KTFA:

Samson:  Finance Minister: We will pay the salaries at the end of next week with this condition

11/04/2020 16:05:26

The Minister of Finance, Ali Allawi, announced that the ministry "will be able to pay salaries at the end of next week if the borrowing law is approved in the parliament session next Monday."

Allawi said in a press statement, "We pledge not to repeat the delay in paying salaries if the borrowing is approved by the House of Representatives."  LINK

Samson:  Parliamentary Finance sets a condition for approving the borrowing bill

11/04/2020 14:09:58

The Parliamentary Finance Committee has set a condition for approving the draft law on financing the fiscal deficit {borrowing} in the House of Representatives.

Committee member Shirwan Mirza said in a press statement, "The approval of the bill depends on agreement with the government regarding the exact amount for borrowing in the law," indicating that "the law may be approved next week." 

He added, "After the second reading, we take notes and will meet with stakeholders in the Ministry of Finance and the Central Bank, to determine the amount," stressing that "the Council refused to approve the amount of 41 trillion dinars specified by law."

Mirza pointed out that "the most correct opinion in the Finance Committee is that the amount is between 10 to 15 trillion dinars, and the maximum limit is 20 trillion dinars, in order to cover the necessary salaries and expenditures, but unnecessary expenditures are included in the draft budget law for 2021."  LINK

MilitiaMan:  After the second reading? 06/24/2020 was said to be the first one. imo.

So the more recent first reading per the articles would have been number 2 reading and this next one to determine the amount would be third, imo.

Why, would the CBI be there for a program rate? It is not their job to pay salaries. It is the GOIs, is it not? The only need for the CBI to be there is if there is an amount (rate tbd) that is different that needs there expertise?

Not sure but. imo it looks promising.. Why did they push the vote out to the same day the Donors are to arrive? Don't know. All very interesting though.. imo ~ MM

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Samson:  An economist asks about the fate of $ 26 billion lost in 2019 ... defective data, money smuggling, or what

3rd November, 2020

Manar Al-Obeidi, revealed, on Tuesday, November 3, 2020, that $ 26 billion was lost during the year 2019.

Al-Obaidi told Al-Masalla that the lack of coordination between the parties related to import, which is the Central Bank, the Ministry of Finance and the Ministry of Trade, led to the waste and loss of 26 billion dollars during the year 2019, and therefore it is very necessary to review the performance of import and transfer operations and link all departments related to this issue into one database. It allows creating a closed circuit for the movement of money in and out to Iraq.

He added that the Central Bank transferred $ 44 billion for import purposes while only $ 18 billion worth of merchandise entered. This difference of more than $ 26 billion must be traced to its path, and whoever went wondering: Is the defect in the central bank’s data or in the import data or is it The amount of $ 26 billion was smuggled and was not recorded in customs data or import licenses.

And the Central Bureau of Statistics announced that the value of imports of materials to Iraq for the year 2019 amounted to a total of 21 trillion dinars, equivalent to 18 billion dollars.

On the other hand, the Central Bank announced in its reports on foreign transfers and appropriations for the purpose of import that they reached 44 billion dollars in 2019.   LINK

Samson: New details about stopping the salaries of more than 16 thousand people in Kurdistan Region

4th November, 2020

The Deputy Chairman of the Finance and Economy Committee in the Kurdistan Regional Parliament, Hifidar Ahmed, revealed on Wednesday new details regarding the suspension of salaries of more than 16,000 people of dual nationality by the regional government.

Ahmed said in a post on "Facebook" today, that 16,505 people of dual nationalities are distributed as follows: 1,138 people receive two salaries for jobs, and 3,891 people receive two salaries for jobs and retirement.

He added that 5,743 people receive two salaries for retirement, at the same time 5,042 people receive two salaries from the Ministry of Labor and Social Affairs.

Ahmed added that they will not receive salaries in the future, and they have been cut off, revealing that the next future step will include announcing the salaries of "alien" ones.

The term "aliens" is used locally for those employees who do not adhere to the official working hours, or have never attended government departments and institutions despite their affiliation with them, and receive salaries for that.

On Tuesday, the Supreme Committee for Biometric in the Kurdistan Regional Government announced that the salaries of more than 16,000 people would be suspended because they had received them illegally.   LINK

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Samson:  The White Paper for Economic Reform:

- Lays out a roadmap to address the financial crisis and a 3 to 5 year plan to reform the economy
For more on the White Paper: https://t.co/RYK1CeG7c1#EconomicReform #WhitePaper pic.twitter.com/wN2yUeroZ5— Government of Iraq - (@IraqiGovt) November 4, 2020

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Samson:  Iraq's debts exceed $ 68 billion in 2020

4th November, 2020

The "Global Finance" magazine, specialized in classifying countries according to the fiscal policy, revealed that Iraq's debts amounted to more than 68 billion dollars in 2020.

