 and 2020,” noting that “job grades have been transferred to the 2021 budget.”

He stressed that “the employees who were referred to retirement during the current year did not fill their job grades.”

And on borrowing, Al-Darraji explained, “borrowing is not in the interest of the Iraqi economy and relying on it may lead to bankruptcy in the future,” stressing that “Iraq’s foreign debts are estimated at 120 trillion dinars, except for war compensation, which is estimated at 40 trillion dinars.”

He pointed out that “his committee obligated the government to present the economic reform paper in exchange for borrowing,” noting that “there are several measures that can be taken to maximize revenues instead of resorting to borrowing.”

Regarding the hard currency auction, between Al-Darraji, that “the total of what was sold of dollars in the hard currency auction at the Central Bank for the period from 1/1/2020 to 1/9/2020 amounts to 27 billion dollars,” stressing the need to check the joint banks’ bills In a currency auction. ”

He pointed out that “the auction of selling the currency is not from the authority of the Central Bank, but from the responsibility of the government, and specifically the Ministry of Finance,” stressing that “the Central Bank Law does not include a sale of dollars.”

He continued, “There are political parties that have interests in the currency auction and do not want to cancel it.”

With regard to the elections, Darraji pointed out that “the upcoming elections will be pivotal in the history of Iraq,” noting that “in the event that the United Nations does not support the elections, their results will lose legitimacy.”

He explained, “The Electoral Commission Law allowed for the assistance of UN experts to conduct the elections.”

Nominations

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Trump will announce reduction in U.S. troops in Iraq on Wednesday

WORLD NEWS

SEPTEMBER 8, 2020 / 8:33 PM / UPDATED 25 MINUTES AGO

Jeff Mason

U.S. President Donald Trump pumps his fist at the crowd after signing an extension of the ban on offshore drilling off the coast of the state of Florida in front of a crowd of Trump supporters as U.S. Environmental Protection Agency Director Andrew Wheeler and Florida Governor Ron DeSantis look on in Jupiter, Florida, U.S. September 8, 2020. REUTERS/Jonathan Ernst

ABOARD AIR FORCE ONE (Reuters) – President Donald Trump will announce a further drawdown of U.S. troops from Iraq on Wednesday, a senior administration official told reporters on Tuesday.

That announcement will be followed by another one in the coming days on a further reduction in U.S. forces in Afghanistan, the official said.

The decision comes as Trump, a Republican, faces blowback from a report that he allegedly made disparaging remarks about U.S. war dead.

Trump is trailing Democratic rival Joe Biden in polls ahead of the Nov. 3 election. His announcement, and the timing of it, may be aimed at convincing voters that he is following through on promises to end what he has described as America’s endless wars.

The United States has around 5,200 troops that were deployed in Iraq to fight the Islamic State militant group.

A U.S. official, speaking on condition of anonymity, said last month that the United States was expected to reduce the number of its troops in Iraq by about a third in the coming months.

The United States currently has about 8,600 troops in Afghanistan. Trump said in an interview with Axios released last month that the United States planned to lower that number to about 4,000.

Reporting by Jeff Mason; Editing by Sandra Maler

Our Standards:The Thomson Reuters Trust Principles.

https://www.reuters.com/article/us-usa-trump-iraq/trump-will-announce-reduction-in-u-s-troops-in-iraq-on-wednesday-idUSKBN26005V

An economist reveals important information about the benefits of banks and the involvement of merchants and citizens in them

Editing date: 9/8/2020 21:59

[Baghdad_Where]

An economist revealed, on Tuesday, important information about the benefits of government banks and the involvement of merchants and citizens in them.

Abdul-Hussein al-Mandhari said, “The high interest of loans in the Rasheed and Al-Rafidain banks, as they are self-financing, generates revenues to meet operating expenses.”

