KTFA Members "News and Views" Sunday 2-23-2020
KTFA:
Samson: Economists: 2000 dollars annually for each Iraqi within seven years
22nd February, 2020
Experts in the economic affairs confirmed today, Saturday, that the volume of Iraqi imports for the period from 2011 to 2018 has exceeded 620 billion dollars at an average income of 2000 dollars per year for each Iraqi citizen.
Experts revealed, quoting the Central Bureau of Statistics, that oil imports from total imports amounted to 564 billion dollars while non-oil imports amounted to about 58 billion dollars, and in contrast, the total expenses of Iraq for the same period amounted to more than 619 billion dollars, including current expenses of 450 billion dollars and investment expenses worth 169 billion dollars, while Iraq’s financial surplus for the same period amounted to only 4 billion dollars. LINK
Samson: Rafidain Bank confirms its readiness to finance companies and investors to complete their investment activities
23rd February, 2020
Rafidain Bank has announced its willingness to finance investment companies and investors who want to build or complete housing complexes or commercial centers and other investment activities that contribute to supporting the national economy.
The bank’s media office said in a statement that “investors and companies wishing to obtain finance and financial marketing for them should visit the bank to review the conditions for granting loans in the interest of the public interest.”
The statement added that "the bank has funded and marketed many housing complexes and other investment activities in Baghdad and the provinces, in a move aimed at strengthening the economic sector, stimulating investment movement and creating job opportunities." LINK
****************
Samson: The Central Bank concludes the e-clearing system course
23rd February, 2020
The Central Bank of Iraq concluded a course entitled (electronic clearing
system C-ACH ) on February 20 , 2020 organized by the Center for Banking
Studies in this bank.
The course aimed to provide bank employees with comprehensive knowledge
about the clearing system approved by the Central Bank of Iraq, and 31 trainees
from government and private banks participated in the course.
The Central Bank of Iraq
information Office
2/23/2020
**************
Samson: The bank warns of a delay fine for all approved electronic payment companies
23rd February, 2020
To / All Approved Electronic Payment Companies ( Warning )
Issue: 9/5/9
Date: 20/20/2020
It was decided to warn your companies not to provide us with the required financial
data and that this bank will impose a daily delay fine in the event of not receiving the
financial statements for the fourth quarter of 2019 and the data mentioned in our
Circular No. 9/5/365 of 9/4/2019 within a maximum period of 2/2020 / 29.
Samson: Economists warn of recession because the draft budget for 2020 is not approved
23rd February, 2020
Economists feared the repetition of the 2014 experiment by making Iraq without a financial budget, as a result of the political tension that has occurred as a result of the continuous protests since last October, which led to the resignation of the government headed by Adel Abdel-Mahdi and its transformation into a caretaker government that is not authorized to send the draft budget budget to 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
The government was late in sending the draft budget to include the reform decisions that cost the country more than ten trillion dinars ($ 8.3 billion
And the financial advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, warned of the dangers of not approving the draft budget this year and entering Iraq into a depression six months from now
Saleh said that public spending in Iraq constitutes about 45% of the gross domestic product, and that this spending and its high composition through a planned annual budget have wide positive effects on achieving the real planned growth rates in the national product itself and in particular the use of the main production forces
He pointed out that the delay in approving the budget means a delay in the completion of new investment projects covered by the allocations of the federal budget 2020, and it will give a negative signal to investors in the private sector to start their investments
Saleh added that stopping the approval of the budget and the failure of the planned or new investment spending will lead to increased unemployment rates and high poverty rates due to the annual growth of the population and the workforce that is looking to work, and thus will interfere with many interconnected and dependent interests on investment spending, especially the new government that ultimately leads To stagnation
He added that the continuation of the recession for more than six months leads inevitably to the recession, which means that the economic losses will widen for the joints of the economy on a large scale, and this is what must be avoided
Meanwhile, member of the Parliamentary Finance Committee, Ahmed Hama, said that the financial budget for Iraq is now spent in accordance with the "12/1" mechanism, which means spending on salaries only, and this will harm the country's economy because it will disrupt development, noting that the resigned government was late in sending the bill to Parliament because of the high deficit
He added that the new government takes several days to send the draft law to parliament, and the project also needs to be read and approved in parliament for some time, so we may exceed the first quarter of this year without a budget
He noted that Iraq will not be able to implement the Chinese agreement, because its provisions are part of the budget and need to be approved by Parliament
For his part, Iraqi economist Aqeel Al-Ansari said that the delay in approving the budget has major negative repercussions on the Iraqi economy, as it would send an unsuspecting message to investors and delay the investment operations in small and medium projects, while large projects are now suspended
He pointed out that the financial budget in Iraq has two wings, one operational and one investment, and that delaying the approval of the budget means converting the budget into a payroll budget only and canceling the investment, and consequently high unemployment and its economic consequences such as entering the country in an economic recession, especially in light of the low demand for oil (The main source of income in the country) after the spread of the Corona virus in China
Al-Ansari added that if the situation remains as it is, it means increasing chaos and organized crime, opening the door to thefts from political rulers and power parties, and continuing the popular curse of the political system in general LINK
***************
DELTA: URGENT FROM IRAQI TV:
Postpones the confidence-giving session for Allawi's government from tomorrow to next Wednesday...