According to statistics published by the magazine and seen by Shafaq News Agency, "Iraq's external debt increased to 68 billion and 265 million dollars during the year 2020 compared to the previous year, in which the debts reached 46 billion and 885 million dollars." She added that "Iraq's debts for the year 2018 amounted to 48 billion and 885 million dollars," indicating that "Iraq's debts for the year 2015 were 32 billion and 862 million dollars."

The magazine pointed out in its report that "the highest indebtedness to countries in the world during the year 2020, Japan ranked first, with its debt reaching 266 billion and 176 million dollars, followed by Sudan and then Greece."

In the Arab world, Sudan ranked first in the world’s most indebted countries during the year 2020, at 259 billion and 385 million dollars, followed by Eritrea with 185 billion and 890 million dollars, and then Lebanon came third with 171 billion and 666 million dollars, and then Bahrain came fourth with 128 billion and 282 million Dollars".

The magazine noted, "The world's debt has increased dramatically after the outbreak of the COVID-19 pandemic , as it has threatened on a scale unprecedented for more than 100 years the lives and livelihoods of millions in all regions and to preserve the economy amid closures and other disease-fighting measures. Governments have to borrow and borrow heavily." She pointed out that "some economists believe that the negative effects on economic growth begin as soon as the national debt reaches about 60% of GDP in developing and emerging economies and about 80% in developed countries, while others say that 40% and 60% respectively."

The International Monetary Fund said in its report issued by the Financial Monitor last September that the financial expenditures paid by the epidemic amounted to 11.7 trillion dollars worldwide. This figure - along with all the complementary economic stimulus measures already in the pipeline - is expected to push total public debt worldwide to a record high of around 100% of GDP.   LINK

Samson:  Parliamentary warnings of a popular explosion and the return of demonstrations due to delayed salaries

11:44 - 11/4/2020

MP Kata Al-Rikabi criticized, on Wednesday, the white paper presented by the government of Prime Minister Mustafa Al-Kazemi, while warning against the return of popular demonstrations.

"Delaying salaries in Iraq for periods of up to 40-50 days has negative repercussions on the street and may lead to the emergence of large popular demonstrations," Al-Rikabi said in an interview with "the information", pointing out that the need for the government to realize that there are large groups depends mainly on salaries in keeping with its life affairs, especially retirees and the elderly, and social welfare.

Al-Rikabi added, "The white paper presented by the government does not represent immediate solutions to the economic and financial crisis in the country, but solutions beyond 3-5 years, and this is what must be taken into consideration and strive to find alternatives that contribute to supplementing the budget, especially to maximize non-oil revenues, whether taxes or customs."

Al-Rikabi noted that “the auction of selling the currency in Iraq represents an exceptional case in the Middle East by selling 150-200 million dollars in an auction solution, and specific banks are the beneficiaries of it, stressing the necessity of reconsidering this framework and seeking to maximize financial revenues because the tight financial situation must not last and cannot be relied upon to what Infinite on financial loans.”    LINK

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Deputy for Al-Fateh: It is ridiculous that the government is not able to pay employees' salaries

08:43 - 11/04/2020

MP for the Al-Fateh Alliance, Fadel Jaber, said that it is funny and shameful that the government is unable to pay the salaries of employees, pointing out that many resources exist and can be used in the best and correct manner to fill the financial deficit.

"Iraq is experiencing an economic crisis, but it is able to finance the salaries of employees, and it is ridiculous that the government cannot provide the necessary money for this segment, as it is difficult for the citizen to believe the government’s statements regarding the ability to pay salaries," Jaber said.

He added that "Iraq exports crude oil, worth more than 4 trillion dinars, as well as other financial resources such as border ports, airport taxes, customs and the sale of oil derivatives, in addition to other large resources."

And that "the communications file is able to finance the budget in large sums amounting to 13 trillion dinars annually, while the government did not enter it from communications except for 250 billion dinars, and therefore it is shameful and shameful to talk about a deficit and borrowing to pay the salaries of employees."   LINK

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Samson;  The House Adviser Discusses With The Russian Ambassador The Activation Of The Memorandum Of Understanding Signed Since 2015

4th November, 2020

The Parliament's Adviser for Foreign Relations, Muhammad al-Ta'i, met with the Russian Ambassador, Maxim Maximov, to discuss activating the Memorandum of Understanding signed between the Iraqi Parliament and the State Duma, according to the Information Department of the House of Representatives.

This meeting comes within the framework of the House of Representatives’s efforts to strengthen relations with all countries with which Iraq has strong bilateral relations.

In this meeting, they discussed the activation of the Memorandum of Understanding signed between the two sides since April 2015 regarding the activation of parliamentary understandings, and the exchange of field visits to serve the interests of the two councils and strengthen relations between them.

Ambassador Maximov expressed his desire to activate the memorandum and put it into effect, wishing the bilateral relations between the two countries further development and progress to serve the interests of the two friendly peoples.  LINK