He added, “But this does not mean raising interest rates for citizens who doubt that they are detained in payment,” noting that “the Central Bank of Iraq on the subject of 6 trillion dinars, which divided 5 trillion dinars for government development banks (agriculture, industry and real estate), and one trillion was allocated to owners of small and medium enterprises.” It was awarded to private banks, which in turn reduced interest rates last month, after citizens were dissatisfied with their rise.

“Those who received his loan before the outbreak of the Corona pandemic became one of those implicated after the cessation of their business and interests, and Al-Rasheed and Al-Rafidain bankers suffer from the failure of citizens and merchants to pay billions of dinars,” Al-Mandhari added.

And that “the Central Bank, by order of the International Monetary Fund, raised interest rates at banks and granted them freedom to act according to their banking policy,” noting that “Rasheed Bank took the initiative today to reduce loan interest from 8% to 5%.”

In his response about the difference between Islamic and commercial loans in terms of interest rates, Al-Mandhari explained, “The method of implementing loans in Islamic banks differs from the commercial ones that take the method of payment according to the internationally approved bank interest. As for the Islamic ones, they have sales banks (profit to buy) and participations (sale of reclamation and trade) and the two methods. Equal in proportion to the profits collected from the loans.

http://www.alliraqnews.com/modules/news/article.php?storyid=99826

Economy News» publishes cabinet decisions that include borrowing from Saudi Arabia

Council of Ministers headed by Mustafa Al-Kazemi

money and business

Economy News – Baghdad

Today, Tuesday, Prime Minister Mustafa Al-Kazemi presided over the regular session of the Council of Ministers, during which a number of issues and topics included in its agenda were discussed and several decisions were issued regarding them .

 

Al-Kazemi directed that an extraordinary session of the Council of Ministers be held early next week, devoted to discussing the 2020 budget .

 

Al-Kazemi also directed the competent authorities to expedite work on the e-government project, address the problems it faces as quickly as possible, and prepare an integrated report on the measures taken next week, the stages of work, and the diagnosis of ministries lagging in this regard, and the reasons for their delay .

 

The Minister of Health and Environment presented a detailed report on the latest developments in the Corona pandemic in Iraq, the ministry’s efforts to provide medical services to injured patients, its preparations to contain any potential increase, as well as its procedures in providing treatment supplies and in the field of preventive awareness programs .

 

 

While the Minister of Electricity reviewed the efforts of his ministry in providing electric power to citizens, improving its production level, addressing problems facing production lines, and also its procedures in maintenance and production work for the next stage .

After discussing the topics included in the agenda, the Council issued the following decisions :

First / Approval of the Ministry of Labor and Social Affairs, in coordination with the Ministry of Youth and Sports, to implement the national project for youth employment by making use of the guidebook prepared by the Ministry of Planning .

 

Second / Approval of the financial conditions regarding the two loans of the Saudi Fund, the details of which are fixed in the Ministry of Finance’s letter No. Diwaniyah, and a loan for the construction of Saqlawiyah Hospital in Anbar Governorate .

 

Third / Approval of the terms of the loan related to the National Electricity Company for Import and Export, which are confirmed in the Ministry of Finance’s book number: 4306, dated 07/27/2020, and authorizing the Minister of Finance, Mr. (Ali Haider Abdul Amir Allawi) to sign a loan agreement between the Popular Mobilization Authority. And the China National Electric Power Company for Import and Export for a total amount of (78539,000) dollars, only seventy-eight million five hundred thirty-nine thousand dollars, with the guarantee of the International Export Guarantee Corporation, for the purpose of equipping the aforementioned body with mechanisms of various types and sizes, based on the provisions of Article (2 / Second) of Law on domestic and external borrowing to finance the fiscal deficit (5 of 2020 ).

 

Fourth / Approval of the following :

1 – authorize the Director General of Civil Aviation Authority and the agency the authority to negotiate and sign a draft air transport agreement between the Government of the Republic of Iraq and the Government of the Kingdom of Bahrain , as amended by the State Council, based on the provisions of Article (80 / item VI) of the Constitution .