****************
Samson:: Hassan Al-Kaabi announces next Wednesday a session to give confidence to Allawi's government
23rd February, 2020
First Deputy Speaker of Parliament Hassan Al Kaabi announced on Sunday that he will hold a parliament session to give confidence to the government of Prime Minister-designate Muhammad Tawfiq Allawi next Wednesday
Al-Kaabi said in a brief statement received to Shafaq News, that "the session of the House of Representatives to give confidence to the Allawi government will be held next Wednesday
The session was supposed to be held tomorrow, Monday, at the invitation of the resigned Prime Minister, Adel Abdul Mahdi
However, Speaker of Parliament Muhammad Al-Halbousi said that the date of the session cannot be determined unless the government program and the curriculum vitae of ministerial candidates arrive
Allawi was named after a consensus between the leader of the Alliance of the Hadi al-Amiri and the leader of the Sadrist movement Muqtada al-Sadr
However, he faces widespread objections from the Kurdish and Sunni political forces as well as the popular movement, which demands an independent personality far from subordination to the parties and abroad LINK
Samson: Integrity announces arrest and recruitment orders issued against officials during the past month
23rd February, 2020
The investigations department of the commission announced all the details of arrest and recruitment orders against ministers, their ranks, deputies and those with special grades during the month of January.
The department confirmed, according to a statement, that "90 warrants of arrest and recruitment were issued against (86) of special ranks during the past month, including (9) arrest warrants and (81) recruitment orders, stating that among those covered by orders to recruit (3) former ministers and They are in their rank and (3) are former members of the House of Representatives, (6) current and former government ministers, in addition to (5) former governors, (20) current and former general managers, and (40) members of dissolved governorate councils.
She added that "arrest warrants have been issued against (3) governors, (4) current and former general directors, and (2) members of dissolved governorate councils."
And the department stated that "those covered by arrest and recruitment orders work in the ministries of culture, health, higher education, scientific research, electricity, defense, industry, minerals, municipalities, works and transport, in addition to the House of Representatives, the ministers, the local administrations of the governorates and the provincial councils." LINK
***************
Samson: India finds an "enormous" amount of gold equivalent to five times the country's reserves LINK
S41755k: First i believe Gold and Silver will increase, a lot! But, time to time articles come out such as this one stating they have found " tons" of gold. Since Gold is consider rare which makes it valuable when they find undiscovered tons of it, how does it not become devalued? In my mind it is like printing money, m1,m2,m3 numbers. Just wondering on blog site (out loud)!
ChrisC: There is a supply and demand situation, true, but it is not like printing money. As many who have tried it in the past found out, you cannot make gold like you can print money. You would have to find a GREAT deal of it to affect its value very much. There are some really interesting stories that seem to have some backing of a massive find in the Grand Canyon and a huge strike on Chocolate Mountain. That is why National Parks were developed around these areas supposedly. The fight over the Bundy ranch a few years ago was supposedly about a huge find there on the land that he has leased.
****************
Don961: China is preparing for it with an army of 100,000 hungry ducks
Locusts invade the Middle East towards Asia
Publish date: 02/23/2020
"Middle Eastern" and Asian countries took intensive measures to confront many locust swarms that began invading large areas after they crossed the Red Sea, amid warnings of a dangerous pest threatening food security due to targeting the major agricultural areas.
At a time when China is fighting the emerging "Corona" virus, it has mobilized an army of about 100,000 hungry ducks to confront massive swarms of locusts that have struck the Arabian Peninsula, the Sinai, occupied Palestine, Saudi Arabia, Iraq, Iran, India and Pakistan, all the way to China.
While some countries count on winds and cold weather to keep the path of hundreds of millions of these creatures, a Saudi official expected the arrival of locust swarms to the south of the Riyadh region soon, warning against eating it, fearing that it might have eaten crops grown with chemical drugs, denying that locusts are transporting to some Diseases to humans.
The Jordanian authorities announced taking intensive measures, and said that they are in direct and permanent communication with Riyadh regarding dealing with locust swarms, while specialists stressed that this phenomenon is increasing rapidly due to changes in global climate patterns that caused hurricanes and heavy rains.
In East Asia, it appears that China is not afraid of locusts having prepared an army of 100,000 hungry ducks to tackle the hundreds of millions of locusts expected to reach their borders soon, according to the British "Daily Express".
- See more at: LINK