Iraqi News Friday AM 11-20-20
Iraqi News Friday AM 11-20-20
TLM724 Administrator BondLady’s Corner
A Legal Expert Explains The Measures That Will Be Taken In The Event That The 2021 Budget Is Not Approved On Time
10:22 - 20/11/2020 Information / private The legal expert, Ali Al-Tamimi, explained the measures to be taken in the event that the 2021 budget is not approved on time.
Al-Tamimi said to / the information /, that “Article 62 of the constitution requires the government to submit the final accounts to Parliament before approving the budget .. Either .. Article 8 of the Financial Administration Law No. 6 of 2019 requires the Ministry of Finance and Planning to submit the draft general budget law To the Council of Ministers in early September of each year ”.
He added that “Article 11 of the above law must administer the financial management to the Council of Ministers after receiving the budget, to submit it to Parliament after discussing it in mid-October. As for Article 13 of this law above, it said that in the event that the General Budget Law is not approved until December 31, the Minister of Finance shall issue Instructions for disbursement of 1/12 of the total expenditures.
And that "the internal and external borrowing law for the year 2020 is only possible according to which internal and external borrowing for the year 2020 only." https://www.almaalomah.com/2020/11/20/506142/
International Monetary: Global Economic Recovery Remains Difficult
Time: 11/19/2020 19:21:54 Read: 2,548 times (Baghdad: Al Furat News) The Director-General of the International Monetary Fund, Kristalina Georgieva, confirmed, Thursday, that the recovery of the global economy "is still difficult" due to the renewal of the Covid-19 (Corona) pandemic in many countries.
"While a medical solution to the crisis is looming," she said in a blog published before the G20 summit, with vaccines now in its final stages, the economic recovery remains "vulnerable to setbacks."
In this context, Georgieva appealed to the G20 countries to make "multilateral efforts to remove the recent trade restrictions on all medical products and services, including those related to vaccines."
The "International Finance Corporation", the body of the World Bank, has warned that the Covid-19 epidemic, which drains the financial resources of poor countries, could endanger their economic development over the next ten years.
While the International Monetary Fund and the World Bank focus only on helping governments, the International Finance Corporation is working to ensure that businesses and jobs remain to achieve post-pandemic economic recovery.
The World Bank had warned that the health, social and economic crisis that resulted from the Covid-19 epidemic undermined the progress made over the past decade in reducing poverty.
More than 56,234,440 people around the world have been infected with the emerging coronavirus, of whom at least 35,645,800 have recovered so far.
Corona has killed 1,350,275 people worldwide since the WHO office in China reported the outbreak of the disease at the end of December. LINK
Planning Sets A Date For Sending The 2021 Budget To Parliament
Pratha News Agency77 2020-11-20 On Friday, the Ministry of Planning announced the completion of the preparation of the 2021 budget, while it promised to send it to the House of Representatives within about a month.
"The ministry has finished preparing the investment component in the 2021 budget, which will be sent to the House of Representatives within about a month after it is approved by the Council of Ministers," ministry spokesman Abdul Zahra Al-Hindawi said, noting that "the lack of financial revenues for the state will be a major problem in the 2021 budget." In addition to its investment side, the focus will be on the operational side only, "according to the Iraqi News Agency.
Al-Hindawi added, "If there is a surplus in funds, it will shift to the investment side, as priority will be for ongoing projects that are under implementation and completion rates in which have reached advanced stages," stressing that "no new projects will be included in the 2021 budget."
He explained that "we have more than six thousand projects in all governorates and in various fields, and most of them are threatened with suspension due to the lack of financial allocations."
Pointing out that "the ministry has approached ministries and agencies not associated with a ministry and the governorates to set priorities for these projects, and if the necessary funds are available, priority will be given to specific projects, including projects of a service nature and projects that are under implementation and do not need much money to be completed." http://burathanews.com/arabic/news/380867
The Government Describes 2020 As A "Bitter And Lean Year" And Tends To Borrow From Citizens
Time: 2020/11/20 10:59:53 Read: 4,420 times {Baghdad: Al Furat News} Mazhar Muhammad Salih, Advisor to Prime Minister Mustafa Al-Kazemi for Financial Affairs, revealed a tendency for the federal government to borrow from citizens and use their savings to fill the fiscal deficit in the 2021 budget, and consider this as a public debt, instead of government banks.