 

2 – The Ministry of Foreign Affairs prepares the necessary authorization document in the name of the Republic of Iraq for the Director General of the Civil Aviation Authority as an agency according to the approved contexts, and submits it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister .

 

Fifth /

1 – Approval of the amendment of Article (6 / Second / B) of the Instructions to Facilitate the Implementation of the Law on Employment of Higher Certificate Holders No. (3) of 2019, according to the following: (Auditing of staff and records of appointments in universities, colleges and private institutes, and the extent to which the ratio of teachers to students is taken into account to achieve The global ratios of teachers versus students for medical specialties are (1-12), for engineering and scientific majors, (1-20), and for humanitarian specialties is (1-30 ).

 

2- Obliging universities, colleges and private institutes not to increase the percentage of retirees and to benefit from the total teaching staff over the owners.

https://economy-news.net/content.php?id=21779

Cooperation between state institutions at Al-Kazemi and Talabani table

Politics

Qubad Talabani

Al-Kazemi

2020-09-08 14:18

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Shafaq News / Today, Tuesday, the Iraqi Prime Minister, Mustafa Al-Kazemi, confirmed to the Deputy Prime Minister of the Government of Kurdistan, Qubad Talabani, the need for full coordination between his government  and the regional government to address the challenges of low oil prices and the repercussions of the Corona pandemic.

Al-Kazemi’s office said in a statement received by Shafaq News Agency, that “Prime Minister Mustafa Al-Kazemi received today, Deputy Prime Minister of the Kurdistan Regional Government, Qubad Talabani and his accompanying delegation,” indicating that “during the meeting they discussed strengthening cooperation between state institutions and working in a spirit of work. The one team that stems from a common vision to achieve the requirements and interests of the Iraqi people in general . ”

Al-Kazemi stressed, according to the statement, “the necessity of full coordination between the federal government and the Kurdistan Regional Government in various fields, in order to address the great challenges facing the country as a result of low global oil prices, and to contribute to confronting the repercussions of the Corona pandemic . ”

https://www.shafaaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A8%D9%8A%D9%86-%D9%85-%D8%B3%D8%B3%D8%A7%D8%AA-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%B9%D9%84%D9%89-%D8%B7%D8%A7%D9%88%D9%84%D8%A9-%D8%A7%D9%84%D9%83%D8%A7%D8%B8%D9%85%D9%8A-%D9%88%D8%B7%D8%A7%D9%84%D8%A8%D8%A7%D9%86%D9%8A

The Minister of Finance stresses the necessity of reviewing the exchange rate of the dinar and reveals the size of the external debt

240 Policy 09/08/2020 19:00

Baghdad today – Baghdad 

The Minister of Finance, Ali Allawi, revealed today, Tuesday, the size of the external debts owed by Iraq, while confirming that carrying out concrete economic reforms needs 5 years by finding new alternatives for revenues, during his hosting of the House of Representatives today.

The Media Department of the House of Representatives published the proceedings of the parliament session held today, and quoted the Minister of Finance as saying that “the economic reform program needs a long time to be presented because the economic situation in Iraq is going through a critical situation due to the repercussions of previous cumulative economic policies that the Iraqi state passed since the 1950s in The last century and so far, especially the legislation of the law on agricultural reform and the decisions of the socialist package, in addition to the loss of the economic vision that weakened the private sector and made all resources in the hands of governments. ”

The Minister of Finance added, “The current government suffers from a scarcity of funds that forced it to borrow internally and externally and cannot implement the presentation of the paper within the period specified by the law voted upon, noting that a specialized team has been formed with a cadre of 40 employees working continuously to work on preparing and presenting the required paper. Despite the current health conditions, “indicating that” the reasons for delaying its submission are technical and historical, setting the ceiling for the government’s submission of the first negotiable reform paper at the end of this month, while the reforms paper is presented in its final form in the middle of next month.

In turn, the Minister of Planning indicated during the session, “The presence of 6,250 projects under construction that needs to provide 126 trillion dinars to complete them, and this large number of projects causes the failure to include any new project in the new budget law,” explaining that “the delay in completing projects led to the failure to provide services.” For citizens, including the existence of 42 unfinished housing complexes that need to be accurately recounted in order to begin their implementation, in addition to the necessity of developing a real reform plan to address the delay in implementing projects.

Commenting on the two ministers ’answer, MP Muhammad al-Darraji stressed“ the need to fully and not partially implement the legislated law, ”questioning“ the value of internal and external borrowing and the size of what is allocated to pay salaries or in the investment sector, as well as knowing the value of the exchange rate specified in the next budget. ” .

Minister Allawi pointed out that “there are three types of loans, including commercial that the Iraqi government has moved away from, borrowing from governments and the third by borrowing from international development institutions such as the World Bank and the Arab Fund for the purpose of investment, especially those related to the requirements of improving the electricity sector by activating previous economic agreements with Siemens and General Electric Company, “stressing” the importance of reviewing the exchange rate so that the Iraqi economy enters the circle of competition with the interest of the International Monetary Fund in the issue of the exchange rate, noting that the ministry received an amount of 15 trillion dinars in full to meet the needs of salaries. ”

For his part, the Minister of Planning stated that “the ministry instructed to stop international obligations to pressure spending units, which led to the deprivation of some provinces of services,” noting “the exception of some projects in the governorates that have funds to implement their projects without requiring them for additional funds until liquidity becomes available.” At the same time, “the importance of directing to alternatives in allocating funds for vital projects to complete them, especially health institutions and residential complexes in the governorates,” pointing out that “the inclusion of any new project that requires its inclusion in the federal budget law or meets any development gap.”

And after MP Muhammad al-Darraji, his inquiries about the feasibility of borrowing an amount of 5 billion dollars abroad despite the lack of benefit from previous loans in meeting the needs, and knowing the extent of the continuation of the loan from the central reserve.

In his response, the Minister of Finance indicated that “the need to borrow was to support the general budget and fill the financial deficit without giving support to investment projects, explaining that the trend to borrow from the International Monetary Fund comes because it has specific programs that support countries suffering from financial crises, such as Iraq, with loans for a period of time.” Three years, provided that it is linked to administrative and financial reforms, “pointing out that” the government opened communication channels with the International Monetary Fund, because Iraq has no source for internal borrowing except the Central Bank of Iraq and the absence of accredited financial markets in Iraq, in addition to the fact that government banking institutions are overburdened with debts to the government to finance The financial deficit in budgets and private banks does not have large financial financing.

Allawi added that “tangible economic reforms need 5 years by finding new alternatives for revenues,” noting that “the total debt is 80 to 90 percent of the Iraqi national product, and the foreign debt is 160 trillion dinars, including Kuwait and Saudi debts amounting to 40 billion dollars.” , Citing the lack of a possibility for the Ministry of Finance to count the monetary mass in Iraq.

For his part, the Speaker of Parliament stressed the necessity of presenting any government move to negotiate any external loan to the relevant parliamentary committees before negotiating with foreign parties, pointing out to “tackling the lifting of the financial restriction that the government had taken prior to contracts in the governorates that witnessed demonstrations and allowing spending units. He thanked the two Ministers of Finance and Planning for coming to the Council and answering the parliamentary question related to the implementation of the oversight role.

https://baghdadtoday.news/ar/news/130353/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%8A%D8%B4%D8%AF%D8%AF-%D8%B9%D9%84%D9%89-%D9%88%D8%AC

Under the dome of Parliament, the Minister of Finance discloses the reason for the delay in the reform paper

Politics

Parliament

Al-Kazemi government

Repair paper

2020-09-08 11:06

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Shafaq News / The Minister of Finance in the Iraqi federal government, Ali Allawi, revealed on Tuesday the reason for the government’s delay in sending the government reform paper to Parliament.