Saleh said in a press statement regarding the draft fiscal budget bill for the next year and their features, financing and deficit, that "Iraq is going through a difficult financial situation, especially since oil export revenues constitute 50% of the moderate and not high revenues of the country, which has lost many of its resources."
He added, "The budget depends on 93% of oil revenues during the past years, especially as it is committed to OPEC decisions to reduce production, while 2020 was a lean year for the financial policy of the country and the state that tried to secure salaries until the end of the year, adding that 2021 may be General Financial discipline to control the operating budget, its entries and exits, in a very large way, because it absorbs about 80% of fixed expenses.
And he continued his speech by acknowledging the existence of a financial deficit in the budget next year, and that its financing will be from several internal and external parties, taking into account not to borrow from government banks, especially that there is an international financial alliance that has the willingness to deal with Iraq, and it will have an impact on supporting the country, supporting it financially and sustaining Financial and economic momentum "according to his perception", pointing out that this "is a very important and vital issue, especially for obtaining aid and soft foreign loans."
He added that the other approach of the government in bridging the deficit in the budget is to seek the help of the public and borrow from the savings they have, not from the government financial apparatus and its banks.
"Yes, perhaps this time, borrowing from the public will be a public debt," Saleh asserted, noting that there is no way to fill the deficit, either by improving oil prices to obtain additional revenues or resorting to borrowing. Suspect
Regarding what the government is planning regarding its financial policy towards the salaries of citizens, he said, "I hope that it will be secured next year without delay, and this must be carefully planned for this basic issue, especially since salaries and wages constitute the livelihood of 50% of the Iraqi population."
Al-Kazemi advisor added that there are "good preparations to complete the budget, and when it is presented, everything will become clear, deficit, sources of financing, spending, and revenues, and to maximize non-oil revenues, especially since there is a strong trend to take its field in this regard and not by 6% or 7%, maybe up to 25%, and this is an excellent goal and step. Once that ceiling is reached by maximizing resources, there will be improvement in facing the deficit, the size of which is unknown, because Parliament will also work to amend it.
And he expected that "the government will present the budget to Parliament during the next few days, but this depends on the ministries' determination of their revenues, expenditures, operational locations - and investment in the budget."
And if there were parties seeking to obstruct the presentation of any project by the government, Saleh said that there are "political struggles", especially whenever the election date approaches, which is normal in countries, but we hope everyone will cooperate for the sake of the Iraqi people. LINK
A Legal Expert Asks: Can Iraq Demand The Return Of Its Money Smuggled Abroad?
Friday 20, November 2020 17:53 | Political Views: 22 Baghdad / NINA / The legal expert, Ali Al-Tamimi, wondered, could Iraq demand the return of the money smuggled abroad after the Australian businessman admitted to giving bribes to Iraqi officials in oil contracts.
Al-Tamimi said in a statement received by the Iraqi National News Agency / NINA/ A copy of Manhaliu: "The best international move to retrieve the money smuggled abroad, which is estimated at 500 billion US dollars, can be recovered through the 2005 money laundering agreement signed by Iraq in 2007 with the help of these countries ... as well as in cooperation with the American side in accordance with Article 28 of the Iraqi agreement.
America for the year 2008 ... and also in accordance with Article 50 of the United Nations Charter, which affirms the right of states fighting organizations placed under Chapter VII of the United Nations Charter to request the assistance of the United Nations and Iraq was fighting ISIS placed under Chapter VII according to Resolution 2170 of 2014, and Britain expressed willingness to help ".
"These countries contain in their countries a lot of smuggled money and are also wanted by the judiciary, and they can also help us retrieve this money," he said.
He noted: "The presence of $ 65 billion in the bank US Federal frozen back to the former regime Iraq can claim according to the agreement above the 2008" ..
He continued , "can the Iraqi foreign request a copy of the investigation or attend the investigation in Australia to see these people , which leads to Taking legal measures against the perpetrators in Iraq in accordance with Articles 6 and 9 of the Iraqi Penal Code. /
https://ninanews.com/Website/News/Details?Key=871608
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