This came during his hosting of the parliament session, according to what a parliamentary source revealed to Shafaq News.

The source said, “Finance Minister Ali Allawi made it clear during his attendance at the parliament session that the reason for the government’s delay in not sending the government reform paper to Parliament was the lack of completion of the domestic and foreign borrowing law to bridge the fiscal deficit for the year 2020.”

He added that “the government did not borrow any external amount, and only borrowed locally,” noting that “the government disbursed all internal borrowing funds, according to the Minister of Finance.”

Minister Allawi said, according to the parliamentary source, that the government will present the reform paper to Parliament and other concerned parties at the end of this month.

According to Allawi, the government is working to stop the waste of public money at all levels, and that this will be guaranteed in the economic reform paper.

And Iraq had resorted to borrowing to contain the financial crisis that resulted from a significant decline in oil prices during the past months due to the Corona pandemic, which paralyzed large sectors of the world economy.

Iraq relies on oil to finance up to 95 percent of state spending.

Al-Kazemi pledged, upon the formation of his government last May, to carry out reforms in the country that would improve public services in the country, create the atmosphere for early elections, as well as fight corruption.

https://www.shafaaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%AA%D8%AD%D8%AA-%D9%82%D8%A8%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%8A%D9%81%D8%B5%D8%AD-%D8%B9%D9%86-%D8%B3%D8%A8%D8%A8-%D8%AA-%D8%AE%D8%B1-%D9%88%D8%B1%D9%82%D8%A9-%D8%A7%D9%84-%D8%B5%D9%84%D8%A7%D8%AD

“The influential parties no longer control the prime minister.”

Politics

Al-Kazemi

Window parties

2020-09-08 11:03

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Shafaq News / The independent MP for Diyala Governorate, Nahida al-Daini, said on Tuesday that political parties no longer control the prime minister under the current government headed by Mustafa al-Kazimi.

In a special statement to Shafaq News, Al-Daini said that influential parties are trying to recycle the same former faces accused of corruption to fill high government positions.

Al-Daini indicated that these parties are accustomed to managing the files of the prime minister, adding, “But they cannot do that as before.”

Al-Daini also denied attacking Al-Kazemi.

Media and social media platforms reported statements attributed to Al-Daini, stating, “We have not seen any achievements from Al-Kazemi on the ground until this moment, but rather relied on the loud media.”

Al-Daini responded by saying, “I have never made such statements, and I have no knowledge of them,” pointing out that “Al-Kazemi faces great and grave challenges, most notably resolving the issue of fugitive weapons, corruption, and a good choice of personalities suitable for positions.”

https://www.shafaaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84-%D8%AD%D8%B2%D8%A7%D8%A8-%D8%A7%D9%84%D9%86%D8%A7%D9%81%D8%B0%D8%A9-%D9%84%D9%85-%D8%AA%D8%B9%D8%AF-%D8%AA%D8%B3%D9%8A%D8%B7%D8%B1-%D8%B9%D9%84%D9%89-%D8%B1-%D8%A7%D8%B3%D8%A9-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7

The arrival of the Ministers of Finance and Planning to Parliament

893

08-09-2020 03:00 PM

Baghdad / Al-Akhbariya

A short while ago, he arrived at the Representative Council, Minister of Finance Ali Abdul-Amir Allawi, and Minister of Planning Khaled Battal Negm.

The “Al-Ekhbariya” correspondent said that the Minister of Finance and Planning, they arrived shortly before at the Parliament.

The Presidency of the House of Representatives had agreed to direct an oral question to the Ministers of Planning and Finance, submitted by MP Muhammad al-Darraji, about the failure to reach the reforms stipulated in the Lending Law, which gave the government 60 days after its approval to submit a paper to the House of Representatives that includes reforms in the economic aspect.

https://www.ikhnews.com/index.php?page=article&id=226003